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SHANNON VINNICK

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SHANNON VINNICK

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Florida Sales Are UP!

(Published on - 5/20/2020 5:10:26 PM)

Regional Spotlights: How the Real Estate Industry Is Faring Amidst COVID-19

By Liz Dominguez

Regional Spotlights: How the Real Estate Industry Is Faring Amidst COVID-19
 

The coronavirus pandemic has impacted markets worldwide. However, it can be hard to determine just how much this crisis has influenced U.S. real estate without looking at the impact on a local level. Here are the first quarter and April market reports for several states and key metro areas across the U.S.

New York City

In New York City, residential sales volume decreased 16 percent YoY, from $10.5 billion to $8.7 billion. Sales volume for condos and cooperatives in Manhattan also decreased, 35 percent YoY. The average sales price for a home in NYC in the first quarter of 2020 was $1.01 million.

“Market indicators have warned New Yorkers that the housing market was entering a downturn even before the coronavirus pandemic caused an unprecedented public health and economic crisis in New York City,” said Real Estate Board of New York President James Whelan. “As we expect to see residential sales again decrease next quarter, now more than ever, we must collaborate on effective and sensible policies at the city, state and federal levels to jumpstart New York City’s economy.”

Source: Real Estate Board of New York

Houston

Houston saw a 1.4 percent increase in overall April sales YoY. Single-family home sales, however, decreased by 19.1 percent to 6,199 in April when compared to last April’s 7,666. The median price for single-family homes increased by 2.4 percent to $251,000. Property sales for all home types decreased by 21.6 percent to $251,000. And in terms of dollar volume, YoY numbers for April were down by 20.4 percent to just over $2.1 billion.

 

“We were bracing for a rough report and we got it, and the numbers are likely to remain this way until more REALTORS® and consumers adapt to the use of virtual technology through HAR.com to safely market, tour and purchase or rent homes,” said HAR Chairman John Nugent with RE/MAX Space Center. “There is definitely no lack of consumer interest in real estate, as property listing views on HAR.com are up almost 60 percent from this time last year.”

Source: Houston Association of REALTORS®

Florida

Florida closings for single-family homes were up 10.2 percent YoY in the first quarter of 2020. Median sale prices were up for existing single-family homes, increasing 6.7 percent to $270,000. The condo-townhouse market? Closed sales totaled 27,379 in the first quarter, up 9.3 percent YoY. Inventory was at a 3.4 months supply for single-family homes in Q1, and at a 5.5 months supply for condo and townhouses.

“Compared to the same quarter last year, total residential sales were up in the first quarter of 2020 across all 22 Florida metro areas,” said Florida REALTORS® Chief Economist Dr. Brad O’Connor. “Remember, going into the first quarter last year, the stock market was somewhat in flux and we had just entered the longest-ever shutdown of the federal government. So, home sale activity was a bit slow to start off. By March, though, falling mortgage rates came to the rescue and sales started taking off. Mortgage interest rates are currently lower than they were even back then, though, so it’s no wonder our first quarter sales numbers for 2020 were so strong.”

“Obviously, we are not expecting a repeat performance in Q2 due to the coronavirus outbreak,” added O’Connor. “While we expect prices to remain stable through Q2, we will certainly see a reduced number of completed transactions.”

 

Source: Florida REALTORS®

Colorado

In April, Colorado saw new listings decrease by more than 35 percent YoY. Active inventory and sold listings were also down, by 20 percent and 23 percent, respectively. Median sales prices, however, remained relatively flat, decreasing only 1 percent for single-family homes. In addition, Days on Market decreased 13 percent statewide to 41 days. Months of inventory also decreased, by almost 17 percent YoY.

“While the real estate universe paused with bated breath in April, the results of a complicated, pandemic-driven start to the typical buying and selling season weren’t nearly as bad as many in the industry feared,” according to a blog post by Marty Schechter on the Colorado Association of REALTORS® website.

Source: Colorado Association of REALTORS®

Indiana
In the first quarter of 2020, closed home sales increased 10.1 percent YoY to 17,630. The median and average sales prices of homes also increased, by 7.7 percent and 8.0 percent, respectively. Pending home sales also increased, by 5.2 percent to 21,448. New listings were up by 5 percent, increasing to 23,396.

 

“Housing markets had a strong first quarter,” said Terre Haute’s Bernice Helman, 2020 president of the Indiana Association of REALTORS®. “The drop in March pending sales is likely due to COVID-19, but closed sales and prices held with considerable increases. It is impossible to predict how housing markets will perform over the next several months. What REALTORS® do know is, Hoosiers’ housing needs don’t stop because of a virus. Real estate remains an essential business in Indiana and REALTORS® have many tools to get our clients to the closing table in this time of social distancing.”

Source: Indiana Association of REALTORS®

Real Estate Hot Spots

According to a new report from realtor.com®, several key markets are performing better than others amidst the pandemic. Better-performing markets tend to be smaller cities or locations outside larger, more expensive metros, according to the report.

Here are the 10 hottest markets:

1. Colorado Springs, Colo.
2. Fort Wayne, Ind.
3. Topeka, Kan.
5. Pueblo, Colo.
6. Columbus, Ohio
7. Modesto, Calif.
8. Lafayette, Ind.
9. Sacramento, Calif.
10. Fresno, Calif.

“We’re seeing the continuation of earlier trends where we don’t expect the smaller, more affordable markets to cool down anytime soon,” said Javier Vivas, director of economic research for realtor.com®. “But “for markets to remain hot, they’ll need to have an abundant supply of homes and a thriving job market. Markets like Pueblo are attracting buyers that have been priced out of Denver. Home-buying demand has been pushed out of the bigger cities and into adjacent, [smaller] cities that tend to be lower-priced.”

As the coronavirus and its impact on the industry unfold, RISMedia is providing resources and updates. Get the latest.

Liz Dominguez is RISMedia’s senior online editor


Best Apps To Get To Know Your New City

(Published on - 5/18/2020 1:15:48 PM)
May 11, 2020 Realty Executives International 

Navigating a new city is hard. Moving is one of the most stressful things a person will do in their life. Luckily, our phones make the transition a little easier by having a plethora of apps to download in order to thrive in your new home.

Apps to meet new people

We are social animals. We need people – simple as that. Making friends in your new city will be one of the first things you’ll want to do, and these apps make it so easy to connect with new people!

Meetup

Don’t just stay at home every night binging your latest TV addiction. Get out there and meet like minded people! Meetup makes it easy to do that. Whatever your interests are, Meetup most likely has a group for it. Whether you’re into running and want to train for a local race, a reader looking for a book club or an outdoorsman looking for people to hike with, Meetup has kindred spirits just waiting for you.

BumbleBFF

Breaking in new friends is difficult and takes time. Maybe you’re coming from a place you lived your whole life and knew your best friends since pre-school. When moving to a new city, it’s natural to want more than just acquaintances. Having a best friend is priceless! This app makes it easy to search for people who have the same idea in mind, genuine friendship. It works just like a dating app. Users fill out a profile and the app will present matches. Users can communicate on the app without sharing their phone number.

Apps to get around

Maybe you don’t have a car. Or maybe you just need help finding your nearest coffee shop. Whatever you need, these apps will present the information at your fingertips.

Google Maps

This one is a no-brainer. Most of us have this pre-installed on our phones nowadays. It’s easy to use platform makes exploring a new neighborhood effortless. Just by scrolling and zooming you can see what’s around you or search for something specific, such as restaurants or pet stores. 

Transit

This app is a bit more specific than Google Maps in that it focuses on ways to get around other than driving yourself. Say you’re a bike rider. This app shows you where all the local bikeshare stands are. If you’re trying to catch a lyft, it will provide you time estimates. It also provides numerous options for transportation in the unfortunate event you miss your train or bus after work and need another way home. 

Apps to make your move easier

Moving is stressful enough. These apps will help make your transition a little smoother and help you get settled into your new routine. 

Dolly

Think of Postmates, but for moving stuff. Instead of delivering food, they bring your heavy stuff to your apartment and unload it for you. These people are local pickup truck owners who will carefully take care of your heavy lifting for you in their own truck. 

Updater

If you forgot to forward your mail, or change your address for just about anything, this app makes it quick and easy to update your address. Just a few clicks on this app will save you time from having to track down everywhere you may need to update your information. 

Walkscore

This is not just a site to determine how walkable a city is anymore. Now it is a convenient app to navigate all places walkable in your neighborhood! You can easily find what you need within walking distance. Or if you are a public transit user or biker, this app adjusts for that too and shows you places you can get to via your choice of transportation. 

Apps to get to know your neighborhood

It can take a while to get to know a new neighborhood the old fashioned way, just by driving around and getting lost or seeing what you happen upon. Stay in control and quickly learn your way around your new digs with these great apps. 

Niche

Still looking for a new place to live? Make sure to download this app. It provides tons of information about different neighborhoods such as crime statistics, demographics, percentage of people who rent vs own homes, reviews by locals, and how many people live in a certain area. It will help you quickly narrow down the neighborhoods you want to call home. 

NextDoor

This is a great app to get to know your local hot spots and neighbors! Discover your new hidden gems from the locals themselves. Find out where the best local pizza joint is. Only local residents can answer questions to ensure that the information is accurate and stays within your neighborhood loop. 

 

Preparing for your move can save tons of time and stress. Fortunately, it is easier than ever to have information at the tap of your phone with these great apps to help get you situated in your new city.

 

Call me to help you out with Flagler County, Florida Utilities, PUD Code Enforcment and local HOA Guidlines.


Flagler County

(Published on - 12/5/2019 8:01:49 PM)

Looking to live in your personal paradise? 

Come for a visit, let me show you around my home town!

Click Image for Video of Flager County!


How Flood Insurance Works

(Published on - 7/10/2019 1:44:14 PM)

What is flood insurance?

Homeowners’ insurance doesn’t cover damage to a home caused by flooding; instead, a separate policy is needed to cover flood-related losses, defined as caused by water traveling along or under the ground.  

 

ATLANTA – How does flood insurance work? Robert W. Klein, an expert from Georgia State University in Atlanta, Georgia, answers questions about the topic.

1. What is flood insurance?

Homeowners’ insurance does not cover damage to a home caused by flooding. A homeowner must have a separate policy to cover flood-related losses, defined as water traveling along or under the ground.

Most such policies are underwritten by the National Flood Insurance Program, which is part of the Federal Emergency Management Agency. The National Flood Insurance Program was established in 1968 to address the lack of availability of flood insurance in the private market and reduce the demand for federal disaster assistance for uninsured flood losses. Another purpose was to integrate flood insurance with floodplain management, which includes such things as adopting and enforcing stricter building codes, retaining or restoring wetlands to absorb floodwaters and requiring or encouraging homeowners to make their homes more flood-resistant.

The National Flood Insurance Program’s activities are funded largely by the premiums and fees paid by its policyholders, supplemented by a small amount of general funds to help pay for flood risk mapping. Because the National Flood Insurance Program serves the public interest, some believe that more of its funding should be borne by taxpayers.

Homeowners can purchase a federal flood policy directly from the National Flood Insurance Program or through a private insurer. Separately, some private insurers sell their own flood policies on a limited basis for properties that are overcharged by the National Flood Insurance Program.

2. How many American homeowners have flood insurance?

It is difficult to determine exactly how many homeowners have flood insurance.

The National Flood Insurance Program had just under five million policies in force as of June 30. Of these policies, approximately 68% were on single-family homes and 21% on condo units. There is no source on how many private flood policies are in force, but my sense is that it is very small relative to the number of National Flood Insurance Program policies.

In recent years, the number of such policies has been dropping across the country. Some of the counties hardest hit by Harvey, for example, such as Harris (which includes Houston), have experienced significant declines.

A more revealing – and more difficult to ascertain – stat is the share of homeowners in a disaster area who actually have flood insurance. In Harris County, for example, experts estimated that only about 15% of homeowners were insured for floods – though the percentage was higher in areas near coastlines.

3. Why do people at great risk of flooding forgo insurance?

A number of factors affect a homeowner’s decision to buy flood insurance (or not).

People who perceive that their exposure to floods is high are more likely to buy it, all other things equal. And the mandatory purchase requirement forces owners of mortgaged homes located in Special Flood Hazard Areas – areas at high risk for flooding – to buy insurance.

However, 43% of homeowners incorrectly believe that their homeowners’ insurance covers them for flood losses.

Other factors also come into play, such as a lack of information, the difficulty of calculating flood risk and the expectation that the government will provide disaster assistance – which is rarely the case.

4. What does flood insurance cover?

With a National Flood Insurance Program policy, a homeowner can purchase coverage on a dwelling up to U.S. $250,000 and the contents of a home up to $100,000. It does not cover costs associated with “loss of use” of a home.

The National Flood Insurance Program policy limits have been in effect since 1994 and need to be updated to account for the increase in the replacement cost of homes and the actual cash value of their contents. Although not the best measure of the replacement cost, the median price of new homes sold in the U.S. has soared 132 percent since 1994.

Some homeowners buy additional flood protection from private insurers to make up any shortfall.

5. Why is the National Flood Insurance Program underwater?

The National Flood Insurance Program has faced considerable criticism over its underwriting and pricing policies, which have resulted in a substantial debt. Essentially, its premiums are not high enough to cover how much it pays out on claims and its other costs.

Part of the problem is that about 20% of the properties the program insures pay a subsidized rate. But many other National Flood Insurance Program policyholders are also paying premiums substantially less than what it costs to insure them because the rates do not adequately account for the catastrophic losses incurred during years when more major storms than normal strike, such as Katrina and Rita in 2005 and Sandy in 2012. As a result, the National Flood Insurance Program currently owes an accumulated debt of about $20 billion to the U.S. Treasury.

In the short term, Congress will have to increase the National Flood Insurance Program’s borrowing authority for it to pay the claims.

These inadequate rates also exacerbate the moral hazard created by flood insurance. People are more likely to buy, build or rebuild homes in flood-prone areas and have diminished incentives to invest in flood risk mitigation, such as by elevating their home, if they can buy insurance at below-cost rates.

6. What can be done to fix the program?

Legislative efforts to reform the National Flood Insurance Program to put it on firmer fiscal footing have produced mixed results.

Fundamentally, the program millions of Americans rely on to help them rebuild their lives after a devastating flood needs to be fixed. Its dire financial straits could be resolved by either making taxpayers foot more of the bill or increasing premiums closer to full-cost rates for most homeowners, while also raising total coverage levels.

At the same time, the government needs to do more to convince or compel more at-risk homeowners to buy flood insurance – which would be harder to do if it were to raise rates. To me, this suggests that increasing taxpayer support for the NFIP will have to be part of the solution so that pricey premiums don’t become a deterrent to someone buying insurance.

With the likelihood of much more flooding in the coming weeks and years, more needs to be done to mitigate the risk, including producing more accurate and timely maps of the flood risk in various areas, especially high-risk areas, educating people about what those risks really mean and helping relocate homeowners as necessary.

Copyright © 2019, The Conversation, under Creative Commons. All rights reserved.

 


Weekend Warrior Home Value Improvement Ideas !

(Published on - 7/2/2019 9:02:01 PM)

 

 

 

 

 

High-Resale Value Projects to Tackle In a

Weekend

 

 

“There’s no place like home,” as the old saying goes. That’s especially true when it comes to an investment.

You live in and love your home, but there might come a time when you have to leave it. And when that time comes, you’ll want to get as much money as you can for your property so you can move onward — and upward.

In order to increase your abode’s value, you might think you have to put in a ton of time, effort and money, but that’s not entirely true. Instead, you can take on weekend projects over time to spruce the place up so when it’s time to sell, you have a completely updated property that’ll end up selling itself.

 

Ready to get to work? Roll up your sleeves and start on one of the following five weekend projects.

 

1. Repaint Your Kitchen Cabinets

When it comes to smart investment in your home, the kitchen is one of the best places to start. Buyers expect kitchens to be updated. Stone countertops, stainless appliances and sleek flooring all make a space feel modern. Obviously, these changes require a lot of money and, sometimes, a lot of time. That’s why you can tackle it in bits and start first with your cabinets.

Old wooden cabinets with equally dated hardware — think oak doors with shiny brass handles — don’t require a complete gut job. Instead, spend a weekend repainting them a more neutral hue. Finish the project off with new metallic knobs and pulls to complete the modernized look.

 

2. Make the Eye Go up With Crown Molding

Most homes have roughly the same ceiling heights, but there’s a little trick to make yours look bigger — crown molding. Yes, that white line at the top of your painted walls will draw eyes upward, making the room appear airier than it may very well be.

The project is easy enough to complete, too. You might not be able to install molding throughout your entire home over a single weekend, but you can certainly tackle the project on a room-by-room basis. Again, start with the spaces likely to draw in the most moolah:

  • Kitchens
  • Bathrooms
  • Living spaces
  • Master bedrooms

These tend to be the make-or-break rooms when it comes to a big purchase. Crown molding adds a bit of detail, a feeling of luxury that’ll certainly add to the bottom line.

 

3. Boost Curb Appeal — and Backyard Bonuses

No one will come in your home unless the first impression is stunning. Another DIY project should be a landscape overhaul of your front yard. It can be something as simple as adding a path of pavers to your front yard or sprucing up your flowerbeds with colorful blooms. All of this will catch the eye of potential buyers — and fatten up the bottom line of the offers they make.

Another easy fix — your garage door. If it’s street-facing, it’s another area for prospective buyers to look at, and it has a great return on investment.

You don’t have to stop with the front of your home. Especially if you live in a climate that permits lots of outdoor activity, you’ll want a backyard to match. Some may require you rent or buy tools for landscaping and other applications, but imagine the payoff with, for example, the beauty of a functioning fire pit in your backyard. Not only will you be able to enjoy it while you’re still living in your home, but potential buyers will easily be able to envision themselves sitting around a fire.

 

4. Beautify the Bathrooms

Bathrooms have a big effect on buyers. They expect clean, modern updates, just like in the kitchen. Overhauling your powder room is an easy weekend task that might require small swaps, such as a new modern light fixture over the vanity or a new vanity altogether.

Your full bathrooms will require a bit more attention if you want them to be up to snuff. Again, look in the familiar places:

  • Lighting fixtures
  • Cabinets
  • Hardware
  • Countertops
  • Tile

You don’t have to shell out a ton of money to have someone else re-tile a wall or backsplash in your bathroom, either, if you have the patience to demo and tile the space yourself.

 

 

5. Out With the Really Old 

Some accents once considered fresh and fashionable now give your home a dated appearance. You probably already know what in your home screams 70s, 80s or 90s. Whatever it is should go in due course.

The list of outdated design elements is truly endless, but some of the biggest offenders are old-school wallpaper, the floor-to-ceiling wood paneling that may or not be actual wood, and, of course, popcorn ceilings. By removing these three offenders alone — a popcorn ceiling doesn’t take much effort — your home will snap right back into 2019.

Once people start envisioning themselves living in your home, you won’t have to envision offers pouring in — they’ll start coming thanks to your hard work. You go, weekend warrior.

 

 

 

 

 

 

 

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  • SHANNON VINNICK
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