Now is the time to buy land in Navarre.
This is the time to buy land in Navarre. Homes are priced so low in this area, it hardly seems worth going through the hassle and expense of building. You can buy an existing home in Navarre for well under $95 a square foot, yet try to buy a lot and build on it for that.
That is the reason residential lots are just sitting on the market without movement. Some listings last for 2 years or more. These sellers are getting anxious and are ready to sell their properties at bargain prices.
I have heard sellers say it many times, “I don’t want to come down (in price), I want someone to bring me an offer”. What they are saying is, they are willing to drop the price of their real estate, but they want to see some interest first.
There are some great property bargains to be had. This is the time to buy. Go to http://search-panhandle-homes.com to find more great deals. Be sure to click on Navarre. If you have never heard of Navarre or Navarre Beach, it is located between Gulf Breeze and Ft Walton Beach.
Another reason to buy real estate in Navarre is that it is an up and coming town. In the last several years, there has been an influx of foreword thinking people move to the area. I predict this progressive new community will make Navarre and Navarre Beach a place that everyone will want to live in.
Most of the homes in Navarre have been built since the mid 90’s, so the homes are mostly new. Even through the recent “bad times” in real estate, many builders were still constructing single family homes in Navarre. Sure it has been slower than the boom years of 2004-2005, but we are still selling homes.
The good news for shoppers is that now is the best time to buy. Lots are hard to sell, so property owners are willing to negotiate. Homes are selling for less too. The inventory is higher than the demand. Buyers might have as many as 100 homes in their price range to look at.
How do they narrow the search? First they narrow the selection by price and size. Then they look for amenities like maple cabinets, granite counter tops, tile floors, fenced yards and swimming pools. This high inventory is a problem for the sellers, but an advantage for anyone considering buying real estate in Navarre.
Rates help the buyer even more with FHA rates at 5.875%. Even better is that Navarre qualifies as a rural housing area. Rural housing loans are at 5.5 today and VA loans are at 5.75. These rates are awesome. Even if a buyer wanted to go conventional, they are only looking at barely over 6% without a buy down!
It will be hard to sustain these low rates. I predict them to rise some in the near future. As the Feds lower the rate, investors tend to move their money out of mortgage based bonds. Historically, when the bonds suffer mortgages rates rise. This is just another HUGE buying sign.
Mortgage rates rise much faster than they fall. Once they go up, so will mortgage payments, even if real estate prices drop even lower.
Jon Payne
Navarre Beach Realty, Inc.
www.jon-payne.com
jon@jon-payne.com
850 259-9765
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