WOW! I AM SO EXCITED TO SHARE THIS LONG AWAITED YET EXPECTED NEWS ABOUT OUR BEAUTIFUL AREA! No, it's not about BP, nor the grand celebration of our very own Panama City Beach International Airport, but it's the expected optomistic and exciting news release regarding our HOME VALUES!
If you did not catch the article last week regarding America's Strongest Housing Markets in 2014, here's a recap with some local stats.
Biggest home price increase projected in 2014:
Coming in #6 in the United States:
PANAMA CITY-LYNN HAVEN-PANAMA CITY BEACH METRO AREA.
Forecast 4-year price increase: 26.9 percent
Current median price: $158,669*
Prices to reach trough in: 2010 Q3
Median family income: $53,800
Population: 164,770
Home prices in the Panama City area fell about 27 percent after hitting a peak between 2005 and 2006, according to the FHFA home price index. Agents have shared the feeling that our local market was stabilizing earlier this year, but the BP oil spill led some buyers to cancel their contracts and rethink about buying in the area. Despite the area’s large number of foreclosures (1.93 percent in the first half, according to RealtyTrac), agents believes the new Beaches' International Airport which opened in May would help stimulate our local economy. The area's unemployment rate reached 12.1 percent in January and dropped to 9.3 percent in June, according to BLS data.
After many buyers who were sitting on the fence realized that our beaches were not closing due to the BP situation and that the area was still a great market to invest in, plus with interest rates at the lowest rates we have seen in perhaps the last 10 years, buyers decided to hit the streets again for some great deals.
I personally have had a better first year in 2010 than in 2009 so I am even more excited to see how we finish the year in 2010. I know sunny days are ahead!
So, buyers, call me now so I can find you the best deals on the beach! Sellers, if you have wanted to move up and could not afford to before, now you can buy that new home at an incredible value before that "move up" home value is no longer within reach!
Have a terrific end of sunmmer, watch out for our returning students beginning Wednesday when school opens, and remember, there is LIGHT AT THE END OF THE TUNNEL!
Your Friend and Professional Realtor, Karen
Karen Branham, CRS*
Broker Associate, SFR, SRES, e-Pro
"Exceptional Service"
Coldwell Banker United, Realtors
850-832-8626
http://www.KarenBranham.com
*CRS - Designation Earned by ONLY 4% of Realtors Nationally
