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It's a great time to sell in South Crestview!

by Jeremy Fretwell, Broker/Owner RE/MAX Gulf Coast

As your neighborhood real estate expert, I just wanted to share an article from Thestreet.com with you and give you my opinion as it relates to South Crestview.

The first point in the article talks about inventory and how it is shrinking. This is true for our area as well. We have gone from almost 7 months on market to just over 6 months for the last 12 months. I expect to see that number dip under 6 months with the growing demand this spring. The average sale price has increased $3,750 over that same time as well,  and the days on market saw a substantial drop from 145 days to now just 91 days on market.

The second point in the article speaks to what happens with shrinking inventory. Many buyers are being driven to new construction. We aren’t seeing this trend in South Crestview, mostly because there aren’t many lots left on which to build. I am finding that existing sellers are enjoying more activity due to a lack of new home inventory. This is not the case in North Crestview, so being in South Crestview is a big benefit at present.
The third point of the article speaks to the benefit of purchasing over renting due to the high demand for rental property. After the Great Recession many homeowners were caught up in the aftermath and lost their good credit. The result has been a new influx of renters. This has caused rental prices to skyrocket in the area, driving renters into home ownership in an effort to balance their monthly budget.

I see a great year for my sellers in South Crestview due to these developing factors. If you are thinking of selling your home please let me know and we can set up a no-obligation meeting to discuss your options and current home values.

Here is a link to the article posted on thestreet.com 


http://www.thestreet.com/story/13535000/1/3-real-estate-trends-to-watch-this-spring.html

The Dangers of Overpricing Your Home

by Jim Gilliland

When choosing a real estate agent to sell your home, it’s tempting to go with the one that wants to list it for the highest price. Don’t do it! Experienced Realtors will tell you that listing your home at the right price from the very beginning is crucial to getting it sold the fastest and for the highest price. Research consistently shows that over-pricing your home, and then continually dropping the price while the home sits on the market for days to months leads to the home selling for much lower than it would have had it been priced appropriately for the market to begin with.

There are several factors that explain why that is. Overpricing can scare off good buyers before they even have a chance to see your home. Good agents can tell when a home is overpriced and can steer their clients in another direction. Overpricing a home will also cause the days on the market to just go on and on. Buyers are suspicious of homes that have seemed to sit on the market for too long. Overpricing will also lead to your home not showing up in the searches of qualified buyers. If you price your home at $275,000, but you would be happy to accept $250,000, you have just eliminated your home from any search in the $225-$250k range.

When choosing an agent, make sure that you don’t just go with the one that offers to list your home at the highest price. Make sure you go with one who fully explains how he or she got to their price, and can explain to you exactly what the market will bear. 

Good news for rental property owners!

by Jim Gilliland

Do you have rental property in our area? Or have you thought about buying an investment property to rent out? According to a new report from RealtyTrac, Okaloosa County has the # 5 best rental market IN THE NATION for renting single family homes to millennials. In all of the top 15 counties, the millennial share of the population increased at least 10 percent between 2008 and 2013, and annual wage growth outpaced annual rental rate growth.

 "Rapidly rising home prices and tepid wage growth have dampened single family rental investment returns and growth potential in many markets, but there are still plenty of solid opportunities available for real estate investors willing to cast a wider geographic net," said Daren Blomquist, senior vice president at RealtyTrac. "Rents are rising faster than median home prices in 45 percent of the markets analyzed -- indicating continued strong demand for rentals in those markets -- while annual wage growth is outpacing rent growth in 43 percent of the markets -- indicating room for rising rental returns in those markets.”

 Several members of the Gilliland Team here have rental properties. If this is something you are considering, give us a call, and we can point you in the right direction!

 

Intracoastal or Intercoastal?

by Jim Gilliland

One question comes up around here a lot, especially when we’re describing waterfront property  – Is it Intercoastal or Intracoastal waterway? The correct name is actually IntRAcoastal Waterway.  The Intracoastal Waterway is a network of canals, inlets, bays, and rivers that runs from Norfolk, VA down to the Florida Keys, and along the Gulf of Mexico to Brownsville, TX. The plans for the Intracoastal Waterway go back to 1808, when Treasury Secretary Albert Gallatin proposed a system of canals that would link Boston Harbor to the harbor in Brownsville. Congress rejected that plan, but over the next few decades, the Corp of Engineers began dredging a series of canals along the US Coast.

The Gulf Intracoastal Waterway is 1,100 miles from St. Marks, FL to Brownsville, TX.

 

 

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Jim Gilliland
RE/MAX Gulf Coast Realty
158 Eglin Parkway
Fort Walton Beach FL 32548
Office: (850)243-2220
After Hours: (850)864-7459
Fax: (850)664-6068