Misc Home resales in SOWAL
- Thread starter steel1man
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My realtor friends are staying busy. That said, there are quite a few expensive 1M+ homes in Grayton that don't seem so be selling like hot-cakes any more...
Steel: funny you bring this up. I’m thinking about putting an offer on a house in SRB and that is one of my issues. When I walked to the deeded access, I was greeted by several obnoxious “ No Trespassing “ signs. Speaking of sign pollution! They made their houses look like a garage sale.
Another problem with a potential offer is I believe the prices are (should, anyway) softening with two recent rate increases, roughly 6 + month inventory and other factors. I’m thinking of waiting to see if sanity breaks out. Both attitude-wise and price-wise as the asking price for the home we’re looking at is high as the comps do not support it and the homeowner has his head in the sand. There’s many places to move to as an option.
Thanks and have a great day!
Another problem with a potential offer is I believe the prices are (should, anyway) softening with two recent rate increases, roughly 6 + month inventory and other factors. I’m thinking of waiting to see if sanity breaks out. Both attitude-wise and price-wise as the asking price for the home we’re looking at is high as the comps do not support it and the homeowner has his head in the sand. There’s many places to move to as an option.
Thanks and have a great day!
A lot of money going in to new construction - giant house rental machines, 6 or 8 br with high-end finishes and amenities like pools, theater rooms, game rooms, 2nd living areas, carriage houses.
Our recent experience with selling a 2 million dollar home tells me this is true, as it took over three years to sell our house. Our home was only eight years old and we found that potential buyers wanted the home to have the latest finishes and upgrades and would not accept our offer to take $$ off of the home so that they could have the upgrade work done on their own. They basically wanted a new home.
I would agree that the interest rates have to be considered. Others have addressed Walton County better than I could, and it can obviously be misleading to cite national data while discussing a local/unique market but I believe it's always worth being aware that when the rates finally go up after a being held down for quite some time, you may see an effect in buyer enthusiasm (and capacity) beyond the actual state of the housing market or economy in general. It's easier to read the market with fewer variables, and the likely but uncertain threat of rate increases can leave potential buyers feeling uneasy -frustrated they didn't buy a year ago, but uneasy about rushing to buy if the rates, or market, or economy in general, are already at a peak and about to come down. I believe the market (nationwide) is probably actually slowing a bit, as some recent data might be starting to suggest, but the economy still has displayed real growth, so in a world without the FED it may still be something of a wash at this point. But add in the disincentive of the interest rates, and I do believe that dampens the enthusiasm of many potential buyers -whether it should or not, I'll leave to each to decide...lol. Paying cash of course avoids that concern, but that is not how most people approach home-buying. If the cost of borrowing goes up, the cost of the homes must come down for the same buyer to afford them.
So that's a broad view, others have addressed Walton County better than I could. But we know economic issues tend to be intertwined, so I'd suggest that watching the next year's trends will be interesting, both locally and nationally.
I found the latest Walton County RE report interesting. Obviously, county wide is a bit different than SoWal but still need to be considered. It showed some longer listing times and kind of a mixed forecast.
BTW, my offer was finally accepted yesterday so hopefully I will become a SRB homeowner in November.
BTW, my offer was finally accepted yesterday so hopefully I will become a SRB homeowner in November.
I'll have to check out that report, and congrats on getting your offer accepted!
It's on the home page - Walton County Florida Real Estate Report for September 2018