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Real Estate Market Status November 7, 2024

What does the Niceville Real Estate Market Look Like Post-Election?

The election is over!  I think that no matter who you voted for there is some sense of relief that the election is over.  Many people have been holding their breath on a lot of things including buying and selling real estate.  So, what does the Niceville Real Estate Market look like post-election?

Historically real estate sees a temporary slowdown as buyers and sellers wait for clearer policies on taxes, interest rates, and housing regulations.   Niceville has been no except this year.   Now that the election is over, we might see a gradual return to normal activity levels as the market adjusts to the new administration’s policies.  Based on the reaction of the stock markets, I would expect us to see a busier housing market in Spring 2025!

Hold up a minute though.  While we may be recovered from election fatigue by spring, the fact still remains that housing prices in our area are keeping a lot of people out of the market.  According to the National Association of Realtors, the first-time homebuyer market share decreased to a historic low of 24% (down from 32% last year), while home buyers’ ages hit all-time highs of 56 years overall (49 last year).

Some people think that we will see a market crash.  The simple fact remains though that nationwide we are short about 42 million houses.  So again, it’s simple supply and demand.  Niceville is quickly running out of land for new housing developments.  The latest ones (Addie’s Place, Eagles Landing and Deer Moss Creek) are almost complete.  The Niceville City Manager, David Deitch, is actively looking into acquiring land for housing. The Okaloosa County Commission is set to discuss a potential land deal with Eglin Air Force Base to acquire land immediately west of Northwest Florida State College.  The goal is to develop affordable housing options in the area.

What about interest rates?  As I write this, the Fed is meeting, and we are expecting and hoping for a 1/4 percent rate cut.  Daco expects that the Fed will cut rates by an additional 0.25 percentage points at every meeting through June 2025!  Fingers Crossed!  Of course, mortgage rates aren’t determined by the Fed.   They are heavily influenced by Treasury yields, which go up and down based on economic expectations.

What does the Niceville Real Estate Market Look Like Post-Election?  The answer is cautiously hopeful!

Real Estate Tips October 31, 2024

Top Mistakes made by First-Time Home Buyers

 

Not Looking Beyond the House

Uncategorized October 15, 2024

To Stage or Not to Stage

When selling a vacant home, a big question is to stage or not to stage.   When selling your home, you’re essentially auditioning for buyers—and like any good audition, you want to leave a lasting impression. So, should you leave the house bare like a “before” photo on HGTV, stage it with real furniture like you’re hosting an open house for the royal family, or get all techy and virtually stage it like you’re selling a house in The Sims?

Leaving the Home Vacant – No Staging

Pros:

  • No Furniture to Break: Look, if there’s no furniture, no one can spill coffee on it, right? Stress-free living (well, for you anyway).
  • Buyer’s Imagination: They can imagine the space however they want! Maybe they see a cozy living room, maybe a ball pit. Who knows? The sky’s the limit!
  • Cheaper than a Cup of Coffee: You don’t have to spend a dime on furniture or decorators. You just need a broom and some hope.

Cons:

  • Echo… Echo…: A vacant home can feel eerily empty, like a haunted house, minus the ghosts. Not exactly cozy.
  • Room-Sizing Gymnastics: Buyers might start wondering if their king-sized bed will fit in the bedroom or if they need to downsize to a toddler bed.
  • Flaws on Display: Every scratch, dent, and creaky floorboard is just waiting to shout, “Hey, fix me!” Nothing to hide behind here.

Staging with Actual Furniture

Pros:

  • Instant “Wow” Factor: A beautifully staged home makes buyers swoon. It’s like putting on your best outfit for a date—you want to impress, not show up in sweatpants.
  • Room Functionality 101: You’re basically saying, “Hey, this is a dining room, not a ping pong arena.” You know, in case they were confused.
  • More $$ in Your Pocket: A well-staged home can make buyers think, “This place is worth every penny… and maybe a few more!”

Cons:

  • Cha-Ching: Renting furniture and hiring a stager isn’t cheap. And suddenly, that cute armchair in the corner is costing more than your Netflix subscription for a year.
  • Logistical Circus: It’s like moving twice—furniture in, furniture out. You may find yourself making furniture arrangements more than dinner plans.
  • Maintenance Mania: You’ll be that person saying, “Take your shoes off!” at every showing. And praying no one knocks over that very fragile (and expensive) decorative vase.

Virtual Staging

Virtually Staged RoomNo Staging - Room feels cold

Pros:

  • Cheap and Cheerful: No need to hire movers or rent furniture. Just let a designer with Photoshop skills do their magic—boom, your home looks like a million bucks (virtually).
  • Unlimited Makeovers: Want a chic modern look? Done. Prefer rustic farmhouse? Easy. Want a life-sized Tyrannosaurus Rex in the living room? Probably not recommended, but hey, it’s possible.
  • No Furniture, No Fuss: Since it’s all digital, you won’t have to worry about someone knocking over a lamp or scratching the floor. Perfect for the clumsy among us.

Cons:

  • Virtual vs. Reality: The pictures online look like a magazine spread, but when buyers walk in, it’s a little more minimalist (a.k.a. empty). Could be a bit of a letdown.
  • Surprise!: Buyers might feel like they’ve been catfished if your virtually staged home looks like a chic penthouse online but turns out to be an IKEA puzzle in real life.
  • No Tactile Experience: As nice as virtual staging is, buyers still can’t plop down on that perfectly placed sofa and imagine a Netflix marathon.

Which is Better?

  • Vacant Homes: Best if you’re going for that “modern art gallery” look or want buyers to focus on the potential. Just pray their imagination is top-notch.
  • Staging with Actual Furniture: This is the “all in” option. It’s like dressing your home in designer clothes, but remember, designer prices often follow.
  • Virtual Staging: Ideal for giving buyers a “look but don’t touch” experience. Just be ready for the awkward conversation when they ask, “So, where’s that couch I saw in the photos?”

So, to stage or not to stage your vacant home?  In the end, whether you leave your house as a blank canvas, dress it up with actual furniture, or go virtual, the key is to help buyers see it as their future home!  Not sure what it best for your home – Call me, I can help!

Real Estate Market Status October 7, 2024

Unicorn Home for Sale in Niceville

I have a unicorn home for sale in Niceville.  So, what makes it a unicorn?  This is the only home in all of Niceville that is located in Sandy Acres Subdivision.  Where is that you ask?  On Ruckel Drive.  Wait, isn’t Ruckel Drive located in the subdivision of Rocky Bayou Country Club Estates?  The answer is yes with the exception of this home.

What’s the big deal about that?  Well, this home is not subject to the HOA rules and fees like its neighbors.  However, it enjoys the benefits of being surrounded by homes that are subject to the HOA rules.

This is fabulous home that has been very well maintained.  The home has also had some important updates done.  If you or any one you know is looking for a new home, I would love to show you this one.

Call me to see this Unicorn Home for Sale in Niceville!

Uncategorized September 24, 2024

Help your Home Sell Faster!

Selling a home this year has been a little more work, but there are several strategies to help your home sell faster. Here’s a comprehensive list based on my insights:

Key Factors for Selling Your Florida Home Faster

In Florida, insurance has become a pretty big deal.  Most buyers will be required to obtain a 4pt inspection on a new home in order to get insurance.  The age and conditions of your Roof, HVAC, and Hot Water Heater are important factors.  Speak with your real estate agent or insurance agent for details.  Ensure these systems are in good working order. Provide documentation of recent inspections or replacements to reassure buyers.

Flooring:

Consider replacing old carpeting with modern, low-maintenance flooring like laminate or vinyl, which is often more appealing to buyers. If replacing flooring isn’t feasible, a deep clean can help make carpets more presentable.

Kitchen and Bathroom Updates:

If you can’t afford a complete update, focus on minor renovations like new countertops, fixtures, or cabinet hardware. Even a fresh coat of paint can make a big difference.

Deep Cleaning Sells:

A spotless home creates a great first impression. Invest in a professional cleaning service for a thorough deep clean.  Do not underestimate the importance or power of this.  I have had many buyers walk out of a home without looking due to lack of cleanliness.

Neutral Paint Colors:

Freshly painted walls in neutral shades make the home feel larger and allow buyers to envision their own decor.

Declutter Your Home:

Clear out personal items and excess furniture. A tidy space helps buyers visualize themselves living in the home.  Counters in the kitchen and bath should be empty minus a few decorative items.  The same goes for dresser tops, nightstands and end tables.

Updated Light Fixtures:

Swapping out dated light fixtures for modern ones can enhance the home’s appeal significantly without breaking the bank.

Outdoor Enhancements

Curb Appeal:

Maintain your lawn, trim hedges, and keep flower beds tidy. Fresh mulch can enhance the look of gardens.

Pressure Washing:

Clean driveways, sidewalks, and patios to give a fresh appearance.

Outdoor Living Space:

If possible, stage any outdoor spaces to highlight Florida’s lifestyle. Simple furniture or decor can make a patio or porch more inviting.
Additional Tips

Working with a Knowledgeable Realtor:

A good realtor can provide insights on the local market, help you price your home competitively, and recommend service contracts to make your home more attractive.  They will also in list the help a professional photographer to capture your home in its best light.  Good visuals attract more potential buyers.

Flexible Showings:

Make your home available for showings at various times, accommodating potential buyers’ schedules.

By focusing on these strategies, you can enhance your home’s appeal and help your home sell faster.

Real Estate Market Status September 12, 2024

Should Home Buyers Wait ?

Should home buyers wait?

Should home buyers wait?  Let’s explore what currently happening in our area and what the experts are predicting for the near future.

Current Market Conditions

  1. Interest Rates:
    • Current Situation: Mortgage rates have increase significantly since 2022, which could increase your monthly payments and the total cost of your loan.
    • Future Outlook: The Fed is expected to cut rates later this month and hopefully again in December, which might lead to lower mortgage rates over the next few months or years. However, predicting the exact timing and extent of these changes can be challenging.
  2. Home Prices:
    • Current Prices: The median home price in Niceville was $485,000 in July 2024, a 2.3% decrease from the previous year. This could suggest some softness in the market, although prices are generally higher compared to other areas.
    • Future Expectations: Despite a slight decrease, housing prices in Florida, including Niceville, are expected to rise in 2025. This is partly due to increased demand and low inventory.
  3. Inventory:
    • Current Inventory: There is low inventory in Niceville, which typically supports higher prices and faster sales.
    • Market Trends: Limited inventory can create competition, pushing prices up. However, this also means less choice for buyers.
  4. Market Dynamics:
    • Seller’s Market: Currently, Niceville is described as a seller’s market, where sellers have the advantage due to higher demand and lower supply.
    • Potential Changes: If you wait until Spring 2025, you might see a slight decrease in mortgage rates, but increased competition could drive up home prices and reduce the negotiating power of buyers.

Strategic Considerations

  1. If You Buy Now:
    • Advantages: You might be able to negotiate better terms with sellers who are currently more willing to make concessions.   Sellers are currently offering to pay closing costs for buyers, to pay the buyer’s agent, and buy down interest rates.  You could also avoid the potential price increases and competition expected in Spring.
    • Disadvantages: Higher mortgage rates mean higher monthly payments.
  2. If You Wait:
    • Advantages: Lower mortgage rates could reduce your monthly payments and overall loan cost. Additionally, waiting might allow you to better assess the market and economic conditions post-election.
    • Disadvantages: Home prices might increase due to higher demand, and you could face more competition from other buyers, which might negate the benefits of lower interest rates.  Sellers are less likely to offer concessions when buyers are competing.

Should Home Buyers wait?  Buying now might make sense given the potential for higher prices and competition in the future not to mention the good chance for seller concessions. My answer would be to look and if you find a home you like, see what kind of deal you can make.  A great agent can help you navigate that!

Real Estate Tips August 15, 2024

Let’s Get your Home Ready for Picture Day!

I don’t know about you, but the words “picture day” bring back memories of school pictures. Oh the stress of what to wear, hoping for a good hair day and praying for no bad acne! Yikes! Picture day for your home is an important step for selling. As I’m sure you know, most buyers decide whether to even consider a home based on what they see online. Poor photos could cost you potential buyers. So, let’s talk about how to get the best photos of your home. Let’s get your home ready for Picture Day!

Cleaning and decluttering:

Hopefully these are steps that you took well before picture day. It’s best to pack up any items that you can part with until you move. Donate any items that you no longer want or need. Give your home a deep clean. Turn on all the lights and really take a good look at your home. Looks at the cleanliness of the walls, baseboards, light switches, cabinet fronts, appliances, etc. We tend to not see some on these things in the hustle and bustle of our daily living. Empty as many things out of your closets as possible – try to have the  floor empty.

Clear the counters:

Clean almost everything off of your kitchen and bathroom counters. Put away cleaning supplies, toilet brushes, trash cans and plungers. The same goes for nightstands, and dressers; there should be just a few decorative items on these. Empty out your showers. Put down the toilet seats.  

Make the beds:

Make up the beds. Picture what you would expect the bed to look like if you were checking into a nice hotel. Make sure you can’t see any items that may be store under the bed.

Ready the exterior:

Be sure the lawn has been recently mowed and edged. Bushes should be trimmed. Fresh mulch is always a plus. Make sure outdoor trash cans are not visible and no cars should be in the driveway. Hopefully your home and driveway were pressure washed if needed. Clean the windows and screens. 

Lights, camera, action:

Make sure that you do not have any burned-out light bulbs. Ideally you want to replace your bulbs with matching “daylight” bulbs.  

Professional Photographer: Yes, a professional photographer is worth every penny. I know we all have stellar cameras on our cell phones these days. Your cell phone camera will still not take better photos than a pro. Not to mention a photographer has a good eye for what angles to take photos. They understand how to best show off your home.

It’s picture day! Are you ready? If you hired a good realtor, you will be. Let’s Get your Home Ready for Picture Day!

Real Estate Tips July 30, 2024

What is a Buyer’s Representation Agreement?

First of all, have you heard of the lawsuit involving the National Association of Realtors (NAR)?  If not, you can read about it here.  One of the results of the lawsuit was something called a Buyer’s Representation Agreement.  So, what is a Buyer’s Representation Agreement?

A quick but important history lesson

In order to answer that question, you’ll need a quick history lesson.  Historically, a homeowner would hire a real estate agent to list and sell their home.  The homeowner and the agent would negotiate a commission.  Part of that agreement would be for a portion of that commission to be paid to a cooperating broker (aka the buyer’s real estate agent).  It could be argued that the seller was then paying both agents.  It could also be argued that the buyer was paying both agents and it’s really reflected in the selling price of the home.  Either way the portion of the commission that was being offered to the buyer’s agent could be seen by an agent in the Multiple Listing Service (MLS).

So, when and what is happening now

Starting in August 2024, agents will no longer be allowed to put any information in the MLS referencing commission.  Also, starting in August, agents will be required have buyers sign some type of Buyer’s representation agreement prior to showing them any homes.  These agreements will all be required to have certain elements to them.  However, you may will likely find different brokerages using slight variations of the form.

So, what is a Buyer’s Representation Agreement?

It will be agreement between the buyers and their agent on how the agent will be paid.  The agent may be paid by the buyers, the sellers or a combination of both.  Let’s say for example that the buyer’s agent charges 3% and the buyer agrees to this.  If the buyer then buys a home where the seller is offering to pay a buyer’s agent 2%, the buyers will pay the 1% difference.  If the seller is not offering to pay anything to a buyer’s agent, then the buyers would pay the full agreed upon 3%.

So why the heck would a seller even offer to pay a buyer’s agent?

The buyers may direct, as part of the Buyer’s Representation Agreement, their agent to only show them homes where the seller is offering to pay a minimum amount toward the buyer agent commission.  But how will the buyers or their agent know what the seller is or isn’t offering? In past, the agents could simply find this information in the MLS.  Now they will be required to call the seller/listing agent and inquire on each property!

Still confused on what a Buyer’s Representation Agreement is?  Call me!

Uncategorized July 18, 2024

How can you Update your Home to Get Top Dollar without any Upfront Cost?

If you are thinking about selling your home, you have probably started looking at homes that are already for sale.  If you have, then you probably noticed that the updated homes are selling much quicker and for a better price.  You realize it makes a lot of sense to update your home before selling, but you don’t have the money to do so.  How can you Update your Home to Get Top Dollar without any Upfront Cost?  Let me tell you.

At Coldwell Banker, we have access to a program called Realvitalize.  RealVitalize pays for your updates without any fees or upcharges or interest charges.  You pay them back out of your proceeds when your house sells.

Did you know that the longer a house sits on the market, typically the less the house sells for.  A recent survey conducted by the Harris Poll with US homeowners reports that the top features buyers are looking for are:  Kitchen upgrades, bathroom upgrades, updated HVAC, plumbing or electrical, new appliances and updated interior/exterior paint.

So how does it all work?

  1. Together with your agent, rank the which home improvements will boost buyer appeal and home value.
  2. Determine your maximum project budget.
  3. Your Angi Project Consultant sources service professionals to scope work, provide estimates and schedule work.
  4. Work gets completed on time and on budget.  Angi guarantees your satisfaction with work quality.
  5. When your home closes, funds will be taken from the settlement proceeds.

Are you obligated after you request estimates?

You will receive detailed estimates for each improvement.  You can decide to proceed with all, none or whichever ones you choose.

Who does the work?

The work is completed by licensed service providers who are Angi’s top-rated.

Does it really work?

It does!  One example is a Florida condo that was listed for sale for over 100 days with an asking price of $385,000.  The owners used RealVitalize for flooring, painting and staging.  They spent $14K.  The home sold in 7 days for $425,000.  I have personally assisted homeowners with the program.  It was very smooth and successful!

What types of projects can you use it for?

  • Staging
  • Appliance Purchasing and Installation
  • Cleaning
  • Kitchen and Bathroom Upgrades
  • Handyman Services
  • Curb Appeal Enhancements
  • Electrical Upgrades
  • Carpentry
  • Drywall & Insulation
  • Landscaping
  • Painting
  • Plumbing
  • Junk Hauling
  • And More

How can you Update your Home to Get Top Dollar without any Upfront Cost? Call me and I’d be happy to provide you with more details and answer any questions you may have.  Call me!  850-974-0869

Real Estate TipsUncategorized July 2, 2024

What do Real Estate Agents Do?

What do real estate agents do?

Everyone knows the answer to that question, right?  They take a few photos with their cell phone, write a few sentences describing your home and put a sign in your yard.  Then they charge you 6% or more.  You could do that yourself and put your home for sale on Zillow!  Sadly, that is what some real estate agents do!

What do I do that you can’t easily do for yourself?

First of all, I view your home and give you advice on how to present your home in the best light.  I see things you don’t, and I know what most buyers are looking for.  If you need some projects completed before putting your home on the market, I can help you find reliable contractors.  I can even connect to contractors who will wait to be paid until after your home sells!  I can help stage your home.  Next, I used a professional photographer to make your home look as appealing as possible to online buyers because we all know this is where everyone starts their home shopping.

Next, I gather key information about your home.  I want to be sure to make potential buyers aware of key features, updates and everything that makes your home special.  This information along with the professional photos will be entered in an easy to follow and view format online.  Your home will be shown on all the popular websites, such as Zillow, Realtor.com, Homes.com, Trulia, etc.  Since I pay for extra services, your home will be featured and automatically advertised on Homes.com and Realtor.com.  On Zillow, when you list your home for sale, the dreaded Zillow Estimate shows up.  It is wrong more than it is right, however many buyers believe it.  When I list your home, the Zillow Estimate disappears!

Your home will be Marketed by a Professional Marketing Team

I pay for a professional marking team to create ads for your home.  Let’s face it, we can’t be experts at everything.  We can be smart enough to hire people who are.  Your home will be shown in ads on Facebook, Instagram, YouTube and Google!  These are ads will be targeted to likely buyers all around the country.  Analytics predict where the buyers for your home are likely to come from.  Professionally created mailers will be sent out.  And of course, I will put a professional looking sign in your yard 🙂 .

I will be your point man

I will handle everything from scheduling contractors, to staging, estate sales, open houses, scheduling showings, giving negotiating advice, sharing the latest sales contract information, latest insurance information, everything you need to know about mortgage assumptions, moving company recommendations, how to handle open permits, and so much more.  I will work from start to finish.

You must charge a small fortune!

You will be pleasantly surprised to find that I charge significantly less than what you would expect.  Don’t believe me, give me a call!

So, what do real estate agents do?  Not what I do!