Author: gulfrealestateblog

Ladies and Gentlemen 2017 has come and gone.  See the years totals in the charts below.

HOME SALES IN 2017:

LAND SALES IN 2017:

So you’re ready to buy a your first home?  To assist in the understanding of this process below are the things you need to know before shopping.

1. Get Pre-Qualified by the lender of your choice.  Many sellers require this before reviewing an offer.  Don’t miss out on the home of your dreams because you were waiting.  There are many options for financing, USDA with 0% down, FHA with 3.5% down, and conventional loans with 5% – 20% down.
2. Choose a Realtor®.  As a buyer, this won’t cost you a thing.  The seller pays commission in most transactions.  If you don’t know and agent, ask friends and family for recommendations.  If they are at a loss, search local real estate websites, most feature agent profiles.  Be sure to choose someone familiar with the market where you are looking to buy.  Your Realtor® needs to be someone you are comfortable with and have confidence in.
3. Start Shopping!  Your Realtor® will help with this and can set up customized searches to send you new listings that match the criteria of your home search.  When you’ve found the home(s) you’d like to see, contact your agent to schedule a date and time.  Remember many homes are owner occupied and require 24+ hours notice.
4. Once you’ve selected a home, its time to make an offer.  Ask your agent to provide you with recent comparable sales and discuss with them a good starting price if you’re unsure.  Usually it’s best to start below what you want to pay, so there’s negotiating room.  However, there are times your highest and best offer will be required with particular listings.
5. Your offer has been accepted.  Congratulations!  Your agent will forward the contract to you, the sellers agent, your lender and the closing agent.  Now is the time to get serious with inspections and communicating with your lender.
6. Next deliver an earnest money deposit (most sellers prefer 1% of purchase price, or a $500 minimum).  This deposit typically due within 3 days of sellers signature. This money is deducted from your total purchase price and can be refunded as long as the contract is canceled within the specified contingency period on your contract.
7. Now your agent should line up home inspections.  A typical home inspection is optional and done by most buyers to ensure the condition of the home is satisfactory.  If unacceptable conditions are found, this is the time to re-negotiate or cancel the contract (if the issues can’t be resolved).  There are other inspections that may be required for insurance purposes or to meet the loan requirements.  One example being most insurance companies require a standard 4 point ($100+) for any home over 20 years old.  Other inspections may be necessary for your loan; water sample ($30+), septic inspection ($250+) and possibly a termite inspection ($125+).
8. If the inspections come back satisfactory or you feel you’ve been able to get a fair concession from the sellers for the needed repairs, please proceed with your loan.  Once your lender has all information needed from you and you advise you’re ready to move forward, they will order an appraisal ($450+).
9. During this time your agent will begin lining up the survey ($500+), if the home is in a flood zone an elevation certificate will also be required ($100+).  It is suggested to have these items completed simultaneously to save time and money.  (This is an expense that can be paid at closing.)
10. Once all inspections, appraisals and survey’s have been completed, we are ready to proceed with closing.  The entire process from contract to closing is typically 30 to 45 days.  Closing is when you’ll be working with the title/closing agency and your lender to finalize the purchase of your new home.  While some items must be paid out of pocket when services are rendered, closing is when the bulk of the money is due from you.  The closing agency will require your payment to be made with by cashier’s check or wire transfer.  While closing day can be very stressful, it’s also the day you’ve worked hard for and the day you get keys to your new home!  Phew, I promise it’s worth all the stress and headaches!

When asked about money needed for a purchase, I always suggest having at least $5000 on hand.   There’s no magic formula, but this proves to be the least I see buyers spend on closing.   This figure will vary based on the sales price, inspections required and type of loan.  Its possible to ask the seller to pay for certain closing costs, but this must be done upfront when negotiating your offer. We all dream of owning a home, and I believe every hard working America deserves that privilege.  However we must be prepared for the expenses associated.  Need blinds, go buy them.  AC goes out, its on you.  There’s no longer a landlord or property manager to call for repairs.  When considering this step in life be smart and be prepared!  I’d love to help you find a home and earn a commission, but not unless you’re truly ready financially.     It is my privilege and honor to assist you in this life changing adventure!

Not only have our tempertures been hot this summer, with a average temperatures of 91°, our local Real Estate market has been on fire!  While our summer residential sales numbers have remained consistent with previous years, the sales volume (prices) have increased!  This is great news for sellers.  If you’re looking to purchase, I’d say no time is better than the present.  As statistics show prices are rising, however interest rates remain steady.

As for lot sales, we’ve seen a nice spike in number of transactions, while the sales volume has fluctuated quite a bit.  To our sellers, hold your head high and dont be discouraged, there are many lots available, but the numbers show they’re moving!  Due to a less than plentiful housing inventory many buyers are purchasing land and building.  If you’re a buyer, your options are unlimited!  Get what you want why the inventory is abundant!

Hey Guys!  Its been a little over a month since my last blog.  I do apologize for my absence!  My lack of blogging is attributed to all the lovely buyers and sellers Ive been busy assisting.  The Forgotten Coast doesn’t seem to be so Forgotten lately.  We have many new buyers coming from as far as Illinois, and as nearby as Panama City.  All of these buyers have one thing in common…escaping the chaos and confusion affiliated with the City life.  Gulf County and Mexico Beach are great vacation destinations because we do live life at a slower pace and truly appreciate all of God’s beautiful creations.  According to suburbanstats.com, Gulf County has a full time population of only 15,863, while Mexico Beach only has 1,072 full time residence.  This time of year I would say our population easily doubles!  Even with that, you can still get across town in the number of minutes as miles traveled.  If you havent ventured to our little piece of paradise, what are you waiting for???  Hop in the car and book your room on the way!  We always have vacancy (ok maybe not Memorial Day, 4th of July and Labor Day)! Check out the area information tab on my webpage to learn more about this area!!

When buying or selling, its important to choose the right Real Estate agent.  Sure any agent can list your home or help you buy a home, but what kind of service and experience can they provide?  Here are a few tips and suggestions on making the right decision.

1. Are they a full time agent?  If they cant give this business their full attention, they cant give YOU their full attention!
2. How well do they know the market?  Its in your best interest to utilize an agent who works the market you are buying or selling.  Would you buy fruit from a cotton farmer?  Sure they are both farmers, but each have their own area of expertise.
3. Are they truly a REALTOR®?  Realtors are members of the local, state and national Association of Realtors, and are backed by large groups that fight to make homebuying an affordable option for Americans.
4. How long have they been an agent?  Experience counts!
5. When you call, are you able to reach the agent?  You want an agent you can talk to, not just their voicemail or assistant.  Remember if you cant reach them, more than likely no one else can either.

Most of all you want an agent who you are comfortable with, the items mentioned above are important, but your comfort and confidence in a person is key.  Use an agent you can trust and depend on!!

While Spring doesn’t officially start until March 20.  In the real estate world its already begun!  Agents across the Forgotten Coast have had their work cut out over the last month.  I personally have sold 7 properties, bringing Team 98 Real Estate Group to a total of 26 sales for $2,736,550 in volume.  Not only am I on track for my personal best year, but our company is too!  My success is a combination of hard work, dedication, and an outstanding leader and a fantastic group of colleagues.

With that being said, if you are considering selling, now is the time to list!  Residential inventories are especially slim in the Port St Joe market.  Clients have watched homes slip right through their hands!  You almost need to be an impulse buyer to get what you want in this market.

Buyers beware, with homes moving this fast, supply and demand is encouraging competitive prices.   Many buyers are willing to pay asking price just to get the home they’ve been watching.  If you’re not ready to pay full price, but looking for a home, be sure you’re working with an active agent and being notified as soon as new properties are available.  You can register to receive these notifications at http://www.mirandarollins.com.