Kerry Veach

Northwest Florida homes have a lot of desirable qualities, one of which is location along white sandy beaches and cool ocean waters. With this location comes ample opportunity to rent a home to vacationers escaping to the south, or people who wish to relocate to a warmer climate. Either way, rentals rates are on the rise for both groups.

2011 saw a 64.5% increase in investment property home sales from the year before – that’s 12.3 million units sold in 2011, versus 749,000 in 2010.

“Investors have been swooping into the market to take advantage of bargain home prices,” said Lawrence Yun, NAR’s chief economist. “Rising rental income easily beats cash sitting in banks.”

Foreclosures have largely contributed to this boost in second-home purchases. In fact, half of the above mentioned investment home sales from 2011 were distressed properties. Many investors are attracted to the long-term rental income, versus the short-term profits from a flipped home. This is good logic since the national rental average is expected to increase by 5%-10% each year.

Renting has always been more expensive than buying due to the tax benefits, but now it is becoming even more so. As inflation looms in the distance, we can expect to begin seeing cost of living increases across the board, and housing expenses will be no exception.

If you would like to begin your home search, or are thinking about selling your home in Northwest Florida, contact Kerry Veach online or call 1.800.879.0309. Kerry’s experienced team has closed more than 1000 transactions and specializes in providing their clients with the highest quality service possible.

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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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If you’re one of the many Northwest Florida homeowners who have considered energy efficient upgrades, Green Asset Finance might be able to help you.  This Florida based consulting firm has developed a new loan program offering financing for EERE (Energy Efficiency and Renewable Energy) products.  This program extends to both contractors and residents.  There is no maximum loan amount or hidden fees, and rates are competitive with flexible terms.

The best form of renewable energy that we have in Florida is solar energy.  You can use this energy to generate electricity, heat water in your home or pool, and light your home both indoors and outdoors.

Another great renewable energy source is wind energy.  You can generate your own electricity if you live on at least one acre of land that has ample wind resource using a small wind electric system.  You could even use a small wind turbine for pumping water.

If you are looking for simpler products, you should consider energy efficient home appliances.  These include clothes washers and dryers, computers, dishwashers, home audio equipment, refrigerators and freezers, room air conditioners, televisions, DVD players, and water heaters.  When you’re shopping for appliances, make sure you look for the ENERGY STAR label.  These products must adhere to strict guidelines established by the US Department of Energy and US Environmental Protection Agency.

If you’re not sure which direction to go and would appreciate the assistance of a professional, you can have a home energy assessment conducted.  This will determine how much energy your home consumes, and what changes can be made to improve your home’s energy efficiency.  The auditor will do a thorough inspection of each room, the exterior, and an examination of past utility bills.  Your local government agency or weatherization center should be able to provide a list of professional energy auditors.

The Destin, Florida area provides a great deal of “green” opportunity.  Whether you are interested in buying or selling your home here, contact Kerry Veach – Northwest Florida’s Real Estate Specialist.

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.

Upgrading your Northwest Florida home to be more “green” doesn’t have to take a lot of time, or money.  In fact, there are several relatively quick and inexpensive fixes that you can do yourself.  Here’s a short list of minor modifications that you can do in a single weekend.

• Replace Your Shower head

This should take you about 15 minutes, and cost $10-$60 per showerhead.  When you’re shower head shopping, make sure you look for the WasterSense label, which could save over 2300 gallons a year!

• Replace Your Faucet Aerator

Overlooked and under appreciated, this small metal piece can save you big bucks.  By purchasing a low-flow aerator, you’ll maintain adequate water pressure, but use less than half as much water.  In fact, this simple upgrade could conserve about 500 gallons of water a year!  A single aerator should cost about $2-10 and take five minutes to install.

• Water Efficient Toilet

This one is for the handier individual who is on a first-name basis with the employees at the local Home Depot.  Again, look for the WaterSense label and save an average of $90/year on your water bill.

• Florescent Light Bulbs

There’s a good chance you’ve already switched from standard bulbs to compact florescent light (CFL) bulbs, but just in case, I’m including it on the list.  Energy Star bulbs use 75% less electricity and can last 10 times longer!

• Programmable Thermostat

A programmable thermostat usually has only a few wires involved, but if you’re unsure, call a professional.  The job should take about 30 minutes, but the thermostat could cost anywhere from $25-250, depending on which one you get.  This upgrade is an automatic way to reduce/increase heating and cooling throughout the day, adding up to about $180/year in savings.

• Stop Chimney Drafts

Did you know that even with the damper closed, you’re probably losing air through your chimney flue?  Plugging the flue with a chimney balloon, such as the Draftstopper, will cost you about $55 and 15 minutes.

• Drain Sediment from the Water Heater

After a while, minerals and tiny rocks build up in the bottom of your tank.  To ensure that your water heater is working properly and lasts as long as possible, attach a hose to the bottom faucet and drain the water into a bucket or outside.  Do this until the water begins running clear and sediment free (about 15 minutes).  Here’s a tip:  If your water heater sounds like a coffee pot, it’s time to drain.

• Replace Hoses

This applies to the washing machine, dishwasher, refrigerator ice maker and water dispenser, etc.  Check the hoses once a year for cracking, rusting, bulging, fraying, and leaking.

• Add Insulating Window Treatments

Thermal window coverings more than double the insulating value of a double paned, low-emittance window.

Now that your home is more energy efficient, you can sit back and save money.  While you’re at it, contact Kerry Veach if you or anyone you know is interested in buying or selling real estate in Northwest Florida.