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Archives for October 2020

Best Places to Retire? 13 of the Top 25 Are in Florida!

 
By Kerry Smith

U.S. News & World Report’s latest ranking of top retirement communities could have almost said, “Pick any town in Florida.” Seven Florida. metros are in the top 10: Sarasota (No. 1), Fort Myers (2), Port St. Lucie (3), Naples (4), Ocala (6), Miami (9) and Melbourne (10).

U.S. News & World Report unveiled its 2020-2021 Best Places to Live and Best Places to Retire in the United States. The new lists evaluate the country’s 150 most populous metropolitan areas based on affordability, job prospects and desirability.

In the “Best Places to Retire” category, Florida metro areas stood out with seven out of the top 10 slots and 13 of the top 25 slots.

“After a prolonged period of staying at home, people are taking a critical look at where they live, and many are looking to find a place they can feel happier, afford more or pursue new opportunities,” says Devon Thorsby, real estate editor at U.S. News. “The Best Places rankings can help people examine the details they consider important in a larger community.”

This year, U.S. News increased the number of metropolitan areas evaluated for both sets of rankings from 125 to 150, to provide a broader and more accurate reflection of where Americans can live and retire.

Best places to retire

U.S. News & World Report’s announcement of top retirement destinations says it’s “dominated by Florida metro areas, largely due to affordable homes, low taxes and high ratings for happiness and desirability.”

An increase in Desirability and Job Market scores lifted Sarasota from No. 2 last year to No. 1 this year – but it overtook another Florida city, Fort Myers, which became No. 2. And while Port. St. Lucie’s Housing Affordability score decreased slightly, increases in Desirability, Job Market and Health Care scores helped it jump two places to No. 3.

Miami also saw a decrease in Housing Affordability, but it broke into the top 10 this year, jumping five places to No. 9 thanks to Desirability and Job Market score increases.

The top 25 places to retire also includes three Texas communities, and two places each in Michigan, North Carolina and Tennessee.

“Moving to a new place for retirement can reduce your cost of living and improve your quality of life,” says Emily Brandon, U.S. News senior editor for retirement. “The Best Places to Retire includes information about housing costs, access to quality hospitals and the strength of the job market, which can help you find a retirement spot that will meet your needs.”

The 2020-2021 Best Places to Retire were determined based on a methodology that factored in happiness, housing affordability, health care quality, retiree taxes, desirability and job market ratings. These measures were weighted based on a public survey of individuals across the U.S. who are nearing retirement age (ages 45-59) and those who are of retirement age (60 or older) to find out what matters most when considering where to retire. Data sources include the U.S. Census Bureau and the Bureau of Labor Statistics, as well as U.S. News rankings of the Best Hospitals.  5 Financial Risks to Consider in Retirement

2020-2021 Best Places to Retire – Top 25

  1. Sarasota
  2. Fort Myers
  3. Port St. Lucie
  4. Naples
  5. Lancaster, Pa.
  6. Ocala
  7. Ann Arbor, Mich.
  8. Asheville, N.C.
  9. Miami
  10. Melbourne
  11. Myrtle Beach, S.C.
  12. Nashville, Tenn.
  13. Jacksonville
  14. Manchester, N.H.
  15. Daytona Beach
  16. Orlando
  17. Dallas-Fort Worth, Texas
  18. Lakeland
  19. Chattanooga, Tenn.
  20. Tampa
  21. Grand Rapids, Mich.
  22. Houston, Texas
  23. Charlotte, N.C.
  24. San Antonio, Texas
  25. Pensacola

© 2020 Florida Realtors®

Survey: 13% of Owners Think Their House Is Haunted

While 1 in 3 Americans say they don’t want to live in a haunted house, over 10% say they have shadows, hot-cold spots, odd pet behavior and a “feel” in certain rooms.

Haunted houses are popular attractions this time of year, but most Americans say they wouldn’t consider living in one. However, a majority of those who believe they currently live in a home that is haunted say the spooky happenings they’ve experienced are not reason enough to move, according to realtor.com’s annual Halloween survey released today.

A realtor.com annual Halloween survey of more than 2,000 Americans found that 13% believe they live in a home that is haunted, and a majority of them – 54% – knew or suspected the house was haunted before moving in. However, most (62%) said they’re not likely to consider buying a home rumored to be haunted. Still, of that 13% who believe they share space with spectral residents, 56% have not considered moving.

“Haunted houses typically draw big crowds this time of year, but we wanted to see how many people actually believe they live in one,” says Lexie Holbert, realtor.com housing and lifestyle expert. “Although only a small percentage of respondents indicated they believe their home is haunted, it was surprising to see how many are perfectly comfortable sharing their space with spirits from the world beyond.”  The West led the nation with the most respondents who believe they live in a haunted home at 18%, followed by 13% in the Northeast, 11% in the Midwest and 10% in the South.

Of those who suspected their house was haunted prior to moving in, Northeasterners were most comfortable living with spirits at 76%, followed by those in the West at (57%), the South (51%) and the Midwest (35%).

When the 13% who believe their homes is haunted were asked to describe the spooky things that occur, strange noises topped the list at 44%, followed by:

  • Shadows – 38%
  • Hot and cold spots – 37%
  • The feel of certain rooms – 34%
  • Odd pet behavior – 30%
  • Items moving – 29% (tie)
  • The feel of being touched – 29% (tie)
  • Levitating objects – 17%

According to survey results, the spirits make their presence known in different ways depending on geography. Regionally, here’s what topped the list of ghoulish sensory exploits:

  • Northeast – Feel of the room (41%), shadows (34%), strange noises (33%)
  • Midwest – Strange noises (57%), shadows (37%), items moving and hot and cold spots (36%) (tie)
  • South – Strange noises (58%), shadows (48%), the feel of a certain room (44%)
  • West – Hot and cold spots (38%), strange noises and shadows (33%) (tie), the feeling of being touched (28%)

About half of the men surveyed (54%) said they’re unlikely to consider living in a house rumored to be haunted compared to 70% of women. People aged 55 and over were most unlikely to consider living in a haunted house (64%), followed closely by those aged 18-34 (62%) and 35-54-year-olds (59%).

When asked about a discounted home price for the haunting, a number of people suggested that something in the 10% range would make them consider a haunted house – but one in four respondents (23%) ages 18 to 24 said no discount would be enough.  10 Most Haunted Houses in America

Cheap & Unique Holiday Decorating Ideas

© 2020 Florida Realtors®

By Kerry Smith

Marketing to Millennial Buyers: What Do They Want?

 
Millennial Home Purchase
What Millennials Want in a Home Buy

HarrisX survey: Millennials who enter the market expect competition, and they’re willing to ask Mom and Dad for money. Of those surveyed, 75% have been working remotely, with 63% ready to buy a home now for that reason, and 49% saying it’s happening sooner than expected.

The COVID-19 pandemic pushed nearly half of millennial home shoppers to speed up their home buying timeline, according to a HarrisX survey of 2,000 home shoppers who plan on purchasing a home within the next year. The study, funded by realtor.com, shows the largest generation in U.S. history is prepared for a competitive market, and they’re willing to ask Mom and Dad for financial help.

“If there is any silver lining to the current economic landscape, it’s that mortgage rates are hanging around record lows,” says Danielle Hale, chief economist at realtor.com. “With little to no equity to leverage, millennial homebuyers tend to take out larger loans. Historically low rates are making this more manageable, even with rising home prices.”

Hale says today’s millennial buyers are largely the ones who “were fortunate enough to keep their jobs and save for a down payment – one of the largest hurdles of buying a home. The combination of low rates and the opportunity to save is enabling many millennials to move up their home buying timeline.”

COVID accelerates millennials’ plans

  • 75% of millennials have been working remotely since the COVID pandemic hit. Of those respondents, 63% said they plan on purchasing a home because of their ability to work remotely.
  • Nearly half of millennial respondents – 49% – say COVID pushed them to buy a home sooner than their original timeline.

Home search techniques

Fifty-nine percent of millennials say COVID changed the way they approached their home search. Of those respondents:

  • 37% spent more time researching properties online
  • 35% spent more time looking at listing photos
  • 32% spent more time watching listing videos
  • 31% were more selective about the homes they decide to tour
  • 27% drove by the home to check out the neighborhood

Buyer competition

  • 71% of millennial respondents expect some or a lot of buyer competition in the market
  • 68% said shelter-in-place orders helped them save for a down payment
  • 45% expect financial assistance from family or friends

Why buy now?

  • Over a quarter – 26% – of millennials said they’re tired of their current home, and that was driving their desire to purchase one
  • 23% of millennials said a growing family was the main driver
  • 22% cited favorable home prices
  • 20% cited favorable interest rates
  • 18% reported a desire to live in a safer neighborhood

What kind of home do they want?

  • 36% are looking for an “entry-level” home at or under $200,000
  • 28% want a home between $200,000 and $350,000 (Altogether, 63% of millennials seek a home at or below $350,000 – the median U.S. price)
  • 37% of millennials are looking for a home over $350,000
  • 54% believe home prices have hit their peak

Where are they going?

  • 49% want to move within their current city
  • 31% want to move from the city to the suburbs, a higher percentage than either Gen X or baby boomers
  • 13% want a different city but in the same state
  • 8% want to move to a completely different state

Millennials are the largest generation in U.S. history, born between 1981 and 1997. For the last 5 years, they’ve been the dominant buying force in the market.

5 Tips for Millennial Home Buyers

How to Get the Best Mortgage Rate

© 2020 Florida Realtors®

By Kerry Smith

Get Back on Track Financially with a Budget

There are no two ways about it—many Americans have had a rough time financially over the past few years. The good news is, no matter how bleak things look, there are a number of steps you can take to improve your financial health – and get back on track with a Budget.

Keep Track of Your Financial Documents – This step is crucial for getting your taxes done on time, as paying your bills when they are due.

Evaluate Budget Limitations – Even if the task may seem cringe-worthy, take a hard, honest look at your budget, debt (if you have it), and come up with a practical game plan for getting through the next fiscal year on two solid feet.

Invest in Technology – Whether or not you are part of Generation Y, technology has the potential to make things a lot easier, especially when managing a business or personal finances.

Take Care of Your Mortgage – Refinancing your mortgage represents another positive step towards getting your finances back on track.

Invest in Health Care – Be sure to use your flexible spending account to purchase items that will help ensure your health.

Donate to Charity – You can do this by giving old clothes to Good Will or by contributing a small sum of money to your favorite charity. Either way, donating to charity will get you a tax deduction and thus help relieve your financial burdens.

Pay Up-Front – Making your payments as early as possible, especially if you own or manage a small business, is crucial. You will not be under the gun as much, and you will avoid the risk of making late payments.

Take Performance Reviews Seriously – With most promotions, people will receive a raise in salary. Therefore, if you are ever the recipient of a performance review from your boss or employer, do take it very seriously. Look at what you did right, but more importantly, understand what you did wrong. The quicker you improve upon those mistakes, the better the chance you have of getting that promotion

Be Wary of Holiday Spending – During Hanukkah and Christmas, people can get into spending frenzies. While you may want to impress your in-laws with nice gifts, take care of yourself before others. If buying expensive gifts means that you will not be able to afford certain home necessities, such as paying your heating bill, then budget for less expensive gifts.

Make Sure Your Retirement Plan Is in Good Shape – Setting aside money for your retirement is very important, as it represents sound long-term financial planning.

click here budgeting tips

Financial Future

Pandemic Tips: How to Move Safely

 

Many Americans may be forced to consider moving as federal foreclosure and eviction moratoriums expire. In the first week of July, 32% of Americans did not make a full, on-time housing payment, according to a nationally representative survey by the website Apartment List. Others may relocate to save money, be closer to loved ones or simply leave a densely populated area.

If you’re considering moving, here’s what to know from a financial standpoint, as well as tips to make moving day safer.

Budget for extras

Aside from the usual expenses like buying boxes, renting a van or hiring movers, plan for extra costs because of the pandemic.

You may need to buy heavy-duty supplies to deep-clean your old place, for example, or to sanitize your new accommodations. If you are moving out of a rental unit, some landlords may ask you to pay for professional cleaners or take the cost out of your security deposit.

Moving across county or state lines? Check what the quarantine requirements are in your new location, says Jean Wilczynski, a certified financial planner and senior wealth advisor at Exencial Wealth Advisors in Old Lyme, Connecticut. You may have to pay for quarantine accommodations like a hotel or Airbnb if your new apartment or home is not move-in ready, she says.

If you are receiving unemployment benefits, check the rules on how your benefits carry forward in your new location and what the taxes are if it is a new state, Wilczynski says. You can typically find this information on your state’s Department of Labor website, she says.

If you are unemployed or your income has dropped as a result of the pandemic, you can also check whether you qualify for moving assistance by calling 211.

You might not be able to really get to know your new place until you’re living there, so prepare yourself (and your wallet) for surprises like leaky faucets or broken appliances. Landlords and real estate agents may offer only virtual tours. And if you can see the new accommodations in person, you may be required to sign a waiver, wear a mask and avoid touching anything while in the house.

Stay safe during the move

How to move safely depends on whether you are doing it yourself or using movers. Current guidance from the Centers for Disease Control and Prevention suggests that the main way the coronavirus spreads is through respiratory droplets, says Lindsay Slowiczek, pharmacist and drug content integrity manager at Healthline.com. That’s why wearing a mask and staying away from people is important to slow the spread of the virus, she says. Sanitizing surfaces is also an extra precaution worth taking.

Moving yourself: If you’re renting a moving truck, companies like U-Haul offer contactless pickup and drop-off options. Slowiczek suggests sanitizing the door handles, steering wheel, radio and the metal tongue on the seatbelt in the rental van.

Using movers: Before picking a moving company, check its website or call and ask about its safety practices in response to the pandemic, Slowiczek says. Ask whether the movers wear masks and gloves during the move.

On moving day, she suggests being prepared with a plan to limit interaction with movers and maintain social distancing. This includes packing as many things as you can yourself or consider using a self-pack moving container as Slowiczek did for her own recent move.

If the movers will pack the truck, create a schedule for the movers. For example, ask them to start with a particular room as you stay in another. This is also particularly useful if you live with family members who are vulnerable or immunocompromised, she says. Try to limit their involvement with the move as much as possible.

“Plan out the way (the movers) are going to move through the house,” says Slowiczek. “If possible, move all of (your boxes) to one area in your home so they don’t have to come throughout your house as much.”

Keep hand sanitizer or soap handy during the move so that you and the movers can use it periodically, she says. (Check on the FDA website that your brand of hand sanitizer is methanol-free, Slowiczek adds). After the move, use disinfectants registered with the Environmental Protection Agency to clean surfaces or furniture.

“Just using the product as-is is not enough – read the instructions on how long it should be wet on the surface,” Slowiczek says.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. This column was provided to The Associated Press by the personal finance website NerdWallet. Amrita Jayakumar is a writer at NerdWallet.

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Tips to Prepare a Budget Before Buying a New Home

BUY A BUDGET FRIENDLY HOME! It’s virtually impossible to know what size home you can afford if you aren’t fully aware of how much money you are earning and how much you are spending each month.  Start with your income: How much do you bring home after taxes and retirement plan contributions?  Next, look at your expenses: What are your necessary expenses? How much are you paying each month toward your debt? What additional expenses do you have that wouldn’t be deemed “necessary?” How much money do you have left (if any)?

Consider the potential costs of being a homeowner See How Much House You Can Afford!

While rent payments are generally straightforward and predictable, the same can’t always be said for homeownership costs. Your situation can vary depending on a variety of factors, but here are a few things you might need to prepare your budget for:

Property taxes: The amount you pay will depend on the area in which you are purchasing a home. This amount can be subject to annual adjustment by the municipality or local taxing authority.

  • Homeowners insurance: Lenders will require you to provide proof of coverage before closing. The amount you pay will depend on your level of coverage, your property and the location. Insurance costs can increase from time to time.
  • Private mortgage insurance (PMI) or mortgage insurance premiums (MIP): If your down payment is less than 20% on a conventional mortgage, your lender will require you to carry private mortgage insurance. If you have an FHA loan, you’ll be required to pay mortgage insurance premiums throughout the life of the loan.
  • Homeownership assistance: A company like Unison Home Ownership Investors can strengthen your down payment overnight and eliminate the need for private mortgage insurance (see their Unison HomeBuyer program). Using this method will typically save you between 15 and 20% per month on your mortgage payment, but you could owe a portion of the appreciation on the home when you sell.
  • Homeowners association fees: Fortunately, not all homes have a homeowners association to pay into. Purchasing a home with HOA-covered amenities could cost, on average, an additional $200-$400 per month.
  • Maintenance fees: Ah, the pitfalls of being a homeowner. The costs that would normally fall to a landlord, like fixing broken plumbing or a heater on the fritz, will now fall on your shoulders. Some suggest saving one percent of your home’s value annually for maintenance.
  • Utility costs: Unless your rent has included the cost of utilities, this is probably already an expense you’re used to. However, if you’re moving into a bigger home with less energy efficient appliances, you should be prepared to see an uptick.

Start living like a homeowner with a Budget Friendly Home

If you want to avoid experiencing sticker shock after your home purchase is complete, start living like a homeowner now.  Consider your current rental costs and compare them to the costs for a home in your target price point. Can your current budget handle the difference? Are you still able to pay for your necessities plus shore up your financial future through short and long term savings? Do you find yourself feeling desperate by the end of the month?

Determine where to make adjustments-Budget Friendly Home

Does living like a homeowner make you a little wary for what’s next? Now is the perfect time to create space in your budget by cutting back expenses and paying down debt.  Now that you know where your money is going, determine the unnecessary leaks. Maybe your monthly food bill is exorbitantly high. Or maybe your subscription services have gotten out of hand. If your priority is purchasing a home – and being financially comfortable in that home – work to cut expenses that are contradictory to that goal.  Next, tackle your debt. There are two big benefits to beefing up your debt repayments now: You can lower your monthly obligation and improve your chances of getting approved for a loan. It’s a win-win.

5 Reasons to Buy in the next 5 Months

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