Indecision May Cost More

“More has been lost due to indecision than was ever lost to making the wrong decision.” Interest rates have as much effect on housing costs as price and when they are both trending upward, it can be very expensive to wait.

There can be some legitimate reasons for postponing a purchase such as needing to save the down payment, improve your credit or waiting to find out about a possible transfer. The problem is that prices and interest rates could, and very likely will, go up in the future.

If the price of $250,000 home went up 5% and the interest rate went from 4.5% to 5.25%, the payments would increase by $176.42. The additional cost over a seven-year period would be close to $15,000.

The questions that indecisive buyers need to ask themselves is “how am I going to feel knowing that if I had not waited, I could have been living in the home for less money?” and “What would I have spent the money on if I didn’t have to make the larger payment?”

Feel free to reach out to me at anytime and I will be more than happy to be of service!

Adam Bazzell

Spring 2017 Emerald Coast Home Price Update

Friends and Clients —

If you are looking to sell your home, then three recent developments make this spring a unique moment to do so quickly and at a top price.

First, mortgage rates have stabilized.

From a low of 3.41% last July, the 30-year fixed mortgage rate spiked up after the election and reached a high of 4.31% in December.

However, rates have stabilized over the past few months, and despite the increase, they are still near historical lows.

Second, jobs are up.

The U.S. Bureau of Labor Statistics reports 235,000 new jobs in February and 2.3 million over the past year. This reflects continuing growth in consumer and business confidence over recent months.

Third, housing inventory is at a record low.

February saw a 17.9% year-over-year drop in the number of homes on the market. This is the 100th consecutive month of year-over-year declines, going back to October 2008.

So what do these three developments mean for you?

First, if you’re looking to sell your house, you may be able to do so quickly.

Demand for homes is strong and will continue to get even stronger due to the growth in jobs and the low and stable mortgage rates.

The statistics bear this out: homes sold within an average 68 days this February compared to 75 days in February 2016.

Second, it means you may expect to sell your home at a top price.

Because of strong demand and low inventory, prices continue to increase. On a national level, home prices rose 6% year-over-year in February.

In short, this spring is a fantastic time to sell your home if you’ve been considering it for a while.

In case you're curious about how much your home is worth in the current market, check out the link below:

And what if you're looking to buy a home?

The current low mortgage rates are definitely worth taking advantage of, as they allow you to afford a more luxurious home.

Several amazing homes have recently come on the market around Emerald Coast. To see all the homes that are available right now, take a look at this link below:

Whether you’re selling or buying this spring, just give me a call or text at 850-499-8464 if you have any questions. I'm here to help, and I can give you more detailed information about the situation on the ground.

Have an amazing day,

Adam Bazzell

Top 5 Tips For Scoring A Great Deal On Your Dream Property

1. Be very specific about what you want. The more you share with us, the easier it will be to find that dream property. Don’t be afraid to let us know what you would be uncomfortable with spending, either. Everything you tell us will help us find the right pool of options that perfectly align with your needs.

2. Be financially well documented. If you’re taking out a loan, make sure you are pre-approved and have that pre-approval letter before you start looking at homes. If you’re a cash buyer, you’ll still want to have some form of financial verification to present to the seller. Having that paperwork presents you as a serious buyer. We’ll align you with the best lender for your needs that is already familiar with properties in our area.

3. Act quickly. We’ll be sending you properties as soon as they hit the market, so when you see one that checks off all the boxes, be ready to see it and possibly make an offer. Chances are, you’ll be one of six or seven people also looking at that same home, so be prepared to pounce.

4. Come in with a market-appropriate offer. Don’t try to undercut the sellers. A low offer could cause the seller to reach out to other interested parties, creating a bidding war and ultimately driving up the price. If you present a great offer right off the bat, the seller will only be focused on yours so you can avoid that competition.

5. Minimize contingencies. If you write in a bunch of ways in which you can get out of or cancel a contract, a seller isn’t going to take you very seriously. You want to include some contingencies to make sure you’re protected, but limit the amount to show you are serious about closing on that property.

If you have any questions, concerns or need any help buying or selling your home, please don’t hesitate to reach out. We’re here to be of service!

Important Estate Documents

An estate plan is a collection of documents to ensure that your wishes are carried out because of death or incapacity to make decisions for yourself. Spouses, minor children, adult children, property and investments can all be factors that should motivate a person to undergo the process.

Will – this document specifies the way a person wants to manage and distribute his/her assets after their death. When a person dies without a will, the laws of the state where the person resided will determine the distribution of the property.

Durable Power of Attorney – this document grants to a designated person the authority to act on behalf of the principal in in legal affairs should the principal become incapacitated. Among other things, this would allow the attorney-in-fact to buy and sell property on the behalf of the principal.

Healthcare Proxy – this document grants that a designated person can legally make healthcare decisions on behalf of the principal when they are incapable of making and executing specific decisions stated in the proxy.

Living Will – this document directs physicians with respect to life-prolonging medical treatments in case they become unable to communicate their decisions.

Hippa Release – this document allows heath care providers to release your health care information to a designated person. Otherwise, they are required by federal law to protect the privacy of your health information.

Letter of Instruction – This document contains information and instructions about a person’s wishes upon death. It is intended to offer details on whom to contact and where to find important documents about personal and financial matters.

Requirements of these documents can vary from state to state and legal advice should be obtained. If you need a current estimate of value on real estate that may be involved, usually a price opinion from a licensed real estate professional will suffice. It would be my privilege to assist you with this at no cost or obligation.

Looking To Lessen The Load Of Closing Costs?

Ask me today how you can get a coupon entitling you $1,000.00 off your closing costs on any VA loan! You'll be glad you did!

This coupon does have an expiration date of May 15, 2017 and is only valid for first mortgage liens.


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