Buyers • Sellers • Uncategorized • July 26, 2024

Experts predict a potential market resurgence, if interest rates decline in September 2024.

by Danielle Kemp

Market Report, Single Family Home, 32405 June 2024

I get asked all the time about real estate in NW Florida, so I thought I’d share my opinion on what’s to come for the rest of the 2024 year, and into 2025.

🚨The housing market is dynamic and influenced by various factors, including interest rates. Many experts predict a potential market resurgence if interest rates decline in #September2024, leading to increased home prices, all consumers fighting multiple offers, and a reduction on inventory.

If you’re a #homeowner considering selling: 🏡

Prepare your home now: Begin decluttering and making necessary repairs to maximize its appeal to potential buyers.
Time your listing: Carefully consider market conditions and consult with me to determine the optimal time to list your property.

TO DO CHECK LIST for Property Owners: Curb appeal, Declutter, Deep clean forgotten areas, Make obvious repairs, Don’t make excessive improvements, Buy new light bulbs, Clear off surfaces, !CLEAN clean CLEAN!, Neutralize your walls, Paint the walls, Remove odors, Move out if you can, Market your home effectively with Video and Pro-Photos (your awesome realtor should be doing this for you), Price your home competitively (your awesome realtor should be providing you with recent COMPS), Estimate your net proceeds (your awesome realtor should be aiding with all your TITLE needs), lastly, Can you offer Mortgage Assumption, or Seller Financing?

If you are on the consumer side:🏡

Evaluate your financial situation: Determine your budget, desired timeline, and long-term #goals. Consider current market conditions: Weigh the pros and cons of buying now versus waiting, including potential interest rate fluctuations and their impact on affordability. Explore refinancing options: If you purchase a home now and interest rates decrease later, refinancing could potentially lower your monthly mortgage payment. Remember, the housing market is complex. Consulting with a financial advisor and schedule an appointment with me, (your family go-to real estate professional) and together we can provide personalized guidance based on your specific circumstances. Speak to mortgage companies to find the best program that fits your needs.

How long do you need to wait to refinance a house? In most cases, you’ll need to wait at least six months after buying a house before you can refinance. Some government-backed loans, such as FHA, VA, and USDA loans, may have different waiting periods ranging from 6-12 months.

Are interest rates expected to drop again? Mortgage rates are currently expected to continue trending down through 2024 and into 2025. The Mortgage Bankers Association thinks that 30-year mortgage rates could fall to 6% in 2025.

How interest rate cuts could lower monthly mortgage costs

Most major housing organizations expect mortgage rates to drop by the end of the year. And they’ve already gone down from 7% to 6.87% in the past week, according to the Mortgage Bankers Association.

Mortgage rate forecasts for the end of 2024 differ slightly. Realtor.com expects average rates to fall to 6.5%, while Fannie Mae predicts 6.7%.

There might be more breathing room in 2025, too, as major forecasts expect rates to continue to slide. Wells Fargo forecasts APRs to average 6% in the first three months of 2025, while the MBA expects a rate of 5.9%.

Here’s how monthly mortgage costs would vary at different interest rates, based on a U.S. median home price of $420,800 with a 20% down payment:

6.87% (current): $2,210
6.7%: $2,172
6.5%: $2,128
6%: $2,018
5.9%: $1,997

Can a borrower refinance from another loan type (FHA/VA/USDA) to a conventional loan?

Yes, you can refinance a government loan such as an FHA, VA, or USDA loan to a conventional loan. Refinancing to a conventional loan can be an effective way to access savings by removing mortgage insurance or mandatory fees that are common with government-backed loans.

By refinancing to a conventional loan, in addition to potentially lowering your interest rate, reducing your monthly payment, gaining access to your home equity (through a cash-out refinance), or adjusting your loan term, you could also:

Avoid the mandatory mortgage insurance premium (MIP) from your FHA loan.
Avoid the VA funding fee or use the home you purchased with a VA loan to earn rental income.

To be approved for a conventional loan you must meet these additional qualifying requirements:

Wait 210 days or have made at least 6 monthly payments to refi from an FHA or VA loan.
Have at least 3% home equity before you can refinance from a USDA loan.

Refinancing rules for FHA, VA, and USDA loans can vary depending on the type of refinance:

Conventional loan refinance

Homeowners with VA or USDA loans may need to meet additional criteria to refinance to a conventional loan. For example, VA loan holders may need to wait 210 days or make six monthly payments before refinancing, while USDA loan holders may need to have at least 3% home equity.
VA streamline refinance

Also known as an interest rate reduction refinance loan (IRRRL), this type of refinance can help lower interest rates or convert an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. To qualify, borrowers must have an existing VA-backed home loan, certify that they currently or previously lived in the home, and have a mortgage payment history with no more than one late payment in the last 12 months. VA streamline refinance guidelines also state that income, assets, credit, and employment do not need to be verified, and home appraisals are usually not required.
USDA loan refinance

Borrowers must have had the existing USDA loan for at least 12 months and their mortgage must be current for the last 180 days. They must also have a low to median income, with a household income limit of $103,500 for a family of 1-4 in most of the U.S. as of 2023. Income limits apply to everyone living in the home and receiving income, even if they aren’t listed on the loan application. The refinanced home must also be the borrower’s primary residence.

#Disclaimer: This information is intended for general knowledge and informational purposes only, and does not constitute financial advice. It’s crucial to conduct thorough research and consult with professionals like financial advisors and your family before making any #realestate decisions.

💻👱‍♀️📲Happy to help! (850) 896-2487 ❤️

Buyers • Sellers • June 11, 2024

#OZ Opportunity Zones in Bay County, Florida

by Danielle Kemp

The Opportunity Zone Map is brought to you by Stearns, Weaver, Miller, Weissler, Alhadeff & Sitterson. Click the map to learn more about specific #OZ locations available all over the state of Florida.

Opportunity Zones are designated by the U.S. Department of Treasury and offer tax breaks for investing in qualified areas. These areas are typically economically distressed.

Here’s why #OpportunityZones are attractive investments:

Tax Deferral: If you invest capital gains into a Qualified Opportunity Fund (QOF) within 180 days of selling an asset, you can defer paying capital gains tax until you sell the QOF investment or December 31st, 2026 (whichever comes first).
Partial Capital Gains Tax Elimination: If you hold the QOF investment for at least five years, you can eliminate a portion of the capital gains tax.
Full Capital Gains Tax Elimination: Hold for seven years and you eliminate an even bigger chunk of the capital gains tax.
Tax-Free Appreciation: If you hold the QOF investment for ten years and then sell it, any appreciation on the investment is completely tax-free.

Downtown Panama City is in an Opportunity Zone!

Here’s what to do next:

Confirm Opportunity Zones: Search for Opportunity Zones in Panama City or the surrounding area using a resource like OpportunityDb.
Research QOFs: Look into Qualified Opportunity Funds that invest in these designated areas.
Talk to a Tax Professional: This is a complex area, so consult with a tax advisor to understand the specifics and determine if a QOF investment aligns with your financial goals.

Remember, even outside Opportunity Zones, Downtown Panama City is a good investment based on factors like property appreciation and market trends. We have many new things coming to Bay County, and the area will continue to grow. This is a prime time to get in on the action, and get your future investments aligned with the stars!

Disclaimer, research and talk to your #financialadvisors and see if this is a wise decision for you, and your #family. Always do your own research before making any #investmentproperty decisions.

Opportunity Zones are best used for ground up developments, including major renovations, and new construction. Not all opportunity zones are equal. An opportunity zone located on a rural country side, is not equal to an opportunity zone in a downtown area with shops, restaurants, and regular held events.

Are you looking for #Investment opportunities in #baycounty, #panamacity #florida? Check out these #OpportunityZones!

#downtown #PCFL #letsgo #history

Century 21 Ryan Realty

Danielle Kemp

850-896-2487

https://linktr.ee/nwflrealty

Buyers • Sellers • June 11, 2024

REALTORS® Are Worth Every Penny of Their Compensation

by Danielle Kemp

Here’s a look at all the things — big and small — that an agent who is a REALTOR® may do to help clients when buying and selling a home.

PRE-LISTING ACTIVITIES
1. Make appointment with seller for
listing presentation
2. Send seller a written or e-mail
confirmation of listing appointment
and call to confirm
3. Review pre-appointment questions
4. Research all comparable currently
listed properties
5. Research sales activity from Local
MLS Broker Marketplaces and public
records databases
6. Research Average Days on Market
for property of this type, price range,
and location
7. Download and review property tax
roll/assessor information
8. Prepare preliminary Comparable
Market Analysis (CMA) to establish
fair market value
9. Obtain copy of subdivision plat/
complex lay-out
10. Research property’s ownership
and deed type
11. Research property’s public
record information for lot size
and dimensions
12. Research and verify legal description
13. Research property’s land use
coding and deed restrictions
14. Research property’s current use
and zoning
15. Verify legal names of owner(s) in
county’s public property records
16. Prepare listing presentation
package with above materials
17. Perform exterior Curb Appeal
Assessment of subject property
18. Compile a formal file on property
19. Confirm current public schools
and explain impact of schools on
market value
20. Review listing appointment
checklist to ensure all steps and
actions are completed
21. Review Obsolete Property
Rehabilitation Act (OPRA)
Report from Township for all
permitted records
22. Add client into your database
23. Give seller an overview of current
market conditions and projections
24. Tour property
25. Review agent’s and company’s
credentials and accomplishments
in the market
26. Present company’s profile and
position or niche in the marketplace
27. Present preliminary CMA to seller,
including comparable properties,
sold properties, current listings, and
expired listings
28. Offer pricing strategy with updates
to CMA based on tour of home and
updates, upgrades professional
judgment, and current market
conditions
29. Discuss goals with seller to
market effectively
30. Explain market power and benefits
of Local MLS Broker Marketplaces
31. Explain market power of web
marketing, IDX and REALTOR.com
32. Explain the work you do behind
the scenes and your availability
on weekends
33. Explain role in screening for qualified
buyers and protect seller from
curiosity seekers
34. Present and discuss strategic master
marketing plan
35. Explain transaction/agency
brokerage relationship
36. Review and explain all clauses in
listing contract and addendum,
then obtain seller’s signature once
property is under listing agreement
37. Review current title information
38. Gather square footage/measure
overall and heated square footage
as required
39. Measure interior room sizes
40. Confirm lot size via owner’s copy
of certified survey, if available
41. Note all unrecorded property liens,
agreements, easements
42. Obtain house plans, if applicable
and available
43. Review house plans and make copy
44. Prepare showing instructions for
buyers’ agents and showing times
with seller
45. Discuss possible buyer financing
alternatives and options with seller
46. Review current appraisal if available
47. Identify Homeowner Association
manager if applicable
48. Verify Homeowner Association Fees
with manager—mandatory
or optional, plus fees
49. Order copy of Homeowner
Association bylaws, if applicable
50. Research electricity availability,
supplier’s name, and phone number
LISTING APPOINTMENT
PRESENTATION
51. Have utility companies provide
average utility usage from last 12
months of bills
52. Research and verify city sewer/septic
tank system
53. Calculate average water fees or
rates from last 12 months of bills
54. Confirm well status, depth and
output from Well Report
55. Natural Gas: Research/verify
availability, supplier’s name, and
phone number
56. Verify security system, current
terms of service and whether
owned or leased
57. Verify if seller has transferable
Termite Bond
58. Ascertain need for lead-based
paint disclosure
59. Prepare detailed list of property
amenities and assess market impact
60. Prepare detailed list of property’s
inclusions and conveyances with sale
61. Compile list of completed repairs
and maintenance items
62. Send vacancy checklist to seller if
property is vacant and register the
property with the township if it is
vacant or a rental home
63. Explain benefits of Homeowner
Warranty to seller
64. Assist sellers with completion and
submission of Homeowner Warranty
Application
65. Place Homeowner Warranty in
property file for conveyance at
time of sale
66. Have extra key made for lockbox
and one for your file
67. Verify if property has rental
units involved.
68. If the property does have rental units,
make copies of all leases for retention
in listing file
69. Verify all rents and deposits
70. Inform tenants of listing and discuss
how showings will be handled
71. Arrange for installation of yard sign
72. Complete new listing checklist
73. Review curb appeal assessment
and provide suggestions to improve
saleability
74. Review interior décor assessment
and suggest changes to shorten
time on market
75. Load listing into transaction
management software program
76. Prepare Local MLS Broker
Marketplaces Profile Sheet
77. Enter property data from Profile
Sheet into Local MLS Broker
Marketplaces Database
78. Proofread Local MLS Broker
Marketplaces database listing
for accuracy— including proper
placement in map
79. Add property to company’s active
listings list
80. Provide seller copies of the listing
agreement and Local MLS Broker
Marketplaces Profile Sheet within
48 hours or within the time period
of Local MLS Broker Marketplace
guidelines
81. Take additional photos for upload
into Local MLS Broker Marketplaces
and use in fliers
82. Create print and internet ads with
seller’s input
83. Coordinate showings with owners,
tenants, and other agents.
84. Return all calls
85. Install electronic lock box if
authorized. Program agreed-to
showing times
86. Prepare mailing and contact list
87. Generate mail-merge letters to
contact list
88. Order Just Listed labels and reports
89. Prepare fliers and feedback reports
90. Review comparable Local MLS Broker
Marketplaces regularly to ensure
property remains competitive
91. Prepare property marketing
brochure for seller’s review
92. Arrange for printing or copying
of marketing brochures or fliers
93. Place marketing brochures in all
company agent mailboxes
94. Upload listing to company and
agent Internet site, if applicable
95. Mail out Just Listed notice to all
neighborhood residents
96. Advise network referral program
of listing
97. Provide marketing data to buyers
through international relocation
network buyers
98. Provide marketing data to buyers
coming from referral network
99. Provide Special Feature cards for
marketing, if applicable
100. Submit ads to company’s
participating internet real estate sites
101. Price changes conveyed promptly to
all internet groups
102. Reprint/supply brochures promptly
as needed
103. Feedback e-mails sent to buyers’
agents after showings
104.Review weekly market study
105. Discuss with sellers any feedback
from showings to determine if
changes are needed
106. Set up marketing reports on
showing-time application and
company website
107. Place regular weekly update calls
to seller to discuss marketing and
pricing
108. Promptly enter price changes in
the Local MLS Broker Marketplaces
database
109. Receive and review all Offer to
Purchase contracts submitted by
buyers’ agents.
110. Evaluate offer(s) and prepare a net
sheet for the owner for comparison
purposes
111. Explain merits and weakness of
each offer to sellers
112. Contact buyers’ agents to
review buyer’s qualifications
and discuss offer
113. Deliver Seller’s Disclosure to buyer
upon request and prior to offer if
possible. Upload to the Local MLS
Broker Marketplaces additional
documents at time of listing
114. Confirm buyer is pre-qualified by
calling loan officer
115. Obtain buyers’ pre-qualification letter
from loan officer if not submitted
with offer
116. Negotiate all offers per seller’s
direction on seller’s behalf, set time
limit for loan approval and closing
117. Prepare and convey counteroffers,
acceptance or amendments to
buyer’s agent
118. Create excel spreadsheets for easy
review on multiple bids
119. Email or send copies of contract
and all addendum’s to the closing
attorney or title company
120. When Offer to Purchase contract is
accepted, deliver to buyer’s agent121. Record and promptly deposit buyer’s
earnest money in escrow account
122. Disseminate under-contract showing
restrictions as seller requests
123. Deliver copies of fully signed
Offer to Purchase contract to seller
124. Deliver copies of Offer to Purchase
contract to lender
125. Provide copies of signed Offer to
Purchase contract for office file
126. Advise seller of additional offers
submitted between contract and
closing
OFFERS
CONTRACTS
127. Change status in Local MLS Broker
Marketplaces to Sale Pending
128. Update transaction management
program to show Sale Pending
129. Provide credit report information
to seller if property will be sellerfinanced
130. Assist buyer with obtaining
financing, if applicable, and
follow-up as necessary
131. Coordinate with lender on discount
points being locked in with dates
INSPECTIONS
132. Deliver unrecorded property information to buyer
133. Order septic system inspection, if applicable
134. Receive and review septic system report, and assess any possible impact on sale
135. Deliver copy of septic system inspection report lender and buyer
136. Deliver Well Flow Test Report copies to lender and buyer, and property listing file
137. Verify termite inspection ordered
138. Verify mold inspection ordered, if required
139. Confirm verifications of deposit and buyer’s employment have been returned
140. Follow loan processing through to the underwriter
141. Add lender and other vendors to your management program so agents, buyer,
and seller can track progress of sale
142. Contact lender weekly to ensure processing is on track
143. Relay final approval of buyer’s loan application to seller
HOME INSPECTIONS
THE APPRAISAL
144. Coordinate with seller for buyer’s
professional home inspection
145. Review home inspector’s report
146. Enter completion into transaction
management tracking program
147. Explain seller’s responsibilities, and
recommend an attorney interpret
any clauses in the contract
148. Ensure seller’s compliance
with Home Inspection Clause
requirements
149. Assist seller with identifying
contractors to perform any
required repairs
150. Negotiate payment, and oversee all
required repairs on seller’s behalf,
if needed
151. Schedule appraisal
152. Provide to appraiser any comparable
sales used in market pricing
153. Follow-up on appraisal
10
154. Enter completion into transaction
management program
155. Assist seller in questioning appraisal
report if it seems too low
156. Get contract signed by all parties
157. Coordinate closing process with
buyer’s agent and lender
158. Update closing forms and files
159. Ensure all parties have all forms and
information needed to close the sale
160. Select location where closing will
be held
161. Confirm closing date and time, and
notify all parties
162. Assist in solving any title problems
or in obtaining death certificates
163. Work with buyer’s agent in
scheduling buyer’s final walk-thru
prior to closing
164. Double check all tax, homeowners’
association dues, utility, and
applicable prorations
165. Request final closing figures from
closing agent (attorney or title
company)
PROCESSING
FOR CLOSING
166. Receive and carefully review closing
figures to ensure accuracy
of preparation
167. Confirm buyer and buyer’s agent
have received title insurance
commitment
168. Provide homeowners warranty
for availability at closing
169. Forward closing documents to
absentee seller as requested
170. Review documents with closing
agent (attorney)
171. Coordinate closing with seller’s next
purchase, and resolve any timing
problems
172. Have a no-surprises closing so seller
receives a net-proceeds check at
closing
173. Refer sellers to one of the best agents
at their destination, if applicable
174. Change Local MLS Broker
Marketplaces status to Sold. Enter
sale date, price, selling broker, etc.
FOLLOW-UP
AFTER CLOSING
175. Share the warranty paperwork for claims in the future
176. Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
177. Respond to any calls and provide any information required from office files
178. If a rental, verify all deposits and prorated rents are reflected accurately on the
closing statement
179. Close out listing in your management program

Download the full PDF in English, or Spanish below.

English 179_ways_real_estate_pros

Spanish 179-ways-in-which-agents-who-are-realtors-are-worth-every-penny-of-their-compensation

Experts predict a potential market resurgence, if interest rates decline in September 2024.

I get asked all the time about real estate in NW Florida, so I thought I’d share my opinion on what’s to come for the rest of the 2024 year, and into 2025.

If you’re a #homeowner considering selling: 🏡

If you are on the consumer side:🏡

How interest rate cuts could lower monthly mortgage costs

Can a borrower refinance from another loan type (FHA/VA/USDA) to a conventional loan?

#OZ Opportunity Zones in Bay County, Florida

REALTORS® Are Worth Every Penny of Their Compensation

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