Pensacola Real Estate Market Update
Pensacola Real Estate Market Update: July 21. Pensacola Florida continues to be a seller’s market. Some price brackets have average sale prices higher than the average list price. We are on track to surpass the number of single family detached home sales made in 2020. This is across the board for Escambia and Santa Rosa County Florida (Pensacola market area).
Information obtained from the Pensacola Association of Realtors®
It is a seller’s market, however, like any market there are special circumstances in the normal course of life that will put some sellers in a predicament. This predicament may be caused by not being able afford to replace the roof, the central heating/cooling system, or some other costly issue. Perhaps the home is still in the style of the 1960’s and it is unaffordable to update the home? There are a few cases where the house mortgage is no longer affordable, and the house must be sold.
Buy My House Guru has the experience and funding to purchase multiple houses every month in the Pensacola Florida area. The house can be in poor condition with a ton of deferred maintenance. The condition of the house will not hinder Buy My House Guru from purchasing. Most buyers are not going to attempt to buy a house in need of work.
You see most buyers will be obtaining a loan to purchase. Many loans will not allow a house in poor shape to be financed unless certain repairs are made. And many real estate agents will be unaware of viable ways to purchase a home that is in poor shape.
Even if the house does qualify for financing, the question is whether the buyer qualifies. A buyer will need a proof of funds statement letter or prequalification letter to present to the seller when making an offer to purchase. Not all qualification letters are created equal.
Most buyers will submit a qualification letter to the seller that does not distinguish the buyer as having income verified, financials verified, and other lender due diligence. Many times, a qualification letter will only state that a buyer’s credit was checked, and that the buyer has provided information which has not been confirmed or verified by the lender. A fully qualified buyer will have had his/her finances reviewed. This entails a look at bank statements, tax returns, profit/loss statement, employment verification, a credit score review, etc. With a fully qualified buyer there is less of a chance for the sale to be sabotaged by a previously uncovered financial issue.
Another hurdle with financing is the appraisal. It is not just a question about the house value being at least equal to the selling price. With the number of sales occurring every month, the appraisers are backed up from 2 to 3 weeks, so, there is a time frame issue. Then there is the question of the appraiser requiring repairs be made before closing.
If you are looking at all your options and one of them being selling “as is” for cash with a quick turnaround time, then please consider Buy My House Guru. We can talk and you can decide what is best for you. No obligation.
Thanks for your time!