Panama City Real Estate Market Update

I'm please to bring you an additional Panama City Real Estate Market update.
Periodically, the FAR (Florida Associations of REALTORS® ) reports on the status of the Real Estate market statewide.

This latest update is as predicted, good news for Panama City, Florida...

With all the announcements lately for the Panama City, Florida area such as:

• New store announcements for the Pier Park shopping complex
• The go ahead word for the construction on the Panama City International Airport

is it any wonder, according to the Florida Association of REALTORS® that the Panama City real estate condo market showed a decrease of only 10 percent (81 existing condo units closed in Q4 2007 compared to 90 closings in Q4 2006) for the fourth best showing in the state!

In addition:

In sales of existing single-family homes, Q4 2007 shows a statewide decline of 31 percent (26,130 units closed in Q4 2007 compared to 37,879 in Q4 2006) while Panama City shows a net decrease of only 15 percent ( 269 units closed in Q4 2007 versus 315 units closed in 2006). This places Panama City in third best position statewide, only to Fort Walton Beach and Sarasota.

Existing single-family home and condominium prices in Panama City continue to see a market correction, with existing homes seeing a 4% reduction in Q4 2007 versus Q4 2006 and existing condos seeing a 17% reduction for the same period. Statewide sales figures continue to show that those areas embracing efforts to educate sellers about realistic expectations, while pointing toward a ‘buyers market’, remain least-affected by the current real estate market conditions.

We're moving ahead now!

The Real Estate agent and Investments

So far we've discussed marketing and advertising both of which are very important aspects for every real estate agent.

Another job of a real estate agent may be to assist their customers with their long and short term investment strategy. For me, it is also one of the most rewarding aspects of being a real estate agent.

So...

Investment foresight - I believe another strong trait is the ability to discern, understand and educate a customer on which properties make the strongest case for their investment strategy.

Read more on this continuing series

The Real Estate Agent and Marketing and product knowledge

If you remember in my previous post: Advertising I talked about some of what I believe is required to being an adept real estate agent.

Of course advertising is a major factor of consideration.

Now, let's talk about...

Market and Product Knowledge - I believe part of becoming the "Greatest Real Estate Agent in the World" the agent must maintain a strong and thorough knowledge of their local real estate market.

Read the full article at my Panama City Real Estate blog.