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Knowing When to Compromise in Your New Home Search

If you’ve been thinking about your dream home for the past six, nine, or 12 months, and you’ve made a list of exactly what you want – and don’t want – good for you! You’re ahead of the game when it comes to buying a new home. Sometimes, though, the picture of what you want doesn’t match up with the reality of the local real estate market.

 

According to Realtor.com, there are five things you can compromise on, and still find the right home for you.

 

Style

 

Think you want a bungalow? Maybe a sprawling ranch is more your style. If a home has every other amenity you want (and a few you didn’t realize you did until you saw them), buying a home that’s a villa condo or Mediterranean instead of colonial may not be a bad compromise.

 

Size

 

You’re sure you want a 2500 square foot home – until you see what a home that size does to your budget. If you have no immediate plans to grow your family, and you love everything else about a home, going for something smaller than you imagined is a good compromise to make.

 

Yard Size

 

How big is your dream yard? Instead of looking for a “large” yard, decide what you want to be able to do in it – give your dog room to run, give your kids a place to run or play, etc. – and then find a yard that can accommodate that need. You may be surprised at how many yards you wouldn’t call “large” that can do the job.

 

Garage

 

Sometimes the garage is the one thing you can’t compromise on. You need it for your rebuilt car or your tools. When it’s on the “nice to have” part of your list, it’s easier to let go of for more living space. On the other hand, looking specifically for a “man cave” or a workshop in the garage can limit your choices. If you need a garage, consider a blank slate instead of the fully equipped space that you’re dreaming of. You’ll have more options of homes, and you’ll get to set up your cave in the way that suits you best.

 

Location

 

What are your needs – an easy commute, access to shopping and fun things to do? You don’t always have to live in the downtown area of a city to have access to things you want to do. Here on the Emerald Coast, you have access to beach living all along Highway 98 and access to country living in the northern parts of three counties. You may be able to find the home of your dreams just one town over from where you thought you wanted to live.

 

Keep making your dream list for your next home purchase. It’s a great place to start and a way to narrow down some of your options. But don’t give up the great in favor of perfect – which may not be available in your budget. Know where you can compromise and where you can’t, and you’ll have an easier job of finding your dream home.

10 Tax Credits and Deductions for Homeowners

Tax time is around the corner, and April 15 will be here before you know it. When you file your taxes, keep a few deductions and credits in mind. Make sure to discuss your specific situation with a tax professional to accountant to make sure you get the credits and deductions you qualify for.

 

Tax Credits for Home Improvements

 

According to Homeselfe, there are several specific home improvements that may qualify for a tax credit of up to $500 on your tax return.

 

• New heating, air conditioning, or other HVAC system
• Added or new insulation
• Metal and asphalt roofs
• New water heater
• Windows, doors, and skylights
• Biomass stoves
• Advanced main air-circulating fans

 

Do any of these apply to you? Talk to your accountant to make sure you receive all of the credits you’re due.

 

Tax Deductions for Home Buyers

 

If you’ve been a homeowner for a while, you won’t be surprised by these. For new homeowners, take a look. You may be able to lower your taxes with these deductions:

 

• Mortgage interest: This includes your primary mortgage for the home you live in, refinanced mortgages, home equity loans, and home equity lines of credit.

 

• Discount points: If you paid discount points during your home purchase or refinance, you may be able to deduct the amount you paid.

 

• Property taxes: You may be able to deduct the amount you paid in property taxes on your federal return.

 

Homeownership is good for your family, good for the neighborhood, and great at tax time. Talk to your tax professional today to get every credit and deduction you deserve. If you’re considering buying in 2016, remember these credits and deductions for the future.

 

Sources:

 

Surprising Tax Credits for Homeowners, FloridaRealtors.org

Your Guide to 2015 U.S. Homeowner Tax Deductions and Tax Credits, TheMortgageReports.com

January 2016: A Slow Start for Real Estate in the New Year

The news for real estate sales along the Emerald Coast was not great for January. Both single family home and townhouses/condo sales were down, as were pending sales and median prices. In some parts of Okaloosa County, we may be looking at what happens when the inventory shrinks too low. It’s a seller’s market but there may not be enough inventory to satisfy buyer demand. All data is a comparison of January 2016 to January 2015.

 

               Single Family Home Sales

 

Emerald Coast

• Closed sales decreased 10.4%
• Pending sales decreased 5%
• Median prices decreased 9.6%
• Inventory decreased 9.5%
• Months supply decreased 20.4% to 5.7 months of inventory

 

Okaloosa County

• Closed sales decreased 8.7%
• Pending sales decreased 3%
• Median prices decreased 3.9%
• Inventory decreased 10.5%
• Months supply decreased 22.1% to 4.7 months of inventory

 

Walton County

• Closed sales decreased 3.8%
• Pending sales decreased 13%
• Median prices decreased 20.9%
• Inventory decreased 7.6%
• Months supply decreased 18.3% to 6.9 months of inventory

 

               Townhouse and Condo Sales

 

Emerald Coast

• Closed sales decreased 13.4%
• Pending sales decreased 23.9%
• Median prices decreased 2.7%
• Inventory increased 3.4%
• Months supply decreased 7.7% to 9 months of inventory

 

Okaloosa County

• Closed sales increased 6.3%
• Pending sales decreased 24.4%
• Median prices decreased 8.9%
• Inventory decreased 1.6%
• Months supply decreased6% to 9.8 months of inventory

 

Walton County

• Closed sales decreased 33.3%
• Pending sales decreased 36.4%
• Median prices increased 28.7%
• Inventory increased 1.3%
• Months supply decreased 8% to 7.9 months of inventory

 

 

A few things to remember…

 

Single family homes along the Emerald Coast are either in a seller’s market or close to it. A healthy real estate market – where neither the buyer nor seller have an advantage – is between six and eight months. Townhouses and condos are in the upper levels with Okaloosa close to 10 months of inventory. Below six months means that inventory is scarce and can drive up prices. Above 8 months means there is too much inventory which can drive prices down.

 

With pending sales so far down when compared to January last year, it won’t be surprising is February and possibly March sales are a little sluggish when compared to 2015 levels. There are plenty of factors that play a part in housing sales: inventory, financing, and new rules for closings are just a few.

 

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 2011 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.

5 Things You Might Not Know About Home Insurance

Homeowner’s insurance isn’t an option for most new buyers. If you have a mortgage, you’re going to need homeowner’s insurance. Even if you don’t have a mortgage, it’s a good idea to have protection. What about renters? Should they be covered, too?

 

Take a look at these five things you might not have known about home insurance.

 

Note: For details about specific costs and policies or for more complex questions, contact your insurance provider.

 

Renters Need Insurance, Too

 

Your landlord’s property insurance covers the building, not your possessions. If a pipe breaks and your rental floods, your personal property isn’t covered unless you have renter’s insurance. It’s not as expensive as most people fear, averaging about $12 per month for $30,000 of property coverage and $100,000 in liability coverage.

 

Homeowners Often Underestimate Their Coverage Amount

 

The amount of coverage you need should be at least what it would cost to rebuild your home from the ground up and replace your current possessions in the case of a catastrophic event. If you’re unsure how much this is, work with your insurance agent to find the right amount for you.

 

All of Your Things May Not Be Covered Under a Standard Policy

 

If you’ve got valuable jewelry, art, collectibles, or even technology, the full value may not be covered under your standard policy. There are typically limits for jewelry, art, and other items if you have to file a claim. You’ll want to consider additional coverage for your most costly and valuable possessions.

 

Standard Policies Don’t Cover Natural Disasters

 

Think the tornado that blew through your home is covered? Think again. Under most policies, natural disasters aren’t covered. Here in Florida, we’re all very familiar with hurricane coverage but ask your agent about other natural disasters that can hit.

 

Hurricane Coverage Doesn’t Include Flood Damage

 

Anyone living on the water is probably very familiar with flood insurance from the National Flood Insurance Program (NFIP). If you don’t have flood insurance, don’t count on your hurricane coverage to protect you when a storm hits and your home is flooded. Even if you think your home won’t be affected by rising waters, flood insurance – especially in our part of Florida – is a good idea to have. The further away you are from water and the higher elevation your home has, the lower the costs will be.

 

Having insurance for your home and possessions isn’t always enough. You need to make sure you understand your coverage and have enough of it, in case the worst happens.

2015: Residential Sales Strong Across the Emerald Coast

Single family homes, townhouses, and condos all saw increases in sales in 2015 when compared to the year before along the Emerald Coast and in Okaloosa and Walton counties. Some of the increases were record-breaking since the current reporting system began in 2011. All data is a comparison between 2015 and 2014.

 

               Single Family Home Sales

 

Emerald Coast

• Closed sales increased 15.9% – highest since reporting began in 2011
• Pending sales increased 11.4% – highest since reporting began in 2011
• Median prices increased 4.1% ($230,000) – highest since reporting began in 2011
• Inventory decreased 9.3%
• Months supply decreased 21.8% to 5.7 months of inventory – lowest since reporting began in 2011

 

Okaloosa County

• Closed sales increased 17.2% – highest since reporting began in 2011
• Pending sales increased 12.1% – highest since reporting began in 2011
• Median prices increased 4.2% ($189,900)
• Inventory decreased 11.7%
• Months supply decreased 24.7% to 4.6 months of inventory – lowest since reporting began in 2011

 

Walton County

• Closed sales increased 14.7% – highest since reporting began in 2011
• Pending sales increased 10.9% – highest since reporting began in 2011
• Median prices increased 5.4% ($353,250) – highest since reporting began in 2011
• Inventory decreased 6.6%
• Months supply decreased 18.6% to 6.9 months of inventory – lowest since reporting began in 2011

 

               Townhouse and Condo Sales

 

Emerald Coast

• Closed sales increased 11.9%
• Pending sales increased 7%
• Median prices increased 10.6% ($287,500) – highest since reporting began in 2011
• Inventory increased 1.1%
• Months supply decreased 9.6% to 8.5 months of inventory – lowest since reporting began in 2011

 

Okaloosa County

• Closed sales increased 3.4%
• Pending sales increased 5.6%
• Median prices increased 3.3% ($236,500) – highest since reporting began in 2011
• Inventory decreased 6.5% – lowest since reporting began in 2011
• Months supply decreased 9.6% to 9.5 months of inventory – lowest since reporting began in 2011

 

Walton County

• Closed sales increased 13.1% – highest since reporting began in 2011
• Pending sales increased 2.9%
• Median prices increased 9.3% ($322,500) – highest since reporting began in 2011
• Inventory decreased 4.4% – lowest since reporting began in 2011
• Months supply decreased 15.5% to 7.4 months of inventory – lowest since reporting began in 2011

 

A few things to remember…

 

Across the board, with the exception of Okaloosa County, all inventory levels are within what is considered a healthy range (approximately 6 to 8 months). In Okaloosa, single family homes ended the year at a 4.6 month supply of inventory and townhouses and condos with a 9.5 month supply. Below six months means that inventory is scarce and can drive up prices. Above 8 months means there is too much inventory which can drive prices down.

 

Median prices have increased at all levels, even in those areas where the increases were not record-breaking. While other parts of the country are just now starting to see increasing prices and values, the Emerald Coast has been in a recovery for the past couple of years.

 

It’s best to look at the data as part of an on-going trend. This year-end data gives a good idea of what happened throughout 2015, even when some individual months were less than stellar for sales. If you view the data collected since 2011 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.

10 Things to Do This February on the Emerald Coast After Mardi Gras

Mardi Gras is officially over, and the party and parades have died down. That doesn’t mean the fun is completely over. Thanks to our beautiful Emerald Coast weather and all our visiting snowbirds, there’s plenty to do this February.

 

Early Education of Afro-Americans Presentation
Heritage Museum of Northwest Florida, Valparaiso
Saturday, Friday, February 12; 12:00 p.m.

In honor of Black History Month and to celebrate Crestview’s Centennial, the Heritage Museum of Northwest Florida is featuring Carver Hill Museum with guest speaker David Wheeler who will present “Early Education of Afro-Americans in Crestview.”

Learn more.

 

8th Annual Benefit Car Show

Fort Walton Beach Professional Firefighters

Saturday, February 13, 2016; 10:00 a.m. – 2:00 p.m.

Northwest Florida Fairgrounds, Fort Walton Beach

Come on out to take a look at cool cars, eat good food, check out the entertainment, and enter a few raffles. Admission is free. Car show entries are $20 in advance and $25 at the gate.

Learn more.

 

Island Dance Party

Benefiting the Special Operations Warrior Foundation

Saturday, February 13, 2016; 6:00 p.m. – Midnight

Emerald Coast Convention Center, Okaloosa Island

Come on out and dance the night away for a good cause. Music from the 50s, 60s, 70s, 80s, and more will be played. A live band will be on hand from 7:00 p.m. until 11:00 p.m. 21 and up only. Tickets are $10 per person or 5 for $40 in advance and $20 per person at the door.

Learn more.

 

Annie

Tuesday, February 16, 2016; 7:30 p.m.

Mattie Kelly Arts Center, Niceville

Bring the whole family to enjoy the national Broadway tour of this timeless classic directed by the original lyricist and direction Martin Charnin! Tickets are $45 per person.

Learn more.

 

City of Destin Spring Craft Show

Friday, February 19, 2016; 11:00 a.m. – 4:00 p.m.
Saturday, February 20, 2016; 9:00 a.m. – 3:00 p.m.

Destin Community Center

Join 100 crafters from the Emerald Coast and beyond to find unique gifts and products for you or your family and friends.

Learn more.

 

United Way’s 25th Annual Champion Chili Competition

Saturday, February 20, 2016; 11:30 a.m. – 3:00 p.m.

Santa Rosa Mall, Mary Esther

Come on out and try award-winning chili. Prizes to be given out include “Best Chili,” “Best Booth Showmanship,” and “People’s Choice Award.” Each chili team will be paired with a United Way partner agency with all proceeds benefiting the agencies.

Learn more.

 

A Symphony of Taste

Sunday, February 21, 2016; 1:00 p.m. – 4:00 p.m.

Mattie Kelly Arts Center, Niceville

Come on out to sample excellent foods and wine selections from area restaurants presented by the Northwest Florida Symphony Orchestra . Tickets are $40 in advance and $45 at the door.

Learn more.

 

The History of Eglin Air Force Base

Friday, February 26, 2016; 6:00 p.m.

Fort Walton Beach Heritage Park and Cultural Center

Join Dr. Robert Kane as he presents the history of Eglin Air Force Base.

Learn more.

 

37th Annual Home Show

Saturday, February 27, 2016; 9:00 a.m. – 5:00 p.m.

Sunday, February 28, 2016; 11:00 a.m. – 4:00 p.m.

Emerald Coast Convention Center, Okaloosa Island

Once again, the Building Industry Association (BIA) of Okaloosa-Walton Counties, presents the annual home show. Come on out and get ideas for your current or next home. Tickets can be purchased from any Eglin Federal Credit Union location for only $2. Tickets at the door are $5 each. Kids 12 and under get in free when accompanied with an adult.

Learn more.

 

Emerald Coast Parrot Heads’ 11th Annual Chili Cook-Off

Saturday, February 27, 2016; 11:00 a.m. – 4:00 p.m.

HarborWalk Village, Destin

Come check out chili from 20 local restaurants and find out who makes the best. Tickets are $20 per person. Military discounts available with military ID.

Learn more.

 

 

Along the Emerald Coast, winter time doesn’t mean we’re trapped indoors with nothing to do. Come on out for any one of these great events and experience what our area has to offer!