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Real Estate in 2021, Three Reasons to be Optimistic – Emerald Coast RE

Real Estate in 2021

Experts forecast that buyers and sellers are going to be active in 2021.

Real Estate in 2021, Three  Reasons to be Optimistic

 

Real estate in 2021 looks positive along the Emerald Coast.  As we reflect on this last year, we have all been through a lot.  2020 will be remembered for many reasons, and optimism is one thing that’s been in short supply since the spring. We’re experiencing a global pandemic, social unrest, an economic downturn, and natural disasters, just to name a few. The challenges brought on by the health crisis have also forced many homeowners to reevaluate their space and what they need in a home going into 2021. So, experts are forecasting that next year is one in which we can be optimistic about real estate for three key reasons.

1. The Economy Is Expected to Continue Improving

Tim Duy from the University of Oregon puts it this way:

“There is nothing fundamentally ‘broken’ in the economy that needs to heal…there was no obvious financial bubble driving excessive activity in any one economic sector when the pandemic hit…With Covid-19 cases surging again, it is understandably hard to look optimistically to the other side of this winter…Don’t let the near-term challenges distract from the economic stage being set for next four years.”

2. Interest Rates Are Projected to Stay Low

In the latest projections from Freddie Mac, interest rates for a 30-year fixed-rate mortgage are expected to remain at or near 3% next year. These low rates will continue to make homes more affordable, driving demand for housing in 2021.3 Reasons to Be Optimistic about Real Estate in 2021 | MyKCM

3. Future Home Sales Are Forecasted to Grow while the economy improves and interest rates remain low, homes are also expected to continue appreciating as more people buy in the coming year. Danielle Hale, Chief Economist at realtor.comsays:

“We expect home sales in 2021 to come in 7.0% above 2020 levels, following a more normal seasonal trend and building momentum through the spring and sustaining the pace in the second half of the year.”

Bottom Line

Experts forecast that buyers and sellers are going to be active in 2021. If you’ve thought about buying or selling your home this year but have held off, now may be the time to take advantage of this market. Let’s connect to take the first step toward your new home today.

To learn more, reach out to our team.  With two office locations, Life’s A Beach Real Estate located in Panama City Beach.  And Life’s A Beach Luxury Real Estate located in Destin.  We are here to help you find your piece of paradise.

 

 

 

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Remote Work Driving Sales Of Vacation Homes

Vacation Homes

Buyers are taking advantage of the fact, that working from home might be someplace other than their primary residence. Many are relocating to the beaches along the Emerald Coast.

Remote Work Driving Vacation Home Sales

This year, the opportunity to work remotely has increased the demand for vacation homes. Gay Cororaton, Senior Economist and Director of Housing and Commercial Research at the National Association of Realtors (NAR) notes:

“Working from home is a positive factor in demand for vacation homes.”

What does this mean for real estate along the Emerald Coast?

Buyers are taking advantage of the fact that working from home might be someplace other than their primary residence – at the beach, along the Emerald Coast, in the mountains, or somewhere in between. NAR explains:

Sales in vacation-home counties increased 48% on average year over year in the third quarter; overall, 81% of vacation-home counties saw a year-over-year sales increase.”

Is it Time to Sell Your Vacation Home?

If you’ve been thinking about selling your vacation home, putting it on the market now while demand is high might be your best move. Here are two reasons why.

1. Vacation Homes Are Selling Quickly

Homes and condos are not staying in the market for very long. NAR also notes:

In September, 68% of vacation homes sold in less than a month. Historically, about 30% sell that quickly…It’s a pretty amazing uptick compared to past years.”

2. Home Prices Are Rising

With an increase in demand, prices go up. NAR continues:

“In the third quarter, prices in vacation-home counties rose by about 32% year over year. Seventy-nine percent of these counties experienced year-over-year price gains. NAR defines a vacation-home county as one in which seasonal housing accounts for at least 20% of stock.”

If your vacation home is sitting idle, maybe not attracting as many renters as you usually see, or if you simply want to sell it so you can trade up or take it off your worry list, now may be the time. Demand is high, so you’re in the ideal spot to get a stronger return on your investment today.

Bottom Line

Demand is on the rise, so let’s discuss your next steps when it comes to selling your vacation home.

To learn more, reach out to our team.  With two office locations, Life’s A Beach Real Estate located in Panama City Beach.  And Life’s A Beach Luxury Real Estate located in Destin.  We are here to help you find your piece of paradise.

 

 

 

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Reasons to Sell – Selling Along The Emerald Coast

Reasons to SELL this holiday season.

Selling along the Emerald Coast.

REMEMBER – Buyers are actively in the market during the holidays…and inventory is low.

Have you been thinking about selling?

Well, the holidays are a special time to many…after all, it is the most “Wonderful Time of the Year.”

You might not be aware that, even during the holidays, many are looking for their new home.  That is just one of the many reasons to sell along the Emerald Coast right now.  Another great reason to sell right now along the Emerald Coast is…we do not have to worry about the “cold weather, snowy months.”  As you know, most move to our area not just because of our spectacular beaches, but also because of our weather.

  If you are thinking of selling, now is the time.  Click here for some top ten tips for selling your home during the holidays.

“Home is where the heart is.”

 

Take a moment to watch this short video on why the holiday season is a great time to sell.

 

Life’s A Beach Real Estate team would like to welcome you to their communities and welcome you home!   We are here to help through the holidays, and we hope to help you meet your real estate needs. 

You can find us in two locations along the Emerald Coast.  We have offices located in Panama City Beach, FL, as well as Destin, FL.  Our mission is to help you “find your piece of paradise” along the Emerald Coast.  And with access and insight on all of the best real estate along the Emerald Coast, we can help you make your real estate needs happen.

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Emerald Coast Real Estate – Buyers Are Finding More Space In The Luxury Home Market

Luxury Market

A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floorplans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the luxury market.

Buyers Are Finding More Space in the Luxury Home Market

Buyers Are Finding More Space in the Luxury Home Market | MyKCM

 

The Institute for Luxury Home Marketing (ILHM) explains:

“With quarantine concerns still top of mind for many luxury buyers, we see large, sprawling estates making their comeback.

For instance, the last six months have seen a resurgence in the buying of mega mansions and estate-size homes – specifically properties that offer space (both inside and outside), separate home offices, gyms, and private amenities such as swimming pools, yoga studios, and recreation rooms.”

This was not the case at this time last year, as the most recent Luxury Market Report from ILHM emphasizes:

“Exactly one year ago, we reported that demand for large properties, mega mansions, private estates, and luxury ranches had reduced significantly over the previous few years; especially from the younger generation of luxury property buyers.”

For today’s buyers looking for larger homes, steady increases in equity might be what makes a move possible. Leveraging home equity makes it easier to afford the down payment on a luxury home, and current low-interest rates are making mortgage payments more affordable than they have been in years. The report from ILHM also notes:

“Luxury real estate prices may continue to strengthen further into the third quarter, as the affluent continue to see large investment returns from the currently strong stock market.

Coupled with the low interest rates, the policies granting (and insisting) on working from home implemented by many employers, and the concerns of the pandemic, all translate to the affluent increasingly trading in their city lifestyle for a home that has it all.”

Clearly, today’s strong gains in home equity paired with record-low interest rates make fall a great time to move up into the Emerald Coast luxury market to meet those changing needs.

Bottom Line

If you’re ready to gain some breathing room in a larger home, reach out to the Life’s A Beach Real Estate Team so you have the guidance you need to find more space in the luxury home market.