Blog

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.

April 2017: Prices on the Rise and Condo Sales Jump

Across the Emerald Coast, median prices increased in April when compared to the same time last year. In some cases, prices are the highest they’ve been in years. At the same time, condo and townhouse sales soared in Okaloosa County and across the Emerald Coast in general. It seems plenty of people want their own little corner of our beautiful beaches.

Single Family Home Sales

Emerald Coast

Closed sales decreased 3.8%
Pending sales increased 11.4%
Median prices increased 10.6%
Inventory decreased 9.4%
Months supply decreased 16.9% to 4.9 months of inventory

Okaloosa County

Closed sales decreased 4.3%
Pending sales increased 23%
Median prices increased 14%
Inventory decreased 19.9%
Months supply decreased 25% to 3.6 months of inventory

Walton County

Closed sales decreased 5.3%
Pending sales increased 8.6%
Median prices increased 5.5%
Inventory increased 1.5%
Months supply decreased 6.6% to 7.1 months of inventory

Townhouse and Condo Sales

Emerald Coast

Closed sales increased 37.7%
Pending sales increased 15.1%
Median prices decreased 5.3%
Inventory decreased 17.8%
Months supply decreased 25.5% to 7.3 months of inventory

Okaloosa County

Closed sales increased 63.6%
Pending sales increased 35.8%
Median prices increased 5.5%
Inventory decreased 19.5%
Months supply decreased 31% to 6.9 months of inventory

Walton County

Closed sales increased 1.4%
Pending sales decreased 6.8%
Median prices decreased 3.8%
Inventory decreased 8%
Months decreased 10.9% to 8.2 months of inventory

A few things to remember…

Inventory, for the most part, continues to decrease as more homes are sold and few homes come on the market. Okaloosa County’s single family home inventory is at extremely low levels. Until new inventory is added, it’s likely that sales will continue to struggle, although prices may rise.

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 April are mostly positive except for Walton County condos and townhouses. There’s no guarantee that last month’s pending sales will close in May, 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.

4 Ways to Really Celebrate Memorial Day

Memorial Day might be the unofficial start of summer and when the locals know it’s time to avoid Highway 98 as much as possible, but there’s much more to the holiday than barbecues and beaches. Living so close to Eglin AFB, Duke Field, and Hurlburt Field, we’re no stranger to the sacrifices our military members and their families make on our behalf every day. Memorial Day is different, though. This is the day we honor those who’ve died protecting our freedom.

Before you head to Crab Island, rent a pontoon, or fire up the grill, here are a few things you can do honor the fallen on Memorial Day.

A Moment of Silence

In 2000, Congress passed a law that said a moment of silence and remembrance is to be observed at 3:00 p.m. local time on Memorial Day. You don’t have to do anything elaborate. Set a timer on your phone, and when it goes off, take a moment to say a silent thanks to those who gave their lives for ours. This is a good opportunity to teach your children and grandchildren about that sacrifice, too.

Fly the Flag

On Memorial Day, the flag is to be flown at half mast until noon and then raised until sundown. If you’ve been meaning to get a flag for your front yard or your office has a flagpole, this is a good day to take care of it. Lower the flag on a pole to half mast to recognize the soldiers who’ve died. Put out an American flag at home to show your patriotism and support for our troops.

Honor the Deceased

The original celebration of Memorial Day (known then as Decoration Day) was a time to place flowers on the graves of soldiers who died in the Civil War. These days, you can usually find a group or two putting flowers and flags on the graves of service members during Memorial Day weekend. You can join them or you can attend the Memorial Day Ceremony at Beal Memorial Cemetery where military members and veterans who have died since Veterans Day are remembered, as are other deceased military members.

Run or Walk on Eglin

Every year, Eglin Air Force Base is home to the Memorial Day Gate to Gate Run. Put on your sneakers and your sunscreen for a good cause. This isn’t a typical 5K as the race is 4.4 miles long, and if you don’t already have access to Eglin AFB, you have to sign up early to gain access. You’ll also have an opportunity mid-race to stop and leave a flower on the memorial site to show your respects to the fallen.

It doesn’t take as much effort or time as you think to remember what Memorial Day is all about. Thank a military servicemember or veteran when you see them. Buy them a cup of coffee. Remember those who gave all to keep us free. And then hit the beach or the backyard and have a good time!

What You Need In Your Hurricane Kit

It’s a little hard to believe that June 1 and hurricane season are right around the corner. For more than 10 years, the Emerald Coast has been fortunate that no major storms have made landfall. But that doesn’t mean we should forget that it’s possible.

Before we all start watching the Weather Channel to find out where Jim Cantore will be during a storm (a sure sign of impending landfall), get your hurricane kit together now. If we have another good year, you’ll have it ready for next year. And if we do have a storm, you’ll be ready.

Has it been awhile since you put together a hurricane kit? Is this your first one? Here’s what you need.

One gallon of water per person in your home is good for one day. Get enough water to last three days.
Non-perishable food items like canned goods and boxed foods that don’t need to be cooked or refrigerated after you open it.
Hand-crank, solar, or battery-powered radio
Flashlights – at least enough for everyone to have their own, but more is better
Extra batteries in every size to power all your battery-operated devices
Fully stocked first aid kit with bandaids, bandages, gauze, etc.
Whistle to help call for help if you get trapped
Manual can opener
Plastic or garbage bags to dispose of trash and waste
Moist towelettes or baby wipes to keep you clean
Clorox wipes to clean everything else
Chargers for your cell phone – get solar, if you can find them
Dust mask in case the air is contaminated
Plastic sheeting and duct tape to cover your windows from the inside if you’re sheltering at home
Local maps – remember, towers may be down and GPS will be affected
Extra food and water for your pets
Copies of all important documents
Bleach – just a few drops in a gallon of water can make it safe to drink. Just the basic kind – nothing scented or with added fragrances/cleaners
Paper plates and towels and plastic utensils
Fire extinguisher

Just before the storm arrives, you’ll have to decide whether you’re evacuating out of the area, going to a shelter, or staying at home. You’ll also need to add a few things to your emergency kit.

Prescription medications and eyeglasses; refill prescriptions before the storm arrives to make sure you have enough later
Cash
Extra diapers and baby food/formula
Extra changes of clothes

Of course, we all hope any hurricanes pass us by and wherever they land, they do little damage. But ask anyone who’s lived around here for more than 10 years, and they’ll tell you it’s better to be safe than sorry. Even a small storm can wreak havoc. Get your hurricane kit ready now, and you’ll have one less thing to worry about during hurricane season.

10 Things You Didn’t Know About Mother’s Day

A mom’s job is never done. She worries about us, no matter how old we are. She wants the best for us, no matter what we’re doing. Moms want us to be happy and healthy, and if that means feeding us until we’re stuffed or reminding us to wear a jacket when it’s not that cold, she’s entitled to it.

Mother’s Day is nearly here (Sunday, May 14), and if you haven’t bought a card, ordered flowers, or decided where you’ll take her for lunch, now is the time. We celebrate Mother’s Day without thinking much about it, but here are a few things you might not know about the holiday.

The first Mother’s Day was celebrated in 1908 by Anna Jarvis who honored her mother with a memorial.
Anna Jarvis began a committee called “Mother’s Friendship Day” after the Civil War to reunite families.
In 1912, she trademarked both “Mother’s Day” and “the second Sunday in May.”
By 1914, Mother’s Day was declared a U.S. holiday by President Woodrow Wilson.
On Mother’s Day over 122 million phone calls are made to moms.
We spent about $21 billion in 2016 to celebrate Mother’s Day.
The most common flower given to moms is the carnation.
More than 130 million Mother’s Day cards are exchanged each year.
Mother’s Day is celebrated in more than 50 countries, although not on the same day.
The tasks moms perform at home would be worth $67,619 each year in the professional world this year.

After that last one, you really need to call your mom, send her a nice card, or spend time with her on Mother’s Day. Check out the list below if you don’t have plans yet. Note: Most events require reservations.

Mother’s Day Victorian Tea (May 13)

Mother’s Day Brunch at Ruth’s Chris Steakhouse

Mother’s Day Brunch at Emerald Grande

Mother’s Day Lunch Cruise

Mother’s Day Brunch at Beach Walk Cafe