Archives for October 2015

September 2015: Real Estate Sales Strong Across the Emerald Coast

Single family home sales, as well as townhouse and condo sales, were strong across the Emerald Coast in September when compared to the same time last year. Okaloosa and Walton counties also saw increases in closed sales during the month of September. Median prices, pending sales, and inventory fluctuated for the month of September. All sales statistics below compare September 2015 to September 2014.

 

Single Family Home Sales

 

Emerald Coast

• Closed sales increased 10.3%
• Pending sales increased 13.3%
• Median prices increased 2.6%
• Inventory decreased 4.8%
• Months supply decreased 21.9% to 6.4 months of inventory, the lowest since current reporting began in 2011

 

Okaloosa County

• Closed sales increased 9.5%
• Pending sales increased 9.2%
• Median prices increased 2.9%
• Inventory decreased 2.5%
• Months supply decreased 21.6% to 5.2 months of inventory, the lowest since current reporting began in 2011

 

Walton County

• Closed sales increased 4.4%
• Pending sales increased 24.4%
• Median prices increased 19%
• Inventory decreased 6.1%
• Months supply decreased 21.2% to 7.8 months of inventory, no change when compared to August

 

Townhouse and Condo Sales

 

Emerald Coast

• Closed sales increased 23.8%
• Pending sales decreased 1.1%
• Median prices increased 2%
• Inventory increased 1.7%
• Months supply decreased 3.6% to 9.7 months of inventory

 

Okaloosa County

• Closed sales increased 7.1%
• Pending sales decreased 10.4%
• Median prices decreased 10.5%
• Inventory increased 1.9%
• Months supply increased 1.7% to 11.1 months of inventory

 

Walton County

• Closed sales increased 36.9%
• Pending sales decreased 15.1%
• Median prices increased 15.5%
• Inventory decreased 8.8%
• Months supply decreased 21.3% to 8 months of inventory, the lowest since current reporting began in 2011 and the same level from August.

 

A few things to remember…

 

September is traditionally a month when real estate sales begin to slow as the summer comes to an end. While many people think of spring and summer as the real estate season, fall and winter – especially on the Emerald Coast – can be excellent times to buy or sell a home. The weather is milder, especially in the fall, and those who need to buy or sell tend to be willing to negotiate.

 

A healthy real estate market (meaning neither buyer nor sellers have an “advantage”) is a six to eight month inventory. Below six months, it’s thought to be a seller’s market and above eight months is considered a buyer’s market. Single family home inventory in Okaloosa County could indicate an inventory shortage and points to a seller’s market, meaning buyers could pay higher prices. Condo inventory in Okaloosa County is well above the healthy range and could favor buyers. Walton County is well within healthy ranges for both single family homes and townhouses and condos.

 

Inventory can decrease while the months’ supply can increase – as well as the reverse. As inventory falls, buyers have less options. If the available inventory shrinks too much, sales can slow down which will increase the months’ supply of homes for purchase. This also contributes to quicker offers for well-priced and positioned homes, as well as multiple offers.

 

Pending sales are only an indication of the month ahead. In months with an increase in pending sales, you can expect sales to increase for the following month. A decline in pending sales may be an indication of lower sales the next month. It is not an automatic as sales often take more than 30 days to close.

 

All sales data is from the Emerald Coast Association of Realtors® (ECAR) Multiple Listing Service (MLS) and is compiled by Florida Realtors®, the state association for Florida. The Emerald Coast statistics cover both Okaloosa and Walton counties as well as surrounding areas based on the listings entered into the MLS by ECAR MLS participants.

4 Ways to Avoid Buyer’s Remorse

Image via Kozzi

 

The home buying process – so many features to choose from, so many layouts and designs to consider, and so many things that you might one day come to hate.

 

It’s hard to imagine that the two-story townhouse with no garage, no bathtubs, and a strangely shaped living room could one day make you want to run screaming from your home. That fifth floor condo with the slow elevator ride sounded great at first, but now you’d give anything to pull into your own driveway and just walk inside. The big yard, bigger swimming pool, and massive home seemed luxurious until you had to mow, clean, and cool all that space.

 

While you’re on the hunt for your next house, keep a few things in mind to avoid buyer’s remorse a few months after you close.

 

1. Bigger isn’t always better.

 

Everyone needs space. When you’re looking at a new home, consider if you really need that much space. Remember, eventually you have to clean, heat and cool, and keep up with all that space. Cost can become a factor quickly, plus you may lose any and all free time just with the upkeep alone.

 

2. The layout needs to work for you, not against you.

 

Odd shaped rooms, giant kitchen islands in the center of not-so-giant kitchens – these things can take a toll on how you function in your own home. Sure, it looked interesting when you viewed it. But looks aren’t everything. Make sure you can see yourself living within that layout. Yes, that might mean pretending to “cook” in the kitchen or imagining where the couch and TV will go in the living room with odd angles before making an offer.

 

3. Fads fade.

 

Trendy is cool, but fads fade. Think about how you hard you laughed when you saw avocado shag carpet in one home, and don’t forget the pink bathroom. At one point in time, that was what all the cool homeowners had in their house. Even if you’re determined to have a home updated with all the latest styles, be prepared for the expense of changing the look of your home once those styles become dated and laughable.

 

4. Stairs, pools, and other features that annoy.

 

A two or three story home may give you the same you want on a smaller lot. A large pool may sound like a dream for family fun. They are great, until you’re carrying a load of laundry up to the top floor, for the fifth time that day or you’ve spent hundreds of dollars or several hours cleaning the pool. Having these features is great for many families, but think about who you are and what will make you craziest on a busy day with screaming kids and not enough time. Not every feature or amenity is right for every family.

 

Every buyer has different needs for their home. There is nothing wrong with more space, big pools, a flight of stairs, or the latest fashion in home décor. When you’re buying a home, be realistic about who you are and what you’re willing to do. Buy the home that fits your life instead of changing your entire life to fit the home.

Planning a Party? Play It Safe!

Whether you’re planning a party for the next big game, a birthday bash or a holiday event, holding a successful soiree takes planning. That means not only making sure your guests are having fun and well fed, but it also means being a responsible host.

Timothy G. Russell, president of Professional Insurance Agents of Connecticut Inc, has provided sage advice in previous reports. He says, as hosts, homeowners and renters could be liable for the safety of their guests – even after they leave the party.

If a guest drinks and gets behind the wheel, causing an accident, the host may be held responsible. So before you host your party, call your insurance agent to learn what coverage you have and what coverage you might need if a party guest gets injured, or injures someone else.

Russell knows it’s important for every host to provide a great party experience, but it’s important to make sure guests are safe in your home – and they get back home safely after the party wraps.

Consider these tips:

If drinks are a part of your festivities, limit your own alcohol intake so you can determine if a guest is able to drive at the end of the night.
Pick designated drivers who will refrain from drinking alcoholic beverages so that he or she can drive other guests home.
Provide plenty of tempting non-alcoholic beverages and food for guests.
Do not pressure guests to drink or rush to refill their glasses.
Never serve guests who are visibly intoxicated.
Stop serving alcohol at least one hour before the party is over and switch to coffee, tea and soft drinks.
Always serve food when serving alcohol. High-protein foods such as meat and cheese take longer to digest, slowing the rate at which the body absorbs alcohol.
Try to avoid salty foods. They make people thirsty, so they drink more.
And remember, whether it’s a full blown St. Patty’s, Super Bowl or Oscar Party, if guests drink too much or seem too tired to drive home, call a cab, arrange a ride with a sober guest, or bring them home yourself.

7 Things to Remember if You Decorate for Halloween While Your Home is Listed for Sale

Image via Kozzi.com

 

Fall is a great time to list your home. You’ll have less competition from other sellers as many wait for spring and summer. Buyers are usually seriously looking because they need to buy a new home – for a job transfer or a growing family.

 

If you’re the type who loves to decorate for the holidays, you can still show your love of Halloween while your home is listed for sale. There are just a few things you’ll want to remember so that buyers see your home and not just the decorations.

 

1. Have your listing photos taken before you decorate. Decorations may obscure someone’s view when they find your home online. Plus, you’ll have to re-take the photos after Halloween is over so your listing doesn’t look dated or old.
2. Consider “fall” decorations instead of Halloween. This allows you to keep the decorations up longer and will keep your home appealing to more potential buyers.
3. Remember, curb appeal. The graveyard and skeletons may look good at night but during the day, buyers may not be able to see the beauty of your home for all the decorations.
4. Decorations shouldn’t overshadow the interior of your home. Buyers aren’t there to see cobwebs and spiders. They need to be able to imagine themselves living in your home.
5. Feel free to put out candy. Keep in mind that some people have allergies.
6. Update your decorations once Halloween is over. Nothing says, “We don’t care” more than Halloween decorations the week before Thanksgiving.
7. Watch those pumpkins. Make sure to remove any carved pumpkins once they start to go bad or smell. You don’t want buyers to see anything rotting before they walk in the front door.

 

With a bit of thought and extra planning, you can still enjoy Halloween while you wait for a buyer. Keep in mind what buyers will see and give them the opportunity to be able to look past the decorations so they don’t miss everything that makes your home great.

 

3 Reasons People are Buying Homes in 2015

Image via Kozzi.com

 

The more things change, the more they stay the same.

 

That line is true no matter what the topic, so it should come as no surprise that the basics of owning a home and the reasons people buy don’t change much. Earlier this summer, Realtor.com conducted a survey of active home buyers and the reasons people are buying right now won’t come as a surprise to anyone who’s purchased a home, and it’s good news for sellers.

 

1. They’re sick of their current home.

 

You can only do something for so long or live somewhere so long before you’re ready for a change of scenery. Twenty-eight percent of those surveyed are sick and tired of looking at their current four walls and are ready to find a new home because of it. According to economists, this particular desire for a new home is a sign of pent-up demand after so many years of declining values and an inability (perceived or real) of being able to buy. Now that prices have been going up in the past few years, people are itching to make a move.

 

2. Prices are too good to pass up.

 

Maybe the issue isn’t boredom or frustration at the same view of the same back yard for the past few years. In some areas, prices dropped to rock bottom and while they’ve gone up, they’re still reasonable. Especially if you compare what you paid for your home several years ago to now. Assuming you can sell your current home or that you’ve got enough credit to qualify for a new mortgage, you could be part of the 26 percent of buyers who are in the market solely because of the price.

 

3. Families still grow (and shrink).

 

It doesn’t matter what the economy is doing, where home prices are, or whether the sky is still blue – people still have babies or send their kids off to college. Older family members move in and others move out. When life changes happen, sometimes people need a bigger – or smaller – home. Eighteen percent of buyers said a change in their family was their main reason for buying a new home this year.

 

The recession and problems in the real estate market made many people stay right where they were and give up on the idea of buying a new home. Now that values continue to rise, the economy is improving, and people are feeling more confident, they’re ready to buy. The reasons aren’t new but it’s a good sign when people are buying because they want to, not because they have to.

Is It Time to Replace the Front Door?

Homeowners looking to cut back on their energy consumption and save on their utility bills might want to consider a new front door. Experts even suggest evaluating a home’s main entry door once a year to determine the state of its energy efficiency. But most of us probably overlook this, even though the answer to saving money could be right in front of our very eyes every day. Here are a few tips you can use to determine whether or not replacing your front door will benefit your home.

1. Open and close your doors on both dry and wet, humid days. Make sure all the components operate smoothly. If your door doesn’t close securely, or fits tightly on humid days, then it’s most likely leaking air on dry days, causing the home to lose energy.
2. Inspect the weather stripping around all sides of the front door to make sure it has not worn out. On a bright day, stand inside near your door and look for daylight flowing through the door perimeter. If light is coming in, then so most likely, is external air and possibly moisture. That means it’s time to determine if your foam-filled weather stripping may have lost some of its compression, cracked or simply worn out.
3. Examine your locks to make sure they operate smoothly and are strong enough to help protect your home. Multi-point locking systems offer exceptional peace-of-mind and security for the home.
4. Reach out and touch your door on both hot and cold days. If you feel the exterior temperatures on the inside surface, then your door may not have adequate insulation. In this situation, consider upgrading the door with a replacement that is more energy efficient and has an ENERGY STAR® qualified rating for your geographic area. Order a multi-point locking system on your next door for a tighter fit against the weather stripping, which can help provide even greater energy savings.
5. Look at the appearance of your door. If you have a wood door, it may be warping or rotting after years of service. A steel door can get dinged and rust over time. And, it’s possible that the style of the door simply doesn’t match up with the design of your home. These are all red flags that it’s time to replace your front door.