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It’s Becoming Too Expensive to Rent – It May Be Time to Buy!

Image via Flickr courtesy of Mark Moose

A frightening number was recently released by a J.P. Morgan study that all renters need to be aware of:

Renting is now more expensive than owning a home – by 20 percent.

Let’s contrast that with the post-housing bubble crash. In 2006, as prices skyrocketed and many low or moderate income people found themselves priced out of owning a home, owning a home was 76 percent more expensive than renting. For anyone on a tight budget, it made sense to rent.

Then the market crashed. Prices plummeted. Short sales and foreclosures became the new normal. Instead of this being a time for people to buy and scoop up amazing deals, credit tightened to the point of strangulation, and it became more difficult to purchase a home.

A recent study done by New York University and commissioned by Capital One shows that rent is increasing in 11 major cities around the country. While the Emerald Coast is its own market and does not always follow the trends of larger cities, this is something to watch.

The fear is that current rents and the speed with which they’re increasing aren’t sustainable for many renters. But renters have their own fears – the inability to qualify or afford their own home, what their credit must look like, and that another housing bubble could happen.

• This isn’t 2006 or 2007 and we’re no longer in the middle of a housing market crash. Prices are trending up, but they are no where near their 2003-2006 levels. Housing prices make sense again.
• Thousands upon thousands of people went through foreclosure or a short sale. There’s no need to be embarrassed to have that sitting on your credit report. You’re not alone, and lenders won’t judge you for it.
• Lenders have tightened their credit standards, this is true. If you can show that you have stable, steady income; an ability to afford the loan you’re requesting; and a clean credit history for the past few years, you have a good chance of being approved.
• Low down payment options are available – 3 percent from FHA and 5 percent from many lenders. The 20 percent down payment rule is not a requirement to purchase a home.
• Down payment assistance programs are available to help low-to-moderate income buyers with down payments and closing costs. The idea is to help you own your home instead of renting and paying someone else’s mortgage. Along the Emerald Coast, the Escambia County Housing Finance Authority is the place to go for help.

You don’t have to rent forever. You can be a homeowner again. To find out if you qualify for a home loan, contact a lender. They’ll be able to let you know if you qualify or what you need to do in order to qualify. Homeownership doesn’t just have to be a dream – it can be your reality.

5 Fun Things to Do on the Emerald Coast in March

Image via Flickr courtesy of Olin Gilbert

Unseasonably cold days make it hard to believe that the warmer temperatures we love are headed our way. If you’ve been cooped up too long this winter, get some spring into your step and get active again with these five fun things to do on the Emerald Coast in the coming weeks.

15th Annual Run with the Dogs 5K Run/Walk

Saturday, February 28, 9:00 a.m.

4200 Indian Bayou Trail, Destin

Technically this is still in February, but it’s a can’t-miss event, whether you walk or run. A stroller division has been added for this year, too, so bring the kids with you. And as the name implies, your pooch is definitely welcome. All dogs must have their current rabies tag and be kept on a short leash. (Don’t forget your baggies as it will be your responsibility to clean up after your furry friend!)
Learn more.

Zoolectric 5K

Saturday, March 7, 7:00 p.m.

105 Santa Rosa Boulevard in Fort Walton Beach

This inaugural 5K race is electrifying and vibrant with glow-zones and deejays to keep you pumped as you run or walk the course. The race begins and ends at Nightown and all proceeds benefit the Emerald Coast Wildlife Refuse. Wear bright, neon, reflective, or glow attire!

Learn more.

8th Multi-Chamber Business Expo & Taste of Okaloosa County

Thursday, March 12, 4:00 p.m. – 7:00 p.m.

Emerald Coast Convention Center

For the eighth year in a row, you can discover new businesses and new tastes thanks to this multi-chamber event hosted by the Destin, Fort Walton Beach, and Niceville-Valparaiso Chambers of Commerce. This event is free and open to the public.

Learn more.

9th Annual Children in Crisis Charity Golf Classic

Friday, March 13

Lunch at 11:00 a.m.; Shot-gun start at 12:00 p.m.

Make a difference in the life of local children and get a round of golf in at the same time. All proceeds benefit Children in Crisis. The cost is $100 per player or $400 per team.

Learn more.

7th Annual Irish Street Fest and Grogg March

Saturday, March 14, 1:00 p.m. until.

Harborwalk Village

During daylight hours, bring the entire family down to the Harborwalk Village for games and activities for the kids and to enjoy an Irish street festival. Make sure to wear your green! After hours, leave the kids at home and come on down to the Grogg March. Bring a plastic jar of peanut butter or jelly and receive $5 off a Pub Crawl Pass. Proceeds benefit Food for Thought Outreach.

Learn more.

To see these events and more, visit:

Destin Chamber of Commerce

Greater Fort Walton Beach Chamber of Commerce

Emerald Coast Convention & Visitors Bureau

 

Shake off the cold, wet weather, and come on out into the sunshine. There is so much to do on the Emerald Coast at this time of year. You won’t want to miss a thing!

Big Ideas for Small Kitchens

No room is too small for a fabulous kitchen! All it needs is some cleverly thought-through tricks to ensure every corner of the room is used, whilst still looking great. Take a look at these top tips on how to make a big kitchen impression in your small space.

• If your space is small, make use of light. With the combination of clever lighting, glass and mirrors, you can make the room seem much more spacious by choosing a pantone that works with the space.

• Try to avoid clashing colors and bold patterns, as these generally work best in larger rooms. You don’t want the room to have too many different colors or points of focus. Instead choose something practical and let the accessories do the talking.

• Storage should be top of the list when it comes to making a small kitchen space work. Consider talking to a designer about the best ways to increase your storage capacity.

• If you have always longed for an island in your kitchen but don’t have the space, write it down on your kitchen wish list and speak to your designer. You may be able to have a breakfast bar, or even a pull-out table solution, which means you can have a separate eating or working area, even in a small kitchen.

4 ROUTES TO THAT FIRST HOME

Here are four ways for first-time buyers to find a starter home they can afford:

1.  Focus only on what you need to start. Think of your starter home as a financial launch pad to the ideal home you’ll spend the bulk of your life in. Decide how long you want to stay in your starter. Then list your basic needs for space and location, and don’t worry about amenities.
2. Look at resale homes vs. new. New homes generally cost more than “existing” homes being resold by the resident owner. New starter homes can be hard to find, with most builders targeting upgrade buyers. An older home in a well-established neighborhood might give you what you need at a price you can manage, even accounting for renovations and repairs.
3. Be smart about location. Home prices and property taxes are higher in better neighborhoods and school districts. Why pay this premium if you find a nice home in a good neighborhood and it’ll be years before your kids are in school? Another consideration: if you find an affordable home farther from work, be sure to factor in the added commuting costs.
4. Get a mortgage pre-approval. With well-priced starter homes, you can find yourself competing with other buyers. See us for a mortgage pre-approval to strengthen your offer.

5 Reasons to Live on the Emerald Coast

Image via Flickr courtesy of Allison Hare

You can call so many places home, especially in the Sunshine State of Florida. Those of us who live and work on the Emerald Coast know exactly what makes it so special. In case you aren’t sure, take a look at these five reasons you should live here.

Live anywhere. You can live in the more rural areas of our beautiful area like Crestview or Defuniak Springs and still have only a short drive to the beach. Move to the suburbs of Niceville or Fort Walton Beach and you’ll have water as close as the neighborhood park. Call the Gulf of Mexico home – and your backyard – and move to Destin or Rosemary Beach. You have plenty of options.

Strong local economy. Of course, tourism is a large part of the local economy on the Emerald Coast, but so is the military. Our area is home to the largest Air Force Base in the world in Eglin AFB. We also have Hurlburt Field in between Navarre and Mary Esther, as well as Duke Field and the 7th Special Forces outside of Crestview.

No state income tax. Anyone who already lives in Florida knows the benefit of no state income tax. For those who may be moving in from out of state, you’ll soon learn the tax savings of living in Florida, as well.

No snow. As one of the most northern parts of Florida, we do get cooler temperatures in the winter. However, the average highs in winter are anywhere in the 60s or 70s. That’s got to be better than 62 inches of snow in January.

Soft, white sand. No matter what time of year you go, you can walk along the beaches of the Emerald Coast barefoot. The sugar white sand is soft and much cooler than in other areas, thanks to its white color. Sink your toes into the sand, feel the breeze on your face, and know that you’re living in the most beautiful place in Florida.

Still not convinced? Here are a few more reasons: local, affordable colleges; better than average employment rates; fairs, festivals, and other family-friendly events; and small, but growing communities. There are plenty of reasons to live on the beautiful Emerald Coast. The best reason of all is the emerald waters, white beaches, and friendly people.

5 Tips for a Stress-Free Vacation

Whether you’re planning a road trip or taking to the skies, the following tips will put you in vacation mode while taking the stress out of the equation.

1. Plan ahead. There are some things that can be done way ahead of your trip, like making reservations, taking the car for a tune up, and letting neighbors know you will be away. Even packing can be done earlier than most people think. For instance, getting your bag ready on Tuesday for your weekend at the lake will be less stressful than packing it on Friday, with your family in the car honking the horn.

2. Delegate. Scrambling around to get everything ready for your trip? Dole out tasks to lighten your load. Tell your kids to clean out the car before piling in for that road trip. Ask your teenager to look up good restaurants in the area you’re staying. Have your husband or wife contact the kennel to make reservations for your four-legged friend.

3. Unplug—everything! Leave your laptop at home, turn off your iPhone and stow away your iPod. Designate 20 minutes a day for catching up with work related emails only if necessary. We are so focused on technology today we forget what it’s like to be away from it. After a few hours of connecting with your family, friends, or just nature, you will feel liberated and care-free.

4. Do nothing. Pencil in time to do nothing. Whether this is two days on your weeklong vacation, or an afternoon during a long weekend, section off a block of time where you have nothing planned. This will allow you to plan your activities based on how you feel at that moment—a true luxury in this fast paced world.

5. Smile. This may seem like a given, but often we get hung up on the small stuff – even while on vacation. Don’t get upset if a friend bails last minute, or your hotel room is smaller than it seemed in the picture, or you forgot to pack your kid’s bathing suit. When you look back on your trip, these inconveniences will be forgotten, so don’t let them ruin your time in the moment, either.