601 E Burgess Rd, Pensacola, FL 32504

Here’s a detailed analysis of the property at 601 E Burgess Rd, Pensacola, FL 32504, including current market trends and refinancing considerations:

Property Details:

• Address: 601 E Burgess Rd, Pensacola, FL 32504
• Property Type: The search results indicate this address is likely part of The Hamptons condo complex. While your input stated “SingleFamily,” public records and listings for this address consistently refer to units within a condominium building. It’s crucial to confirm if the specific unit (I4, K3, etc.) is indeed a single-family home or a condo/townhouse, as this impacts financing, HOA fees, and market comparisons. For the purpose of this analysis, I will proceed assuming it’s a unit within a multi-unit structure, as implied by the search results.
• Bedrooms: Your input states 2 beds. However, various listings for units at 601 E Burgess Rd show 2 or 3 bedrooms. One specific unit (Apt I4) is described as having 3 beds and 2 baths, and another (Apt K3) as 2 beds and 2.5 baths. It’s important to verify the exact number of bedrooms and bathrooms for the specific unit in question.
• Bathrooms: Your input states 0 baths, which is highly unlikely for a residential unit. Search results for units within this complex show 2 or 2.5 bathrooms. This discrepancy needs to be clarified.
• Square Footage: Your input states 870 sqft. Other units in the complex are listed with living areas between 1,015 sqft and 1,206 sqft.
• Lot Size: If it’s a condo, the “lot size” would refer to the common elements of the building and not a private lot. Some listings show small lot sizes for individual units, which could indicate a townhouse style with a small private area. For example, Unit K3 mentions an 871 sqft lot.
• Estimated Refinance Payment: $1,157/mo (This is the payment provided in your input. This seems plausible for a loan in the mid-$100k to low $200k range at current interest rates, especially for a condo where HOA fees would also be a significant monthly cost.)
• Built in: 1985 (40 years old)
• Stated Value: $235,000 (This is the value provided in your input. This aligns with or is slightly higher than recent sales and listed prices for renovated units in this complex, suggesting a reasonable market value for a well-maintained or updated unit.)
  • For example, Unit K3 at 601 E Burgess Rd was listed for $263,000 recently. Unit H-3 was listed for $235,000. Unit C8 for $144,000. These variations likely reflect different unit conditions, updates, and specific floor plans.
• Last Sale Price: Specific unit sale history varies within the complex. Unit D4 last sold for $252,000 on May 25, 2022. Unit K3 last sold in 2022 and has since increased in value by $86,000.
• Tax History: Public tax records were not directly available for the specific unit from the search results, but they would be based on the assessed value of the individual condo unit.
• HOA Fees: Given it’s a condo complex, there will be Homeowners Association (HOA) fees. One listing for unit D4 mentions HOA fees of $2,484/year (approximately $207/month). These fees cover common area maintenance, amenities (like the pool), and sometimes certain utilities or insurance. These are a critical part of the monthly housing cost for a condo.

Additional Property Features and Amenities (Based on various unit listings within the complex):

• Interior Features: Many units have seen renovations, including new carpet, vinyl flooring, paint, kitchen cabinets and countertops, fixtures, and stainless steel appliances. Features often include central air, central heating, W/D hookups, and a fireplace. Some units may have a wet bar or a flex room.
• Community Amenities: The Hamptons is a quiet complex with a community pool and well-maintained grounds.
• Location: Centrally located, minutes from hospitals, colleges (Pensacola State College, University of West Florida), shopping (University Mall, Cordova Mall), and downtown. Easy access to I-10 and I-110. Also near Pensacola International Airport.
• Parking: Units typically come with designated covered parking areas.

Pensacola, FL Real Estate Market Trends (as of July 2025):

• Market Condition: Pensacola is currently a Neutral Market (Rocket) or a “Balanced Market” (Realtor.com), meaning supply and demand are roughly in equilibrium. Redfin indicates home prices were down 16.8% year-over-year in June 2025, suggesting a cooling or rebalancing market where buyers might have slightly more leverage.
• Median Sold Home Price:
  • $283,000 in June 2025 (Redfin), down 16.8% year-over-year.
  • $279,670 in June 2025 (Rocket), down 4.1% year-over-year.
  • The median sold price for 2-bedroom homes in Pensacola was $199,900 in June 2025, down 4.8% year-over-year.
• Average Home Value: Around $264,116 (Zillow), down 3.6% over the past year (through June 30, 2025).
• Median Days on Market: Homes are taking longer to sell, with an average of 67-79 days on the market in June 2025, up from last year. This indicates a slower pace of sales.
• Inventory: Increasing, with 2,478 homes for sale in June 2025, a 5.2% increase month-over-month.
• Sale-to-List Price Ratio: In June 2025, 56.7% of homes sold below asking price, 27% sold at asking, and 16% sold above asking, indicating that buyers are often able to negotiate price reductions.

Current Mortgage Refinance Rates in Florida (as of Monday, July 21, 2025):

• 30-Year Fixed Refinance: Average APRs are around 6.83% – 6.95%.
• 15-Year Fixed Refinance: Average APRs are around 5.88% – 6.13%.
• 5-Year Adjustable-Rate Mortgage (ARM): Average APRs are around 7.06% – 7.42%.

Note: These are average rates and are subject to change based on individual borrower qualifications (credit score, debt-to-income ratio), specific lenders, and daily market fluctuations. APR (Annual Percentage Rate) includes some fees beyond the interest rate.

General Requirements for Refinancing a Loan in Florida:

• Home Equity (Loan-to-Value Ratio – LTV): Most lenders require an LTV of 80% or less for conventional refinances (meaning you have at least 20% equity). For cash-out refinances, you can often borrow up to 80% of your home’s value (VA cash-out refinances can go up to 100%). A new appraisal will be required to determine the current market value and calculate your LTV.
• Credit Score: A minimum FICO score of 620 is generally needed for conventional loans. A higher score (740+) typically qualifies for the best rates. FHA loans may offer lower minimums (e.g., 500-580+), but include mandatory mortgage insurance premiums.
• Debt-to-Income (DTI) Ratio: Lenders typically look for a DTI of 43% or lower, although some programs (like FHA) may allow up to 50%.
• Property Occupancy: The home is generally required to be your primary residence, and at least one borrower must occupy it within 60 days of closing.
• Stable Income and Employment: You’ll need to provide documentation such as pay stubs, W-2 forms, and tax returns to prove a consistent income and employment history.
• Closing Costs: Expect to pay 2% to 6% of the new loan amount in closing costs. These can sometimes be rolled into the new loan, but doing so will increase your loan amount and total interest paid over time.
• Mortgage Insurance (PMI): If your LTV is above 80% on a conventional loan, you will likely be required to pay Private Mortgage Insurance (PMI).

Analysis for this specific property:

The most critical first step for 601 E Burgess Rd is to confirm the specific unit type (condo/townhouse vs. single-family) and its exact bedroom/bathroom count and square footage. The information provided in your input (“SingleFamily”, 2 beds, 0 baths, 870 sqft) directly conflicts with widely available public data for addresses within the 601 E Burgess Rd complex, which points to condominium units with different specs and the presence of bathrooms. This clarification is fundamental for accurate refinancing assessment.

Assuming it is a condo unit within The Hamptons complex:

• The stated value of $235,000 is reasonable and aligns with recent listings and sales of renovated units in that complex.
• The estimated refinance payment of $1,157/mo is also plausible for a loan in this value range, but it’s crucial to remember that this estimate would likely be for principal and interest only, and would not include the significant HOA fees, property taxes, and homeowner’s insurance (which may be higher for condos, covering only the interior of the unit). Therefore, the actual total monthly housing cost would be considerably higher than $1,157.
• Pensacola’s market is currently cooling, with declining median prices for 2-bedroom homes and increased days on market. This means lenders are likely active, but appraisal values will be key. The homeowner’s equity position (given the $235,000 value) will be a primary factor in qualifying for a favorable refinance.

Strong Recommendations for the Homeowner:

1. Verify Property Type & Details: Obtain precise information about the specific unit, including whether it’s a condo or true single-family home, its exact square footage, and the correct number of bedrooms and bathrooms. This can be done through a property appraiser, real estate agent specializing in condos, or by checking official county property records for the specific unit number.
2. Understand Condo Fees: If it’s a condo, get a clear understanding of the HOA fees, what they cover, and any upcoming special assessments. These fees are a non-negotiable monthly expense.
3. Get a Professional Appraisal: This is essential for all refinances to determine the current market value and ensure the stated value of $235,000 holds up.
4. Determine Current Loan Balance: Know the exact outstanding balance on the existing mortgage.
5. Shop for Personalized Refinance Quotes: Contact multiple lenders (banks, credit unions, and mortgage brokers) and compare loan offers that are tailored to their specific unit, credit profile, and financial goals. Pay close attention to the APR, interest rate, closing costs, and all monthly payment components (P&I, taxes, insurance, and HOA fees for a condo).
6. Clarify Refinancing Goals: Decide whether the primary goal is to lower the interest rate, reduce the monthly payment, change the loan term, or potentially take cash out from equity.