FREQUENTLY ASKED QUESTIONS

Q. What evidence does BCAR have that illustrates an upward movement?

  

OPPORTUNITY KNOCKS

Imagine you knew 10 years ago what you do today.  Did you think that prices were too high in 1998, 1988, or 1978?  In hindsight, you woulda, coulda, shoulda bought that home.  Now, in 2008, you can do just that.  With a large inventory of homes and the best prices since 2002, the opportunity to find the home you want at a great price is now.  It's the right place, right time, and right price.  How long will this opportunity last?  Data shows an increase in sales and prices, and a decrease in inventory.  Don't wish you had... be glad you did !

HOME INVENTORY IS HIGH

2003 through 2005 saw dramatic increase in Panama City real estate demand.  More buyers chasing fewer properties forced many quick decisions and high prices.  The larger inventory of homes we now enjoy gives a buyer more options and allows time to see more homes to find the home you really want at a great price and with great incentives.  More buyers are entering the market and inventory will begin to drop.  As the number of homes diminish, the buyer has fewer options and less flexibility.  The best time really is RIGHT NOW to find the home you want.

INTEREST RATES ARE STILL LOW

Consumers are hearing a lot in the media about the correction in housing, and they’re understandably concerned about whether now is a good time to get into the housing market.  This hesitancy is evident in home sales volume: Even though interest rates fell dramatically in 2008, in early 2007 and in August 2006, existing-home sales were down 8.5 percent in 2006, with further softening in 2007 and again in 2008.

The irony, of course, is that although declines in sales volume have hurt real estate practitioners, they may be a plus for consumers. *Courtesy of LAWRENCE YUN, NAR SENIOR ECONOMIST

As the market heats up again, interest rates are rising.  Locking in a low interest rate will save you money on the purchase of your home.

 

The Bay County Association of Realtors® (BCAR) continually monitors many factors in Bay County which impact home buying. These include:

* Continuing influx of people to Florida and Panama City–especially Baby Boomers.

* Interest rates, now near historic lows, and Job growth, which remains steady and strong.

* Local economy, which remains robust, with low unemployment, and an Inventory of homes, which is abundant and high-quality.

* The sustainable pace of sales and stabilization of pending sales, a sign of normalcy returning.

*The cyclical nature of the real estate industry, with peaks and valleys, but historically always a positive, appreciating investment in the long term.

All these factors, and more, indicate that now is a good time to buy in Panama City.

Q. What evidence does BCAR have that illustrates an upward movement?

A. There are recent market indicators that perhaps home prices have begun leveling off.  We find home sellers are becoming more flexible in their negotiations with buyers.

Q. What is BCAR actively doing to combat the escalating concerns and stress of home buyers over the spiraling costs of property insurance in Bay County and across the state?

A. BCAR communicates with the Florida Association of Realtors® and the National Association of Realtors® concerning the property insurance crisis.  Several task forces have produced studies which have explained the issue, and defined potential solutions to help alleviate the problem. These were all addressed at the Florida Legislative Special Session in mid-January and continue to be addressed.

Q. Does BCAR believe the high cost of property insurance is contributing significantly to the sluggish home sales and keeping buyers on the sidelines?

A. According to experts, the skyrocketing cost of property insurance, fueled by an historic and unprecedented period of hurricane activity in 2004 and 2005, has been one of the primary factors behind the downturn in sales.  While there are other factors, including the three years of historic property appreciation, this one issue has put the biggest damper on sales. Once the issue is resolved, this should help in the market’s return to normalcy.

Q. Why has BCAR chosen to launch a Public Awareness Campaign?

A. This campaign is intended to build awareness and improve perception among home buyers that the time is right to purchase a home in Panama City.  We hope to generate a positive attitude among residents and seasonal visitors to Panama City.  Our community’s many incredible amenities provide a great place to live and purchase a home.  Economic forecasts suggest the recent real estate market correction is coming to an end, and is probably over, and this offers consumers a potentially once-in-a-lifetime opportunity to purchase a home at these prices.

Q. What should potential buyers do in response to your campaign?

A. Don’t miss this unique opportunity to find a home in Panama City!  We strongly recommend contacting a local Realtor® to handle your real estate transaction.  You can do so by visiting www.panamacitymls.com.

Why? For the following reasons:

* Realtors® are partners with their clients, helping make the biggest investment of their life easier.  * Realtors® take care of the many details associated with buying or selling a home. 

* Realtors® are a good resource for information in preparing to purchase a property.

* Realtors® are a good source of knowledge about financing, inspections, and other services related to the home buying and selling process.

For more information, contact Bay County Association of REALTORS®  850-763-8078  exec@bayflrealtor.net