5 Urgent Things You Must Know Before Moving to Florida Panhandle | Check Them Out!

Dated: July 9 2021

Views: 52

So you are headed to the Florida panhandle and you keep hearing about how crazy the market is right now. Well, everything you have heard is right but how crazy is it out here? Let us get into it. 

What is going on, this is Andrew with the Emerald Group right here in the Florida panhandle. If this is your first time on our website and you want to know everything about this part of Florida, well we do lots of blogs about everything you need to know! 

Honestly, we get so many phone calls, emails, and texts every single day of people moving to the Florida panhandle and we absolutely love it! If you are thinking about moving or relocating, make sure you reach out to us, give us a call, send a text, shoot us an email or send that carrier pigeon our way. However, you would like to get a hold of us, we have your back when moving to the Florida panhandle!

Maybe you are considering a move this directly and you want to know, well Andrew, what does it look like to move to the Panhandle of Florida right now? There are 5 urgent things you need to think about before considering your move down here to the Florida Panhandle. Stick around until the end because that is really going to shed a lot of light at the end of the tunnel, do not miss out. 

1. The sales market is HOT right now. If you are looking to buy a home anywhere in the Panhandle go Florida just note that prices are up from the same time last year. That is not that big of a surprise because that is kind of the trend in the entire rest of the country. Not only are we seeing record numbers of above listing price offers coming in on properties we are also seeing buyers have to take away as many contingencies as possible to make sure that they win the bid. This goes to my first tip of today if you are moving down here make sure that you have the right people in your corner, an experienced real estate agent and experienced loan officer, and the team that surrounds both of them all need to be top-notch to make sure that you're not losing out or overpaying for the property.

2. We are also seeing record numbers of tourists coming in this year. So this makes living along any of the beach towns a little bit more frustrating as traffic is getting a little bit heavier. now of course this traffic is not going to be anything near what you're going to see at any major metropolitan area but for us in our sleepy little towns up here, sometimes the traffic would be a bit much. Of course, this is mainly just for the beach towns and along 98 which runs the entire coastline but that's not to say traffic is not looking into some of the other cities even a little bit further north of 98.

3. rentals right now are extremely difficult to find in every capacity to the point where we probably get two to five people per week calling us just on this channel alone and the feedback that I keep getting is we are trying or calling or calling and nobody is either answering when they do answer the properties already under contract uh there is 20 applications and every single property they're doing first come first serve they're getting much more strict on allowing pets just overall making it very difficult to rent in this area. So if you are thinking about moving to the Panhandle and you want to rent first I would urge you to consider other options unless you have got a little bit of extra time before you have to be here and extra time in your hands to make sure that you are constantly hitting the phones every done something appeals to you. And of course, narrowing down where you want to live will help with this a little bit but at the end of the day there is not a whole lot going up and most of everything that is going on the market is getting more and more expensive to rent

4. We are fully open out here I think for the most part at least in our area it feels like COVID is completely behind us but every once in a while I get reminded from somebody that is living in an area where COVID is still an issue but not every area is like ours. There is no mask mandate in fact I think the only place that I have seen the basket but mandatory have been in hospitals. This means that if you are still trying to be careful and are not vaccinated that as you go to places around the Panhandle whether it is a restaurant go grocery shopping or for any of the tourist areas you are not going to see masks being worn by very many people, we are also not limited in our capacity and all of our events are still going strong. So big bonus to anybody that wants to move down here and that does not have a preference on this sort of thing that we are open full swing but you are a tourist or a local you could come out here enjoy your time.

5. Probably the most important thing I wanted to go over and kind of coincides with one and three a little bit is the state of the market now. Yes, we are seeing prices rise across the board but there is definitely some good news right around the corner. 

Based on a lot of market indicators that we are seeing we do not believe people coming into town to purchase about two to three months from now on will not have to deal with some of the same struggles that people to have moved to the area in the last six months have had to see. In the last six months, we have had to have appraisal gaps meaning paying above and beyond what the appraised value of the property is in cash to the seller directly to win the bid. We are seeing no closing cost being paid for by sellers which previously was very common in our area. In the last six months, we have also seen offers go well above list price and few concessions being made from the seller to the buyer to include items like repairs and any other concession that you might consider. 

That being said looking at future projections we are starting to see an increase in listings and an increase in the number of days on market for those listings as well as a decrease in the amount of what is called list to price ratio; that is how much it was listed for versus how much they got. I am not going to go over individual numbers here because in each city it is different but just note that across the board we are seeing these indicators change. We are also seeing a higher than the average number of properties drop their price while they have been listed, part of this is aggressively overpricing a property and part of it is the market is catching up in listings with the number of buyers. 

All of this shows me that most likely we are headed back to stabilize the housing market assuming that listing inventory still stays higher than the number of people buying said properties which so far in the last few months has been the case. Please remember nobody can dictate what the marketplace is going to do but these are pretty strong indicators to show that maybe some of these crazy offers that we have been getting are going to start slowing down over the next three to six months. 

Now along with everything else I just mentioned it is still pretty apparent that the prices are not necessarily going to drop in fact I do not think that is going to be the case at all. I believe that as the listing inventory starts exceeding the number of buyers in the marketplace that the crazy offers will slow down but that the price increase will still continually and gradually rise. This is mainly because we are still very far behind on the number of properties that need to be built in this country as a whole and we are not immune to that in our area. 

Right now we have the largest amount of home buyers coming into the marketplace since the baby boomers and this is part of what is causing the craze in prices, a lot of people think that it might have something to do with COVID but I think that just exacerbated the issue that we have a lot of buyers stepping into the home buying market and the new construction has not been keeping up with the past 11 years like they probably should have to keep up with demand. That coupled with the rising prices that it costs to build a home is not making it any easier on our builders.

What does this mean on a basic level? It means Simply put the outlandish offers that have been needed to secure property are likely going away but the price is almost definitely here to stay. This will make it easier for buyers while still making it very advantageous for home sellers to get to the marketplace Which once that happens and the word gets around then more sellers will be putting their home on the market because they will now feel comfortable with purchasing their next one. One of the most common objections we get with home sellers right now is if I sell my home right now where would I move. Once the market stabilizes it will no longer feel like a daunting task for a seller to move up or down into their next property but the point is it should not be an issue to get into a property when every property stops getting 20 offers on it and it will make more sellers when entering the marketplace and further stabilize the market.

Of course, as I have mentioned before this is just one man's opinion so take that with a grain of salt, and for now, that is everything I wanted to go over in this Blog thank you so much for staying until the end. I guess I'll see you next week, see ya.

Latest Blog Posts

Tips on Buying Property during Winter time in Florida

Is it wise to buy a property during the Winter Time? One way to make buying a house easier is starting the process at the right time. In Florida, housing inventory, mortgage rates, and market trends

Read More

New Things in Crestview Florida | What's New in the Area?

Big Things Are Happening in Crestview!Hey Everybody, it’s Andi G with the Emerald Group, coming to you from beautiful Crestview Florida! If you’re new here and want to learn more about

Read More

Exploring New Age Shops in Florida | Check them out!

What are the best metaphysical stores in the area? Let me introduce you to my favorite three spots here on the Emerald Coast. Each of these spots offers something different, so I can’t

Read More

The Serene Beauty of Watersound Beach on 30A in Florida

Watersound Beach is this great gated community seated between Seagrove and Seacrest. It has huge houses with pools and also smaller cottages, but the amenities are what really set it apart from

Read More