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®

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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Take 5: What to negotiate when buying a house!

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closing on a home, contract expertise, first-time homebuyer, Florida, Jacksonville Real Estate, Negotiating an offer, real estate, Real Estate Team, tips to buying a home

Whether you are a first-time homebuyer or a seasoned veteran, the negotiation part of the transaction can be a little daunting and stressful. However, it is necessary to ensure you are getting the best possible deal for your money. So, what should you negotiate when buying a home?

1. Closing costs. Your closing costs are determined by a variety of factors, but you can expect it to be between 2% to 5% of the purchase price. Ask the seller to cover some or all of the closing costs upfront or request a closing credit that can be used to make specific updates and fixes to the home.
2. Furnishings. Love how the seller has furnished and decorated the home? Buyers often negotiate keeping couches, fixtures, landscaping items, patio furniture, appliances, and more. And many sellers agree, wanting to make the home more appealing.
3. Inspection and closing timing. Buyer offers that include a quick inspection and close timeline are often more attractive to sellers who have been going through the process for far too long. Just ensure you allow yourself ample time to get your financing in place and complete proper, thorough inspections.
4. Home warranty. Sellers will often agree to pay the premium on the home warranty at closing and then hand it off to the new homeowner, who is responsible for the deductible on any future claims.
5. Repairs. Your inspection may uncover small or large repairs needed to bring the home up to standard. You can negotiate to have these items fixed before closing or ask for a price reduction to cover the costs.

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

How to Prepare for a Hurricane at the Last Minute | Today’s Homeowner

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advice, Florida, home safety, Homes for sale in Jacksonville, hurricane Matthew, Hurricane safety, Jacksonville, neighbors, safety, storm safety

Read this article for important tips on how to keep your family and home safe when a hurricane catches you unprepared.

Source: How to Prepare for a Hurricane at the Last Minute | Today’s Homeowner

• Secure Outdoor Furniture:

  Loose items in your yard can become flying projectiles during a hurricane due to high winds. Move any unsecured items in your yard – including patio furniture, lawn chairs, bird feeders, hanging plants, and toys – inside your house or garage if possible. If you can’t move outdoor item in, use a strong rope or garden hose to tie them securely down.

• Move Cars to Safety: Cars are often damaged or destroyed by falling trees or windblown debris during a hurricane. If you have a garage, park your cars in it and close the garage door. If not, position cars close to your home on the lee side of expected winds and away from trees to provide some shielding from the storm. Avoid parking cars near power lines or trees.
• Find Utility Cutoffs: Identify the cutoff switches and valves for your water, power, and gas; and know how to turn them off in case of an emergency. Severe damage to your home from a hurricane can cause a short or power surge in your electrical system, and may also result in ruptured water or gas lines. Cutoffs for water and gas are usually located at or near the meter for each utility. To turn off the power to your home, flip the main breaker in your circuit breaker box.

 

• Make Ice: Power is often disrupted for days or weeks after a hurricane, and ice to keep food from spoiling will be in short supply. Set your freezer on the coldest setting, and make as much ice in the ice maker or ice trays as possible while the power is still on. Also, fill plastic containers or clean milk and water jugs with water (don’t fill to the top to allow for expansion), and put them in the freezer. Once the power goes out, place containers of ice in your fridge or an ice chest to keep your food fresh longer. Open refrigerator and freezer doors as little as possible.
• Charge Cordless Devices: Charge batteries on cordless tools, flashlights, cell phones, laptop computers, cameras, radios, iPads, iPods, MP3 players, and portable electronic games. Your cell phone may become your only link to the outside world if regular phone service is disrupted during and after a storm, so keep it with you at all times. A 12-volt DC battery charger will allow you to charge devices back up from your car after the power is out.
• Document Home and Valuables: If you don’t have a home inventory backed up with video or photographs, take photos or video now for insurance purposes in case your home suffers extensive damage during the storm. The camera on a cell phone can also be used to photograph your home. Send or email the photos to someone outside the area of the storm for backup, and put them on a portable USB flash drive to keep with you. A visual record of your processions and the condition of your home prior to the hurricane will be invaluable when dealing with insurance claims.

• Fill Bathtub with Water: Whether you’re on city water or a well, water supplies can be disrupted or contaminated following a hurricane. Use the water in the bathtub to fill the tank on your toilet for flushing or for washing in the aftermath of a storm, but not for drinking. Lining the tub with plastic before filling will keep water from leaking out of the tub drain. Five-gallon buckets and pots from your kitchen can also be used to store water. After the storm has passed, water from a pool can be used for flushing toilets. If your house is on a grinder pump, don’t flush toilets or use drains in the house when the power is out to prevent overflowing.
• Gather Emergency Supplies: Gather the following items together in a laundry basket or small suitcase so they will be handy during and after a storm: flashlights, batteries, first aid kit, battery powered radio, cell phone car charger, hand sanitizer, prescription drugs, games, sunscreen, mosquito repellant, duct tape, toilet paper, important documents (including your homeowner’s insurance policy), pet and baby supplies.
• Close Curtains, Shutters, and Blinds: To reduce the chance of flying glass if a window is blown out by high winds or flying debris, close shutters and blinds – both inside and out – along with drapes and curtains.

• Go to Safe Area of House: If you’re not able to make it to an evacuation shelter before the storm hits; take refuge in a windowless hallway, bathroom, or closet located in the interior of your home. Bring mattresses from beds with you, bot for comfort and for use as protection in case your home suffers severe structural damage.

Protecting your college student’s possessions at school

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Buying a home, College, Florida, homes for sale in Jacksonville FL, insurance coverage, Jacksonville, Jacksonville FL Real Estate, real estate, renter's insurance, schools, Selling a home, sending kids to college, theft on campus

If you have a son or daughter heading off to college, you’ve probably sent them along with most of their most prized possessions. Laptop, stereo, smartphone, mountain bike… it all adds up to several thousands of dollars of personal gear.

So what happens if they get robbed? Will you be stuck for the replacement costs, or are they covered on your homeowner’s insurance policy?

Believe it or not, the insurance policy on your home might just cover what your kid takes to school. But there’s a catch: Many policies only cover the student if they live in a dorm on campus. If they’re in an apartment or house on their own, you might not be covered.

One alternative to covering your student’s possessions while they’re away at school is renter’s insurance. Renter’s insurance is a very affordable way to make sure you’re not out thousands if there’s a break-in. For as little as $15 – $20 a month you can have a bit of piece of mind you won’t find yourself in the Apple store again plunking down for a new Macbook Air.

A few notes:

1. Your student won’t be covered by their roommate’s policy. Policies are specific about covering a single policy holder.

2. A renter’s policy can also include liability coverage, much like your homeowner’s insurance.

3. Taking inventory of possessions and keeping detailed records (with photos and serial numbers) is essential. It provides helpful evidence of ownership in the case of a claim.

You’ll want to talk to your insurance agent about your specific situation, needs, and your policy. Don’t overlook this opportunity to protect your student and your wallet.

Need a referral to an insurance agent? We can help recommend a few we know and trust: Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-422-7626 http://www.HanleyHomeTeam.com