No Comments

Will Mortgage Rates Remain Low Next Year?

Mortgage Rates

In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year, which is good news for the PCB Real Estate Market.

Will Mortgage Rates Remain Low Next Year?

In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year. According to Freddie Mac, rates hit all-time lows 12 times this year, dipping below 3% for the first time.  Making buying a home or condo along the Panhandle’s Emerald Coast more and more attractive as the year progressed (See graph below):

Will Mortgage Rates Remain Low Next Year? | MyKCMWhen you continually hear how rates are hitting record lows, you may be wondering: Are they going to keep falling? Should I wait until they get even lower?

The Challenge With Waiting.

The challenge with waiting is that you can easily miss this optimal window of time and then end up paying more in the long run.  Not to mention, you may miss out on the perfect Emerald Coast beach home.  Last week, mortgage rates ticked up slightly. Sam Khater, Chief Economist at Freddie Mac, explains:

Mortgage rates jumped this week as a result of positive news about a COVID-19 vaccine. Despite this rise, mortgage rates remain about a percentage point below a year ago.”

Mortgage Rates Are Still Lower Today Than They Were One Year Ago.

As the economy continues to get stronger and the pandemic is resolved, there’s an excellent chance that interest rates will rise again.  Several top institutions in the real estate industry are projecting an increase in rates over the next four quarters (See chart below):Will Mortgage Rates Remain Low Next Year? | MyKCM

If you’re planning to wait until next year or later, Mike Fratantoni, Chief Economist at the Mortgage Bankers Association (MBA), forecasts mortgage rates will begin to rise steadily.Will Mortgage Rates Remain Low Next Year? | MyKCM As a buyer, you need to decide if waiting makes financial sense for you.

Bottom Line

If you’re planning to buy a home or condo along the Emerald Coast, don’t wait.  Take advantage of today’s low rates. Now is the time to do so. Please don’t assume they’re going to stay this low forever.

 

To learn more, reach out to the Life’s A Beach Real Estate team. We are here to help you find your piece of paradise.  We have agents in Panama City Beach and surrounding areas.  As well as the Destin San Destin 30A area.

 

 

 

No Comments

Working From Home?

Working From Home

Working from home, PCB style.  Businesses all over the country have figured out how to operate remotely and the trend may continue. What better area to work from than Panama City Beach!

Why Working from Home May Spark Your Next Move

If you’ve been working from home this year, chances are you’ve been at it a little longer than you initially expected. Businesses all over the country have figured out how to operate remotely to keep their employees healthy, safe, and productive. For many, it may be carrying into next year and possibly beyond.

While the pandemic continues, Americans re-evaluate their homes, floorplans, locations, needs, and more. Some need more space, while others need less. Whether you’re renting or own your home, if remote work is part of your future, you may be thinking about moving, especially while today’s mortgage rates are so low.

Why Move To Panama City Beach?

Now, if you live in the Panama City Beach area, odds are you do not want to move away if you have the option of working from home…However, if your work-life allows a move to PCB, now is the time!  Imagine taking that zoom call while sitting on your deck overlooking The Gulf of Mexico!  Or maybe you are sitting out by your pool…why not enjoy the beach life work life!!

A recent study from Upwork notes:

“Anywhere from 14 to 23 million Americans are planning to move as a result of remote work.”

To put this into perspective, last year, 6 million homes were sold in the U.S. This means roughly 2 – 4X as many people are considering moving now, and there’s a direct connection to their ability to work from home.

The same study also notes while 45.3% of people are planning to stay within a 2-hour drive from their current location, 41.5% of the people who are citing working from home as their primary reason for making a move are willing to look for a home more than 4 hours away from where they live now (See graph below):Why Working from Home May Spark Your Next Move | MyKCM In some cases, moving a little further away from your current location might mean you can get more home for your money. If you can work remotely, you may have more options available by expanding your search. Upwork also indicates, of those surveyed:

“People are seeking less expensive housing: Altogether, more than half (52.5%) are planning to move to a house that is significantly more affordable than their current home.”

Whether you can eliminate your daily commute to the office or you need more space to work from home, your plans may be changing. If that’s the case, it’s time to connect with a local real estate professional to assess your evolving needs and determine your path together.

Bottom Line

This has been a year of change, and what you need in a home is no exception.  This year has taught us to appreciate the little thing’s in life more.  Don’t wait…buy the beach house…in PCB!  Let’s connect today to ensure you have expert guidance on your side to help you find a home that fits your remote work needs.

To learn more, reach out to the Life’s A Beach Real Estate team. We are here to help you find your piece of paradise.  We have agents in Panama City Beach and surrounding areas.  As well as the Destin San Destin 30A area.

 

 

 

No Comments

Welcome Home – Buying A Home Along The Emerald Coast

Welcome, Home!  The Economic Impact of Buying a Home.

When you buy a home, you make an economic and social impact in the Emerald Coast communities.

For every existing home sale, 1/6 of a new homes’ value is added to the economy“. – National Association of Realtors

Check out the state by state economic impact report.

There is no doubt, having a sense of community unites us. Being a part of a community helps us in becoming something greater than ourselves. As we connect with people, we learn more about ourselves and others.

Every person needs to have a sense of community.

 

Take a moment to watch this short video on how your home purchase contributes to your community.

 Life’s A Beach Real Estate team would like to welcome you to their communities, welcome home!   There are always opportunities to make a difference in your community, reach out to us if you are looking for opportunities to serve you, neighbor!  We have office locations in Panama City Beach, FL, as well as Destin, FL.  We are always here to help and look forward to hearing from you.

No Comments

What Is Panama City Beach Like In November?

In November

In November, the hurricane season is winding down, the weather is still lovely, and the beaches are beautiful.

In November, What Is Panama City Beach Like?

Panama City Beach in November is spectacular!

The hurricane season is winding down, the weather is still lovely, and the beaches are beautiful.

One of the big attractions in Panama City Beach in November is Emerald Coast Cruizin Car Show. This year the event is scheduled for November 11 -14th…if you haven’t made your plans to attend the event yet, you really should. Or find a spot to pop a squat on Front Beach Rd, and watch the parade of classic cars driving by. And hey, on that note, you could pop a squat on the patio in front of our Life’s A Beach Real Estate office located in the Origin At Seahaven condominium building next to Saltwater Marketplace directly across the street from Sharkey’s. And if you do, stop in and say Hi! 

Renovation Update

Segueing from what’s happening in November in Panama City Beach, just a quick update on our RENOVATION project. The contractors are currently piecing back together after the condo’s complete gutting and incorporating the design upgrades. 

Check out the progress on the photo updates Progress photos 11.7.

When I have before and after pictures after the renovation are complete to share, I will.  And of course, I cannot wait for it to get done so I can share it!

 

More Events In November

Ok, back to what’s happening in Panama City Beach in November? This past weekend, Nov 7th, was the IRONMAN Florida event. While I envy the dedication of the athletes that attend this event every year…I can’t imagine how challenging it would be to go through those races! I mean, they start in the morning swimming in the Gulf of Mexico, followed by a bicycle course on the streets of Panama City Beach and surrounding areas. After that is the running event, which takes the athletes through St. Andrew’s State Park, a magnificent setting; the athletes could not ask for a better location than our beautiful city PCB to compete. 

Ok, Ok…I have to wonder if any of the athletes end up at the Grand Lagoon Bloody Mary & Music Fest when they finish competing…? Which was also this past weekend. My pick of the two events was the Music Fest…this This is the 5th year that they celebrated bloody marys and music in Panama City Beach.

Those are just some highlighted events, be there is so much more happening in November. Happy Hour, Low Country Boil, Off The Hook Comedy, Paint Parties, Scavenger Hunt…and much more. Check out Panama City Beach Events to learn more.

PCB Real Estate

With all of that, we haven’t even mentioned the state of the real estate market in Panama City Beach and surrounding areas. Even though the temps are cooling, the PCB real estate market is staying HOT! Our agents are receiving same-day offers on new listings, and the inventory remains tight, and prices continue to appreciate! 

To learn more, reach out to the Life’s A Beach Real Estate team. We are here to help you find your piece of paradise.  We have agents in Panama City Beach and surrounding areas.  As well as the Destin San Destin 30A area.

 

 

 

No Comments

Home Price Appreciation – PCB & Destin Area Real Estate Market Outlook

Experts Project Home Price Appreciation Into Next Year

Experts agree the 2021 forecast is calling for continued home price appreciation.

“One of the main drivers of the strong housing recovery is historically low mortgage interest rates. The U.S. weekly average 30-year fixed mortgage rate hit an all-time low of 2.86% in the second week of September”. – Freddie Mac 

 

“The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 0.2% from September 2020 to October 2020, and on a year-over-year basis by 0.2% from September 2020 to September 2021”. – CoreLogic

 

That is great news for homeowners looking to sell to capitalize on the equity in their homes.  If you are a buyer on the fence right now, you might want to think about moving forward on your purchase to take advantage of appreciation equity, possibly.  And, whether you are a buyer or seller, a strong housing market is always good news.

Take a moment to watch this short video about home price appreciation.

If you want to learn more about the value of your home, or are in the market to purchase a home, reach out to the Life’s A Beach Real Estate team to learn more.  We have locations in Panama City Beach, FL, as well as Destin, FL.  We are always here to help and look forward to hearing from you.

No Comments

Election 2020 Panama City Beach Real Estate Market Outlook

Election 2020

Tomorrow is the day, election 2020.  Americans will decide our President for the next four years. That decision will have a major impact on many aspects of life in this country, but the residential real estate market in the Panama City Beach area and surrounding areas will not be one of them.

4 Reasons Why Election 2020 Won’t Dampen the Panama City Beach Housing Market

 

 

Analysts will try to measure the impact of election 2020 and possible changes in regulations.  The experts will be watching how the potential changes might have an impact on housing programs.  Despite potential changes,  the housing market overall and in Panama City Beach will remain strong for four reasons:

1. Demand Is Strong among Millennials

The nation’s largest generation began entering the housing market last year.  As they reached the age to marry and have children – two key drivers of homeownership. As the Wall Street Journal recently reported:

“Millennials, long viewed as perennial home renters who were reluctant or unable to buy, are now emerging as a driving force in the U.S. housing market’s recent recovery.”

2. Mortgage Rates Are Historically Low

All-time low-interest rates are also driving demand across all generations. Strong demand created by this rate drop has countered other economic disruptions (e.g., pandemic, recession, record unemployment).

In addition, Freddie Mac just forecasted mortgage rates to remain low through next year:

“One of the main drivers of the strong housing recovery is historically low mortgage interest rates…Given weakness in the broader economy, the Federal Reserve’s signal that its policy rate will remain low until inflation picks up, and no signs of inflation, we forecast mortgage rates to remain flat over the next year. From the third quarter of 2020 through the end of 2021, we forecast mortgage rates to remain unchanged at 3%.”

3. Prices Continue to Appreciate

The continued lack of supply of existing homes for sale coupled with the surge in buyer demand has experts forecasting strong price appreciation over the next twelve months.

4. History Says So

Though it’s true that the market slows slightly in November when it’s a Presidential election year, the pace returns quickly. Here’s an explanation as to why from the Homebuilding Industry Report by BTIG:

“This may indicate that potential homebuyers may become more cautious in the face of national election uncertainty. This caution is temporary, and ultimately results in deferred sales, as the economy, jobs, interest rates and consumer confidence all have far more meaningful roles in the home purchase decision than a Presidential election result in the months that follow.”

Ali Wolf, Chief Economist for Meyers Research, also notes:

“History suggests that the slowdown is largely concentrated in the month of November. In fact, the year after a presidential election is the best of the four-year cycle. This suggests that demand for new housing is not lost because of election uncertainty, rather it gets pushed out to the following year as long as the economy stays on track.”

Bottom Line

No matter the timing, when you are ready to enter the real estate market in Panama City Beach or surrounding areas, reach out to the Life’s A Beach Real Estate team.  We are here to help you find your piece of paradise.

 

No Comments

Selling Real Estate In Panama City Beach

Selling Real Estate

PCB Real Estate Market Outlook: Selling Real Estate. When the demand for homes is higher than what is available for sale, it is a great time to be selling real estate.

Three Ways Low Inventory Is A Win For Sellers That Are Selling Real Estate In Panama City Beach

 

Now is a good time to be selling real estate in Panama City Beach.  The number of houses and condos that sellers are selling in PCB as well as nationally is significantly lower than the high buyer activity in the current housing market. According to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):

“There is no shortage of hopeful, potential buyers, but inventory is historically low.”

When the demand for homes is higher than what’s available for sale, it’s a great time for homeowners to sell their house. Here are three ways low inventory can help you win if you’re ready to make a move this fall.

1. Higher Prices

With so many more buyers in the Panama City Beach market as well as the national market than homes available for sale, homebuyers may enter into bidding wars for the houses or condo’s they want to purchase. This buyer competition drives home prices up. As a seller, this can definitely work to your advantage, potentially netting you more for your house when you close the deal.

2. Greater Return on Your Investment

Rising prices mean homes and condos are also gaining value, which drives an increase in the equity you have.  In the latest Homeowner Equity Insights ReportCoreLogic explains:

“In the second quarter of 2020, the average homeowner gained approximately $9,800 in equity.”

This year-over-year growth in equity gives you the ability to put that money toward a down payment on your next home or to keep it as extra savings.

3. Better Terms

When we’re in a sellers’ market like we are today, you’re in the driver’s seat if you sell your house. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally move into their dream home.

So, is low housing inventory a big deal?

Yes, especially if you want to sell your house at the perfect time. Today’s market gives sellers immense negotiating power. However, it won’t last forever, especially as more sellers return to the housing market next year. If you’re considering selling your house, the best time to do so is now.

Bottom Line

If you’re interested in taking advantage of the current sellers’ market in Panama City Beach and the surrounding area’s, reach out to the Life’s A Beach Real Estate team, we would be happy to help!

No Comments

PCB Real Estate Market Outlook: Mortgage Lending, Who Is The Best?

Who Is The Best

We had decided that we are going to renovate our Panama City Beach Condo condo from top to bottom, and we want to know who is the best at renovations?

After all, who is the best is important, right?!?

Even though we have been through the process before on the real estate professional side advising our investors, it is different when it is your property investment!

It seemed overwhelming at first.

The expenses started adding up. So we had to figure out how to cut some costs. Going through the bid proposals from local Panama City Beach contractors, not only are we considering the price, but we also thought of who “is the best?”  Naturally, we want the best work for the best price!  We determined some of the work we could do ourselves to build a little sweat equity (some of that work included more demo, which my husband enjoyed…I think…). After doing our research, we are working with tradespeople we feel are the best.  The timeline and budget have been updated…which is ok, if something is worth doing, it is worth doing right!  And it is always better to do it right the first time!

Thinking about the renovation’s adventure has me thinking about the mortgage process experience of purchasing a new home or investment real estate in Panama City Beach.

When we closed on our investment property in Panama City Beach, I had stars in my eyes (ok, maybe more like Gulf sunsets).  Thinking we will quickly get new flooring and updated bathrooms, once that phase was complete, we would be ready to put our investment property on the vacation rental market.  Well, as you know, if you have been following our blog…the sands shifted a bit.

Now let’s compare.

You have decided that it is time to purchase your new home or investment property and have talked with a mortgage lender.  The mortgage lender has a prequalified letter for you.  Ready to go, right…? Not necessarily, let’s say the mortgage lending side of property purchase can be rough waters.  It is helpful if you are informed.

Here are some tips to help navigate between buoys, so to speak, to help you determine who is the best for you:
  1. First and foremost, shop mortgage lenders; you want to go with who is the best and make sure you are getting the best rate possible.  Mortgage lender information is where your real estate professional can help you. Not only do you want to try to get the best interest rate, but other factors need to be taken into consideration when financing, such as, is the property considered an acceptable risk by the lender, and will they finance?
  2. If possible (and I cannot stress this enough), get a pre-approval through underwriting with your mortgage lender. Once you receive that, in most cases, you should not have any issues with the final close (although there are exceptions to that as well, I know from personal experience).  There is a BIG difference between a prequalified letter and a pre-approval through underwriting. 
  3. Have ALL of your paperwork in order, the last two years of your finances…and keep it in order. Be ready for MULTIPLE requests to see the same document over and over. And be aware you may think you have provided your mortgage lender with every last piece of financial data they could need, and they will request something else.
  4. Do not procrastinate on any requests for more documents. That will only push back your closing or, worse, cause your transaction on your dream home or condo in Panama City Beach not to close at all. YIKES!
  5. Keep your real estate agent in the loop, are there steps to help regarding documentation needed for qualifying the property?
So, to answer the question, who is the best mortgage lender?

That will all depend on your circumstances.  Do not be afraid to reach out to mortgage lenders and ask questions to get the best mortgage lender for you! 

The mortgage process is stressful.

As you go through the mortgage process, remember to relax, trust the process, and try not to get too frustrated…(maybe you will enjoy that glass of the wine a bit more at the end of the day on your more frustrating days…). Keep your eye on the prize! You will be a brand new homeowner or condo owner in Panama City Beach!

We are here to help.

If you have more questions regarding the mortgage lending process or are interested in learning more about Panama City Beach real estate, reach out to our Life’s A Beach Real Estate team. We would be happy to help you navigate the emerald waters of the Panama City Beach market and give you the best advice we have.

No Comments

Mortgage Pitfalls – PCB Real Estate Market Outlook

Mortgage pitfalls, things to avoid after applying for a mortgage.

 

Mortgage rates are at an all-time low!  If you have been thinking about purchasing that home or investment property, now is the time. 

There are several key things to avoid doing once you’ve applied for a mortgage, to avoid the mortgage pitfalls that could derail the purchase of the beach home or condo you have been dreaming of.  Take a moment to watch this short video to educate yourself on some of those do’s and don’ts.  Once you have done that, reach out to the Life’s A Beach real estate team to learn more about the local lending market and how to avoid the local market mortgage pitfalls that can impact your purchase in real estate in Panama City Beach.

No Comments

PCB Real Estate Market Outlook: Unprecedented Strength This Year

PCB Real Estate Market Outlook

The PCB real estate market outlook has surpassed all expectations and continues to drive the local economic recovery.  In addition, the 2020 national housing market has surpassed all expectations.

PCB Real Estate Market Outlook Continues to Show Unprecedented Strength This Year.

The biggest challenge for buyers in the Panama City Beach real estate market is the lack of inventory.  That challenge is good news for sellers.

It is not just the Panama City Beach real estate market that is booming; the 2020 housing market has surpassed all expectations and continues to drive the nation’s economic recovery. The question is, will this positive trend continue throughout the rest of the year?  Especially given the uncertainty around the current health crisis, the upcoming election, and more?

Here’s a look at what several industry-leading experts have to say.

Lawrence Yun, Chief Economist, National Association of Realtors

“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market…Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”

Frank Martell, President, and CEOCoreLogic

“Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures…Although the exact contours of the economic recovery remain uncertain, we expect current equity gains, fueled by strong demand for available homes, will continue to support homeowners in the near term.”

Zillow

Zillow’s predictions for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand.

Back to the PCB real estate market outlook, in the past twenty-four months, the Panama City Beach Real Estate market has dealt with Hurricane Michael and COVID 19. While both were obstacles that caused a brief slowdown in the selling market, the market took off and not looked back. Hurricane Michael caused a lot of displacement that continues to be resolved, especially with the Hurricane Michael Recovery Loan Program. Panama City Beach continues to grow with more people moving to the area, partly due to how COVID 19 has changed the work-home life balance. Also, Panama City Beach rated one of the top five vacation destinations. With that, we can expect investors seeking investment property along the Emerald Coast to again on the rise.

Bottom Line

Many economists agree, indicating the housing market will continue to fuel the economy through the end of the year. Local Panama City Beach real estate market trends underscore that assessment.  If you would like to learn more about the state of the PCB real estate market oulook, reach out to the Life’s A Beach real estate team, we would be happy to help!