Kerry Veach

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.

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.

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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.

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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.

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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.

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If you’ve been searching Emerald Cost homes, then you might be interested to learn that home affordability is currently at the highest level we’ve seen in decades.  Nearly 78 percent of homes sold during the first quarter of 2012 were affordable to individuals who earned the national median income of $61,000 – this according to a report released yesterday by the National Association of Home Builders and Wells Fargo.

Here are some general figures to give you an even better idea of what this means:

• To purchase a home at the national median price of $158,000 with 5 percent down, the loan applicant would need an annual household income of $34,700.
• To purchase a home at the national median price of $158,000 with 10 percent down, the loan applicant would need an annual household income of $32,900.
• To purchase a home at the national median price of $158,000 with 20 percent down, the loan applicant would need an annual household income of $29,300.

These figures are assuming a 4 percent interest rate, good credit, and 25 percent of gross income allocated to principal and interest.

There are few reasons for this historic affordability index.  For starters, home values are still about 36 percent away from their peak, while the annual median income has increased by about 10 percent on a national level.  Mortgage rates also remain at record lows, hovering around the 4 percent mark.

While homes in Emerald Coast have never been more affordable, mortgage lending guidelines are far tighter than they were before the housing bubble burst.  Lenders are also requiring more documentation to verify that the borrower can afford the monthly mortgage payments associated with their loan program.  For borrowers with average credit, FHA may still be the best option, but this often comes with a higher interest rate and private mortgage insurance, making monthly payments higher than conventional loan programs.

If you are interested in searching Emerald Coast homes, contact Kerry Veach.  Kerry is an experienced Realtor who can help you buy or sell Emerald Cost 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.

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When selling your home in Northwest Florida, it is important to understand what you are legally bound to disclose to potential buyers and your real estate agent. If you fail to make these disclosures, you could be on the hook for big bucks, sometimes long after the closing. In an effort to remove some of the gray in this area, I’ve compiled a list of items that you, the seller, must always disclose whether selling your home traditionally or “as is”.

1. History of Termites
Hopefully this seems like a no brainer, especially since the buyer will find out during the termite inspection. If your home as any history of termite infestation, you need to disclose this to your agent and buyers. A good practice would be to get a new termite inspection before listing the property, showing that the home is presently free of termites.

2. Water Damage and/or Mold
This is another one that should seem obvious. Any time there is water damage, there is the potential for mold, and mold is a very serious issue for health reasons. Again, this is something that will also come up in a home inspection so it is best to address it before it gets to that point. It is worth noting that water damage is one of the biggest causes for lawsuits related to non-disclosures. If you have had water damage, have a professional inspect the property before you list your home.

3. Lead
Real Estates brokers are adamant about this one. If your home was built before 1978, it is a federal law that you disclose any known lead-based paint. However, this law does not require the seller to have any tests performed. This is why the disclosures form has several options, including one stating that you have or do not have any knowledge of lead-based paint.

4. Repairs
This is last on the list because it causes the most confusion, and the specificity varies by state. However, when in doubt, disclose. Any structural repairs should absolutely be disclosed to your agent and buyers. Other repairs to the roof, plumbing, HVAC, etc. should be disclosed as well because again, it will come up in the home inspection anyhow.

Long story short, put yourself in the buyers shoes, and do not assume that you are protected by the buyer beware rule (aka “caveat emptor). Surprises tend to make buyers nervous, and nervous buyers don’t always make it to the closing table. Make sure you read the paperwork given to you by your agent, and ask any disclosure related questions you might have. Your agent’s broker will have all the information you need to make an informed decision.

If you would like to buy a home in Northwest Florida, or sell a home in Northwest Florida, contact Kerry Veach. 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.

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…Your home that is.  If you do nothing else, make sure that you are priced correctly in the Destin, FL real estate market.  Over-pricing is the number one reason houses don’t sell, so it is crucial that you meet with an experienced Realtor and allow them to guide you through the selling process.

How can you avoid over-pricing your home?

If you’ve asked this question, you’re already taking steps in the right direction.  Your realtor will pull comps (listings of comparable homes) and cross reference them with your home.  They will also use their knowledge and experience to differentiate between communities, and explain to you how this differentiation affects home values.  After all, they are canvassing real estate terrain every day, so they know which areas buyers find most appealing.

One common mistake sellers make involves tacking renovation expenses onto the list price.  The following logic is common:  Home A is similar to the way my home was before I invested in repairs and upgrades.  Therefore, my home value should be the value of Home A plus the money I spent on the improvements.  While this may sound good in theory, it is extremely flawed in practice.

Home improvements certainly make your home more competitive, but the value will always be determined by what a buyer is willing to pay.  And what a buyer is willing to pay can be determined by the comps that your Realtor has just pulled for you.  It is important to understand that improving your home will add some value, but it certainly won’t equate to the amount you spent getting it there.

And lastly, I will touch on the emotional element of selling your home.  It can be very difficult for a seller to see the sale of their home as a business transaction, and why shouldn’t it be?  It is called a home for a reason.  But as a result of this emotional attachment, sellers have a tendency to over value their home.  One of the biggest challenges for a seller can be to look at their house objectively.  This is just another reason as to why having a Realtor by your side is very important.

If you are considering selling your home, contact Kerry Veach – your Northwest Florida Real Estate Expert – at 1.800.879.0309.  Kerry has 20 years of real estate experience, knowledge, professionalism, and enthusiasm.  It’s no wonder that 99% of Kerry’s business comes from referrals!

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Florida was one of the worst-hit states when the housing market plummeted.  Foreclosures and short sales became far more common than regular sales, and the rental market became busier than the resale market.  There’s no doubt that the Florida real estate market is due for some relief, and 2012 might be the year we get it.

“Our state is in a mini-recovery,” said Florida Realtors® Chief Economist Dr. John Tuccillo at the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.”

Another chief economist, Dr. Lawrence Yun, agrees that the sharp drop in home inventory indicates that demand is increasing and home prices are stabilizing.

And why shouldn’t it?  Florida is, after all, the “sunshine state.”  In addition to appealing to retirees and investors, Florida’s real estate market has also received tremendous support from international buyers.

Can this upward home value trend continue?  Many real estate brokers think so, and are open new offices to support the projected increase in home sales volume.  The dropping unemployment rate and improving job market is another subtle sign that better days may be here to stay.  Combine this with continuously low interest rates, and you get favorable conditions for the Florida real estate market.

If you would like to take advantage of low home prices and interest rates while there are still here, begin your home search now with Kerry Veach.  With over 1,000 successful closings and a full time real estate team, Veach has proven himself to be the northwest Florida real estate expert.

One of the basic principles of universal design, also called “ageless design,” is that it makes homes more practical and safer for everyone — not just the elderly or people with limited mobility. Even if you’re not a professional designer, you can certainly incorporate this smart thinking into your own home. If you’re remodeling or simply adding a few upgrades, be sure to keep universal design features in mind. Here are some simple (and great!) ideas from HouseLogic for getting started:

Replace doorknobs with lever-style handles. Doorknobs require lots of dexterity and torque to open; with levers you simply press and go. Imagine an emergency situation when everyone, including small kids, needs to exit fast: A lever handle is a safe, foolproof way to open a door. Levers are also attractive, and can contribute to the value of your home. A standard interior passage door lever in a satin nickel finish costs about $20; you’ll pay $25 to $30 for a lockable lever set for your bath or bedroom.

Replace toggle light switches with rocker-style switches. Rocker switches feature a big on/off plate that you can operate with a finger, a knuckle, or even your elbow if necessary (great if you’re carrying a laundry basket or bags of groceries!). Rocker switches are good-looking, too. Conventional toggle switches get dirt and grime embedded in them after a couple of years; no such problems with rocker switches! You’ll pay $2 for a single-pole rocker switch, up to $10 for multiple switch sets.

Anti-scald devices for your bathroom prevent water from reaching unsafe temperatures. An anti-scald shower head will reduce water flow to a trickle if the water gets too hot. An anti-scald faucet device replaces your faucet aerator and also reduces hot water flow.

Motion sensor light controls add light when and where you need it. They come in a variety of styles and simple technologies. Just stick plug-in sensors into existing receptacles, then plug your table or floor lamps into them. When the sensor detects motion, it turns on the light.

If you’re thinking of buying or selling a home in Panama City Beach, Destin or anywhere in the area—then the Veach Team is prepared to help you find the Florida home of your dreams or the investment property that will put your money to work for you. Contact us today, and let us show you why “Life is a Beach” here in beautiful Destin! And don’t forget to “LIKE” us on Facebook and Twitter – we’d love to talk with you.