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Early 2014 market outlook

30a Real Estate Market Trends

How is The 2014 Real Estate Market Trend Looking

As we enter the month of March, early market statistics for 2014 are beginning to trickle in. Two of the most comprehensive national publications that track and interpret trends in the real estate market are CoreLogic and the S&P Case-Shiller home price index. Here is a quick look at early 2014 trends:
Nationally, home prices rose in January after a 3 month decline. Over the last 12 months, home prices have risen 12%, the biggest year over year gain in more than 8 years. We have certainly seen a jump in home prices here along the 30A corridor. The state of Florida has experienced the 3rd highest price appreciation (excluding distressed sales) in the nation.
Due to the huge drop in prices we experienced from 2005 through 2011 (almost unprecedented) it is a normal function of any market to experience a short term “bounce” when that market begins to turn around. Here along the beach, we have seen lot prices increase in some developments by as much as 50% over the past year with home prices rising by as much as 20%. We expect these increases to moderate this year which will be good news. Increases like this are not sustainable and create instability over the long term. A healthy real estate market will see inventories leveling off and appreciations at 3% to 5%. Early Spring interest is strong once again this year on 30A. Here at Homes On 30A, we are poised to have another great year.

30a Real Estate Market Trends

30a, A Real Estate Market in “Flux”

 

30a Real Estate

 

I try to set aside some time each morning to read some of the state and national updates on what is taking place in the real estate market. It is clear to me, at this point in time, that we reached our bottom in price sometime late last Summer, 2012. Since then we have seen a spike in prices from home sellers as well as a spike in builder’s pricing on new construction. We are now experiencing a bit of hesitation from buyers as these prices are being forced up on the selling side and this will create a moderating effect on prices as we head into the Summer here on the beach. Demand remains good but it is not going to be strong enough to drive prices much above a 5 to 8% increase from the lows we have experienced.

According to Core Logic, a national publication that tracks real estate statistics, we reached our high point in prices in the State of Florida in September of 2006. Since then, we have experienced a 43% drop state wide. Distressed sales (short sales and bank repo’s) continue to drop and the prices have increased 8% over last year.

Something to remember about our market is this; despite a climb in prices, real estate is still a great value because prices remain well below 2006 prices. This, coupled with interest rates that have not been this low since the 1950’s, creates a healthy overall environment and will continue to drive demand, only at a more steady pace.

 

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Karen Holder
850.687.1064
info@homeson30a.com 

 

Choosing A Real Estate Agent

30a Real Estate Agents

30a Real Estate Agents

Purchasing real estate is, for almost everyone, the biggest purchase you will EVER make. The single most important decision surrounding the single biggest purchase you will EVER make is “how do I choose a real estate agent”?

First of all, there is a vast difference in the skill sets found among real estate agents. The adage in real estate is that 20% OF ALL AGENTS MAKE 80% of the commissions. Why is this? The conclusions are obvious. Here are some things to remember when choosing a real estate agent:

Ask, ask, ask !!! Find out about an agents experience; it counts. Find out how long an agent has been living in the area you are interested in. The longer, the better. How many transactions did the agent have last year? What is the average amount of an agent’s sales. Does the agent spend more time on listings or with buyers? Always remember that an agent with a listing is far more responsible to the seller than to a buyer. The higher an agents average closing figure is, the more likely they are to be skilled at negotiating with discerning buyers and sellers.

A real estate agent that asks you a lot of questions is a trained salesperson. If they are not interested in you, your situation, your requirements etc. chances are good that they will try to sell you anything.

A real estate agent that advertises that they cover large areas and are expert at many areas are not expert in any area! “I specialize in beach property from Navarre Beach to Panama City Beach” is not responsible advertising and simply not true.

A good rule of thumb to remember is that one of the biggest mistakes people make is calling on a listing and choosing their agent based on who answers the phone. Not ever a good idea. That person may very well be a great agent but do your homework and check around. There is no fool proof way to find the best agent for you but asking questions and talking with friends who have purchased in the area you are looking at (referrals) is a tremendous help.

contact Homeson30a.com today

 

Insuring Your Second Home on Scenic 30a

Your Real Estate Agent and Homeowners Insurance

 

The majority of homes sold in our area here along 30A are purchased by people who do not live in the state of Florida. Most of these purchases are also second homes, most of which are placed in vacation rental programs. Given these facts and the changes in
insurance regulations it has never been more important than now that you have a real estate agent that is knowledgeable about homeowners insurance and also has the ability to get you in touch with the experts. Your agents here at Homes on 30A use the best insurance company with the best agents, hands down, in the entire area to handle this process Here are some things to remember about insurance coverage:

This entire area is classified as a barrier island. However, there are areas here that do not “require” flood insurance. We strongly suggest you get a flood policy along with your homeowners package. If you do not have flood insurance, you do not have “full hurricane coverage”!

The biggest factors in determining cost and availability of coverage are as follows;

1. Age of dwelling. The older the dwelling, the more inspection/mitigation required.

2. Use and type of ownership. Second homes not on rental programs are easier and less expensive. Homes purchased in an individuals name vs. an LLC or a trust are preferable.

3. Location; Flood zone classifications and base elevation of structures.

Other factors that will apply are construction details, amount of coverage, foundation type, wind mitigation components etc.. Do not ever hesitate to ask questions about your homeowners coverage. If you are using an experienced, professional agent, they will not hesitate to refer you to a qualified insurance expert to assist you.

www.Homeson30a.com for all of your real estate needs. 850.213.0890

 

30a Rea Estate Market News

30a Market Trends

30a real estate

Latest housing figures are out:

The single most asked question by prospective buyers and sellers today is “ what is the market doing “. This question is fueled by an overall consensus by experts in the industry that the market is definitely changing.

Here is what we know: Florida’s housing market continues to demonstrate it’s recovery. The figures for March show statewide median sales prices have increased for the 15th straight month. We have experienced a 9% increase over this time last year in closed sales. Pending sales in March are up 23.4% over last March. Closed sales typically occur 30 to 90 days after sales contracts are written which means that these increases are continuing to rise.

The 2 primary reasons we are seeing prices rise are the amount of inventory available for purchase is shrinking and interest rates on mortgage money remain at incredibly low levels. The Federal Reserve does not see an increase in interest rates likely for the next 12 to 18 months which further fuels the demand for home purchases. Florida Realtors Chief Economist Dr. John Tuccillo states “ we expect to see inventories rise as we approach the last quarter of 2013”. This means we will see these “spikes” in prices and sales begin to moderate over time which will bring stability to the market.

Overall, our real estate market here on 30A is strong and active. Prices are beginning to rise for the first time in 7 years but they remain far below 2005 levels. Mortgage financing has become more stringent with higher down payments required and full disclosure documentation from applicants which also creates a more secure real estate market.

Contact  Homes on 30a for all of your real estate needs.

 

New Listing Santa Rosa Beach Florida

South of Scenic Hwy 30a
162 Emerald Dunes Cir
Santa Rosa Beach, Fl 32459

Santa Rosa Beach Home
162 Emerald Dunes

 

 

4 Bedroom
3 Bath
Plus Bunk
MLS# 594579
$675,000 

This is a great opportunity to own a home South of 30a with amazing Gulf Views. This 4 bedroom 3 bath plus bunk home is being offered fully furnished and rental ready. Old Florida Cottages is a great community a block from the beach access in Santa Rosa Beach. Just a fw minute walk to great restaurants and shopping at Gulf Place.

 

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