Archives for November 2017

What are You Thankful for This Thanksgiving?

In some ways, 2017 is flying by faster than previous years, and in others, we’re all waiting for 2018 to hurry up and get here. No matter how divisive things get on social media or how worried we are when we watch the news, there are always things to be thankful for. Now that Thanksgiving has arrived, let’s focus on the good, instead of the negative, for at least a day or two. 

Thinking about what makes us feel good in life is an antidote to the anger and worry so many of us feel. Here at Rising Star Real Estate, we’re thankful for quite a lot…

We’re thankful for our customers and clients. 

You put your faith and trust in us, and it’s one of the greatest honors we have. We know how difficult and stressful buying or selling a home can be. Thank you for allowing us to help you through the process.

We’re thankful for our families and friends.  

You support us in our work, help with the big and small things, and keep everything running at home when we get busy. Without you, we couldn’t help our customers and clients. Thank you for all that you do and who you are.

We’re thankful to our partners in real estate. 

The only way buying and selling a property can be as stress-free as possible is to work with the right vendors. To the lenders, insurance agents, home inspectors and everyone else who helps us help buyers and sellers – thank you. 

We’re thankful for referrals. 

We don’t work for the paycheck, we work for the referral. Our goal is for you to be so happy with our service that you can’t wait to tell your friends and family about us. Your referral is your stamp of approval to let others know we’ll take care of them, too.

Thanksgiving shouldn’t be the only day we think about who and what we’re thankful for. But if it’s been awhile since you’ve thought about it, now is a good time. Showing gratitude throughout your life relieves stress and makes you feel happier. Thank people who help you, support you, and make your life even a little easier and that includes your barista, server, nurse, your child’s teacher, and everyone else in your life.

Now, it’s your turn…who and what are you thankful for this Thanksgiving and all year long?

13 Things Millennials Need to Know Before Buying Your First Home

Homeownership increased to a three year high for third quarter of 2017 to 63.9 percent due in large part to millennials. As this generation gets older and becomes more financially stable, they’re increasingly ready to own their own home. While the increase in buyers sent shockwaves through the rental market recently, it’s great news for buyers and sellers along the Emerald Coast.

Here are 13 things millennials and any other first-time home buyer needs to know and consider before you buy.

1. Check your credit first. A poor score will disqualify you from getting a mortgage or force you to pay a high interest rate. It is often better to repair your credit first to get the best deal.
2. Save as much money as you can. You don’t need a 20 percent down payment but any lender will want to know you have the ability to cover closing costs and whatever down payment your loan requires.
3. Look into first time homebuyer programs. They may be able to help get you the extra you need to make a lender feel comfortable approving your loan application.
4. Talk to a lender. Knowing your budget is good but a mortgage lender can give you an idea of how much you can afford what you can likely get approved for.
5. Work with a Realtor^®. Having a real estate license isn’t enough. You need to work with a professional that follows a strict code of ethics and has access to excellent information.
6. Consider what features matter most in a home for you and your family. Make a list of the must-haves and would-be-nice-to-haves. This can help you narrow down your decision or know which home to fight for with a counter-offer.
7. Try not to fall in love with the first home you see or make an offer on. Sometimes you get exactly what you want, and sometimes you don’t.
8. Think about your lifestyle when choosing a neighborhood. Do you want to be close to certain areas like the beach or downtown? Is it important to be close to work? Is walkability a factor for you?
9. Always get a home inspection. Make any offer on a home contingent on the inspection so you can walk away if you find there are serious and expensive problems.
10. Shop around for homeowner’s insurance. When you have a mortgage on your home, you’ll be required to carry insurance. Not all policies or companies are the same.  Find one that works best for you.
11. Once you put in an offer and it’s accepted, don’t take on any new debt.
12. During the closing process, don’t change jobs.
13. Basically, until you’ve signed your name a dozen or more times at the closing table and received the keys, make zero changes to your financial life while your mortgage application is processed. Even a small change could impact your ability to be approved.

No matter what generation you belong to – millennial or something else – buying your first home is daunting and exciting. Make sure you know how the process works and find a professional you trust to help you. When you’re ready to become a homeowner, we’re here to help! 

11 Things to Know About Home Buyers and Sellers in 2017

Every year the National Association of Realtors^® (NAR) releases a Home Buyer and Seller survey so that we can all have a better understanding of what buyers and sellers face during the year. What’s new, different, better, or worse about buying or selling real estate? This survey is a comprehensive look at the experience of buying and selling real estate on a national level.

All real estate is local, of course, and across the Emerald Coast, some of these variables will be a little different, but it’s a good way to get an idea of the real estate market. With that being said, here are 11 interesting things from the NAR 2017 Profile of Home Buyers and Sellers.

1. First time home buyers have more student loan debt than in the past with 41 percent reporting some amount of student loan debt.. The average balance is $29,000 with more than half of those surveyed reporting that they have at least $25,000 in student loan debt. 
2. The median age of a first time home buyer is 32 years old with a household income of $75,000, up from 2016 when it was $72,000. The median age of repeat buyers is 54, up from 52 last year with an annual income of $97,500, not much different from last year ($98,000).
3. New buyers bought smaller homes at slightly higher prices. The median home size was 1640 square feet compared to last year when it was 1650. The price went up to $190,000 and was $182,500 in 2016.
4. Repeat buyers purchased a 2,000-square-foot home this year just like last year. But the price was higher, costing $266,500, up from $250,000 in 2016.
5. In 2017, 42 percent of buyers paid the list price or more for their home, up from 40 percent last year. This is likely due to a lack of inventory driving up competition and prices.
6. Conventional mortgages continue to dominate housing purchases with 58 percent of buyers financing their purchase this way while 34 percent used a FHA loan with a lower down payment option.
7. Buyers are moving to the suburbs, more rural areas, and small towns with 85 percent of all buyers choosing these locations.
8. Detached single family homes continue to be a more popular option across the nation with 83 percent of buyers choosing this option which remains the highest share for the third year in a row since 2004.
9. What may come to no surprise is that 95 percent of all buyers began their search for a home or a real estate agent online.
10. Ultimately 87 percent worked with a real estate agent at some point in the process and transaction.
11. Sellers worked with a real estate agent 89 percent of the time – an all-time high – and only 8 percent worked as a FSBO (for-sale-by-owner).

On an individual basis, and here in Northwest Florida, some of your experience may vary, this is an excellent snapshot of the real estate market from a buyer or seller perspective.