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Educational Seminars April 4, 2024

Make Sure your Golden Years are Truely Golden

Happy RetirementPlanning to make sure your Golden Years are Truely Golden
Please join us in what we hope to be the first of many educational seminars.   In our careers, we have come across sad stories of people finally reaching retirement and finding out that they weren’t really prepared.  In many cases the stories could have had a much happier ending.
What will be discussed:  
  • The Importance of Estate Planning and Wills
  • Should you put your Home in a Trust?
  • Capital Gains Tax on your Primary Residence when a spouse passes.
  • Making the most of the Equity in your Home
  • Making the decision to age-in-place, move close to family or senior living.
Who should attend:
  • Anyone who wants to be sure that they have planned as best as possible for retirement.
  • Widows or Widowers who may feel that they are not as financially savvy without their spouse.
  • Anyone who is concerned about their parents’ status (financial or current living situation)
Who will be speaking:
Where and when:
Niceville Chamber of Commerce  May 2 at 10:30 am
Refreshments will be provided.
Please RVSP as space is limited.  RSVP:  Cindy Zimmermann  850-974-0869 or Cindy.zimmermann@cbrealty.com
Why are we doing this:
As I mentioned at the beginning, I have personally come across many situations where someone contacted me to sell their home and I felt that they would have greatly benefited from the information we are going to present. When you reach retirement, I hope that it is a time for you to enjoy.  I also hope that you are prepared the best that you can be for those unexpected situations.  Let’s Make Sure your Golden Years are Truely Golden!
Uncategorized March 21, 2024

Can you Believe the Zillow Estimate?

Zillow publishes an estimated value for homes.  Can you believe the Zillow estimate?  I say no.  Let me tell you why.

What Zillow Does Do

Zillow’s estimate is based on an algorithm.  It compares your home to similar homes in the area.  Zillow looks at items such as square footage, number of bedrooms, and number of bathrooms.  It looks for homes that have recently sold.  Sounds like it would give you a reasonable value and occasionally it does.

What Zillow Doesn’t Do

Zillow does not take into account that the updates that may or may not have been done.  2 identical homes located next to each other are not valued the same when one home has spent $100,000 updating the kitchen and baths while the other has simply maintained. There is no way for Zillow to know about the updates. The house with a screened in pool is worth more than one without.  I think most people would agree that a 3-car garage is worth more than a 2-car garage.  One of my favorite things that I have seen Zillow do when calculating a home value is comparing a home located on the bay to the similar house across the street that is not on the water.  Zillow does not take into account that even though a home recently sold – it was on the market for 2 years.  Another thing that is hard for Zillow to do is to consider how the current real estate market is in your area.  Are homes selling quickly, is there a lot of inventory, are there a lot of buyers looking?

Where Can You Get a Good Estimated Value of Your Home

Many websites (mine included) offer a value calculator.  These are no better than the Zillow estimate.  You could take a look at the most recent “Market Value” of your home in the county appraiser’s website.  This value is a ballpark and is typically lower than what your home would actually sell for.  The most accurate value will come from hiring an appraiser.  Of course this will cost you money.  The next best value will come from asking a real estate agent to perform a competitive market analysis (CMA).  A good real estate agent will do something similar to what an appraiser will do.  A lot of work goes into a CMA – I wrote a whole article on this.

So, can you believe a Zillow estimate?  Again, I say no.  However, if you’re going to look at it, scroll down to where Zillow shows “Comparable Homes” and at least look at which homes it thinks are comparable to yours.  If you would like a true estimate of your home’s value, Call Me!  850-974-0869

Real Estate Market Status March 7, 2024

What’s Coming to Niceville?

What coming to Niceville? – Let’s look at the Future.  Recently in the Facebook group “Niceville Word of Mouth”, I posed the question, “If you could change one thing about Niceville, what would it be?”  Over 300 people responded.  Many asked for a downtown, more sit-down restaurants, more places for people to gather, more affordable housing, a sports complex, a Home Depot, a Target and many other similar responses. This morning, I had the opportunity to sit in on a discussion with David Deitch, City Manager of Niceville.  He and his team have big plans and dreams for our sweet little town that I think will results in quite a few of these wishes.

What’s already in the works:

If you haven’t heard already, the city recently purchased and tore down an old building on Edge Ave. (click here for more details).  This land along with the surrounding land that is owned by the city is slated for development.  The plan is to provide more community gathering places.  Hopes are for a walking area with shops and restaurants.  Niceville is certainly lacking a true downtown.

Another project currently under development is a pier.  Across the street from “The Blue-collar Cafe and what used to be the Front Porch, there is a small landing owned by the city.  There are plans being developed to build a large pier with boat slips.  Imagine being able to boat over and walk to the new downtown.  Niceville has so many beautiful waterways and I think it would be great to show them off and make it easier for more residents to enjoy them.

The city is also working on making enhancements to our parks.  The Children’s Park and the Rocky Runway Park are just 2 that are slated for updates.  Some updates include making the facilities to cater to children with special needs.  The Children’s Park is now open 7 days a week in case you didn’t know.

Reclaimed water to be used by the residents of Deer Moss Creek is coming close to fruition.

The city is also currently negotiating a 30-year lease for the Mullet Festival area.  There are looking into redesigning the area to have dedicated sports fields for soccer, baseball, Lacross and Football.

Items a little farther in the future:

The city is also negotiating with Eglin Air Force Base to obtain several parcels of land.  The hopes for this land will be for affordable housing for our local workforce.  Currently a lot of our local workforce cannot afford to live in Niceville.  This is an issue for teachers, firefighters, military, police officers, nurses, and many more.   They are also hoping to develop a 55+ housing area on some of the land.  Both of these items are sorely needed in Niceville!

Bringing more childcare facilities and more medical providers to Niceville is worked on.

Discussions are also being had about widening Rocky Bayou Dr, College Blvd and 285.

Another item that may be more of a dream is conversion to underground utilities.

How can you find out more and keep up on new developments?

If you want to know more about what’s coming to Niceville, there are several ways to do this.  Midbay News is a great source of information.  You can go to their website or sign up for their weekly email newsletter.  You can visit the city’s website.  For those of you who prefer Facebook – you can also follow the city and Midbay News on there.  Of course, if you would like to hear it from the horse’s mouth, you can attend the city council or city planning meetings.  You can also join the city manager and the mayor at their monthly “Coffee and Conversations”.

If you or someone you know is looking for a realtor that knows and loves Niceville, I am that person!  Call Me!

 

Favorite Local Places February 20, 2024

Local Niceville Shop in Business Since 1965!

Can you guess which local Niceville shop has been in business since 1965?  If you guessed Katie’s House of Flowers, then you are correct!  Wow, that’s almost 60 years in business!  From the business name, you would probably guess that they sell flowers.  However, they do so much more than that!  They have flowers, plants, home decor, garden accessories, plant and flower subscriptions, and more.

Flower Delivery: 

They of course offer flower delivery.  They make arrangements for Anniversaries, Birthdays, Weddings, Funerals, Mother’s Day, Easter, Get Well, New Baby, Thank you, Congratulations, Prom, or any other special occasion you can think of.  They do custom bouquets and offer same day delivery!

Flower & Plant Subscriptions:

Have you ever heard of a flower or plant subscription?  I had not until recently.  Last Mother’s Day, my 5 children bought me a monthly flower subscription for a year!  On the same day each month, a bouquet of fresh cuts flowers shows up at my front door.  They are always different varieties and colors.  They are always smartly packaged and beautifully fresh.  Do you know a plant lover, you can send them a plant subscription.  Subscriptions can be delivered as often as once a week or as infrequently as once a quarter.  I feel like this is the perfect gift for that hard to shop for person.

Besides Flowers:

Other than flowers and plants you will find a variety of items that you may love or that would make a great gift.  Instead of searching Amazon for gift ideas, stroll into the shop.  There’s a lot to see.  You will find bath and body items, “Niceville” related items, candles, fragrances, baby gifts, cutting boards, kitchen clothes, decor, windchimes, and more.

Local Supporting Local:

Katie’s House of Flowers also carries items from other local vendors.  For example, you will see many items from the Register Bee Family Farm.  They also support local causes.  Currently you can help them support the community by purchasing a “Give Back Bouquet” for your loved one! All profits from this bouquet go directly to the Hutchins Family! The Hutchins’ daughter, Annalee, was diagnosed with a rare form of leukemia, and is currently receiving treatment in Pensacola at Struder Family Children’s Hospital.  If you are the first person to send me an email that says, “Give Back”, I will send a “Give Back Bouquet” to a person of your choice.

Location:

You can find Katie’s House of Flowers at 402 Bayshore Dr in Niceville.  You can reach them at 850-678-7811.  You can check out their website by clicking here.

Shop Local! Support this Local Niceville Shop in Business Since 1965!

Real Estate Tips February 8, 2024

Assuming a Low Interest Rate Mortgage Sounds Good – Is it?

Assuming a Low Interest Rate Mortgage Sounds Good – Is it?  My mom always said, “If it sounds too good to be true, it probably is”.  If it works for all parties involved it can be great.  A lot of homeowners were able to secure interests rates below 3% on their home loan.  I know of one homeowner with an assumable VA mortgage at 2.25%!  Our area has a lot of military homeowners, and we are reaching the point where a lot of them with those nice low rates are putting their homes up for sale.  If you’re looking to buy and hoping to assume a low-rate loan or looking to sell and planning to offer your low-rate loan, there are a few things you should know.

ARE ALL LOANS ASSUMABLE:

Most government loans are assumable, while private mortgages are not. That’s because many lenders include a due-on-sale clause in their paperwork. Examples of government loans are FHA, USDA, and VA.  You need to check with whatever company is currently servicing your loan to make sure your loan is assumable.

BUYERS:

Let’s start with buying a home where the seller is offering for you to assume their low interest rate loan.  The house is being offered for sale for $500,000.  They have a remaining balance on their loan of $350,000.  You would assume the loan of $350,000 and you would need cash for the remaining $150,000.  This is generally true.  There are a few companies that have recently come about that will allow you to take a loan for the balance.  But historically you cannot take a 2nd loan for the difference.  You can “borrow” the money from yourself by taking out a home equity loan on your current home or borrowing from your 401K.  Or perhaps you have someone who can “gift” you the funds.  Just know the details before you get too excited.

You will also still need to have a credit check completed and pay closing costs.  If a VA loan is involved, you will most likely have a funding fee as well.

Real Sign used by a client of mine when their home was for sale in the 80’s!

SELLERS:

Now for sellers.  You need to check with whatever company is currently servicing your loan to make sure your loan is assumable.  Don’t expect them to be excited about the prospect.  If your loan is assumable and you plan to offer it with the sale of your home, you should know a couple of things.  During the process, you will want to make sure that you receive a release of liability.  You don’t want to be liable if the buyer who assumes your loan defaults.  If your current loan is a VA loan you can offer it to any buyer.  If the buyer is a VA buyer with enough eligibility, then they can use their eligibility and release yours.  If you allow a non-VA buyer to assume your loan, it will keep your eligibility tied up.

TIMING COULD BE A FACTOR:

Buyers and sellers should both be aware of a timing factor.  Typically, it takes about 30 days time from a house contract being accepted to the closing on the house.  Occasionally this could take up to 45 days.  When a mortgage assumption is involved, expect it to take longer.  For a non-VA loan, plan on 60 days.  If the loan being assumed is a VA, plan on 90 days.  This extra time may or may not be a big deal, but you need to plan for it.  As mentioned above, the servicer of the loan probably won’t be too motivated to move quickly.  There really isn’t much incentive for them to do so.

Assuming a Low Interest Rate Mortgage Sounds Good – Is it?  It can be.  It just doesn’t work out for every situation.  As a real estate professional, I keep informed on all things involving the selling and buying of real estate.  If you or someone you know is looking to move or invest, I would love to help!  Contact Me.

Real Estate Tips January 24, 2024

Tax Benefits of Owning a Home

What are the tax benefits of owning a home? Homeownership comes with many financial advantages and perks.  These advantages include the ability to build home equity, leverage your borrowing power, and numerous tax benefits.  Let’s talk about the tax benefits.

Additional Property Tax Savings:

If you live in Okaloosa or Walton County, you can save on your property taxes.  Homeowners can claim a Homestead Exemption.  This not only reduces the amount to property taxes you will owe each, it also limits how much your taxes can increase each year.  In addition to the Homestead Exemption, there are numerous other exemptions that you may qualify for.  The deadline for applying for 2024 is March 1st.  These include:

Additional Exemption for Persons 65 and Older (Senior Exemption), Widow/Widower Exemption, Exemption for Blind Persons, Disability Exemption, Totally & Permanently Disabled Persons, Disabled Ex-Servicemember or Surviving Spouse, Totally & Permanently Disabled Veteran or Surviving Spouse,  Disabled Veterans Confined to Wheelchairs, Surviving Spouse of Veteran Who Died While on Active Duty, Surviving Spouse of First Responder Who Died in the Line of Duty, Totally & Permanently Disabled First Responder or Surviving Spouse, Veterans Age 65 and Older With Combat-Related Disability, Deployed Servicemembers.

What are the tax benefits of owning a home?  There are a lot.  Take advantage of them – who doesn’t like to save on taxes!  Happy Tax Day!

Uncategorized January 18, 2024

Waterfront Home Poker Run

A few other agents and I are hosting a Waterfront Home Poker Run on January 27.  The homes will be open from Noon to 3 for you to come view.  At each home you collect a card for your poker hand.  You must visit all 5 homes to be eligible to win (each home will have a different color deck of cards just to keep us all honest). You will then return your 5-card hand to any of the participating agents by 3:00 pm. The winner will be announced at 4:00 pm.  Some homes may also have door prizes that you can win.

This is a great opportunity to view 5 very different waterfront homes in the Niceville/Valparaiso area in 1 afternoon.  Stop by and give the agents an opportunity to tell you all about the homes.  The homes are listed by the following participating agents: 238 S Bayshore Dr ValparaisoChristina Leavenworth, 164 Grandview Ave ValparaisoAdam Bazzell, 109 Dolphin Point Road NicevilleLauren McMullen, 813 Bayshore Dr NicevilleVicky Leos, 1716 19th St NicevilleCindy Zimmermann.

This is a giveaway.  No cost to participate.  The winner will receive cash, gift cards and merchandise valued at $400.

Good questions to ask about a home in general:  Age, square footage, #beds, #bath, what updates have been done, age of the roof, is it in a flood zone, does the home have copper wiring.

Good questions to ask about waterfront homes:  Is it in a flood zone, is it deep water, can I access the bay from here, what is the dock made of, how much can the boatlift hold, what time of storm protection does the home have, has the home ever flooded or had storm damage.

So, come out and have some fun on a Waterfront Home Poker Run!

Uncategorized January 17, 2024

Update to 2024 Housing Predictions

Update to 2024 Housing Predictions.  If you read my blog 2 weeks ago, “Housing Predictions for 2024“, then you know I promised to update after the opportunity to hear Barry Habib speak.  Following are the key takeaways.

Interest Rates:  There is a reasonable chance of a rate decrease at the March 20th Fed meeting.  High probability of a rate decreases at both the May 1 and June 12 meeting.  Expect rates to be between mid-5’s and high 6’s for 2024.  Expect some additional decreases in 2025 and 2026.  Don’t expect rates to return to the 3’s.

Housing Prices:  Home appreciation is forecast to increase 4.5% – 5.00% and transaction volume is expected to rise 15% – 20%. The main driver of this is inventory.  There are far more households being formed than there are homes being built. This is why the real estate market has been so strong and why we are seeing prices increase in conjunction with the lack of inventory.  Expect 2024 to be no different.

So, what does this all mean?  Buy now.  Prices are only going to go up.  As rates go down more buyers enter the market.  Typically, a 1% decrease in interest rates results in 5 million more buyers entering the market.  Buy before prices go up and why you have less competition.  Spring typically brings more homes for sale.  However, it also brings more buyers to compete with.

In making updates to my 2024 Housing Predictions, I was pretty much on the money.   I have a few more details after the meeting, but my forecast certainly jives with Barry’s.

Real Estate Market Status January 4, 2024

Housing Predictions for 2024

2023 has come to an end, so let’s look at housing predictions for 2024.  While I don’t have a crystal ball, I do have my nerdy girl habit of reading articles on the economy and regularly pulling local market statistics.  However, next week I will have the opportunity of attending a talk by someone who has been the recipient of three Crystal Ball Awards for the accuracy of his real estate market forecasts. Mr. Barry Habib will be right here in little old Niceville.  I’ll let you know if he agrees with what I’m about to say here.

You can’t predict 2024 without looking at what happened in 2023.  There are a lot of factors driving the real estate market.  Inventory, the economy, home prices and interest rates are the key ones at the moment.

Let’s talk inventory:

6 months of inventory is considered a neutral market.  Anything less is considered a seller’s market.  2023 started off with 3.5 months of inventory.  Inventory levels never went above 3 months and ended with 2.5 months in December.  Less homes to choose from put sellers in the driver’s seat.  Many homeowners chose not to put their home up for sale because they are struggling to give up the sub-5% rate of their current mortgage. Lower rates in 2024 will hopefully help homeowners feel more comfortable listing their homes.  I would still predict inventory to lean to the seller’s advantage.

The economy

Unless you’ve been living under a rock or you are independently wealthy, the economy was tough for the average joe.  The robust GDP growth in Q3 2023 and continued resilience by consumers indicate the economy probably won’t start outright shrinking. Making it through 2024 without a recession will make life easier for most households.  Going into 2024, continued pressure from relatively high rates and a generally cooling economy should help bring inflation back down to more manageable levels.

Housing Prices: 

The median sales price for a single-family home in Niceville in December 2023 was $499,900; 9.63% higher than $456,000 from December 2022.  The average sales price in December 2023 was $575,940; 19.01% higher than $483,939 from December 2022.  The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in December 2023 was $251, equal to the previous month and 7.73% higher than $233 from December 2022.

A lot of people believe that we will have a market crash.  I do not believe Niceville will see this.  If you follow homes for sale, what you may have noticed is a lot of price reductions.  The sales price to list price ratio in Dec was 96.7% for Niceville.  This was the lowest in 3 years.  This tells me that while homeowners did not give their asking price, they still saw an increase from 2022.  I would expect home prices to remain steady in Niceville.  Historically, Niceville is a very stable market.

Interest Rates: 

Rates should level off, and likely, eventually fall. Even if the Fed doesn’t start cutting its benchmark rate until later this year, rates on products not directly tied to the Fed’s actions, like mortgages, could fall. If this happens, housing should get more affordable, even if home prices increase slightly in some areas.

In summary, the housing predictions for 2024 are positive.  I expect interest rates to come down slowly.   Don’t expect rates lower than the 5’s.   Inventory will remain tight.  Home prices will stay steady or slightly increase.  It remains to be seen if Barry Habib agrees with me.  However, Warren Buffett’s move to invest significantly in the housing market is a signal confidence in the industry and he agrees with a positive real estate outlook. We can’t forget that it’s an election year!

If you’re looking for someone to guide you buying or selling real estate, give me a call.  Residential or Commercial.

Real Estate Market Status December 12, 2023

Free Boat with Home Purchase

Sea Ray for Sale with or without homeFree boat with home purchase!  It’s not often that you hear that.  However, it is a real possibility.  I am representing a homeowner who would like to sell their waterfront home and their boat.  The house is located at 1716 19th Street in Niceville.  The boat is a 30 ft 2006 Sea Ray 300 Sundancer.  The boat is currently docked at the home on the 16K covered boat lift. Already have a boat, no worries.  There are 2 additional boat slips.  Interested in just the boat, it can be purchased separately and the current asking price is $49,750.

Interested in the house but not the boat, then the seller is ready to make other concessions.  Perhaps you would like him to pay for your closing costs or buydown your interest rate or just accept a lower purchase price.  Just give me a call (850-974-0869) and we can discuss what it would take to make you the new owner.

 

Waterfront Home for Sale in Niceville Waterfront Home is move in readyThe house has been beautifully updated and is move in ready.   The house is located on deep protected water in Sarah Ann Bayou.  This bayou has direct access to the bay.  I would love the opportunity to show you this lovely home.  Just give me a call (850-974-0869) to schedule a private showing or stop by during my next open house.

You can find more information on this home by clicking here.  If you would like more information on the boat, shoot me an email and I can send you details.  Email me at:  Cindy.Zimmermann@cbrealty.com

Free Boat with Home Purchase.  This would make a Christmas present to remember!