What makes the better deal today, a foreclosure or a short sale?

Aug 17th, 2011
by edsmith.
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Although either can make an excellent investment, both have pros and cons. The foreclosure inventory has been somewhat depleted this year, making these properties more difficult to obtain. Short sales are much more plentiful, but can take an extensive period of time to complete.

 

The foreclosure inventory is low mostly the result of the robo-signing debacle of 2010.  Many of the nation’s lenders chose to curtail their foreclosure activities while reviewing their processes and procedures. There is a great deal of “shadow”  out there, and it is just a matter of time before these properties start hitting the market. Some lenders are even considering interim options such as long term rental agreements to deal with the issue of abandoned properties.

 

The best advice is to develop a relationship with a Realtor that specializes in such properties because the best deals do not last long. Investors represent more than 50% of the buyers in certain market segments and are rapidly scooping up the best deals.

 

For information on Destin, Ft. Walton Beach, Seaside and Emerald Coast  short sales, bank foreclosures and general real estate topics, please visit www.FloridaBrokers.com  , www.DestinFloridaRealEstate.com  or email us at smith@realtor.com

Posted in: Buyers.
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The Low-Ball Offer

Aug 1st, 2011
by edsmith.
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What to do as a seller when you receive a low-ball offer? A timeless question. More often than not, the low-ball offer never even gets to first base.  Many sellers will tend to disregard the low offers and do not counter. Rather, they choose to outright reject.

 

In these cases, sellers are more rejecting the buyer as opposed to the offer. They are sending an emotion-motivated message to the buyer that says “You insulted me, I do not need your money”.  How many times have we seen such a rejected buyer go elsewhere and then pay even more? These are often opportunities lost.

 

Over the years, we have received many a low-ball offer. One thing that we have learned is that a buyer’s first offer is seldom his last. For that reason alone, sellers should almost ALWAYS be encouraged to counter. Keep the dialogue open. Successful real estate agents are the ones who have learned to build bridges, not walls. We have seen very hopeless looking initial offers that ultimately, successfully closed. You can make lemonade out of lemons if you can simply find a way to keep emotion out of the equation. In doing so, your odds for a successful conclusion have improved dramatically!

 

For more on general real estate topics, including short sales and REOs, visit Ed and Terri Smith at www.DestinFloridaRealEstate.com  

Posted in: Sellers.
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Florida made $63 million last year selling our personal information!

Jul 22nd, 2011
by edsmith.
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Channel 10 Miami reported that the Florida Department of Highway Safety and Motor Vehicles has been selling our names, addresses, dates of birth and a list of the vehicles that we drive …  $63 million in “legally” disclosed information and a Florida judge has even validated the practice!

 

So, who gets all this information and what are they doing with it?  According to Ann Howard of the Florida Department of Highway Safety and Motor Vehicles,  “Per federal mandate, there are companies that are entitled to this information. Insurance companies, for example, are entitled to this information. Employers are entitled to this information.”

 

Companies that buy this information from the state are then re-selling the data. Companies like Lexus Nexus and the nefarious sounding Shadow Soft.  The information is not supposed to be sold to any company that would utilize the information for marketing or solicitation purposes. And although Florida is not selling our driver’s license and social security numbers (yet), many are uncomfortable about this information being so freely disseminated.

 

One possible benefit … If a vehicle manufacturer issues a recall, the Florida database could help identify the whereabouts of the current vehicle owners. That information could be uploaded to the manufacturer who could in turn notify the owners.

 

Posted in: Economy.
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How to improve your credit score?

Jul 22nd, 2011
by edsmith.
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If you are turned down for a loan, what to do? A provision of the Dodd-Frank financial reform law that went into effect last week mandates that should you be denied a loan, the lender must provide you with an “adverse action” notice that will include your credit score as well as explain why you were turned down.

 

Many factors can affect your credit score such as paying your bills on time, how much debt you have, your available credit limits, length of credit history and applying for new credit. The reason given for your denial will help assist you in improving your score. For more information on factors that impact your credit score,  you can visit: http://www.federalreserve.gov/consumerinfo/fivetips_creditscore.htm

 

For information on general real estate topics, short sales and bank foreclosures, please visit Ed and Terri Smith at http://www.FloridaBrokers.com

or email us at smith@realtor.com

Posted in: Buyers.
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A Normal Realtor?

Jul 15th, 2011
by edsmith.
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According to an article in this week’s Destin Log, a “normal” Realtor in Florida had 10 sales transactions in 2010. Additionally, the article states that only 60% of Florida Realtors have a website and only 10% have a blog, yet 40% use social media.

So what is normal really? Based on the extremely high percentage of Florida agents that work part-time, an average of 10 transactions per agent sounds rather optimistic.  Large companies throughout the state and even in the local markets average 5 transactions per agent or less. Agents at RE/MAX Coastal Properties have typically averaged about three times the national average. Ed and Terri personally closed 99 transactions in 2010.

However, even more curious is the stat that 60% of Florida agents have a website. That means that 40% do not? All agents associated with RE/MAX Coastal have multiple websites. It is inconceivable that any agent in today’s market could survive without good internet presence.

Social media and blogs are relative newcomers in terms of real estate marketing, but there is no doubt that they are both here to stay. But regardless, in this rollercoaster of a ride that we call a real estate market, normal may just be a moving target for a while longer!

Posted in: Current Events.
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Are Foreclosures on the Rise?

Jul 14th, 2011
by edsmith.
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According to many sources, the banks are now “gearing up to play catch up” … After nearly a year of stalled foreclosure actions resulting from the “robo-signing” debacle last year, most lenders are now ratcheting up their foreclosure efforts. This will have some impact on the market as the REO inventories increase nationwide. Some markets had actually been seeing decreases in overall inventory levels.  This may soon change.

Posted in: Foreclosure.
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Emerald Coast Schools Excel

Jun 30th, 2011
by edsmith.
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Florida Department of Education says that even with an increase in writing standards, the grades of Florida’s public schools remained relatively stable. Statewide, more than seventy five percent of Florida public schools are considered “high performing”.

Okaloosa and Walton County schools have typically scored well above state averages in terms of performance. In fact, of the final scores thus far, Okaloosa and Walton have garnered nearly straight A’s, with only three B’s reported!  Just another reason that the Emerald coast is a great place to live, work and raise a family!
http://schoolgrades.fldoe.org/default.asp

For more information on area schools and real estate topics, visit Ed and Terri at www.DestinFloridaRealEstate.com

   

Posted in: Buyers.
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What to do on the Emerald Coast over the holidays?

Jun 30th, 2011
by edsmith.
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4th of July on the Emerald Coast

What to do on the Emerald Coast over the holidays?  Here are a few ideas:

Destin will feature a fireworks show on July 4th starting at 9:00 p.m. over the Destin Harbor. This is always a good one. Easy to watch from Emerald Grande, AJ’s, Harry T’s, Lucky Snapper, Holiday Isle and by boat!  

HarborWalk Village (Emerald Grande) will be featuring a number of events throughout the week. The July 4th Extravaganza on the Harbor will feature 5 days of happenings at 6 p.m. each day:

June 30 – Red, White & Blue Celebration on the Harbor, celebrating the efforts of people who go above and beyond to better their community. Enjoy live entertainment, free kid’s crafts and face painting, and a WWII replica flyover. The evening is topped off by a spectacular fireworks display over the Destin Harbor. 6PM to 9PM
July 1 – Family Fun Fest 6PM to 9PM
July 2 – Rock the Docks – Live music on Destin Harbor featuring local artists. 7PM to 9PM
July 3–Operation Inspiration – A powerful and unique evening of live musical entertainment to give hope and inspiration for all. Operation Inspiration begins with a Meet & Greet at 5 PM with the performing artist, and is followed by the concerts at 6. Concerts are free and open to the public.
July 4 – Hot Dog Eating Contest with Dave’s Dogs, and a spectacular fireworks display finale. 6PM to 9PM
http://www.cityofdestin.com/index.php?src=events&category=City%20Hall%20Events&srctype=detail&category=City%20Hall%20Events&refno=171400

 
 

Ft. Walton Beach has a number  of events on the schedule as well:
4th of July Celebration at The FWB Landing Park
Event Date: July 4th, 2011 – 3:30pm – 10pm
Entertainment: 3:30pm until after the 9:30 pm fireworks.
Place: Fort Walton Landing Park on Brooks Street

The National Historic Landmark Schooner “Governor Stone” is again gracing her slip at the Fort Walton Beach Landing. This two-masted schooner is the last of the coastal freighters which carried everything from oysters to produce to mail along the Gulf Coast of the 1800’s and early 1900’s. This visit is sponsored by the Okaloosa County Tourist Development Council. The public is welcome to board the schooner on Sundays, Mondays and Fridays between 5-7 pm through July 4th.

Also featured is a Children’s Bicycle Parade –  Grand Prize: 2 Bicycles, donated by Wal-Mart. Participants are encouraged to decorate their old bikes in patriotic theme! The Bike Parade Entry Fee is $1.00. Bike parade registration is from 4:00 – 5:30 pm and entries close at 5:30 pm. Judging from 6:00 – 6:30 pm.  Parade at 6:45 pm. For more info Contact: Helen Spencer, FWB City Clerk/850-833-9509 or Laura Melendez, Bike Parade Coordinator/850-301-2122
http://www.fwb.org/images/fwb/City_Manager/2011/2011_FWB_4th_of_JULY_EVENT__BIKE_PARADE_POSTER.pdf

 
And finally, this from Seaside:
Seaside’s annual 4th of July Celebration features a community parade and live music for the entire family. Fireworks on July 3rd and the annual South Walton 4th of July Parade. You can dance the night away with music during Stars & Stripes at Seaside; and salute the night sky with a spectacular fireworks display on the beach to end the evening!

The festivities begin on Sunday, July 3rd with a special pre-4th fireworks display from the beach in front of Bud & Alley’s at 9:00 PM. Bring your friends and family down to the water’s edge and view this stunning fireworks show amidst the backdrop of Seaside.

Families on bikes, scooters, golf carts and floats are invited to participate in the parade. Registration for parade participants is required; please visit: http://www.seasidefl.com/july4thparaderegistration  to download a registration form. Prizes will be awarded to the best parade entries in a variety of categories. After the parade has ended and winners have been announced, enjoy music in the Amphitheater from 30A Radio until 11:00 AM, along with face painting and other fun.

 

Posted in: Current Events, Tourism.
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Casinos in Florida?

Jun 27th, 2011
by edsmith.
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Once again, state leaders are discussing their options with regard to Las Vegas-style resort casinos in Florida. According to the Miami Herald, “South Florida voters have grown accustomed to, and tolerant of, gambling.” Florida is already in the gaming business say proponents. And at nearly $2 billion annually, gaming is already a huge industry in Florida. In fact, Florida is considered the fifth largest gaming state in the U.S. The industry employs nearly 8,800 people in Miami-Dade and Broward counties alone.

During the late 40’s through early 50’s gambling thrived in Okaloosa County. At the time, Okaloosa was said to have “more neon than any other place east of the Mississippi”. No one except some fisherman and shrimpers wanted to live in Destin back then.Most notable of the area casinos was the Shalimar Club on Eglin Parkway just north of Fort Walton Beach. Easily accessible from the gate at Eglin AFB, business was said to have been “robust”. At any rate, adverse publicity (eminating from the Tampa Tribune) eventually forced then governor Fuller Warren to remove the Okaloosa Sheriff from office for failure to enforce anti-gaming laws.

While there seems to be little support for legalized gaming in Northwest Florida, with state coffers reeling from a weakened economy, we expect to be hearing more about this over the course of the coming year.

Call Ed and Terri Smith at RE/MAX Coastal Properties for more!  850-837-5500 x1 or via email at smith@realtor.com  or vist  http://www.DestinFloridaRealEstate.com

Posted in: Economy.
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Brighter in Florida

Jun 24th, 2011
by edsmith.
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According to Florida Trend, the revenue at the 150 largest public companies and the 200 largest private companies in the state rose more than 8.5%, which is a reflection of the improving economic climate in Florida. The Florida Trend article went on to state that new home constuction continues to lag due to lower resale prices and “a glut of supply”. Of the 13 private companies showing the biggest drop in the rankings, 10 are real estate related.

Consistent with that assessment,  new construction simply cannot compete with resale pricing here in the Destin and Emerald Coast real estate markets. You can buy a great home today for much less than the replacement cost, i.e., cost of construction.

For information on short sales, bank foreclosures and general real estate topics, please visit www.FloridaBrokers.com  or email us at smith@realtor.com

Posted in: Buyers, Economy.
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