The challenge of finding an affordable entry-level home in today's housing market gets a lot of coverage. First-time buyers facing higher rent, difficulty saving for a down payment, and low inventory are an important demographic and their habits have implications for the overall health of the market. But, at the same time as the starter-home market has been hot, demand for luxury homes has also ramped up. In fact, new research shows sales of homes $1 million and higher are up 25 percent over last year – which represents the largest jump since January 2014. In short, the improved economy and job market has also led to an increase in demand for luxury homes, the same way it has elevated demand across all segments of the housing market. Among specific…

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There are two reasons home buyers typically have to pay more for a house on the water. The first is that people want to live on the water. It's a desirable location. Secondly, there are a limited number of houses with water access. And when you combine high demand and low supply, you usually have a recipe for higher prices. But new research shows that waterfront property isn't selling at as high a premium this year. In fact, waterfront homes in the first quarter sold for a 36 percent premium, which is the lowest level since 2002. By comparison, the average premium since 1996 is 41 percent and in 2012 the premium was as high as 54 percent. In other words, the difference in price between homes on the water and those further inland is lower than normal. But…

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Perception doesn't always match reality but, when it comes to financial markets, it can make a difference. For example, if you've ever invested in the stock market, you know that a company's stock can rise or fall based on the day's news, even if the company's fundamentals and outlook remain the same as the day before. In short, perception matters. And, in today's housing market, there's a perception that there are few affordable homes available to prospective buyers. In fact, according to a recent analysis from Fannie Mae, though only 8 percent of homeowners consider their current mortgage unaffordable, 45 percent said that affordable housing is difficult to find in their area. Which provides a snapshot of what is going on in many markets across the…

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In recent years, there's been a lot of discussion about millennial home buying preferences. Mostly, this is due to the fact that first-time home buyers have historically made up about 40 percent of the home sales in any given year. And, because they account for a large number of the homes sold each year, any fluctuation in those numbers is notable. That's why Freddie Mac recently took a look at why the homeownership rate among young adults has dropped 8 percent since hitting its peak in 2004. As you might imagine, there are a variety of reasons for this. Among them, affordability, not surprisingly, ranks highest. Concern about being able to afford homeownership is always an issue for younger buyers. But there are many other factors that have played a role…

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Are you hearing stories flying around Sandestin about things such as a condo on Jolee Island, The Beach House restaurant coming down to make room for a high-rise, and The Village of Baytowne Wharf closing down? Kitty Whitney, SRE Executive Director, separates FACT from FICTION here. Have a question YOU want answered? Send it directly to Kitty at: Kitty@sandestin.com

 

MYTH:

Section of Village closing and condos to be built.

FACTS:

The Village is alive and well. Nothing in the Village is being closed. (see map and directory with new establishments from most recent Shop, Dine, Play)

The adjacent Baytowne Conference Center expansion starts soon and it will take the foot print of the current service parking lot near the loading dock and…

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Have you ever been curious what it is like "below the deck" on one of those incredible fishing boats that enter the annual Emerald Coast Blue Marlin Classic fishing tournament? We were able to catch up with Brad Benton, Captain of the Aldente (docked at the Sandestin Baytowne Marina) for a quick Q & A:

 

1.       When you’re out in the East Pass on Thursday and the horn blows to start the ECBC, how do you spend that first day of fishing?

  The strategy has totally changed due to the recent change in start time.  The 12pm leave allows for fishing on the first day.  So, we may not be able to reach our primary destination, but this allows ample time to cross over some good marlin grounds.  This year we spent a little time making bait and fished for…

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Available homes continue to sell quickly with the typical property going under contract in less than a month, according to new numbers from the National Association of Realtors. The newly released data shows the average property sold in 26 days, which was unchanged from the month before. Lawrence Yun, NAR's chief economist, says there are not enough homes to meet buyer demand and it's causing available homes to sell quickly. “Inventory coming onto the market during this year's spring buying season – as evidenced again by last month's weak reading – was not even close to being enough to satisfy demand,” Yun said. “That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of…

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One of the main arguments in favor of buying a home is equity. When you rent, you're sending your monthly payment to a landlord. As a buyer, your monthly mortgage payment is helping to build equity. Of course, many homeowners wait and then, following the sale of their house, use their accumulated equity to help buy their next home. But you can also use a home equity loan to access the value your home has accrued. So what do homeowners who take home equity loans do with the money? Well, a recent survey asked borrowers and came up with an answer. Not surprisingly, the top reason homeowners took out loans was to fund home improvement or remodeling projects. This is a common strategy since taking out a loan to improve your house means you may be able to…

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 When shopping for a house to buy, it's hard not to fantasize about the homes just out of your price range. Regardless of what you plan to spend, it's fun to imagine buying a house even bigger, nicer, and more feature filled than the ones within your reach. And, with the Internet, it's easier than ever to steal a glance inside the nicest homes in the area. In fact, you can shop real estate in any area. But, while we're all familiar with famous luxury markets such as Beverly Hills or Aspen, Colo., what are the nation's lesser-known, up-and-coming luxury markets? Well, according to a new index from the National Association of Realtors' consumer website, East Coast house hunters looking for a warm weather getaway have propelled Sarasota and Collier counties…

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There are a lot of things you need to set money aside for when you're getting ready to buy a house. You have to have money for a down payment, closing costs, and moving expenses but you also need to consider how much you'll need for any future home maintenance. Buying a home means you're on the hook for any repairs and renovations you need along the way – and you will inevitably run into issues at some point, whether it's a clogged toilet or a leaky faucet. When it happens, you can pay someone else to fix it or try doing it yourself. Naturally, though, these costs can add up, if you call in a contractor for every loose hinge or minor leak. So it's a good idea for homeowners to do as much of their own work as possible. And, these days, it's easier than…

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