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Now Is the Time for Flood Insurance

Hurricane season is fast approaching. We all know we need to make sure we’ve got water, batteries, and flashlights. Maybe this is the year you add hurricane shutters to the windows or install the whole home generator so you don’t have to worry. What about flood insurance?

 

Depending on where you live along the Emerald Coast, you may be required to carry flood insurance by your lender. But what if you live further north or your home has no mortgage? Do you have flood insurance? You should.

 

Purchase Flood Insurance Now

 

Unless you’re buying a new home, a typical flood insurance policy has a 30 day waiting period. Hurricane season starts June 1. We’ve all seen the storms that decide to arrive early or right at the beginning of June. If a storm hits while you’re in the waiting period for your policy, you won’t have flood insurance protections if water comes in your home.

 

Standard homeowners insurance, even with hurricane coverage, doesn’t cover flooding. The biggest question after a hurricane hits is whether the damage is from wind or water. With both types of coverage, you can let the insurance companies duke it out, instead of having to pay out of pocket for all the repairs. Flood insurance is technically available through private insurance, but most policies in Florida come from the National Flood Insurance Program (NFIP). Your insurance agent or company can help you purchase a policy.

 

Save Flood Insurance

 

On September 30, if Congress does not act, the NFIP could be gone for good. If a long-term reauthorization isn’t approved, home buyers across the country will be affected. When it happened in 2010 and there was a gap, 1300 closings a day were impacted – 40,000 over the course of the month. If you’ve got flood insurance now, you won’t be able to renew it through NFIP if the program dies.

 

While all parts of the country are in danger of flooding, Florida is one of the most susceptible. But floods can happen anywhere water can fall. In 2016, the NFIP had its third largest claims payout year in its history. Around $4 billion was paid to people across the country. Four of the five floods occurred inland, and the largest flood of the year was Baton Rouge. Until the private insurance market catches up and is willing to cover flood prone areas or offers prices people can afford, the NFIP is needed.

 

The National Association of Realtors (NAR) is working closely with policymakers in Washington D.C. to help them understand what’s at stake. The NFIP isn’t perfect and can use reforms. The private market may eventually become the better option. But until then, everywhere but especially on the Emerald Coast, you need flood insurance and it’s going to come from the NFIP.

11 Fun Facts You Didn’t Know About Easter

Many of us understand the spiritual and religious significance of Easter, but this holiday is also second only to Halloween for candy consumption. With that in mind, here are a few fun facts you might not know about the secular side of the Easter holiday.

 

1. The tallest chocolate Easter egg was made in 2011 in Italy. It stood about 34 feet tall and weighed almost eight tons.
2. Americans buy more than 700 marshmallow Peeps during Easter each year.
3. We also eat more than 16 million jelly beans, too.
4. The ears of the chocolate bunny are the most popular part to eat first with 76 percent of people starting there.
5. Over $14 billion is spent during Easter.
6. The largest Easter egg hunt had over 9,700 children and half a million hidden Easter eggs. It was held in 2007 in Winterhaven, Florida.
7. Cadbury, the makers of the famous Cadbury Creme Egg, produce over 1.5 million of these eggs each year.
8. The Easter Bunny part of our Easter tradition came to the U.S. in the 18th century. It originated in Europe where it was known as the Easter Hare.
9. Jelly beans were first made by a Boston candymaker who urged people to buy them and send them to soldiers fighting in the Civil War.
10. The famous Easter Egg Roll on the front lawn of the White House began in 1878 by President Rutherford B. Hayes.
11. Over 90 million chocolate bunnies are produced each year for Easter.

 

What’s your favorite Easter candy? Chocolate eggs or bunnies, Peeps, jelly beans or something else?

 

Looking for an Easter event to attend on the Emerald Coast this weekend? Here are a few options for you:

 

Easter Egg Glow Hunt in Fort Walton Beach – April 13

Kids Easter Crafts at Destin Library – April 14

Destin City Easter Egg Hunt – April 15

Easter in the Park (Crestview) – April 15

Easter Bunny Brunch and Easter Bunny Visit at Emerald Grande – April 16

Easter on the Solaris – April 16

Easter Egg Hunt at LuLu’s – April 16

 

April 2017 Events Across the Emerald Coast

Spring is here, the weather is gorgeous, and there’s plenty to do along the Emerald Coast in April. Not sure where to go? Check out these upcoming events!

 

World War II 75th Anniversary Remembrance

Friday, April 7

Emerald Coast Convention Center

 

Presented by the Fort Walton Beach Chamber and Eglin Federal Credit Union, this event honors World War II veterans. Honored guests include Lt. Col. Richard E. Cole (USAF, Ret.), the last surviving Doolittle Raider and Elinor Otto, the last of the original “Rosie the Riveters.” Let’s support and honor these heroes while they’re still with us. Tickets start at $50.You can also sponsor a WWII veteran and their guest. Learn more.

 

Military Appreciation Day

Saturday, April 8; 11:00 a.m. to 6:00 p.m.

The Landing, Fort Walton Beach

 

All active duty military, veterans, and their families are welcome to this free family event. Enjoy free food, drinks, and fun for the kids as the community’s way of showing our gratitude for all those who serve. Learn more.

 

One Night of Queen

Thursday, April 13

Mattie Kelly Arts Center, Niceville

 

Enjoy a world-renowned and celebrated performance recreating the amazing and beloved music of Queen. Music performed by Gary Mullen and the Works. Tickets start at $35. Learn more.

 

31st Annual Sandestin Wine Festival

Thursday, April 20 – Sunday, April 23

Baytowne Wharf, Sandestin

 

Whether you’re a wine novice or you’ve been enjoying international vintages for years, there’s something for every wine lover at the Sandestin Wine Festival. Events include the Bourbon and BBQ kick off, a Grand Wine Tasting, special dinners with wine tastings, the Champagne and Seafood Voyage on the Solaris Cruise, brunch, wine from around the world, and celebrity chefs. Learn more.

 

41st Saturday in the Park

Saturday, April 29; 8:00 a.m. to 4:00 p.m.

Heritage Museum of Northwest Florida, Valparaiso

 

This family friendly event helps promote the amazing history of Northwest Florida. The day begins with the Heritage 5K Run/Walk. After that, you can enjoy re-enactments, traditional craft demos, entertainment, games, a kids zone, plenty of craft and food vendors, and much more. Learn more.

First Impressions: Sprucing Up Driveways and Walkways

When selling your home, don’t forget that the very first thing a potential buyer will see is your driveway or walkway. Be sure to make a great first impression by ensuring these important areas of your home are up to par! Maximize “curb appeal” by keeping your front lawn mowed, and driveway and walkway clean and free of cracks. You may even want to add some colorful flowers or shrubs to attract potential buyers. 

“A well-built, well-maintained asphalt driveway adds curb appeal to your house,” explains Steve Fradianni of M&S Paving and Sealing Inc., in Danbury, Conn. “It’s the first impression of your home that people see and it should look as good as it could. Asphalt driveways are easy to keep free of snow and ice in the winter and relatively dirt-free in the summer. They are economical, durable and long lasting, and they are easy to maintain.” 

Once potential buyers leave their car to head to the front door, the walkway begins to play an important role. That’s why it’s vital to make sure both the driveway and walkway are in tip-top shape. 

Do a thorough inspection of both the driveway and walkway and repair any cracks you see. If you have the time and money, you may want to consider getting the driveway repaved as this will go a long way toward creating a positive first impression. Cracks in the walkway should be repaired with concrete paint. This can usually be done in a few hours and is a relatively inexpensive fix. 

In addition to making necessary repairs, make sure there are no toys, acorns, leaves or gardening equipment blocking someone’s path to the front door. Potential buyers shouldn’t have to maneuver through an obstacle course to reach the front door. Driveways should also be free of clutter and debris. 

Once the walkway is clear, make sure that no grass or weeds are growing in the cracks. Spend the time necessary to create a perfect walk to the entrance of your home. 

If you have garbage cans that typically sit at the end of your driveway, you should get them out of sight—even if they’re clean—before people come to look at your home. The same holds true for hoses. Take the time to put them away neatly as they could inadvertently trip someone. Old, tangled hoses may also conjure negative thoughts among prospective buyers. 

You should also be mindful of where your cars are parked. If someone comes to see your house and there are two or three cars taking up the driveway and they are forced to park on the street, you may be starting things off on the wrong foot. Move your cars to the street so that prospective buyers feel as if they are pulling into the driveway of their future home. 

For more information about upping your curb appeal, contact me today!

 

February 2017: Sales Up Ahead of Spring Selling Season

If you’ve heard that now is a good time to sell your home, you’ve heard correctly as we head into the spring selling season here along the Emerald Coast. Single family, townhouse, and condos sales were positive across the board in February when compared to the year before. Prices are increasing while inventory continues to drop. Buyers are scooping up the best properties as fast as they can.

               Single Family Home Sales

 

Emerald Coast

• Closed sales increased 4.4%
• Pending sales increased 11.4%
• Median prices increased 7.7%
• Inventory decreased 7.4%
• Months supply decreased 15.5% to 4.9 months of inventory

 

Okaloosa County

• Closed sales increased 3.2%
• Pending sales increased 5.5%
• Median prices increased 6.2%
• Inventory decreased 16.4%
• Months supply decreased 21.7% to 3.6 months of inventory

 

Walton County

• Closed sales increased 9.9%
• Pending sales increased 10.1%
• Median prices increased 2.4%
• Inventory increased 2.4%
• Months supply decreased 5.5% to 6.9 months of inventory

 

 

               Townhouse and Condo Sales

 

Emerald Coast

• Closed sales increased 42.9%
• Pending sales increased 32.8%
• Median prices increased 2.5%
• Inventory decreased 14.6%
• Months supply decreased 14.3% to 7.8 months of inventory

 

Okaloosa County

• Closed sales increased 38.5%
• Pending sales increased 6.1%
• Median prices increased 13.6%
• Inventory decreased 21.4%
• Months supply decreased 26.3% to 7.3 months of inventory

 

Walton County

• Closed sales increased 38.9%
• Pending sales increased 10.8%
• Median prices increased 8.5%
• Inventory decreased 8.5%
• Months decreased 3.5% to 8.2 months of inventory

 

 

A few things to remember…

 

Single family homes along the Emerald Coast are firmly in a seller’s market right now – as long as a home is priced right and staged well. Okaloosa County is seeing especially low inventory levels currently. Buyers have very little to choose from, even as new listings come on the market. A seller who prices competitively and stands out from listings that have been on the market for months should do well. Townhouses and condos have a higher inventory but it continues to shrink to healthier levels which will continue to help sales improve.

 

Pending sales were the first signs of positive movement in the current market in January as an indication of February sales. They remained higher than previous years in February. This doesn’t automatically mean that March sales will increase over last year, but it is a metric to watch.

 

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.

Understanding Reverse Mortgages

A reverse mortgage isn’t for every homeowner, and you should never enter into one without doing some research on the process or the bank offering it. But there are also a lot of misconceptions out there about what you can and can’t do with a reverse mortgage.

 

Here are just a few things you might not realize about how reverse mortgages work.

 

You Own Your Home

 

The common thought is that the lender owns your home once the mortgage closes. In reality, you retain the title and ownership of your home during the life of the loan. You can also sell at any time. Like every other mortgage, the bank would be paid back from the proceeds of the sale. As long as you meet the loan obligations described in the terms of your mortgage, the loan will not come due. Make sure you know and understand those obligations before you close.

 

You Can Have a Mortgage When You Apply

 

Some people actually use the reverse mortgage to pay off their existing mortgage. This helps them get rid of the mortgage payment right as they might need the financial help the most. It can be a good financial strategy if you’re entering retirement or anticipate rising costs where your money can be better spent.

 

Affluent Owners Use Reverse Mortgages Too

 

Many people think of reverse mortgages as something poor homeowners need. While it can eliminate a costly payment for people, some wealthier owners are using reverse mortgages, too. In their case, it’s often part of an overall financial strategy to help grow their current wealth.

 

Your Children Can Keep Your Home

 

Many people believe that their home will be immediately taken once they die, leaving their children with nothing. That’s not automatically true. Yes, the bank can keep the home but your kids do have an option. If the loan balance is higher than the worth of the home when you die, your children will only have to pay 95 percent of the appraised value in order to keep it. It’s important that you talk to your children once you have the reverse mortgage so they know what they need to do after you die.

 

Reverse mortgages aren’t something to be done lightly, and it’s important to talk to a lender about the process and the requirements. If it’s what you need as you age to eliminate a mortgage payment, it could be the right step for you. Talk to a variety of lenders and shop around before committing to a reverse mortgage to make sure you’re armed with facts and are getting the best deal possible.

 

Source: Reverse Mortgages: Myths vs. Reality, Florida Realtors