However, I am beside myself with anger at the state of the housing market and the people making decisions at the lending institutions.

The Economic Recovery Act should be renamed to the Economic Disaster Act!!!

It’s gotten’ insane.

The lenders are foreclosing on more properties than any time in history and our government is helping them do so by empowering them with the so called economic bail out!

I was under the impression the economic bailout of lending banks was supposed to help our economy and save homes of those in need, not give lenders carte blanche to foreclose  and ruin the housing market!

How am I as a top selling Panama City real estate agent supposed to help my customers if the lenders have their heads shoved where the sun doesn’t shine!!!

Here’s an example:

I had a condo listed as a short sale.  I received multiple offers between $75,000 – $85,000 and submitted them to Bank of America: the lending bank.

The chief bottle washer at BofA declined all the offers, foreclosed on the property and sold it for $55,000!!!

Incredible!

I ask you… How is that helping the Economy?

I am so livid at the insanity these lenders are displaying – why were they bailed out?  What moron at Bank of America running the show  decided $55,000 is  more than $85,000?

Here’s another example:

I had another short sale listing and received and lost several offers due to waiting for the lender to respond.  We all know that short sales can take awhile, but more than 6 months is ludicrous!

The 2nd lien holder demanded an extra 6K at closing.

What happened?

The buyer walked, and the property is scheduled to foreclose next week.

Want another example?

I  received a contract for $220,000 on another listing.  The bank foreclosed and re-listed the property which sold for $195,000!!

The insanity has to end.

President Obama – please help the citizens of the U.S. – I implore you to have someone investigate how and why lending institutions are making these incredibly idiotic decisions.

Banks/lenders need to get a grip on reality. The hand out in the form of the economic recovery act was to help the citizens of the United States, not give you the go ahead to be incredibly irresponsible and make idiotic decisions.

Lenders – WAKE UP!!!

If you have horror stories of losing your home or dealing with lenders, I’d like to hear them…

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach homes sale.

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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Panama City Beach condo sales increased slightly while prices dropped a bit during June month. This is obviously good news for buyers wanting to purchase vacation condo on the gulf.

Prices on single family home prices increased slightly while sales volume dipped.

We also continue to experience higher than normal volumes of visitors to the Panama City real estate website, as well as higher than normal rental inquiries.

Have other areas been affect by oil spills?

Yes – Santa Barbara, California.

Those of you concerned over the Gulf of Mexico Oil Spill, may want to read about the Santa Barbara, California oil spill in the late 60’s:

On the afternoon of January 29, 1969, an environmental nightmare began in Santa Barbara, California. A Union Oil Co. platform stationed six miles off the coast of Summerland suffered a blowout.

Oil workers had drilled a well down 3500 feet below the ocean floor. Riggers began to retrieve the pipe in order to replace a drill bit when the “mud” used to maintain pressure became dangerously low. A natural gas blowout occurred.

An initial attempt to cap the hole was successful but led to a tremendous buildup of pressure. The expanding mass created five breaks in an east-west fault on the ocean floor, releasing oil and gas from deep beneath the earth.

While the oil spill was devastating to the area immediately, the areas real estate market bounced back significantly.  So much so, that it was one of the leading causes of property value increases following the clean up.  You can read more about the spill here.

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach homes sale.

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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While sales and prices were slightly higher than last January, single family home prices slipped slightly last month.

As we near the start of the busiest real estate season as well as opening day of the new airport we expect to see significant increases in sales and prices for all property types.

We are already experiencing higher than average volumes of visitors to the Panama City real estate website, as well as higher than normal rental inquiries.

Owners, put my team and technology to work for you to sell your home, commercial building, land or condo, contact me today (850) 774-6582 for a free no obligation property value report.

Buyers, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach Homes or condos for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

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While sales and prices were slightly higher than last January, over all sales slipped slightly since last month.

This is however, expected as January sales are usually more sluggish than the rest of the year.

As we near the opening day of the new airport and begin to come into the height of the vacation season, we expect to see significant increases in sales and prices for all property types.

We are already experiencing higher than average volumes of visitors to the Panama City real estate website, as well as higher than normal rental inquiries.

Owners, put my team and technology to work for you to sell your home, commercial building, land or condo, contact me today (850) 774-6582 for a free no obligation property value report.

Buyers, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach Homes or condos for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

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Some interesting trends are occurring in the local market place which include:

• Increased absorption rate for both condos and single family homes
• Significant decrease in condo sales over previous months
• Slight decrease in single family home sale while average pricing decreased slightly

Here is a sample of the Condo Comparison Sales statistics:

As you can see, the condo market is still very active and sales are significantly higher than last year.

In addition, the latest Panama City Florida mortgage market update has also been posted for your convenience.

Owners, put my technology to work for you. If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a home, condo or commercial property, contact me directly (850) 774-6582 for the latest information and pricing on any Panama City real estate properties for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

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• Decreased absorption rate for both condos and single family homes
• Significant increase in condo sales over previous months
• Slight decrease in single family home sale yet average pricing increased slightly

In addition, the latest Panama City Florida mortgage market update has also been posted for your convenience.

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a home, condo or commercial property, contact me directly (850) 774-6582 for the latest information and pricing on any  Panama City real estate properties for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

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Some very interesting numbers…

Florida Sales Report – August 2009
Single-Family, Existing Homes

(1) * Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island
Association of Realtors.
(2) Data from the Hernando County Association of Realtors is not available.
Editor’s note: Sales numbers represent totals of Realtors’ closed transactions from local Realtor
boards/associations within the MSAs.
This information is based on a survey of MLS sales levels from local Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Realtors® and the University of Florida Bergstrom Center for Real Estate
Studies.

As you can see, the Panama City area Single family home sales has increased 19% and the sales price has decreased 3%.

Not bad for a troubling economy!

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach condos for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

“Liked this post? Subscribe to my Panama City Real Estate blog RSS feed and get loads more!”

The Panama City Florida real estate market continues to maintain itself with slight increases and decreases in expected areas:

• Condo sales increased over last month as short sales and foreclosures and low appraisal values continue to be a factor in the market. The time-to-close factor plays a significant role in actual sale closings. In addition, smartly market priced condos continue to sell well.
• Average Condo prices dropped slightly from the previous month which shows sellers willing to negotiate and offer good deals to potential buyers.
• Single family home sales continue to increase also due to the short sale and foreclosure market as well as having many non distressed homes priced to sell!
• While the average single family home price increased slightly over last month which is showing the market has probably hit bottom and will slowly recover.

If you are considering purchasing a home, condo or commercial property contact me directly. The Panama City Real Estate team and I are here to help you make your next purchase as easy and stress free as possible.

There are a lot of good deals currently on the market. Not only short sales and foreclosure, but also well priced homes and condos for today’s market.

Buyers, if your agent is not showing you ALL the available sales, contact me directly. It’s not just a short sale and foreclosure market. There are many condos and homes priced to sell in today’s market.

Sellers, we have many buyers currently shopping for homes, condos and other property types. Contact me today to have your property Sold (not listed) by the Panama City Real Estate Team.

Best wishes to all…

Jennifer Mackay
850-774-6582
www.jennifermackay.com

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Tips to prepare for buyers in a hurry!

In a competitive market, having a home in the best possible condition can help attract buyers.

A clean and clutter-free home often gives the impression of a well-kept home. When pressed for time, hitting these high notes can help leave a positive impression with buyers in twenty minutes or less.

1. Kitchen: wipe down counters and fixtures with baby wipes; put away toaster, coffee maker, and can opener; empty garbage.
2. Bathrooms: wipe down vanity and fixtures with baby wipes; wipe the mirror down with Windex; hide the garbage; put out fresh towels.
3. Floors: vacuum all carpet; mop tile and wood.
4. Furniture: run a dusting cloth over furniture.
5. Clutter: pick up and conceal all clutter. Place in a bag, and tuck away in a closet or garage.

Source: getreadygetsetgetsold.com

The Local Market

Although it is important to stay informed about what is going on in the national economy and housing market, many different factors impact the Panama City Florida real estate market.

When you need assistance interpreting the conditions of the Panama City and Panama City Beach real estate market, contact me directly: 850-774-6582

As a Keller Williams associate, the Panama City Real Estate Team and I are equipped with all the knowledge and information to help navigate you through the process of buying or selling a home in this challenging market.

I hope you have enjoyed this series of information brought to you by the Panama City Real Estate Team and Keller Williams.

My team and I look forward to working for and with you on your next Panama City Real Estate purchase.

Jennifer Mackay
850-774-6582
www.jennifermackay.com

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Important information to be aware of about credit scores:

1. Don’t be afraid to shop around for the best rate.  Multiple inquiries about the same type of loan only count as one request if done within a short amount of time.
2. During the process of qualifying for and obtaining a mortgage, play it safe and wait until after your contract has closed and the mortgage is secured to open new credit.
3. Checking your own credit score will not harm your score if you order reports directly through the credit-reporting companies.
4. Don’t open or close credit as a short-term strategy for improving credit. Open what you need, when you need it. Pay your bills on time
5. If you have not got a long history of credit, try not to open too many cards too quickly. This can lower the average “account age.”

For more information, check out: http://www.myfico.com/CreditEducation/ImproveYourScore.aspx

Source: myfico.com

Check back for the Final installment in this series: Seller Tips and the Local Market

Jennifer Mackay
850-774-6582
www.jennifermackay.com

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