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Big Gains in March Home Pricing!

Panama City Beach Home Prices

Panama City Beach Home Prices

 Panama City Beach Home Prices

 

March home price gains highest since 2007

IRVINE, Calif. – April 21, 2016 – U.S. home prices rose 17 percent year-to-year in March, according to RealtyTrac’s latest report for month and first quarter of the year – and Florida remains the king of all-cash sales: State metro areas took all spots on the top five all-cash-sales list.

RealtyTrac’s March and Q1 2016 U.S. Home Sales report finds that the average U.S. home sold for $30,500 more than they owner paid for it – a 17 percent average gain in price. It’s the highest monthly average price gain for sellers since the onset of the Great Recession (December, 2007).

While Florida had a handful of cities with high price gains, it stood out in one type of sale category overall: All-cash sales. Among 110 metro areas with at least 1,000 single family and condo sales in the first quarter, those at the top for cash buyers were all in Florida: Naples, (57.1 percent cash buyers) Miami (53.9 percent), North Port-Sarasota-Bradenton (53.4 percent), Palm Bay-Melbourne-Titusville (52.7 percent) and Ocala (51.6 percent).

“South Florida real estate attracts world money,” says Mike Pappas, CEO and president of Keyes Company, covering the South Florida market. “Our strong international, northeast and investor buyers push our cash sales to 50 percent.”

Two markets, Jacksonville and the Daytona Beach area, also ranked high in RealtyTrac’s study for yearly home price increases. The markets with the biggest annual increase in median home price were Philadelphia (up 29 percent), followed by Rockford, Illinois (up 22 percent); Jacksonville (up 22 percent); Cincinnati, Ohio (up 19 percent); and Deltona-Daytona Beach-Ormond Beach (up 18 percent).

“Home sellers in many markets are now seeing average price gains close to or above what home sellers experienced during the last housing boom,” says Daren Blomquist, senior vice president at RealtyTrac. “That should encourage more homeowners to take advantage of the prime seller’s market and list their homes for sale this year. Banks are already taking advantage of that market as evidenced by the uptick in the distressed sales share over the last two quarters.”

Blomquist says that an uptick in distressed sales in many markets combined with affordability problems contribute “to faltering home price appreciation in some markets – most notably the bellwether markets of Washington, D.C. and San Francisco. He notes that “bank-owned homes are selling at a median price that is 40 percent below the overall median sales price nationwide.”

Home sellers who sold in March had, on average, owned for 7.67 years, up 4 percent from an average of 7.37 years for home sellers who sold in March 2015.

Nationwide, one in three U.S. metro markets (36 percent) are now at all-time home price highs. March was the 49th consecutive month with a year-over-year increase in the U.S. median home price, though, on average, it’s still 8 percent below its peak in July 2005.

Distressed sales – bank-owned sales, in-foreclosure sales and short sales – have risen for the past two quarters. They accounted for 18.2 percent of all single family and condo sales in the first quarter, up from 17.2 percent in the previous quarter. Still, distressed sales are down year-to-year after peaking at 44 percent in the first quarter of 2009.

Among 110 metro areas with at least 1,000 single family and condo sales in the first quarter, those with the highest share of distressed sales were Chicago, Illinois (31.0 percent); Flint, Michigan (29.9 percent); Baltimore, Maryland (28.8 percent); Tallahassee (28.1 percent); and Jacksonville (27.6 percent).

Buyers using loans backed by the Federal Housing Administration (FHA) – typically first-time buyers or boomerang buyers with a low downpayment – accounted for 15.2 percent of all single family and condo sales in the first quarter, up from 14.8 percent in the previous quarter and up from 13.5 percent a year ago.

© 2016 Florida Realtors®  

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Origin Poolside!

15100 FRONT BEACH 432 Road 432, Panama City Beach, FL 32413

15100 FRONT BEACH 432 Road 432, Panama City Beach, FL 32413

One of a kind beach getaway retreat with gulf view & pool view; direct pool access from condo. Looking for a vacation retreat to relax in this is it; looking for an investment property, you have found it. This one bedroom retreat has the capacity to sleep six, with the pull out murphy bed discreetly tucked away on exterior wall. Extra storage space in the bathroom and brand new memory foam mattress on the master bed. This MUST SEE unit is located in the popular Origin At Seahaven, just across the street from the gulf and Sharkey’s; close to Pier Park with shopping and restaurants as well as Gulf World. Origin complex offers motor court entrance with covered parking, nice lobby area and corridors; grand terrace with zero entry pool as well as hot tub located on the 4th floor.

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8 Bad ‘Home Improvement’ Habits

8 Bad ‘Home Improvement’ Habits

8 Bad ‘Home Improvement’ Habits

8 Bad ‘Home Improvement’ Habits from RealtorMag

Home owners can overdo it when it comes to the upkeep of their home. This Old House recently spotlighted several ways that home owners’ enthusiasm for home ownership may actually harm the house.

1. Having light bulbs that are too bright. You want a well-lit home, but exceeding a lamp or light fixture’s recommended wattage can be dangerous, particularly with incandescents or halogen lights, says John Drengenberg, consumer safety director for Underwriters Laboratories. “Using a bulb with too-high wattage will cause the fixture and its wiring to overheat,” he notes, which could then allow the heat to travel to the wall or erode the insulation on the wires and lead to a house fire. Check the fixtures label to make sure you use the correct wattage.

2. Planting trees near driveways or walkways. A line of trees to the house may up its curb appeal but adding young trees near driveways or walkways could be putting your slab at risk. As these trees grow taller, their roots will go outward, potentially pushing up the paving and causing it to buckle or crack. This Old House recommends planting small trees that will remain under 20 feet at maturity and that are at least 10 feet from paved areas. For larger trees, leave at least a 20-foot radius.

3. Overscrubbing a sink. Don’t overdo it with abrasive cleaners; they can scratch the sink. “Cleaners with a grit or grain to them will wear away at the finish and dull it,” Kohler‘s Mike Marbuch told This Old House. “That will make the sink more prone to gunk sticking to it—actually making it look dirtier.” Try a liquid cleanser like vinegar or lemon juice on the sink and avoid scrubbing it every day.

4. Overdoing it with can lights. Excessive recessed lighting in a home can cause a lot of air leaks. Recessed lighting is known as causing heat-sucking air leaks, especially when the fixtures are unsealed in vaulted ceilings. Airtight recessed lighting fixtures are available that are rated for insulation contact (IC). Also, use as few recessed lights as you can, especially when it comes to adding them to cathedral ceilings or in rooms directly below unconditioned attics.

5. Spreading too much mulch outside. “Over-mulching will suffocate plants, confuse their root systems, and prevent water from percolating into the soil,” notes the article at This Old House. “If you’ve mulched so much that tree trunks and flowers’ and shrubs’ lower branches are covered by or dragging in it, you’ve gone overboard.” Have mulch no thicker than 3 inches.

6. Using glass cleaner on mirrors. Watch out for store-bought sprays that promise to make your glass sparkle. “A drop of liquid running around the mirror’s edge can cause the reflective backing to lift or craze,” This Old House notes. The black edge can occur from using ammonia- or vinegar-based cleaners. This Old House recommends using warm water and a soft, lint-free cloth to clean mirrors. Or if you do use the sprays, spray it onto a dry cloth first and not directly onto the glass.

7. Repainting too much. “Excessive paint is detrimental – especially on an older house, which may have layers of thicker oil-based paint, which becomes brittle with age,” notes This Old House. To avoid thick, cracked, or peeling paint, be sure to carefully power-wash prior to painting, sand areas that need it, and then use 100 percent acrylic-resin exterior paint.

8. Fertilizing too much. Fertilizing too often can spur more weeds to grow. Also, the Environmental Protection Agency warns over-fertilizing can cause “nutrient pollution,” which is when nitrogen and phosphorus runoff from lawn fertilizers and then leads to an overgrowth of algae that can even pollute local waterways. Some lawn experts recommend only fertilizing twice a year, late summer and fall only.

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Vacant Lot Blocks from the Beach!

324 TANAGA, Panama City Beach, FL 32413

324 TANAGA, Panama City Beach, FL 32413

Not many single lots left on the west end of Panama City Beach. Kiska Beach is just blocks from the gulf. This lot sits in an established neighborhood which the road dead ends so no thru traffic.

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Tax Benefits of Owning a Home

Tax Benefits of Owning a Home

Tax Benefits of Owning a Home

The Tax Benefits of Owning a Home

From building equity to giving you a chance to settle down and plant roots, homeownership comes with potential benefits that renting simply doesn’t offer. Among them are several tax advantages worth knowing about. Here’s a quick look at how to make the most of those tax deductions.

Deducting Mortgage Interest…
Unless you recently won the lottery, chances are good that you took out a mortgage to pay for your home. If that’s the case, then you already know that this type of loan is a big commitment that often spans up to 30 years. But you may be able to deduct the interest you pay on a mortgage that doesn’t exceed $1 million. That limit shrinks to $500,000 if you’re married but filing taxes separately from your spouse. As tax season approaches, your lender will send you a Form 1098, which states how much mortgage interest you’ve paid in the past year. Once you know that amount, you’ll have to itemize your deduction using Form 1040’s Schedule A. The amount of money you’ll save depends on your taxable income. Generally speaking, the higher your earnings, the more money you can save.

Property Taxes also Qualify for Deductions
Homeowners can also reduce their taxable income by deducting their property taxes. Your lender has probably set you up with an escrow account, which is used to pay for things such as homeowners insurance and property taxes. To figure out how much money to deduct, take a look at the escrow statement to see how much you paid in taxes. You’ll generally be able to cut your taxable income by that amount.

The Takeaway
Because financing and maintaining a house or apartment can put a real dent in your wallet, it’s a good idea to take advantage of all the help you can get. Maximizing the tax breaks that homeowners qualify for is a great starting point. To do so, be sure to keep an eye out for Form 1098, as well as the escrow statement. Although filling out and filing these documents may take some getting used to, you’ll be a veteran in no time, and it may be well worth the effort.

Contact Us and one of our professional agents would be happy to help you start your home ownership journey!

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Condos For Sale Panama City Beach

Condos For Sale Panama City Beach

Condos For Sale Panama City Beach

 

Condos For Sale Panama City Beach

 

PANAMA CITY BEACH, Fla. (WJHG/WECP) It’s no secret Panama City Beach is growing tremendously.

Pier Park has been built up over the years, and now sports parks are coming to the area along with new condos and hotels.

With all of these things making their way to Panama City Beach, the value of houses and businesses is going up.

Bubba McCants, a local realtor for Counts Real Estate Group, said, “Buyers who are qualified are able to buy, banks are lending money, and interest rates are low.”

In other words, if you’re planning on buying or selling property in Panama City Beach, now’s the time to do so.

Realty experts said over the last two years the housing market has been in an upward swing.

“We were one of the first ones in the recession,” said McCants. “So that means we’re also going to be one of the first ones out.”

Bay County Property Appraiser Dan Sowell said, “Prices had gotten so low that they were just very, very, attractive to individuals and investors and so what you’re seeing now is people trying to take advantage of that.”

Bay County property values as a whole are on the rise.

Panama City Beach takes the lead with its 2016 preliminary values up more than five percent.

“Condo’s are driving a lot of that percentage up,” said Sowell. “Because they are up 6.1 percent on their own.”

While the market is up, some Gulf-view businesses are cashing in before it’s too late.

“There’s still a good amount left [locally owned businesses] and they will sell if the price is right,” said McCants. “And to someone who wants to come in and develop that land.”

Locally owned two parcel Bikini Beach Hotel just sold to an investment company for $7.3 million.

“People pay a premium to walk out of their front door and be on the beach,” said Sowell.

Realty experts said when you see new hotels and condominiums going up, it’s a good sign.

“When you see a lot of construction around that’s how you know the housing market is doing well,” said McCants.

“Things are looking up,” said Sowell. “You’re not going to find a better place to live than Bay County, Florida.”

Realty experts said they do not believe spring break has significantly affected the increase in property value, but the efforts of the Tourist Development Council marketing Panama City Beach as a “family destination” can only help moving forward.

 

Click here to contact Us and our Professional Agents will be happy to help you find the Condo of your Dreams!

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Close to Everything!

11807 FRONT BEACH 1-707, Panama City Beach, FL 32407

11807 FRONT BEACH 1-707, Panama City Beach, FL 32407

Grand Panama Beach Resort is one of the newest nicest luxury Resorts on Panama City Beach. This 2 bed 2 bath w/ bunks is Beach front on the desired 7th floor. Granite counter tops , tile and wood floors throughout no carpet. Stainless appliances, Beautiful view of the Gulf from the balcony. Amenities galore, 2 pools, hot tubs, Tiki bars, Fitness room, Conference center , event center. This is a gorgeous 2 bed 2 bath which is a rental machine.

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Beachfront Grand Panama!

11807 FRONT BEACH 1-708, Panama City Beach, FL 32407

11807 FRONT BEACH 1-708, Panama City Beach, FL 32407

Grand Panama Beach Resort is the nicest Luxury Resort on the Beach. This Beach Front 2 bed 2 bath / bunks is absolutely stunning. No carpet, all tile and engineered hard wood. Granite counter tops throughout, stainless appliances, Amenities galore, fitness room, conf center, 2 pools, tiki bars, hot tubs, down the elevator and on the beach. This condo is a rental machine as well.

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Fantastic Grand Panama Deal!

11807 FRONT BEACH 1-1807, Panama City Beach, FL 32407

11807 FRONT BEACH 1-1807, Panama City Beach, FL 32407

LEAST EXPENSIVE 2 BED 2 BATH BEACH SIDE CONDO IN GRAND PANAMA!!!!! – Grand Panama Beach Resort the nicest Luxury Resort on the Beach. This Tower 1 beach front 2 bed 2 bath with bunks is a rental machine or can call it home full time. Stanless appliances, granite counter tops, tile floors, upgraded to the max, Grand Panama is full of amenities, 2 pools, tiki bars, full size fitness room, conf center and event center for owners use.

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Florida Mortgage Rates

Florida Mortgage Rates

Florida Mortgage Rates

Average rate on 30-year mortgage falls to 3.62%

 

WASHINGTON (AP) – Feb. 25, 2016 – Average long-term U.S. mortgage rates fell this week as anxiety over the global economy persisted. Long-term rates resumed their decline after being unchanged last week following six straight weeks of easing.

Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year, fixed-rate mortgage slipped to 3.62 percent from 3.65 percent last week. That puts it well below the 3.80 percent it marked a year ago.

The average rate on 15-year fixed-rate mortgages declined to 2.93 percent from 2.95 percent last week.

Mortgage rates have continued to fall despite the Federal Reserve’s decision in December to raise the short-term rate it controls for the first time since 2006.

Global economic worries and turbulence in world stock markets have pushed up prices of U.S. government bonds as investors seek safety. That has depressed the yields on the bonds, which mortgage rates follow. The yield on the 10-year Treasury bond has dropped to strikingly low levels below the significant 2-percent mark.

The benchmark yield stood at 1.75 percent Wednesday, down from 1.81 percent a week earlier. The yield fell further to 1.72 percent Thursday morning. That compares with 2.27 percent before the Fed’s rate hike on Dec. 16.

Despite the decline in mortgage rates this year, new government data show that Americans stepped back from buying new homes in January, as purchases plunged sharply in western states where prices are typically higher.

The Commerce Department said Wednesday that new-home sales fell 9.2 percent last month to a seasonally adjusted annual rate of 494,000. Most of the decline stemmed for a 32.1 percent drop in sales in the West. Sales also slipped in the Midwest, while edging up in the Northeast and South.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fees for a 30-year mortgage rose to 0.6 point from 0.5 point last week. The fee for a 15-year loan was unchanged at 0.5 point.

Rates on the adjustable five-year mortgage averaged 2.79 percent this week, down from 2.85 percent last week. A year ago, the 5-year ARM averaged 2.99 percent.

The fee on a five-year adjustable-rate mortgage increased to 0.5 point from 0.4 point.

 

Now is the time to buy! Click here to contact us and one of our professional agents would be happy to help you “find your piece of paradise!”

SHORES OF PANAMA CONDO AUCTION99 Fully Furnished Condo Units for Sale
PRE-SELLING NOW! AUCTION DATE DEC 4TH!

Fill out the form below to get information on these Shores of Panama condos for auction.





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