What's the State of American Real Estate?
In conjunction with the President's State of the Union Address, Realtor.com published its analysis of the state of the national real estate market. I usually focus on the local market, but think this information is really important for a wide-ranging view.
This national report focuses on two significant factors: strong economy and low inventory. These dynamics are the foremost drivers of today's real estate market.
First, we started 2018 with a robust and growing economy. Four strong markers that positively impact real estate include:
- Unemployment fell to its lowest level in 18 years at 4.1% as jobs were added for a record 86th consecutive month.
- Consumer confidence is at "historically high levels" according to the Consumer Confidence Index just released January 30th.
- American Stock Market has reached several all-time highs over the past year.
- The American Retail Federation announced 2017 retail business ended strong and finished with a 5.5% increase in holiday sales.
Second, we have extremely low inventory in just about every market in the country. Joe Kirchner, senior economist for realtor.com announced: "The macro-factors that have defined real estate in recent years - strong demand and weak supply - continue to set the tone for the industry." The national inventory fell to 8.8% in 2017 - down about 2% from 2016. Real estate is a supply vs. demand business. Low inventory with strong demand has driven prices up.
Home ownership continues to be a major vehicle to build wealth. With interest rates hovering in the 4% range, financing still gives the buyer a lot of bang for the buck when considering historic interest rates.
Do you have any plans to invest in real estate or sell a property in 2018? Our team is prepared to help you make real estate your BEST investment. Let us know how we can assist you.
Love selling paradise,
Debbie Neale
BA, MA, CRS, CLHMS, GRI, e-PRO, RRS, CDPE, RSPS
RE/MAX Hall of Fame
Broker Associate
RE/MAX Beaches
P: 850.803.8633
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Explore Our Featured Listings:
This 2 bedroom 2 bath third floor unit at Sea Oats is newly updated with fresh paint, faux copper backsplash in the kitchen, and new furniture in the living and dining areas. Each spacious bedroom has an attached full bath, and closet space. Spend your mornings relaxing out on the balcony and taking in the Gulf views and salty breeze. Sea Oats is a perennial favorite being family friendly and conveniently located. Amenities include Gulf front pool, hot tub, grilling area, tennis courts, and a boardwalk straight to the beach. Close to shopping, entertainment, and restaurants. This unit has a 21k+ annual gross income potential, making this a great investment opportunity!
Click here to watch a video tour of this unit!
This charming home is located in the Bungalows at Bluewater Bay. The light and airy open floor plan of this home is perfect for first time home buyers, empty nesters, or a real estate investor. The living room opens to the dining area and kitchen. The split bedroom plan allows for plenty of privacy for the spacious master suite. The two additional bedrooms, full bathroom, and laundry closet are just down the hall. A fenced backyard provides privacy. A prime location: Minutes from the beach, Eglin AFB, schools, and more. This home is currently utilized as a rental, and has been meticulously cared for by the owner. Since 2016 new appliances, water heater, A/C parts, and more. Rent is currently $1,175/mo. Month to month or long term renters in place for an investor
.
Click here to watch a video tour of this unit!
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What Does Jay Say?
For those of you who closely follow the local real estate market, I just wanted to keep you up to date on the Real Estate Market for Gulf Front, Gulf View, and other foreclosures in our area that you can always find on our website. Click the links below to view our updated list of foreclosures. Not looking for a foreclosure? Feel free to create a customized search, or browse our site to view all properties that are currently on the market.
2017 proved to be another successful year for the Emerald Coast real estate market. The ever-increasing popularity of our area continues to fuel the economy and growth. These strong tourism numbers, combined with elevated awareness of alternative accommodations that has resulted from the popularity of service providers such as Airbnb and VRBO, have resulted in our location being a smart investment market. In fact, a recent poll revealed that 93% of Floridians were in favor of maintaining laws that would allow homeowners to rent their homes to vacationers.
According to the Rented.com Annual Short-term Rental Report for 2017:
Destin ranked #1 as the best performing place to own a short term rental property in the vacation market. Panama City ranked at #5, and Santa Rosa Beach at #8. There is no doubt, now is a great time to buy here on the Emerald Coast.
Our team had an active share in the 2017 market. We worked over 50 closings last year, with 32 listing side sales and 26 selling sides. In addition to our existing listings we also put 26 new properties on the market. A total of 20 of these new properties sold, and even better, with an average of 65 days on the market. Needless to say, we've been busy!
Overall our area has seen many increases in sales. 30A continues to be a favorite of both condo and home buyers. 30A East
saw an increase in both
home sales (+13%)
and condo sales (+15%)
. While
30A West
proved to be more popular with home sales (+15%)
over
condo sales (-1%).
We'll be releasing the 2017 Annual Sales Market Highlights Report this month, so stay tuned for the full scoop on the areas of Okaloosa Island, Destin, Miramar Beach, Sandestin, and 30A!
Best Wishes,
Jay P. Agnew
Team Leader
RE/MAX Beaches
P: 850.865.3711
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5 Ways to Increase Your Intelligence
Seek Novelty
Seek out new activities, experiences, and information. Learn an instrument. Take an art class. Go to a museum. Learn a new subject. When you expose yourself to new things, you create new neural connections that build on each other and create an optimal environment for learning.
Challenge Yourself
Efficiency hinders cognitive growth. As soon as you start to become proficient in a subject or activity, move on to the next one. Always be challenged by what you are doing. This keeps your brain constantly making new neural connections.
Think Creatively
Engage both your left and right hemispheres. Think across a wide range of subjects. Make connections between remote ideas. Alternate between conventional and unconventional thinking. Look for unorthodox solutions.
Do Things The Hard Way
Your brain need exercise just like your body. Technology can weaken your cognitive abilities if relied on too much. Use your memory instead of GPS. Use your spelling skills instead of auto correct. Do the math in your head instead of reaching for a calculator.
Network
Exposing yourself to a variety of people gives you opportunities to see problems from a new perspective, or offer insights in ways that you hadn't thought of before. This helps you to think in new and different ways.
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