It’s True What You Hear! There’s Never Been a Better Time to Sell!

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JUNE 29, 2020

NAR: Pending Home Sales Soar 44.3% in May

By Kerry Smith

The increase broke all records since NAR started tracking the sales. At May’s 99.6, the pending sales level was about equal to those in 2001. NAR’s economist calls it a “spectacular recovery for contract signings” and shows “the resiliency of American consumers.”

WASHINGTON – Pending home sales mounted a record comeback in May, seeing encouraging contract activity after two previous months of declines brought on by the coronavirus pandemic, according to the National Association of Realtors® (NAR). Every major region recorded an increase in month-over-month pending home sales transactions – and the South also experienced a year-over-year increase in pending transactions.

The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – rose 44.3% to 99.6 in May, chronicling the highest month-over-month gain in the index since NAR started the series in January 2001.

While the increase broke records, however, year-over-year, contract signings fell a slight 5.1%. An index of 100 is equal to the level of contract activity in 2001.

“This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership,” says Lawrence Yun, NAR’s chief economist. “This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

“More listings are continuously appearing as the economy reopens, helping with inventory choices,” Yun says. “Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”

According to data from realtor.com, active listings were up by more than 10% in May compared to April in several metro areas.

“The outlook has significantly improved, as new home sales are expected to be higher this year than last, and annual existing-home sales are now projected to be down by less than 10% – even after missing the spring buying season due to the pandemic lockdown,” Yun says.

NAR now expects existing-home sales to reach 4.93 million units in 2020 and new home sales to hit 690,000.

“All figures light up in 2021 with positive GDP, employment, housing starts and home sales.” Yun says that in 2021, sales are forecast to rise to 5.35 million units for existing homes and 800,000 for new homes.

The month of May saw each of the four regional indices rise on a month-over-month basis after all were down in April 2020. The Northeast PHSI grew 44.4% to 61.5 in May, although it was still down 33.2% year-to-year. In the Midwest, the index rose 37.2% to 98.8, down 1.4% from May 2019.

Pending home sales in the South increased 43.3% to an index of 125.5 in May – a 1.9% increase year-to-year. The index in the West jumped 56.2% in May to 89.2, down 2.5% from a year ago.

© 2020 Florida Realtors®

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The difference between Home Warranty & Home Insurance

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advice, buy now, Buying a home, home ownership, Jacksonville Real Estate, real estate

Photo by Pixabay on Pexels.com

When purchasing a new home, it’s important to do in-depth research on all facets of the homebuying process. One thing you’ll need to understand is how to best protect yourself and your investment if anything were to go wrong. Check out the information on home insurance versus home warranty below to educate yourself on your options.

Home Insurance

Homeowners insurance pays for any accidental damages and loss that are caused by fire, lightning strikes, windstorms, and hail, however, damage from earthquakes and floods is typically not covered. It also covers the replacement of personal property in case of theft or damage and liability if a person were to get injured in your home or on your property. According to American Home Shield, the average annual cost of a homeowner’s insurance policy ranges between $300 and $1,000 and the bank usually asks you to obtain a policy before the mortgage is issued. Make sure to keep in mind that each type of coverage in the policy is subject to a limit and, in most cases, you will have to pay a deductible.

Home Warranty

A home warranty is designed to cover the cost of repairs and replacements of larger appliances and crucial systems in your home that may fail or break due to age and wear and tear. This includes but isn’t limited to HVAC, electrical, or plumbing components, kitchen appliances, and your washer and dryer. With a home warranty, you are required to pay premiums year-round, even if you do not use it, and it won’t cover damages if appliances were not maintained properly or if the damage is from a fire or other disaster.

Give us a call today; we are happy to lead you in the right direction.

Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

Townhouse vs. Condo, which should you buy?

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advice, buying a home for the first time, condo living, Florida, real estate

Photo by Sam Johnson 

Whether it’s your first time buying or you just want to purchase something smaller, townhouses and condos are both great options. Check out the differences between the two to help aid you in your search!

Condominiums

Condominiums are similar to apartments in that you purchase an individual unit inside of a larger building, but not the property it sits on. This generally includes access to the building’s amenities, such as the clubhouse, pool, and gym. However, condo owners are not responsible for the upkeep and repair of these common areas. Because of the number of shared spaces, living in a condo often allows for meeting new people and building a strong sense of community. There is a fairly similar vetting process for loan approval as for a full-sized home; however, the lender will also look at the health of the condo association.

Townhouses

Those who purchase a townhome are generally purchasing the complete unit, both inside and out, including the land it sits on. This might also include the driveway, yard, or roof. Traditionally, these units are two- or three-stories tall and may also include common areas like pools and parks. Townhome owners pay a fee to a homeowners association every month and the loan process is the same as buying a full-sized home.

Which is the best choice?

Both townhomes and condos offer less maintenance than a traditional home and generally offer great shared areas. Your decision ultimately comes down to you and your family’s needs and wants. Things you’ll want to take into consideration include location, lifestyle, family growth, and price.

Give us a call today; we are happy to lead you in the right direction.

Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

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Questions to Ask When Choosing a Lender

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advice, Buying a home, buying your first home, Mortgage changes, real estate, tips for buying a home

 

Loan terms, rates, and products can vary significantly from one company to the next. When shopping around, these are a few things you should ask about.

 

General questions:

What are the most popular mortgages you offer? Why are they so popular?

Are your rates, terms, fees, and closing costs negotiable?

Do you offer discounts for inspections, home ownership classes, or automatic payment set-up?

Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required?

What escrow requirements do you have?

What kind of bill-pay options do you offer?

Loan-specific questions:

What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)?

Which type of mortgage plan would you recommend for my situation?

Who will service this loan—your bank or another company?

How long will the rate on this loan be in a lock-in period? Will I be able to obtain a lower rate if the market rate drops during this period?

How long will the loan approval process take?

How long will it take to close the loan?

Are there any charges or penalties for prepaying this loan?

How much will I be paying total over the life of this loan?

Have any questions or are you ready to start your new home search in 2019? Give us a call today!  Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

Which down payment strategy is right for you?

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advice, Buying a home, buying your first home, downpayment, Jacksonville Real Estate, mortgage loan, real estate tips

You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders.

But there can actually be financial benefits to putting down a small down payment—as low as three percent—rather than parting with so much cash up front, even if you have the money available.

THE DOWNSIDE

The downsides of a small down payment are pretty well known. You’ll have to pay Private Mortgage Insurance for years, and the lower your down payment, the more you’ll pay. You’ll also be offered a lesser loan amount than borrowers who have a 20-percent down payment, which will eliminate some homes from your search.

THE UPSIDE

The national average for home appreciation is about five percent. The appreciation is independent from your home payment, so whether you put down 20 percent or three percent, the increase in equity is the same. If you’re looking at your home as an investment, putting down a smaller amount can lead to a higher return on investment, while also leaving more of your savings free for home repairs, upgrades, or other investment opportunities.

THE HAPPY MEDIUM

Of course, your home payment options aren’t binary. Most borrowers can find some common ground between the security of a traditional 20 percent and an investment-focused, small down payment. Your trusted real estate professional can provide some answers as you explore your financing options.

Have any questions or are you ready to start your new home search in 2019? Give us a call today!  Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

 

 

PRIORITY TASKS FOR YOUR MOVE IN

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advice, Buying a home, Jacksonville Real Estate, moving day, real estate, real estate tips

Moving into a new home is an exciting time, and you’re probably daydreaming about decor and paint schemes and new furniture. But before you get into the fun stuff, there are some basics you should cover first.

 

Change the locks

Even if you’re promised that new locks have been installed in your home, you can never be too careful. It’s worth the money to have the peace of mind that comes with knowing that no one else has the keys to your home. Changing the locks can be a DIY project, or you can call in a locksmith for a little extra money.

Steam clean the carpets

It’s good to get a fresh start with your floors before you start decorating. The previous owners may have had pets, young children, or just some plain old clumsiness. Take the time to steam clean the carpets so that your floors are free of stains and allergens. It’s pretty easy and affordable to rent a steam cleaner—your local grocery store may have them available.

Call an exterminator

Prior to move-in, you probably haven’t spent enough time in the house to get a view of any pests that may be lurking. Call an exterminator to take care of any mice, insects, and other critters that may be hiding in your home.

Clean out the kitchen

If the previous occupants wanted to skip on some of their cleaning duties when they moved out, the kitchen is where they probably cut corners. Wipe down the inside of cabinets, clean out the refrigerator, clean the oven, and clean in the nooks and crannies underneath the appliances.

Have any questions or are you ready to start your new home search in 2019? Give us a call today!  Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479

http://www.HanleyHomeTeam.com

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HOA Drama and Other Issues Buyers Wish They’d Considered Before the Deal Closed

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advice, buying a home in Jacksonville, buying your first home, home ownership, real estate tips

By Terri Williams | Sep 6, 2019 |Terri Williams is a journalist who has written for USA Today, Yahoo, the Economist, U.S. News and World Report, and the Houston Chronicle. Follow @Territoryone

 

Being a first-time home buyer is exciting. After you finish signing a gazillion documents and the keys are finally placed in your hands, there’s an undeniable sense of accomplishment and pride. However, not long thereafter, buyer’s remorse can set in. New buyers might wonder if they made the right decision or if there were warning signs that they missed—or outright ignored.

Everyone hopes that life after closing on a house will be smooth sailing, but some unsuspecting buyers end up in turbulent waters. The following anecdotes outline missteps that first-time home buyers can make and, most importantly, how to identify those red flags before you’re locked into the sale.

No room to grow

Many of the first-time homeowners Chicago-based real estate agent Jonathan Self speaks to say that they underestimated how much space they would need.

“The family expanded faster than they had planned, and they now need to move without owning the house for enough time to reap any benefit of price appreciation,” he says. “Life happens, but you want to make sure you’ve had four to five years minimum in the home at the normal rate of appreciation—and that’s just to break even.”

To avoid having to move because of a lack of space, buyers should ask themselves the following questions: Is the size of your family going to change? Is there a chance an older family member will need to move in with you? Do you have space for a dog, if you want one?

Some first-time homeowners get tripped up by perfectly staged homes.

“Finding the right home isn’t just the sexy, fun stuff like finish selections,” Self says. That’s why you need to consider how much space you and your family will really need down the road so you can stay put.

HOA drama

First-time homeowners would do well to understand the pros and cons of a homeowners association before moving into an area that has one. That’s why Self goes as far as going through the HOA’s meeting minutes with his clients who are considering living in one of these communities.

“Neighbors are always an X factor, and as agents, we do what we can to investigate. But your best bet at spotting any internal HOA drama is to check out those meeting minutes and budget line items,” he says.

A lack of HOA meeting minutes or transparency with the budget is also a big red flag.

Becky Beach, a business owner and blogger at MomBeach.com in Austin, TX, says her HOA dues are $500, but a lack of communication means she and the other homeowners do not know what the money is going toward.

Living in a community with an HOA suits many buyers, but you want to know what you’re in for before signing on the dotted line.

Rushed to buy a home

Aleka Shunk, founder of the blog Bite Sized Kitchen, warns first-time home buyers against a hasty home purchase like the one she made.

While searching for a home in New Jersey, one of her friends sent a flyer from neighbors looking to sell their home. The Shunks loved the home and the area, and the highly motivated sellers wanted to move within six weeks. One of the sellers was an agent, and preferred that the Shunks didn’t use an agent on their behalf—and also said the home would be sold as is.

“I found a local inspector who said there were a few small problems, but overall the house was in good shape,” Shunk says. “I also hired a lawyer to handle the legalities.”

However, a few months after moving, the problems started.

“I woke up to no water in the bathroom faucet, and then a neighbor informed me that the water was gushing down the driveway,” Shunk says. Water was flowing from the ceiling in both the garage and living room. After a week of frigid temperatures, two pipes burst—to the tune of $40,000 in water damage. The cause of all of these problems? There was little to no insulation throughout the house.

“We were just so excited and could not wait to get into our own home,” Shunk says. “However, because we rushed, we did not have time to ask many questions.”

It took three months to fix all of the damage, and the family is saving up enough money to properly insulate the house. The lesson: Don’t rush into buying a home, and always get a second opinion.

DIY real estate transaction

Many buyers—first-time or not—underestimate the value of having a real estate agent represent them. You may be capable of combing through online listings, but navigating the negotiations, paperwork, and legal stipulations that arise during a real estate deal requires experience.

“This is a big transaction, therefore, it is very helpful to have another qualified person speak and deal on your behalf,” says Mark Cianciulli, a real estate broker and founder of The Crem Group in Long Beach, CA.

For example, he says, even a home being sold as is can be negotiated—especially one like the Shunks’ that came with major problems.

“Because we did not use an agent, we did not know the right questions to ask,” Shunk says. “What does ‘as is’ even mean?”

While she did use a lawyer and got a home inspection, Shunk says she trusted the seller to ensure that everything was taken care of.

Give us a call today!  Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

The City Of Jacksonville’s 2019-2020 Preparedness Guide Is Now Available!

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advice, Hanley Home Team, Hurricane safety, jacksonville area, Jacksonville Real Estate, JaxReady

In an emergency, every second counts. Planning what to do before a disaster strikes provides the best protection for you and your family.

The 2019-2020 Emergency Preparedness Guide is your one-stop resource to help you and your family stay safe in a storm, fire, flood, tornado, or hurricane. This guide offers information regarding  what to do before, during, and after an emergency situation.

Plan ahead and don’t be caught unaware. Know the hazards, make a disaster plan with your family, and assemble an emergency supply kit. Take time now to learn more about designated shelters and identify your best sources for up-to-date emergency information.

Don’t just be ready, be JaxReady!

Read and download the guide.

Photo by Pixabay on Pexels.com

Brought to you by: Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

10 Tips to Prepare for Back to School brought to you by the Jacksonville Public Library.

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advice, Back to School, Back to school tips, hassle-free move, Jacksonville Public Library, Jacksonville Real Estate, School District

While the heat may not be winding down, the summer freedom is. That means it’s time for school supply shopping trips, earlier bed times, and the dread of homework to come. Heading back to school doesn’t have to be stressful though. Follow these tips to make your life easier come the dreaded first week back.

1. If your kids are not already participating in Summer Learning, encourage them to read at least one age appropriate book before school starts.
2. Make sure your student has their most valuable school supply item, their library card. The Jacksonville Public Library Duval County Public Schools (DCPS) student card program has been extended this year to include all students grade K-12! Their DCPS ID card can be used as their library card. Check out our website for more information about the student card. Not a DCPS student? No problem. If your child is age 17 and younger, they could qualify to get a juvenile card.
3. Familiarize yourself with the online homework and tutoring help the library offers.

   Your library card gets you admittance to more than just physical materials. Unlock access to research databasesfor school papers, Brainfuse HelpNow for homework and tutoring, ebooks, and much more!

4. To save money, take advantage of Tax Free Weekend, August 2-6.
5. Print out your school’s supply list and inventory school supplies from previous years before shopping for new supplies.
6. Visit educational and local attractions to get your kids excited about learning again. Tour places like the library (duh!), the Cummer Museum and Gardens, The Museum of Science and History (MOSH), and other cultural attractions.
7. Get your kids ready for their normal “school night” bed times by starting the routine two weeks before the first day of school. Check out these recommended hours of sleep per age group from WebMD.
8. Have a discussion with your children about what they should expect on the first day so they feel more prepared.
9. Look up the school lunch schedule ahead of time and discuss the healthy options with your children.
10. Remove distractions like mobile devices and games from your child’s room to help them get a good night’s sleep.

Whether you’re dreading back to school or welcoming it, being prepared is always a sanity saver. Now if only we could come up with tips to guarantee kids will be out of bed, fed, and dropped off on time! Here’s to another successful school year, good luck.

Have any questions or are you ready to start your new home search in 2019? Give us a call today!  Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

 

CREATE AN EVACUATION PLAN FOR YOUR PETS

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advice, Hurricane safety, neighbors, Northeast Florida, pets, real estate, safety

Photo by Artem Beliaikin @belart84 on Pexels.com

An evacuation plan is a necessity for every home, especially if you live in an area where fires, earthquakes, hurricanes, flooding, and other disasters are a possibility. Many homeowners create evacuation plans for their homes and practice them with their kids, but far fewer have considered one for their pets. Take these steps to add your pets to your evacuation plan.

Assign pet evacuation to an adult. Everyone should know how to act during an evacuation, and that includes assigning one parent or adult to the pets. This allows the other parent and the children to focus on their part of the evacuation plan, so there’s no confusion during a high-stress moment when time is of the essence.

Keep evacuation maps and pet carriers readily accessible. If you need to evacuate, you should know exactly where every important item is. If you pets require carriers, keep them in a place that you can access easily.

Practice your plan. Include your pets in your home evacuation drills. It’ll help you see how they will respond and make changes to your plan if necessary. Getting your dog out of a window may not be as simple as you think!

Be prepared in case you get separated from your pets. No matter how much you drill your evacuation plan, it’s possible that a dog or cat will run off while you’re focusing on keeping your family safe. A microchip or a GPS-compatible tag can help you find your pets once it’s safe to return to the area.

Have any questions or are you ready to start your new home search in 2019? Give us a call today!  Kevin and Jennifer Hanley, REALTORS, Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com