April Sales Statistics for Walton County, Florida.
Closed sales were up 17.2% over same period last year. It amazes me how many sales in our county are cash buyers. With a Median Price of $450,000, 52% of these sales were cash buyers. Where is all of this cash coming from? I have my theories, but South Walton County attracts a lot of professionals, sports figures, and famous musicians. The average sales price was $758,398. Sellers are holding tighter to the original list price with all sales selling for 96.8% of the list price. It is taking 140 days to sell, but with inventory dropping monthly, this too is changing. We are not a one day market here yet, but I see it coming.
It is my belief that a clean well organized maintained home can sell in less than 5 days in this market. As proof, take a look at the featured photo that sold for $700,000 furnished in just 4 days.
Whether you are buying or selling, please think about hiring an agent who knows the market well and can prepare you for the best possible scenario.
Where are we and where are we going? That is a good question. With the stock market reaching peak performance you would think folks would be taking money out of their 401Ks to buy real estate. I would think the same. I would highly suggest that now would be the time to take this loan for yourself and make those investments. Rental markets are lacking ample supply and if you buy real estate, you can always make it into a rental.
Locally, here in Walton County Florida the market has a lot of cash buyers. These cash buyers are doing exactly what I am talking about. They are taking loans against their 401Ks or 401 Self Directed money and making investments in real estate. You pay your loan off monthly with interest being paid back to yourself. You in essence become your own banker.
Thinking of living here at the beach? Then just do it. There is never a better time. Listings only last 100 days on the market right now. The median price is $334,000 in our area and only going up. Florida is a hot market to own in with the baby boomers moving south for warmer temperatures.
I look forward to guiding you through a successful transaction from start to finish.
Your Wealth Manger in Real Estate,
Kelly Klein, Agent/Broker
Berkshire Hathaway HomeServices|Pen Fed Realty
The cost of water across the United States is 41% higher than what it was in 2010. Jacksonville, FL water prices are skyrocketing. When you budget for water, it should not cost more than 4.5% of a household’s income according to the EPA.
The highest risk state is Mississippi, since families there earn $32,000 or less in family income. Philadelphia has a little more than half of all of its customers past due on their water bills. Detroit has 50,000 customers already cut off.
Don’t take water for anything less than what it is. Important to life sustainability. Conserve and Protect our water resources.
Some ask should I rent or sell my old place prior to my move? Well this depends on market conditions. Being a landlord can come with minor headaches, but also provide a stream of long term income for the future. The balancing act for me is when to sell. If I bought at a low price and now I am renting it out but the market has made significant gains, then I will have to pay capital gains on the difference from the basis to the new selling price.
This is not such an easy decision to make. You will want to consult with a professional real estate agent who knows the market well to come to your decision.
Questions to ask would be:
- Can you afford to own two homes? What if you cannot find a renter for some time?
- Will your old property appreciate?
- Can you effectively oversee a rental?
- Will you ever return to the area?
Many times I have buyers ask me if I update my kitchen how much more can I sell my condo for? This is a vague question because if all other units in the complex also had updated kitchens and yours if the last one to update, then the value will not be any more than the last sale in the complex.
However, as a general rule the cost of remodeling projects cost 3%. However, the value of the projects at time of sale rose 4.2%.
Top Projects with the highest return for the project are:
Midrange cost category
- Attic insulation (fiberglass) (107.7% ROI)
- Entry door replacement (steel) (90.7% ROI)
- Manufactured stone veneer (89.4% ROI)
- Minor kitchen remodel (80.2% ROI)
- Garage door replacement (76.9% ROI)
Upscale cost category
- Garage door replacement (85.0% ROI)
- Entry door replacement (fiberglass) (77.8% ROI)
- Window replacement (vinyl) (73.9% ROI)
- Window replacement (wood) (73.0% ROI)
- Grand entrance (fiberglass) (70.1% ROI)
Easiest to do is attic insulation. However, I have to admit a nice looking entrance door is always a hit and makes a good first impression to buyers. Sometimes it is curb appeal that matters most. Doors, windows, entrance, etc.
So who do you call? You can try Angie’s List or Home Advisers to seek out professionals for these projects. Let’s keep more of your money in your pocket.
Statistics can be boring or telling. I wanted to share with you some statistics of what is happening here in Walton County, Florida.
Sales are up 15.4% overall. When this happens, prices will follow so while it is still a good time to buy, time it carefully.
The Median price in Walton County right now is $339,950. Yes, beach front properties can cost millions while properties north of the bay are less. You always get more for your money across the bay. Take this instance of the beautiful brick home above priced at $285,000 with a pool.
The average days on the market is currently at 83 days.
We currently have 6.5 months of inventory available to choose from. A number that keeps coming down as builders struggle to keep up with demand.
If you are looking to buy in Walton County, I would be honored to assist you.
When showing a home, an agent has a responsibility to the other agent to abide by their showing instructions. This may mean turning all lights off, locking all doors, setting the alarm, and closing all blinds.
- Buyers should not play with locks, alarms, or blinds.
Agents should take good care of the seller’s belongings when showing the property.
2. Buyers should not open drawers and go through the belongings of the seller.
Agents should keep the buyers all together even if children are present.
3. Buyers should stay together with their agent and not allow their children to play with another child’s toys or run through a home touching items.
Agent’s should discourage use of the plumbing facilities in the home.
4. It is impolite of a buyer to use another’s bathroom. They should plan their time accordingly as much as possible.
Agent’s should discourage buyer’s from making confidential or discouraging remarks about the home until outside. More and more sellers are using technology to record these remarks.
5. Buyers should hold their remarks until in private with their agent.
All of these items will assist in negotiating the best deal possible for the buyers.