No Comments

Real Estate Myth Buster – Panama City Beach Real Estate

real estate myth buster

Real Estate Myth Buster, Panama City Beach, and along the Emerald Coast.

Let’s talk about the five common misconceptions when thinking about purchasing a home in today’s competitive Panama City Beach real estate market.

REAL ESTATE MYTH BUSTER IN THE PANAMA CITY BEACH REAL ESTATE MARKET.

What do I mean when I speak about Real Estate Myth Buster in today’s Panama City Beach real estate market? 

For quite some time, the landscape of the real estate in Panama City Beach was quite different.  We had substantial inventory, and it was more of a buyer’s market.  Meaning buyers did not necessarily have to worry about competing offers; as long as the offer was within the market expectation, there was a high probability that the unit they put an offer on would go under contract.  

Times have changed!

Now the buyer has to be ready to act quickly.

Sellers have to be informed, so they price their home to maximize the price point.

These real estate myth busters will help you achieve your real estate goals.

Myth #1.  It’s better to get pre-approved after you find the perfect home to buy.

REALITY:  You should get pre-approved before you begin your home search.  That way, you will know your budget and act quickly when ready to make an offer.  Also, that will strengthen your offer to sellers.

Myth #2.  Always start with your lowest offer when buying a home.

REALITY:  In a competitive market like we have today, you may not get a second chance.

Myth #3.  It’s better to price your house on the high side when you are selling.

REALITY:  A house that is priced competitively will likely sell faster and attract multiple offers.

Myth #4.  Renovating your house will definitely net you more money when you sell.

REALITY:  Some renovations may be necessary, but not all of them.  Your trusted agent can advise you on what is important to fix before selling and what is not.

Myth #5.  It is safe to skip the home inspection if the house looks good.

REALITY:  You should not skip the inspection.  It could uncover hidden problems that might cost you down the line.

 

Bottom Line

Today’s competitive market makes it more important than ever to make a strong offer on a home.  An experienced agent is critical in helping buyers and sellers in the Panama City Beach real estate market.  Let’s connect to make sure you rise to the top along the way.

Do you have further questions regarding making a winning offer?  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 answer your questions and help you find your piece of paradise.

 

 

 

No Comments

Diamond In The Rough Edgewater Golf Villa Renovation – Panama City Beach Real Estate

Edgewater Golf Villa Renovation

Real estate along the Emerald Coast.

Diamond in the rough, Edgewater Golf Villa renovation.  The Edgewater Beach Resort is the only true resort in Panama City Beach.  A truly all-inclusive resort with a golf course, tennis courts, pickleball, shuffleboard, and more.  And of course pools, including a lagoon pool oceanfront restaurant….and of course the sugar sands of the Gulf of Mexico!

Some of our agents have been part of the journey of helping with the purchase, and renovation of the charming golf villas, bringing the 1980’s to 2021.  Knowing the ins and outs of the market and the renovation process our team can help you.

“Home is where the heart is.”

 

We hope you took a brief moment to watch this short video on the renovation of an Edgewater Golf Villa, located in Edgewater Beach Resort.  

If you would like to discuss further the value of your home in today’s market, please reach out to us. 

 Life’s A Beach Real Estate team is a full-service brokerage with experienced agents.  We are here to help you with all your real estate needs.  

You can find us in multiple locations along the Emerald Coast.  We have three offices in Panama City Beach, FL, and one office in 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.

No Comments

How To Make A Winning Offer – Emerald Coast Real Estate

Winning Offer

The real estate market along the Emerald Coast currently favor’s a seller’s market.

There are a lot of active buyers competing for a relatively low number of available homes and condos.  As a result, it is essential to understand how to make a confident, competitive, and winning offer on your dream beach home.

Here are five tips for success in this critical stage of the home buying process along the Emerald Coast.

How to Make a Winning Offer on a Home

Making a winning offer is essential if you want to purchase your beach home along the Emerald Coast.  We are seeing new properties hitting the market receiving multiple same-day offers, resulting in bidding wars.  So let’s get down to it…how do you make the WINNING OFFER?

1. Listen to Your Real Estate Advisor

An article from Freddie Mac gives direction on making an offer on a home. From the start, it emphasizes how trusted professionals can help you stay focused on the most important things, especially at times when this process can get emotional for buyers:

“Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.”

A LOCAL real estate professional should be the expert guide you lean on for advice when you’re ready to make an offer.

2. Understand Your Finances

Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to get pre-approved for a loan early in the homebuying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to take this step so you stand out from the crowd. Doing so make it clear to sellers you’re a serious and qualified buyer, and it can give you a competitive edge in a bidding war.

3. Be Prepared to Move Quickly

According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), the average property sold today receives 3.7 offers and is on the market for just 21 days. These are both results of today’s competitive market, showing how important it is to stay agile and alert in your search. As soon as you find the right home for your needs, be prepared to submit an offer as quickly as possible.

4. Make a Fair Offer

It’s only natural to want the best deal you can get on a home. However, Freddie Mac also warns that submitting an offer that’s too low can lead sellers to doubt how serious you are as a buyer.Don’t make an offer that will be tossed out as soon as it’s received.  The expertise your agent brings to this part of the process will help you stay competitive:

“Your agent will work with you to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.”

5. Stay Flexible in Negotiations

After submitting an offer, the seller may accept it, reject it, or counter it with their own changes. In a competitive market, it’s important to stay nimble throughout the negotiation process. You can strengthen your position with an offer that includes flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). Freddie Mac explains that there are, however, certain contingencies you don’t want to forego:

Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”

Bottom Line

Today’s competitive market makes it more important than ever to make a strong offer on a home. Let’s connect to make sure you rise to the top along the way.

Do you have further questions regarding making a winning offer?  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 answer your questions and help you find your piece of paradise.

 

 

 

No Comments

Put Your Equity To Work – Emerald Coast Real Estate

PUT YOUR EQUITY TO WORK!

Real estate along the Emerald Coast.

Believe it or not, but you may have more home equity than you think!

Helping to drive equity, supply, and demand.   Inventory is low, and buyers are actively in the market.

If you have been thinking about what it would be like to live along the Emerald Coast, reach out to us!  We would love to share our “living the dream” beach living lifestyle!

“Home is where the heart is.”

 

We hope you took a brief moment to watch this short video for more insight on increased equity.  

If you would like to discuss further the value of your home in today’s market, please reach out to us. 

 Life’s A Beach Real Estate team is a full-service brokerage with experienced agents.  We are here to help you with all your real estate needs.  

You can find us in multiple locations along the Emerald Coast.  We have three offices in Panama City Beach, FL, and one office in 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.

No Comments

Appraisals Versus Inspection – Emerald Coast Real Estate

Appraisal Versus Inspection

When you apply for a mortgage, an unbiased appraisal (required by the lender) is the best way to confirm the home’s value based on the sale price. Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal will help make sure the bank doesn’t loan you more than what the home is worth.

Appraisal Versus Inspection

What’s the Difference between an Appraisal and a Home Inspection?

Many new buyers ask, what is the difference between an appraisal versus an inspection. If you’re planning to buy a home along the Emerald Coast, an appraisal is an essential step in the process. It is a professional evaluation of the market value of the home you’d like to buy. In most cases, the lender will order an appraisal to confirm or verify the home’s value before lending a buyer money for the purchase. It’s also a different step in the process from a home inspection, which assesses the condition of the home before you finalize the transaction. Here’s the breakdown of each one and why they’re both critical when buying a home.

Home Appraisal

The National Association of Realtors (NAR) explains:

“A home purchase is typically the largest investment someone will make. Protect yourself by getting your investment appraised! An appraiser will observe the property, analyze the data, and report their findings to their client. For the typical home purchase transaction, the lender usually orders the appraisal to assist in the lender’s decision to provide funds for a mortgage.”

When you apply for a mortgage, an unbiased appraisal (required by the lender) is the best way to confirm the home’s value based on the sale price. Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal will help make sure the bank doesn’t loan you more than what the home is worth.

This is especially critical in today’s sellers’ market, where low inventory is driving an increase in bidding wars, which can push home prices upward. When sellers are in a strong position like this, they tend to believe they can set whatever price they want for their house under the assumption that competing buyers will be willing to pay more.

However, the lender will only allow the buyer to borrow based on the value of the home. This is what helps keep home prices in check. If there’s ever any confusion or discrepancy between the appraisal and the sale price, your trusted real estate professional will help you navigate any additional negotiations in the buying process.

Home Inspection

Here’s the key difference between an appraisal and an inspection. MSN explains:

In simplest terms, a home appraisal determines the value of a home, while a home inspection determines the condition of a home.”

The home inspection is a way to determine the current condition and safety of the home before you finalize the sale. The inspection report addresses if anything is questionable the process. Some examples of issues that could arise could be the age of the roof, the state of the HVAC system, or just about anything else. You, as a buyer, have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. Your real estate agent is a key expert to help you through this part of the process.

Bottom Line

The appraisal and the inspection are critical steps when buying a home, and you don’t need to manage them by yourself.  

Do you have further questions regarding the appraisal process and the home inspection process?  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 answer your questions and help you find your piece of paradise.

 

 

 

No Comments

SOLD Origin At Seahaven 908 – Life’s A Beach Real Estate, Agent Johnna Bass

SOLD – Origin At Seahaven,

unit 908

Life’s A Beach Real Estate, helping buyers and sellers with their real estate needs.

Have you have been thinking about buying or selling real estate along the Emerald Coast?  Now is the time.  

Remember, inventory is low, and buyers are actively in the market.

“Helping you find your piece of paradise.”

 

We hope you took a brief moment to watch this short video of the interior of Origin at Seahaven 908.

 Life’s A Beach Real Estate team is here to help you with your real estate needs whether buying or selling.

You can find us in multiple locations along the Emerald Coast.  We have three offices in Panama City Beach, FL, and one office in 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.

No Comments

Buying a Home in 2021 – Emerald Coast Real Estate

Buying a Home in 2021

Real estate along the Emerald Coast.

Well, we made it to 2021, and January is the start of a new year…perhaps it’s time for a new home.

Have you have been thinking about moving and buying real estate along the Emerald Coast?  Now is the time.  

Remember, inventory is low, and buyers are actively in the market.

If you have been thinking about what it would be like to live along the Emerald Coast, reach out to us!  We would love to share our “living the dream” beach living lifestyle!

“Home is where the heart is.”

 

We hope you took a brief moment to watch this short video for more insight into buying a home in 2021.

 Life’s A Beach Real Estate team would like to welcome you to their communities and welcome you home!   We are here to help you with your real estate needs.  

You can find us in multiple locations along the Emerald Coast.  We have three offices in Panama City Beach, FL, and one office in 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.

No Comments

Increasing Wealth Through Homeownership – Emerald Coast RE

increasing wealth through homeownership

Some argue that renting eliminates the cost of property taxes and home repairs. Every potential renter must realize that all the expenses the landlord incurs (property taxes, repairs, insurance, etc.) are already baked into the rent payment – along with a profit margin. You don’t save money by renting.

The Importance of Home Equity in Building Wealth

Increasing Wealth Through Homeownership

Let’s talk about increasing wealth through homeownership.  Homeownership has always been the first rung on the ladder leading to household wealth. As Freddie Mac recently posted:

“Homeownership has cemented its role as part of the American Dream, providing families with a place that is their own and an avenue for building wealth over time. This ‘wealth’ is built, in large part, through the creation of equity…Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

What is Home Equity?

Home equity is the difference between the current market value of your house and the amount you currently owe on your mortgage. To estimate your equity, subtract your mortgage balance from the market value of your home.

You can find what you owe on your mortgage by looking at your last monthly statement or by contacting your lender. If you need help determining the current market value of your home, contact a local real estate professional.

Is homeownership truly a better path to wealth than renting?

Some argue that renting eliminates the cost of property taxes and home repairs. Every potential renter must realize that all the expenses the landlord incurs (property taxes, repairs, insurance, etc.) are already baked into the rent payment – along with a profit margin. You don’t save money by renting.  You are saving money, by increasing wealth through homeownership.

As proof of this, First American broke down the net worth of homeowners and renters by income categories. Here are their findings:The Importance of Home Equity in Building Wealth | MyKCM Only one income category ($127-192K) has a higher net worth for renters over homeowners. Every other category shows that being a homeowner leads to greater accumulated wealth.

According to the latest Homeowner Equity Insights Report from CoreLogic, the average homeowner gained $17,000 in equity in just the last year. Here’s a breakdown of the year-over-year equity gain by state:The Importance of Home Equity in Building Wealth | MyKCM

When can you cash in on your housing wealth?

Your home equity is part of your total wealth as a homeowner. The two most common ways homeowners can leverage their wealth are:

  • Selling
  • Refinancing

Selling: When you decide to sell your home, the equity you’ve built over time will come back to you in the sale. For example, if you paid off your $200,000 mortgage and sold your home for $350,000, you would receive $150,000 after closing.

Refinancing: You can refinance your current mortgage and take out some of the equity you have accumulated. With today’s historically low mortgage rates, you may be able to take out substantial cash and keep your monthly payment the same. Thankfully, homeowners today are doing this responsibly and not repeating the same mistakes made in 2006-2008 when some cashed out their entire equity to purchase luxury items like new cars, lavish vacations, etc.

How can these options help homeowners?

During these difficult times, many households are struggling with their housing expenses. Homeowners, because of their equity, have better alternatives. Odeta Kushi, Deputy Chief Economist at First American, recently explained that homeowners financially impacted by the pandemic will not necessarily be faced with foreclosure:

“The foreclosure process is based on two steps. First, the homeowner suffers an adverse economic shock…leading to the homeowner becoming delinquent on their mortgage. However, delinquency by itself is not enough to send a mortgage into foreclosure. With enough equity, a homeowner has the option of selling their home, or tapping into their equity through a refinance, to help weather the economic shock.”

What might the future bring?

Most experts are calling for home prices to continue appreciating going forward. The Home Price Expectation Survey, a survey of a national panel of over one hundred economists, real estate experts, and investment & market strategists, indicates appreciation will continue for at least the next five years. Using their annual projections, the graph below shows the equity build-up a purchaser would potentially earn by buying a $300,000 home this January:The Importance of Home Equity in Building Wealth | MyKCM

Bottom Line

Home equity, for most Americans, is the quickest way to build household wealth. That wealth gives homeowners more options during good times and in difficult situations.

Are you increasing your wealth through homeownership?  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.

 

 

 

No Comments

Turning A House Into A Happy Home – Emerald Coast RE

Happy Home

We talk a lot about why it makes financial sense to buy a home, but more often than not, we’re drawn to the emotional reasons for homeownership.

Turning a House into a Happy Home Along The Emerald Coast

Happy homes along the Emerald Coast, without a doubt the location makes for a “happy home”, but what are other areas that make a happy home?

We talk a lot about why it makes financial sense to buy a home, but more often than not, we’re drawn to the emotional reasons for homeownership.

No matter the living space, the feeling of a home means different things to different people. Whether it’s a certain scent or a favorite chair, the feel-good connections to our own homes are typically more important to us than the financial ones. Here are some of the reasons why.

1. Owning your home is an accomplishment worth celebrating

You’ve likely worked very hard to achieve this dream, and whether it’s your first home or your fifth, congratulations are in order for this milestone. You’ve earned it.

2. There’s no place like home

Owning your own home offers not only safety and security but also a comfortable place where you can simply relax and kick-back after a long day. Sometimes, that’s just what we need to feel recharged and truly content.

3. You can find more space to meet your needs

Whether you want more room in your home for your changing lifestyle (think: working from home, virtual school, or a personal gym), or you simply prefer to have a large backyard for socially-distant entertaining, you can invest in a location that truly works for your evolving needs.

4. You have control over renovations, updates, and your style

Looking to try one of those complicated wall treatments you saw on Pinterest? Tired of paying an additional pet deposit for your apartment building? Maybe you want to finally adopt that fur-baby puppy or kitten you’ve been hoping for. You can do all of these things in your own home.

Bottom Line

Whether you’re a first-time homebuyer, investment buyer, or a move-up buyer who wants to start a new chapter in your life, now is a great time to reflect on the intangible factors that turn a house into a happy 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.

 

 

 

No Comments

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.