Kerry Veach

No matter what time of year it is, Destin has one of the most beautiful beaches in Florida – but don’t take my word for it – just ask the the US News Travel Guide.

Destin, FL real estate has been attracting buyers not just from around the state, but throughout the country.  And who can blame them?  Not only does this year-round sunny climate make everyday feel like a vacation, but the friendly people and smiling faces have a way of making visitors feel as welcome as homeowners.

With mortgage interest rates at historic lows and home affordability at historic highs, why wouldn’t everyone jump at the opportunity to buy Destin, FL real estate?  Perhaps you’re waiting for prices to go down more?  Or perhaps you think interest rates will drop further?  I suppose it’s possible – just as it’s possible that we could get snow on Christmas Day.  Don’t laugh.

The truth of the matter is, the real estate market in Destin, FL and around the nation have been showing signs of consistent improvement for the past year.  Third quarter of 2011 is when things began to pick up, but understandably, it was too soon for anyone to get truly excited about the progress.  However, we are now in the fourth quarter of 2012 and this trend of improvement is still continuing.

But what about the “fiscal cliff” you ask?

Without trivializing the impact that renewing/modifying/ending these tax cuts will have, the real estate market will remain cyclical just as it has always been.  If Congress makes all the wrong decisions, then yes, it could stall recovery.  But send the nation back into another recession?  Even if it did, mortgage rates really cannot go any lower, and the increase in home values is due primarily to a lack of inventory, not anything that Congress has done (or will do for that matter).

Long story short, no one can predict the future, but we can make educated decisions based on data and market trends.  Based on this information, the “bottom” has come and gone.  We are now officially on the road to economic recovery.

If you would like to take advantage of great values and low interest rates while they last, search Destin, FL real estate now.

Kerry Veach is a Destin, FL Realtor and Real Estate Broker with 22 years of experience assisting thousands in the exciting process of buying and/or selling a home.   He is a member of the RE/MAX Hall of Fame, the RE/MAX Platinum Club, and the RE/MAX® 100% CLUB.  In 2011, he earned the RE/Max Lifetime Achievement Award. 

If you would like to buy a home in Destin, FL or sell a home in Destin, FL, contact Kerry Veach.  With over 1,000 closings and thousands of satisfied clients, it’s no wonder that 95% of Kerry’s business comes from referrals.

Florida Realtors® has just released their housing figures for the month of September, and so far it’s looking good.

While the number of sales of single-family homes in Okaloosa County, FL stayed about the same, home values improved.  In September 2011, the average sales price of a single-family home was $219,634.  In September 2012, this average increased to $227,440.  Another component boosting values is low inventory.

“The local market is continuing its recovery, aided by cash buyers, investors and buyers who can get credit,” wrote Judi Rutland, president of the Emerald Coast Association of Realtors®, in an email. “There are fewer listings on the market and levels are finally coming down to what’s considered a healthy market. Investors are buying up property to rent and fewer sellers are coming on to the market; both contribute to a lowering of inventory.”  Rutland continues to add, “The outlook for the local market continues to be positive.  Agents are reporting that some listings are receiving multiple bids and are going under contract shortly after hitting the market.”

The strong home-buyer demand has been given great momentum thanks to historically low interest rates and historically high home affordability.  The inventory of homes for sale in Okaloosa County, FL has been insufficient to meet this demand, therefore driving up values.  In addition to increasing prices, this lack of supply has incited bidding wars for homes that are competitively priced.

If you would like to search homes in Okaloosa County, FL, contact Kerry Veach.  Kerry is an experienced Realtor who can help you buy or sell Okaloosa real estate.  With over 1,000 closings and a full-time real estate team, it’s no wonder that 95% of Kerry’s business comes from referrals.

Adjustable Rate Mortgages (ARMS) are making a revival with buyers of luxury homes in Destin, FL thanks to rates lower than fixed-rate mortgages.

ARMS are a unique loan program that can be risky but perfect for the right buyers.  Typically they come with a fixed rate for about five years, then adjust up to a certain percent each year thereafter.  ARMS account for 30-40 percent of private jumbo loans at Bank of America, and closer to half at NASB Financial.

The average rate on a 5/1 ARM – where the rate adjusts annually after five years – is 2.82 percent.  The average rate on a 30-year fixed is 4.06 percent.  The ARM saves borrowers over $90,000 in interest on a $1.5 million loan.

Why the sudden increase in popularity?

With the announcement of a third run of quantitative easing and the Fed’s committment to purchase $40 billion of mortgage backed securities each month, it’s unlikely that rates will see a significant increase anytime soon.  As a result, affluent homebuyers with a high net worth feel there is limited risk with this particular loan program.  Even if rates did suddenly spike, these individuals have enough liquidity to quickly settle the remainder of the debt before they incur any problems.

If you would like to search luxury homes in Destin, FL, contact Kerry Veach.  Kerry is an experienced Realtor who can help you buy or sell Destin, FL real estate.  With over 1,000 closings and a full-time real estate team, it’s no wonder that 95% of Kerry’s business comes from referrals.

Image(s): FreeDigitalPhotos.net

If you’ve been on the fence about selling your home in Destin, FL, now may be the best time to make the move…and here’s why:

• Low Inventory

Currently, there is a very short supply of homes which is not only driving up property values – it’s also reducing your competition.

• High Demand

There might be a short supply of available homes for sale in Destin, FL but there is no short supply of eager buyers, ranging from experienced investors to rookie first-timers.

• Low Interest Rates

Can mortgage rates get any lower?  I highly doubt it…and I highly doubt that it’s possible for them to stay so low for much longer.  Don’t wait for them to increase and reduce the number of qualifying buyers.

• Streamlined Transactions

Whether it’s a short sale or a traditional sale, transactional procedures and processes are much more efficient now than they were a few years ago.

• Moving Up

Home affordability is at an historical high, which means now really is a great time to make the move!

If you’re interested in selling or searching homes in Destin, FL, contact Kerry Veach.  Kerry is an experienced Realtor who can help you buy or sell Destin, FL real estate.  With over 1,000 closings and a full-time real estate team, it’s no wonder that 95% of Kerry’s business comes from referrals.

Image(s): FreeDigitalPhotos.net

The Emerald Coast Association of Realtors (ECAR) will be holding The Great Emerald Coast Open House this Sunday, the 16^th, from 1:00 – 3:00pm.  At this time, home sellers will open their homes to the public for viewings.

The Emerald Coast, located in Northwest Florida, is a popular vacation destination that attracts approximately 4.5 million visitors a year.  Cool white beaches and emerald-green waters attract all ages year-round, with about 80% of these visitors going to Destin, FL.

Being crowned “The World’s Luckiest Fishing Village”, deep-sea fishing is also a huge attraction that has brought in many awards and salt-water records.

And if that wasn’t enough to give this beautiful region boasting rights, the Emerald Coast was also the filming location for portions of The Truman Show, Jaws 2, and Frogs.

For those who want to appreciate all the natural beauty this area has to offer, there are four renovated beachfront parks – Beasley Park, James Lee Park, Marler Memorial Park and Wayside Park.

If you would like to search Emerald Coast homes, contact Kerry Veach.  Kerry is an experienced Realtor who can help you buy or sell real estate in Destin, FL.  With over 1,000 closings and a full-time real estate team, it’s no wonder that 95% of Kerry’s business comes from referrals.

Moving to Destin, FL is like a long-term vacation.  However, every move (no matter how desirable the destination) presents challenges.  Fortunately, these challenges can be limited with the proper planning and organization.

• Sort

Moving provides a great opportunity to start fresh.  The mistake many people make is moving the junk with them.  This can make the move more stressful and overwhelming than it needs to be.  For this reason, I recommend sorting your belongings into three different groups:

1. Items that can be donated to Goodwill.
2. Items that are broken or damaged and will go into the trash.
3. Items that will make the move with you.

If you are having trouble deciding whether or not to keep something, imagine yourself packing it, moving it, unpacking it, and placing it in your new home.  Is it worth the effort?

• Label

Make sure you categorize your boxes by room and write the appropriate room on each box.  If multiple rooms are being combined into one box, make a general list of items going into the box.  This will make the first morning in your new home easier when you are looking for something specific…like the coffee brewer.

• Prioritize

When you load items onto the truck, prioritize the boxes by loading the less important items first and the most important items last.  When you unload, you’ll have access to the most important items first.

Ready to make your move?  If so, contact Kerry Veach to search homes in Destin, FL.  Kerry is an experienced Realtor who can help you buy or sell Destin, FL real estate.  With over 1,000 closings and a full-time real estate team, it’s no wonder that 95% of Kerry’s business comes from referrals.

Image(s): FreeDigitalPhotos.net

A new six building condominium project is scheduled to be built in Sandestin, a golf beach resort that was rated “Best Resort” in Destin by Destin Magazine, and the “Best Resort of the Emerald Coast” by the readers of Emerald Coast Magazine.  This community, Osprey Pointe, will offer a limited number of reservations for two and three-bedroom units exclusively to Sandestin homeowners, and opened to the public in about one month.

The four-story condo buildings, each containing 16 units, will be located off of Heron Walk Drive and overlook Choctawhatchee Bay.  This central bay front location is a brief walk to the tunnel that goes to the beach, walking distance to the village, and a golf cart ride from any of the Grande Boulevard amenities.

The horseshoe designed community will feature its own clubhouse center, a lookout tower, and an exquisite pool area.  The units will feature European fixtures and cabinets, custom moldings, walk-in showers, expansive balconies, and plenty of amenities.  Prices will range from $450,000 to $550,000 range.

If you have considered purchasing a new home, don’t begin shopping around without your Destin, FL Realtor to represent you.  Builders have sales representatives that can assist you throughout the purchase process, but remember that these representatives are working for the builder – not you.  If you would like to buy a home in Destin, FL, or sell a home in Destin, FL, contact Kerry Veach online or by calling 1.800.879.0309. With over 1,000 closings, 20+ years of experience  and a full-time real estate team, it’s no surprise that 95% of Kerry’s business comes from referrals.

According to data released by the Emerald Coast Association of Realtors, home prices have increased by six percent along the Emerald Coast in Florida.  This may be due in large part to a continuously low inventory and high demand from buyers.

Though homes sales were down in May 2012 from May 2011, this data does not appear to be indicative of the overall housing market’s condition – again, due to the extremely low inventory.  Single family homes sales in May 2012 dropped 1.7 percent from 12 months ago, while townhomes and condos dropped 7 percent.  Pending sales, however, have increased – 5.4 percent for single family homes and 13.1 percent for townhomes/condos.

Realtors in the Emerald Coast are reporting that many homes are receiving multiple offers.  This makes a strong argument that the market is beginning to transition into a seller’s market.  As multiple offers continue to roll-in, values will continue to improve.  As values improve, many homeowners will begin to get out of the red and can consider selling their Emerald Coast homes.

“Frankly, this is basic theory of supply and demand,” said Rutland.  “As the supply goes down and the demand continues to rise, the prices will rise.  While this is still a buyer’s market the pendulum is not swinging as far into the buyers’ favor as it was just two and three short years ago.  A buyer who believes sellers are desperate to sell may be surprised.”

Another bit of good news is that foreclosures and short sales are decreasing.   In Okaloosa County, closed foreclosure transactions decreased by 46.2 percent over May of last year, while completed short sales decreased by 33.3 percent.   While short sales and foreclosures continue to be a force in the real estate market, the reduction in their numbers leads real estate experts to believe that the housing market is recovering.

If you are interested in selling or searching homes in the Emerald Coast, Florida, contact Kerry Veach.  Kerry is an experienced Realtor who can help you buy or sell Emerald Coast, FL real estate.  With over 1,000 closings and a full-time real estate team, it’s no wonder that 95% of Kerry’s business comes from referrals.

Image(s): FreeDigitalPhotos.net

Florida Realtors recently released a report concluding that real estate in Northwest Florida has improved since last year.  Several variables play into this result, including low inventory, low interest rates and strong buyer demand.  Buyer demand remains supported in large part by investors, but first-time homebuyers have begun dipping into this pool.  Another new member to this group are buyers who are using this opportunity to move up into a more desirable home, now that housing affordability is at an all-time high.

Okaloosa County, home to Destin Beach, had 2,498 properties — single-family homes, townhomes and condominiums — on the market in March. That’s a 27.43 percent decrease from March 2011, when 3,442 properties were up for sale.  Neighboring counties Walton and Santa Rosa are reporting similar figures.

“There are plenty of other signs of improvement,” Judi Rutland, president of the Emerald Coast Association of Realtors, said in an email. “A positive sign for Okaloosa and Walton counties is a decrease in inventory levels for all property types…It’s basic economics: supply and demand,” she added. “As the supply goes down, the demand will go up. Once demand increases, the prices will begin to go back up.”

Sales are also up in Okaloosa County.  238 single-family homes were sold in March at an average sales price of $207,649, and 70 townhome/condo units were sold at an average price of $271,671. Compare this to March, 2011 when 221 single-family homes were sold at an average of $205,451 and 52 townhome/condo units were sold for an average of $266,578.  In addition, single-family homes are also spending less time on the active market and receiving strong offers much faster than this time last year.

With such positive findings based on real estate market data, the future housing climate appears to provide hope to homeowners in Destin Beach.

If you or anyone you know is interested in searching for homes in Destin Beach, contact Kerry Veach.  Kerry is an experienced Realtor who can help you buy or sell Destin Beach real estate.  With over 1,000 closings and a full-time real estate team, it’s no wonder that 95% of Kerry’s business comes from referrals.

Image courtesy of FreeDigitalPhotos.net

Destin Beach was recently ranked the second best beach in Florida by US News – Travel.  Known as “the world’s luckiest fishing village,” this hotspot is known for fishing, white sand, and golfing.

Destin, FL has a year-round residential population of 12,000, giving it an intimate, family atmosphere.  With a heavy influx of tourism during peak season bringing this number closer to 40,000, Destin, FL is a great place for investors to purchase rental properties for vacationers.

However, vacation is not the only draw to this beautiful beach-side town.  The fishing resort community has taken careful measures to balance environmental preservation and heritage with quality of life for its residents.   Besides beautiful views along the Emerald Coastline, Destin, FL offers residents and visitors a variety of amenities, activities, shopping, restaurants, events and entertainment for the entire family.

If that wasn’t enough, Business Week listed Destin Beach as one of the best 18 new golf locations in the country.  Destin, FL was also named by readers of Southern Accents Magazine as the number two beach destination, and the number eight golf destination in its second annual Great Escapes Reader Travel Awards.  And last, but not least, the Milken Institute listed Destin as the top Best Performing City in 2005 for small metros.

As a result of this, real estate in Destin Beach maintains its value better than surrounding areas in the state.  The household income median is one of the highest in Florida, as are property values.

If you have been thinking about purchasing real estate in Destin, now is a great time to do it.  While the area has maintained its value relative to its neighboring regions, prices are still far below peak.  In addition, mortgage rates remain historically low and housing affordability is at a record high.

If you are interested in searching homes in Destin, FL, contact Kerry Veach.  Kerry is an experienced Realtor who can help you buy or sell Destin, FL real estate.  With over 1,000 closings and a full-time real estate team, it’s no wonder that 95% of Kerry’s business comes from referrals.

Image(s): FreeDigitalPhotos.net