The real estate market in Pensacola has cooled in recent months, presenting some good buying opportunities for those looking to purchase a home. According to Kevin Fox, Vice President of Sales at Olde City Realty, there are three sectors to the market right now:
- First-time home buyers: The market is really good for first-time home buyers looking for a house in the $250,000 to $350,000 range. There are a lot of homes available in this price range, and buyers are not having to compete with multiple offers.
- Median market: The median market, properties from $350,000 to $850,000, has cooled because of rising interest rates. People in this category are not first-time home buyers and they are not looking to sell their house with a 3% or 4% interest rate and jump into another one at 8%. This sector would be the most favorable for negotiation.
- Luxury market: The luxury real estate market, properties from $850,000 and up, is still doing well. As long as the property presents well and is worth its value, it is going to sell quickly.
Fox says that the Pensacola real estate market is still a seller’s market, but it is not as competitive as it was a year ago. If you are thinking about buying a home in Pensacola, now may be a good time to do it. “There are still more buyers than sellers, but the gap is closing,” he says. “This is good news for buyers, as it means they have more negotiating power.”
“As far as the Gulf Coast goes, there’s still strong demand,” Fox said. “There continue to be a lot of people moving here.” Many of those people come from bigger markets, so an $850,000 property isn’t that big of a purchase compared to where they came from.
Here are some tips for buyers in the Pensacola real estate market:
- Be prepared to act quickly. Homes are selling quickly in Pensacola, so it is important to be prepared to make an offer as soon as you find a home you like.
- Be prepared to negotiate. With the market cooling, buyers have more negotiating power. Don’t be afraid to ask for a lower price or seller concessions.
- Be patient. It may take some time to find the right home in Pensacola. Don’t get discouraged if you don’t find something right away. Keep looking and you will eventually find the perfect home for you.
Fox recommends working with a qualified real estate agent. “We have a lot of knowledge of the market and can help you navigate the process,” he said.
Contact Kevin at Olde City Realty for more information on the Pensacola real estate market.