July 10, 2020 at 7:24pm | Jack Lara
Pensacola Real Estate Home Sale Report

Escambia County Florida

Report covers the time from January 1, 2020 to June 30, 2020

Are we in a seller's market? Yes. The column labeled "Monthly Inventory Level" is like a thermometer and it indicates whether the market is a seller's market, buyer's market or a neutral market. We are in a hot seller's market, a solar flare, and homes are selling quickly.

The seller's market means a home owner will get their asking price and prices continue to rise. Adams Homes a home builder just had a price increase of $3,000 for their neighborhood of Makenna Estates. The market is favorable for the seller but there are still sellers that are not able to get their house sold.

A seller still needs the right guidance to put on a correct list price. Then stage the home to make it appealing on the internet and create a great first impression when a prospective buyer walks through the front door. Professional photos and edited photos are a must. Video properly distributed and done correctly to generate thousands of impressions. Create an atmosphere, a "must see", at the outset to create a rush of prospective buyers to see your house! Maybe create an "open house" event, this works for me...almost always.

Buyers, you must be fully prepared and committed to be financially prepared for home ownership. Most buyers will be getting a loan (mortgage) so why wait to find a home first before lining up your loan? Yet many buyers put the excitement of buying a home and immediately begin shopping. Why?

Remember we are in a seller's market and if you are the buyer in this situation you must be approved for a loan, if you want to have the winning bid. Pre-approval, this means you have provided the documentation to your loan officer to review. Documentation such as tax returns, pay stubs, bank statements, letters of explanation, and more if needed. The buyer needs to be financially good to go with the only question (unknown) being the actual home appraisal value. If you are fully prepared then the seller will be confident to accept your offer to purchase even if it might be for less money then the unprepared buyer.  You want to set yourself up for success!

Pensacola 32504 zip code is absolutely hot.   

A subsection of the 32504 zip code is the Scenic Heights area.  I included  some of the surrounding neighborhoods of Scenic Heights (see the highlighted map).  In this area as of July 9th only 10 homes were for sale.  In the month of June there were 12 residential detached homes sold.  The average  list price was $212,900 and the average sale price was $211,200.   The median list price was $183,950 and the median sale price was $187,500.  The number of residential detached homes currently under contract is 23 with 19 of them marked as "contingent" and 4 marked as "pending".

Whether you are seller or buyer be informed so that you canmake the best decision for yourself.

Jack Lara, Broker-Associate
(850) 616-6377

Joaquin Alberto Lara, LLC Better Homes and Gardens Real Estate, Main Street Properties


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