2010 looks like it’s going to be a great year in real estate here on the Emerald Coast. Prices have continued to drop in 2009 so buyers are out in bunches to scoop up the good deals. So why is it somewhat difficult to get to closing?…lots of reasons. Mortgage rates are hovering around 5% but it’s not so easy to get qualified to buy. You need great credit scores and higher than normal down payments. (The banks are pulling in ) They only want to lend to the most qualified. No more low credit scores, no more questionable loans. The buyer has to show income and be able to prove it should continue. The next obstacle for most buyers…the appraisal. Appraisers are very cautious about values they place on real estate not only here but nationwide. So if you are looking to get the best deal on that second home, condo investment or vacation rental, don’t be afraid to make the offer. You just may get it. Although short sales and forclosures are around, they sometimes require a lot of patience! Don’t be afraid to jump in….if you have cash or great credit and the right Realtor, this may be the perfect time to shop for real estate in the Destin market. Our surrounding beaches are still some of the most beautiful along the gulf coast.
Location is good…Condition makes it sell!
I spent the best part of Monday previewing condos for a new client. I can only tell you it was time well spent as so many of the condos that were previewed don’t need to be seen by the buyer. They were not ready to sell! So many rental condos are not cleaned properly between renters. Short -term rental properties that are being shown to sell need some extra special attention to cleaning details. I was really disappointed in things like dirty carpet and tile grout that looked black instead of the original white color….yuk! I have an answer to all those sellers out there that need to sell…clean your place up or take it off the market during rental season. Buyers do not want to buy your dirty condo after you have rented it over and over without a thorough cleaning and maintenance of the interior. Paint colors are another issue…bright yellow usually does not entice a buyer to buy without thinking the whole place has to be painted. Beachy colors are good for the rental…most people can stand bold colors for the short term but a prospective buyer is turned-off! Now I’m am not talking about low end condos. I’m talking about condos priced between $600,000 and $1,000,000. And here’s to the agent that takes this listing without this discussion with the seller….shame on you! Let’s give sellers the right information about the market conditions and give them the best chance to sell…..CLEAN IT UP, get the price right, then list it! OK?
Buy Now…
With prices hovering around 2001 pricing, how can you lose? I meet investor buyers everyday asking me “are we at the bottom yet?”. Well I don’t have that crystal ball but I know that with a little searching you can find a bank-owned property or a seller who needs to sell something they bought years ago. These owners can sell and will at what was 2001 prices. This area is known for its emerald green waters and snow white beach sand….it doesn’t get any better than this. Do you have investment dollars, want to enjoy amazing vacations at the beach, and let the rental income help to support your fun? Will it cash flow…only if you pay cash to buy. Really nice condos and homes are everywhere for sale…some with really nice pricetags. Don’t miss your opportunity to buy the good ones at a great price. I live in paradise…you can live at the beach, too.
You can search all area listings on this website…www.LivingInDestin.com Call me when you find something you like.
Fillingame & Associates is your source for all Destin, Florida real estate.
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