Pensacola East Hill Real Estate

The big question...Are we at the bottom of the market? Of course nobody knows where the bottom is until it starts going back up. What we do know is that in our local market, our prices have dropped from 20% inflated from the end of last summer to about 7% currently. 5% is typically found to be negotiable from asking price to sale price. Mortgages are no problem to obtain if one has decent credit, and a 5-10% down payment (the way it use to be prior to loose mortgage practices). We are battling the uncertainty of an election year, and public impression of the market with the correction of problems in the banking industry. The uncertainty of a market contributes to the conditions of a buyers' market. When the market becomes more stable, prices will once again stabilize, eventually increase, and the tide will turn. If one looks at the numbers, it is a buyers' market with huge inventory to choose from, and deals to be had. One only needs a good Realtor who is willing to work to find them.