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Millennial Homeowner? Now is the time to sell!

Millennial Homeowner? Now is the time to sell!

Millennial Homeowner? Now is the time to sell!

Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise.

Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Credit and jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few:

1. Equity Build-Up

Home prices have been on the rise since the beginning of 2012 and your house may have appreciated by more than you think. ATTOM Data Solutions, in their Q2 2017 U.S. Home Sales Report revealed that:

“…homeowners who sold in the second quarter realized an average price gain of $51,000 since purchase — the highest average price gain for home sellers since Q2 2007, when it was $57,000.

The average home seller price gain of $51,000 in Q2 2017 represented an average return of 26 percent on the previous purchase price of the home, the highest average home seller return since Q3 2007, when it was 27 percent.”

2. Projected Home Price Increases

If you just got married or just found out you are about to become a parent, you may have plans to move up a bigger home or perhaps move to a different area. Waiting to buy a more expensive home in this market probably doesn’t make sense. The experts contacted for the Home Price Expectation Survey are projecting home prices to increase by nearly 5% over the next year. Yes, your house’s price will increase but not as much as a home currently valued higher than yours.

3. Projected Interest Rate Increases

The Mortgage Bankers’ AssociationFreddie Mac, Fannie Mae and the National Association of Realtorsare each projecting mortgage rates to increase over the next year.

Higher PRICES + Higher INTEREST RATES = LARGER MORTGAGE PAYMENTS.

Bottom Line

If you are lucky enough to be one of those Millennials who purchased a house in 2010 (or even later), now might be the perfect time to move up to the home of your dreams!

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Life’s A Beach Real Estate is a full service Real Estate Company on the beautiful Emerald Coast.  Our headquarters is located in one of the most unique condominium buildings on the beach, The Origin Beach Resort. We have over 700 condos for sale on Panama City Beach as well as beachfront and vacation homes in the world famous 30A area.  A large part of our business is Condo sales but we also assist our clients with new homes, investment opportunities, commercial properties, new construction and development.

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Upgraded Annabella’s Waterfront Unit!

Upgraded Annabella's Waterfront Unit

Upgraded Annabella’s Waterfront Unit

Townhouse on south end of building with only one connecting wall to neighbor. Townhouse has had many upgrades from 12×15 paver patio facing east so that you can enjoy Florida afternoons without being in direct sun. Garage flooring has epoxy coating with clear coat, backsplash in kitchen, etc. One year Home Owner’s Warranty transfers with sale. Two master suites with one on ground floor and one upstairs.

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Selling your Home

Selling your Home

Selling your Home

We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. Two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house.

Let’s look at the data covered in the latest REALTORS® Confidence Index and Existing Home Sales Report.

REALTORS® CONFIDENCE INDEX

Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.” This month, the index showed (again) that home-buying demand continued to outpace supply in May.

The map below illustrates buyer demand broken down by state (the darker your state, the stronger the demand is there).

Selling your Home

In addition to revealing high demand, the index also mentioned that “compared to conditions in the same month last year, seller traffic conditions were ‘weak’ in 24 states, ‘stable’ in 25 states, and ‘strong’ in D.C and West Virginia.” 

Takeaway: Demand for housing continues to be strong throughout 2017, but supply is struggling to keep up, and this trend is likely to continue into 2018.

THE EXISTING HOME SALES REPORT

The most important data revealed in the report was not sales, but was instead the inventory of homes for sale (supply). The report explained:

  • Total housing inventory rose 2.1% to 1.96 million homes available for sale
  • That represents a 4.2-month supply at the current sales pace
  • Unsold inventory is 8.4% lower than a year ago, marking the 24th consecutive month with year-over-year declines

According to Lawrence Yun, Chief Economist at NAR:

“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

In real estate, there is a guideline that often applies; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation. Between 6-7 months is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values.

As we mentioned before, there is currently a 4.2- month supply, and houses are going under contract fast. The Confidence Index shows that 55% of properties were on the market for less than a month when sold.

In May, properties sold nationally were typically on the market for 27 days. As Yun notes, this will continue, unless more listings come to the market.

“With new and existing supply failing to catch up with demand, several markets this summer will continue to see homes going under contract at this remarkably fast pace of under a month.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market. And the supply will continue to ‘fail to catch up with demand’ if a ‘sizable’ supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out searching for your house.

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Life’s A Beach Real Estate is a full service Real Estate Company on the beautiful Emerald Coast.  Our headquarters is located in one of the most unique condominium buildings on the beach, The Origin Beach Resort. We have over 700 condos for sale on Panama City Beach as well as beachfront and vacation homes in the world famous 30A area.  A large part of our business is Condo sales but we also assist our clients with new homes, investment opportunities, commercial properties, new construction and development.

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4 vacation home issues every buyer should know

4 vacation home issues every buyer should know

4 vacation home issues every buyer should know

NEW YORK – July 7, 2017 – Before clients purchase a vacation home, make sure they’re ready for the responsibilities of owning a second property.

“Costs of owning and renting a vacation home can be very high,” says Todd Huettner, owner of Denver-based lending company Huettner Capital. “The hassles and costs of short-term vacation rentals are higher than most people expect. … People are way too optimistic about rental rates, vacancies, management fees, maintenance costs and home value increases.”

Owners buying a second home in a different part of the country than their primary residence may have to consider new climate issues, such as damaging blizzards in the mountains or corrosion from salty air in beachside communities, Huettner says.

The vacation-home market has made a full recovery in recent years, with prices returning to what they were in 2006, according to the National Association of Realtors® (NAR), the median sales price increased by 4.2 percent in 2016 to $200,000.

The Wall Street Journal featured some considerations for buyers who aspire to purchase a vacation property:

1. Check your reason for buying. Some buyers find that a vacation home can be a moneymaker. Sabrina Robinson of Santa Cruz, Calif., said that she rents her vacation condo in Lake Tahoe to tourists year-round. The rental income covers her mortgage and utilities and generates a $20,000 profit annually.

But buyers of second homes don’t always want to become landlords.

“Our buyers today are buying for a number of reasons, with the number one reason being lifestyle and use,” says Nick Cassini, senior vice president of sales and marketing for Four Seasons Private Residences in the Caribbean island of Anguilla. NAR surveys also find that vacationing is the primary motivation for buyers who purchase a second home.

2. Assess the location. Sales prices and rental demand can vary significantly between locations. “The owners who are most displeased are ones that rush the purchase decision because they are blinded by their dream,” says David Angotti, co-founder of SmokyMountains.com, a vacation rental listing site in Tennessee. “For example, they fail to understand that location, view, features and other amenities are critical to the overall revenue.”

Owners may also want to consider how far their second home is from their primary residence. Fifty-seven percent of vacation properties are located in beachside or lakeside communities at a median distance of 200 miles from owners’ primary properties, according to NAR.

“In our experience, living close is really helpful if something goes wrong, but there are a huge number of services out there to hold keys, offer concierge services, or otherwise help if you live farther away,” says Laura Hall, communications director for Kid & Coe, a vacation rental website. “So anything is possible if you’re willing to pay for it.”

3. Budget for the true costs. Buyers shouldn’t just focus on purchase price, rental rates and recent market trends when considering purchasing a second home. They need to be aware of other factors that can push up costs, such as fees for cleaning, management, routine maintenance and repairs. For example, homeowner association fees can be more than $1,000 a month in some markets. Financial experts recommend that buyers also factor in real estate taxes, insurance costs, utilities and any state sales tax on rental income.

4. Consult local rules. If the intent is to rent out a second home, check out local ordinances and homeowners association rules, which may reduce the pool of potential renters.

Source: “What to Consider Before You Buy a Vacation Home,” The Wall Street Journal (June 11, 2017)

© Copyright 2017 INFORMATION INC., Bethesda, MD (301) 215-4688

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Life’s A Beach Real Estate is a full service Real Estate Company on the beautiful Emerald Coast.  Our headquarters is located in one of the most unique condominium buildings on the beach, The Origin Beach Resort. We have over 700 condos for sale on Panama City Beach as well as beachfront and vacation homes in the world famous 30A area.  A large part of our business is Condo sales but we also assist our clients with new homes, investment opportunities, commercial properties, new construction and development.

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Origin at Seahaven Post Auction Sales

Origin at Seahaven Post Auction Sales

Origin at Seahaven Post Auction Sales

 

Origin at Seahaven Post Auction Sales

The Origin at Seahaven Auction was a huge success with over 100 buyers in attendance and 70 units sold for almost 10 million in sales! If you missed the auction on June 29th, don’t worry, currently there are still about 25 units left in the original block of 95 and the seller is entertaining offers for the remaining units. There are still some good opportunities to be had in this building and our agents would be thrilled to help you find your piece of paradise! The Origin is in a great spot in Panama City Beach about 1 mile from Pier Park and right across the street from Sharkey’s Restaurant. Just stop by our onsite office in the front of the Origin building and ask to take a tour!

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Life’s A Beach Real Estate is a full service Real Estate Company on the beautiful Emerald Coast.  Our headquarters is located in one of the most unique condominium buildings on the beach, The Origin Beach Resort. We have over 700 condos for sale on Panama City Beach as well as beachfront and vacation homes in the world famous 30A area.  A large part of our business is Condo sales but we also assist our clients with new homes, investment opportunities, commercial properties, new construction and development.

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Annabella’s Townhome 4 Bedroom!

Annabella's Townhome

Annabella’s Townhome

Professional Pictures Coming soon. TONS of great points about this Townhome! FOUR bedrooms and three and a half baths, corner unit with additional parking right across the street and your very own yard right outside your door! Downstairs Master or Mother-in-Law Suite, Granite countertops and stainless appliances, you will not find a home of this size on the beach with these upgrades at this price point!

Welcome To Annabella’s…An Affordable, Established Gated Townhome Community, Thoughtfully Located on Back Beach Road Just West of Hathaway Bridge and Sugar White Beaches Nearby. Nestled in a Resort-Like Setting, Each Residence Enjoys Subtle Hints of Southern Charm, Spacious Greenbelt Views, Along with Access to a Private Swimming Pool and Clubhouse with Fitness Center. This Four Bedroom Home Features Open Floor Plan, Tile Flooring in the Main Living Areas, 9′ ft Ceilings On 1st Floor, Kitchen with Breakfast Bar and Stainless-Steel Appliances, Granite Countertops Through Out, 2nd Floor Laundry, 2 Car Attached Garage. Maintenance Free Living

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Origin at Seahaven Information

Origin at Seahaven Information

Origin at Seahaven Information

Check out this informational interview with a local radio station and Lamar Fisher of Fisher Auctions in regards to the upcoming auction in the Origin at Seahaven condo building! Come visit us in the onsite Life’s a Beach Real Estate office to take a tour of the model units or obtain additional information. We are looking forward to working with you!

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Vacant Lot Near the Beach!

Vacant Lot Near the Beach

Vacant lot in one of the most sought after sub-divisions on Panama City Beach. Your are 3 blocks from the only private beach on Panama City Beach. This Golf Cart community allows for a quick trip from the lot to the beach!

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Beautiful Gulf Views!

Beautiful Gulf Views

Beautiful Gulf Views

MILLION DOLLAR VIEW!!! This property sits on the elevated side of Front Beach Road overlooking the Gulf Of Mexico. The elevation gives you a breathtaking view over the homes to the Gulf of Mexico. There are only 4 units in the complex. There are two beach access points in front of the property. YOU WILL NOT BELIEVE THE SIZE OF THE PERSONAL GARAGE THAT COMES WITH THIS PROPERTY. This LUXURY unit comes with all of the upgrades you are looking for. Large tile is in kitchen, family room and hall as well as crown molding. Stainless Steel appliances and granite counter tops are in the kitchen with a large bar. The furnishings are first class. The Master bedroom and bath are very large with a garden tub with a separate walk in shower in MB. All ceilings are 10 feet. The unit has never been rented!!

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Amazing Hidden Pines Home

Selling your Home

Amazing Hidden Pines Home

*Not available to see until June 17th. Owners are in the process of moving. Professional photos coming June 16th. This home in one of Panama City Beach’s most sought after neighborhoods. Hidden Pines offers a neighborhood trail with quick access to the military base and backs up to the best elementary school in Bay County. It is one of the best maintained homes I have ever seen. The lawn is meticulously manicured and the interior is equally cared for. Crown molding throughout and wainscoting making these rooms really pop! The driveway extends around the left side of the home to accommodate a boat or an RV. The back patio has been elegantly enclosed with beautiful ceiling fans making it a wonder entertaining area or to enjoy a cup of coffee in the morning.