Archives for June 2017

May 2017: Housing Market Hot, Hot, Hot in May

Single family home sales, as well as condo and townhome sales, increased dramatically in May when compared to the same time last year. Record highs were reached for the total volume of single family home sales, as well as the dollar volume for sales across the Emerald Coast.

 

Prices continue to rise while inventory falls when compared to May of 2016. Homes that are priced right for the market and move-in ready are getting snapped up as people move in and around the area. This is only the beginning of summer. Is this a sign of what’s to come or will the wet weather we’ve experienced this month slow down the momentum? Only time will tell.

               Single Family Home Sales

 

Emerald Coast

• Closed sales increased 13.8%
  • 768 total units – highest since current reporting began
  • Total dollar volume: $328.1 million – highest since current reporting began
• Pending sales increased 5%
• Median prices increased 5.5%
• Inventory decreased 14.8%
• Months supply decreased 21% to 4.9 months of inventory

 

Okaloosa County

• Closed sales increased 20.7%
  • 443 total units – highest since current reporting began
  • Total dollar volume: $128 million – highest since current reporting began
• Pending sales increased 10.6%
• Median prices increased 6.3%
• Inventory decreased 20.6%
• Months supply decreased 26.5% to 3.6 months of inventory

 

Walton County

• Closed sales increased 12.6%
  • 268 total units – highest since current reporting began
• Pending sales increased 4.3%
• Median prices increased 9.9%
• Inventory decreased 3.5%
• Months supply decreased 10.1% to 7.1 months of inventory

 

               Townhouse and Condo Sales

 

Emerald Coast

• Closed sales increased 8.9%
  • Total dollar volume: $90 million – highest since current reporting began
• Pending sales increased 18.3%
• Median prices increased 19%
• Months supply decreased 26.7% to 7.4 months of inventory

 

Okaloosa County

• Closed sales increased 13.7%
  • Total dollar volume: $37.9 million – highest since current reporting began
• Pending sales increased 30%
• Median prices increased 15.5%
• Inventory decreased 20%
• Months supply decreased 30% to 7 months of inventory

 

Walton County

• Closed sales decreased 2.2%
• Pending sales increased 9.4%
• Median prices increased 17.8%
• Inventory decreased 5.7%
• Months decreased 11.6% to 8.4 months of inventory

 

 

A few things to remember…

 

Inventory continues to decrease from the year before but is holding steady from month to month with little fluctuation. Other than single family homes in Okaloosa County, inventory levels are at or near healthy numbers. This doesn’t mean there aren’t inventory shortages. Some price points and some areas may not have enough inventory to keep up with demand which can result in new listings in desirable areas being sold quicker.

 

Pending sales are a good indicator of what sales may look like in the future, but they are no guarantee as not every sale closes in 30 days. Pending sales for May are positive across the Emerald Coast. There’s no guarantee that last month’s pending sales will close in June, though or that it will be enough to guarantee an increase in sales or price.

 

An increase in median prices are tied to multiple issues: an improved economy, more lending, and the amount of inventory available. As inventory shrinks, competition for good homes increases among buyers. This can turn into multiple bids and more solid bids as buyers hope to have their offer accepted.

 

It’s best to look at the data as part of an on-going trend. One month does not dictate the entire market. If you view the data collected since 2012 for the Emerald Coast, Okaloosa County, and Walton County as a whole, you can get a good feel for what’s happening in the local housing market. Overall, the market has improved greatly.

 

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.

Increasing Property Value with Stylish Landscape Designs

A gorgeous landscape design can increase the value of your home by at least 5 to 11 percent—and maybe more. Landscaping is one of the most valuable home improvements you can make, and it’s also one of the easiest. If you’re wondering how to turn your landscape into one of your home’s most valuable assets, here are some tips to get you started.

1. Match Landscape to Your Home’s Style

The best way to get an excellent return on investment with landscaping is to make sure it fits with your home’s style. For instance, if you own a Victorian home, a Japanese garden will be sorely out of place and may even lower your home’s value rather than add to it. In this instance, you’re much better off with a country or cottage-style landscape that blends in with the old-fashioned formality of your home.

2. Design with a Strategy in MindYou’ll need to have a good strategy. That means you shouldn’t clutter the entire yard with various high-maintenance plantings, but you also shouldn’t have plain grass with no landscaping. A study by the Virginia Tech Department of Horticulture found that a good foundation planting along with a couple of well-designed points of interest can increase your home’s value by up to 42 percent. The ideal landscape has a good mixture of shrubs and perennials, but it doesn’t have one of every kind of plant that you can find at the garden center
3. Achieve Seasonal BalanceA profusion of spring blooms won’t interest potential buyers who look at your home during other parts of the year. Think about ways to make your landscape attractive all year — blooming bulbs for spring, annual beds around the house during the summer, shrubs with brightly colored leaves in the fall, and evergreens for the winter. 
   
   4. Plant Trees
   
   A few simple trees can make an enormous difference to the sale price of your home. In one study, simply living on a tree-lined street added between 10 to 15 percent to the sale price compared to neighborhoods with fewer trees. So why are trees worth so much? Trees remove carbon dioxide and pollution from the air, so people view them as an eco-friendly option. The shade helps keep neighborhoods and homes cooler and more pleasant, which in turn cuts air conditioning costs. Trees are also a stress reliever — people enjoy relaxing in the shade or gazing at the leafy view.

3 Things to Consider When You Buy a Vacation Home

All it takes for people to decide to come back to Destin or 30A is a look at the water and the feel of the sand between their toes. During the summer months, the roads and beaches are filled with people who can’t get enough of the area. In the winter, snowbirds come down for the mild weather and the beautiful views.

 

It makes sense that people want to own a corner of paradise. Vacation homes are popular in our area, and every owner has their own reason for why they buy. Whatever your reason, buying a vacation home isn’t something to do without careful consideration. If you want to buy a vacation home, consider these things before putting in an offer.

 

Vacation Home

 

When you buy a property as a second-home or vacation home, whether on 30A or in the heart of Destin, it’s because you love the area and want to own a little piece of it. That makes sense, and it can be a wonderful way to spend time with your family and invest in a place you want to retire to in a few years. One spectacular visit to the Emerald Coast might be all it takes to convince you to buy here, but give it some thought before you buy.

 

How often will you visit? The extra costs of a home, property insurance, and taxes may not be worth a single visit each year. If, however, you’ll live in the home part of the year or rent it out when you’re not in the area, buying may be the right option. Can you get away as often as you want? And will you be able to travel during a time of year that allows you to enjoy the area and your home?

 

Rental Income

 

Maybe you bought so that you could visit once or twice a year but you really want to cash in on the rental income you can make while it’s vacant. This can be a good way to invest in your future retirement home now and help pay for it when you’re not visiting. What many second-home buyers don’t realize, though, is that being a landlord is a lot of work and comes with unexpected expenses.

 

• Rental income isn’t always predictable, and you may have vacancies.
• Tenants can cause damage to your home that must be repaired. Your property could be unrentable until it’s fixed.
• You’ll need a special kind of insurance to protect yourself and the property in case of damage or injury.
• Working with a reputable property manager is a good idea so that you have someone to help take care of problems, market your property, and screen tenants.

 

Renting out your vacation home is not as simple as advertising the available space and price. You need to make sure you know the COA or HOA rules for rentals if your property is part of either. You’ll want to check to make sure vacation rentals do well in your building or neighborhood. You should find out if the property was rented out previously and get a rough estimate of the income the former owner made.

 

Selling For a Profit

 

Buying a property to flip it in the short or long term isn’t for the faint of heart. If you plan to enjoy your vacation home for a few years and then sell it for a profit, think long and hard first. While the market is currently increasing in value, there’s never any guarantee that a property will sell for higher than it was purchased for. It may sit on the market for a while. Big storms may deter people from buying on the coast. Anything can happen.

 

It’s much better to buy a vacation home that you genuinely want to live in during different times of the year. You should also make sure you choose an area that you like visiting. The best part of a vacation home is having a home away from home to give you freedom to travel to the area whenever you can. Buying simply for a potential future profit can be risky. Buy a vacation home for the view, the activities, and the experience. Watch the local market and sell when it’s the right time, but don’t bet everything on future housing values.

 

Everyone has their own reasons for wanting to own a vacation home, whether it’s here on the Emerald Coast or up in the mountains. Before you put in an offer and commit to a second property, think about why you want to buy and consider the future risks. Homes, first or second, are a big investment. Talk to a real estate agent who can help you understand the local market and find the best vacation home for your needs and goals.

 

How to Buy When Inventory is Low

When there are plenty of homes on the market and prices are low, buying a new home can seem a little bit like being a kid in a toy store. Which one will you pick? As a buyer, you have more options than you know what to do with. But when inventory drops and prices increase, as it has around the Emerald Coast, each great home you see online could be off the market by the next.

 

So how do you buy the home of your dreams when multiple buyers are competing for fewer homes and inventory is low?

 

Get Pre-Approved First

 

The best way to be competitive among other buyers for a home you really want is to show sellers you’re serious about buying. Make sure you’ve talked to a lender and know what you can afford so you can create a budget and stick to it. Most importantly, go through the pre-approval process and make sure you include your pre-approval letter with every offer. When you make an offer, the seller will know you can get to the closing table.

 

Know What You Need Most

 

More than knowing what kind of home you want, you also need to know what’s most important. In tight inventory, it’s even harder to find a home that fits both what you must have and what would be nice to have. Make a list of all the features you want in a home and then focus on what’s most important. It could be the location so that you’re close to work or in the best school district; a specific number of bedrooms; or a yard for your dogs. A home at the right price might not fit every want, but if it fits every need, it may be the one for you.

 

Put In Your Best Offers

 

It’s important to know that the best offer isn’t always the one with the highest price tag. But this also isn’t the market to make a lowball offer unless you’ve got good information to back it up. The best thing to do is make your highest and best offer with the fewest contingencies. For some sellers, a quick close or less they’re asked to pay towards closing is more important than knocking a few thousand dollars off the asking price.

 

Work With a Realtor

 

In order to find the home that fits your needs, make the best offer, and know what kind of price the seller might accept, it’s always best to work with a real estate professional. Realtors understand the local area and the market. We’re also able to tell you if the price of a home is right for the area or if a home has been sitting on the market for a while and what that might mean for the negotiation process. It’s also our job to negotiate and work on your behalf for any offer you make, but this becomes even more important when a listing receives multiple offers.

 

Buying a home you’ll love when inventory is scarce isn’t impossible, but it isn’t easy, either. It’s important to be prepared before you even begin looking. Otherwise, the perfect home might go to the buyer with the better offer, and you’ll be left out of a home you love.

 

June 2017 Events Across the Emerald Coast

The summer heat is upon us but that doesn’t mean there isn’t plenty to do. From special events to weekly treats, check out what’s going on along the Emerald Coast in June!

 

Concerts at the Landing

Fridays in June; 6:00 p.m. – 8:00 p.m.

Fort Walton Beach Landing

 

In the month of June, plenty of local bands will make your Friday night something special. Acts include Alexa Burroughs Band, The Moos Brothers, Jukebox Super Heroes, and Show Me Dragon. Learn more.

 

Okaloosa Island Fireworks

Wednesdays in June at 9:00 p.m.

Okaloosa Island

 

Need a mid-week pick-me-up? Head on over to The Boardwalk on Okaloosa Island every Wednesday through the summer for a great fireworks show! Learn more.

 

Downtown Fort Walton Beach Farmer’s Market

2nd and 4th Saturdays in beginning in June

8:00 a.m. – 1:00 p.m.

Fort Walton Beach Landing

 

Nothing tastes better than locally grown produced and homemade food. That’s just some of what you’ll find at the Farmer’s Market in Fort Walton Beach. You’ll also find crafts and other artisan vendors too! Learn more.

 

Rock the Dock

Saturdays in June; 7:00 p.m. to 9:00 p.m.

Harborwalk Village, Destin

 

Make your Saturday nights better in June with free concerts at Harborwalk Village. Learn more.

 

LuLu’s 2nd Anniversary Bay Bash

Sunday, June 11; 11:00 a.m. to 7:00 p.m.

LuLu’s Destin

 

Swim, paddle, float, or walk to LuLu’s but come on out for a day of food, fun, and music. You can also meet Lulu Buffet during her book signing for Gumbo Love from 11:00 a.m. to 1:00 p.m.! Learn more.

 

Latin Salsa Festival

Saturday, June 17; 10:00 a.m. to 10:00 p.m.

Fort Walton Beach Landing

 

Spend the day listening to Caribbean beats, enjoying amazing food, and having a good time with the whole family during the Latin Salsa Festival. Check out live concerts or rock out to different deejays. Kids activities will be available too! Learn more.