I’ve seen it happen again and again. A buyer is out-of-state and has their eye on a piece of property for sale in Destin, Fort Walton Beach, Niceville or Santa Rosa Beach, Florida.  Not being in town, they are at a disadvantage compared with local buyers who are lined up to personally view homes the moment they hit the market. Those local buyers write an immediate offer and win the sale.  Out-of-town buyers are afraid.  They want to see the property in person.  They want to see the neighborhood. They want to think about it.  They are nervous because they are not in town. And they lose. They don’t write an offer in time, or if they do, it’s too low.

It’s time to stop messing around.

Not that many homes are “hitting” the market. Inventories are down over 20% from a year ago.  There are not enough properties for sale on the Emerald Coast of Florida to meet buyer demand, thus they sell almost immediately, especially single-family homes (versus condos or lots).  Average days on market is about 30, but just a cursory look at today’s MLS hot sheet, I see days on market to pending ranging from “0” to “11”.  It seems as though Destin-Fort Walton Beach metro real estate is selling faster and faster, especially for owner-occupied residences or second homes. Real estate agents are begging other agents and sellers to list their properties. (A common solicitation email would state “I have buyers coming to town this weekend – please send me whatever pocket or upcoming listings you have up to “X” price with “X” criteria!”) If a hot property hits the market, it is normally sold within a matter of  hours.  Sellers are putting deadlines for offers to come in, as they cannot keep up with the interest – and it would not stop.

How are you, then, being out-of-state, going to win a multiple-offer bid on your perfect Niceville, Santa Rosa Beach or Fort Walton Beach home for sale?

1. Don’t mess around.
2. Have your pre-approval or cash proof of funds in PDF format.
3. Have your real estate agent picked out. This should be someone who responds quickly and is experienced.
4. Be ready to write over full price. Yes, over asking price.
5. Know the neighborhood you are interested in. You can get automated updates for sales and listings here. Your knowledge will reduce your fear of price.
6. Do not ask the seller to make repairs i.e. write an “as is” offer (with right to inspect).
7. Have a short inspection period – for example, five business days. A good buyer’s agent should be able to arrange this for you. If you are confident, you can waive the inspection. That would put you in the plus column to make up for your “out-of-state” status.  That is, many sellers would prefer to sell a home to someone who looked in person, all other things being equal. They are aware that buyers who come in from out-of-town for an inspection may cancel the contract upon viewing, and what seller would want to waste time?
8. Do not ask the seller to pay your closing costs.
9. Consider paying your own agent (this will save the seller’s expenses on commission).
10. Close fast.
11. Don’t load up the contract with extra addenda.
12. Don’t load up the contract with extra contingencies.
13. Don’t make your sale contingent on personally viewing (see #7 above).
14. Don’t wait for “in person” video – you may not have time.
15. Make up your mind that you will act fast and be decisive in advance – before your “right” property hits the market.

IF – IF you really want to live on the Emerald Coast of Florida and purchase a home now, and you don’t live here, you just have to go for it. Be brave. Trust your desire.  Get the house.

 

It’s Wendy… It’s Sold!

Wendy Rulnick Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, sells short sale, pre-foreclosure, REO and traditional real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Crestview, Sandestin, Seaside, Rosemary Beach, Okaloosa Island, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.

Short sales are fewer than they used to be, but they are still around on the Emerald Coast of Florida.  I recently inquired about a short sale listing in Destin, Florida that was represented by another real estate agent. Without going into the agent specific idiosyncrasies, this seller deserved better handling of his short sale listing.

Quick points:

The agent specified that the buyer pay title insurance. Actually, in most short sales, the short sale lender will pay title insurance on behalf of the short sale seller. This added cost makes the property less attractive to a buyer, as it’s not expected that a buyer pay the title insurance for a short sale.

The agent specified that in addition to the purchase price, the buyer was to pay off the seller’s substantial judgment lien for default on a personal loan (unrelated to the sale of the real estate).  This amount was approaching $20,000.  When asked if the amount had been negotiated down with the judgment debtor, the response was it would not be “until there was an offer”. Again, that’s not often the case and not great advice to the short sale seller. In many  scenarios, I’ve had my seller negotiate down a judgment at the beginning of the listing, so there would be a more palatable amount to be paid – by the seller himself – or the buyer. Let’s use $1500 as an example – vs. $30,000?  Which is more likely to procure a sale and attract a buyer?

When there is a known judgment that may affect the ability to sell a short sale listing, face it at the beginning. I ask my potential sellers if they have any judgments or have debt in collections.  If they are not sure, I suggest we run a title search.  The cost is usually around $95. It will forestall future issues, such as dealing with liens and judgments discovered after a property has already gone to contract. A lien or judgment may interfere with a closing and may have to be paid in full prior to a successful sale. Ask your attorney for advice if you are concerned about selling your short sale real estate when you have other credit issues such as a judgment lien.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, sells short sale, pre-foreclosure, REO and traditional real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Crestview, Sandestin, Seaside, Rosemary Beach, Okaloosa Island, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.

This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

Real estate pending sales on the Emerald Coast of Florida in August 2020 are going full throttle compared to last year and early April this year. Looking at the entire region, including Destin, Niceville, Santa Rosa Beach, 30-A, Miramar Beach, Fort Walton Beach, Navarre and Crestview, there were 20% more units under contract in the three month period from May to July 2020 compared to the same period in 2019. 2750 houses, condos, lots, townhomes and commercial properties went under contract, compared to 2289 last year, an increase of 461 sales.  Pending sales are a good indicator of the current pulse of the market, as opposed to closed sales, which show the result of activities a month or more prior.  Pending sales track where the market is going.

In addition, average sale prices for the Emerald Coast real estate market are up by 24% compared to a year ago and median sale prices are up by 15% in the Metropolitan Statistical Area. Why is the market so much in favor of the seller? There is limited inventory of properties for sale. COVID-19 has caused reticence in some owners to sell their homes, reducing the number of properties for sale. That, coupled with very low interest rates, averaging under 3%, have caused a strong demand for housing and a corresponding increase in selling price.

Where is the market going heading into Fall and Winter? Keep an eye here for the latest info.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

Executive office for lease in Miramar Plaza at 12889 Emerald Coast Parkway, Ste. 107A, U.S. Highway 98 East, Miramar Beach, Florida 32550.

Approximately 150 square feet, this work space is elegant with ample privacy, a large hall window and glass door with shades. There are only three private offices on first floor and three on second floor, allowing plenty of room for distance from the other few lessees, who generally don’t step out of their own offices.  The atmosphere is kept well-ventilated and air conditioned.  The office is cleaned thoroughly and regularly. Masks and hand sanitizer are provided for your clients, if desired, at the front lobby desk.

This commercial shared office space for rent in Miramar Beach, Florida, south Walton County, is adjacent to Destin Florida, and the beach is at the end of the street.

Share professional space with other respected firms in a quiet, upscale atmosphere. Use the large “you mean business” conference room with flat screen monitor at your disposal. The kitchen pantry, microwave and refrigerator are yours for your executive snacks and meals. Starbucks coffee, a selection of teas and a variety of snacks are complimentary. There is a dramatic lobby space to welcome your clients.  Wi-Fi, water, electricity are included. 

The Rulnick Executive Center in Miramar Plaza is 2.9 miles west of Silver Sands Premium Shopping and 2.5 miles east of Destin Commons. Drive two minutes to the end of the street to the Gulf of Mexico beach. Have lunch in your car watching the crystal, aquamarine waters, or eat at Pompano Joe’s for a relaxing pause in your productive day.

Conference Room
Free Wi-Fi
Free Coffee and Tea
Sky-high Lobby
Hall glass 

Hall window

Shades
2 minutes to Beach
Professional Atmosphere

Fulfilling all your after-work needs, there is a plethora of shopping and restaurants in Miramar Plaza. Restaurants include Pedro’s Cantina Mexican, Chinese, Thai, and Sushi-Moto. Miramar Plaza has a variety of shops, such as Ava’s Attic, Boca Boutique, KM Jewelers, a physician and more. Call to see if your business will be a fit with this group of ultra-professionals at the Rulnick Executive Center.The executive office is $489 a month for lease.Watch the virtual tour.

For details contact Broker/Owner, landlord:

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

Real estate sales on the Emerald Coast of Florida have overcome the COVID effect downturn of March and April 2020, and far exceeded the year over year sales figures compared to 2019.  The chart above illustrates the trend of pending sales each month for the areas of Santa Rosa Beach, 30A, Destin, Sandestin, Miramar Beach, Niceville, Bluewater Bay, Fort Walton Beach, Navarre, Crestview, Freeport, Point Washington and Miramar Beach, Florida.

Properties going under contract increased from March 2020 through June 2020 by 654  units. That’s a 49% increase in number of pending properties, including houses, condos, town homes, lots and commercial properties.

Destin Pending Sales increased from 92 to 239 units.

Miramar Beach Pending Sales increased from 95 to 212 units.

Santa Rosa Beach, North of Hwy 98, Pending Sales increased from 63 to 89 units.

30-A Santa Rosa Beach, South of Hwy 98 Pending Sales increased from 159 to 517 units. (WOW!)

Fort Walton Beach Pending Sales increased from 222 to 270  units.

Niceville Pending Sales increased from 105 to 139 units.

Crestview Pending Sales increased from 216 units to 238 units.

Navarre Florida Pending Sales increased from 213 to 223 units.

Reviewing year-over-year real estate sales changes on the Emerald Coast, there were 2501 total properties under contract between March – June 2019. In 2020, there were 4815 units under contract during the same quarter. That’s an increase of almost 93%.  Clearly 2020 sales are strikingly improved over last year.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Crestview, Sandestin, Seaside, Rosemary Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.