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July 24, 2009

Chances are good you may have heard someone say this past June was one of the hottest in recent years. And chances are also good that they were referring to the local real estate market rather than the weather, as the latest stats released by the Emerald Coast Association of Realtors show sales of existing homes along the Emerald Coast shot up a whopping 51 units in June.

"Pricing, inventory, and choices," said ECAR president Anita Williams simply, giving reasons for the heated market, before adding that buyers are drawn to the Emerald Coast's value-priced real estate as well as its high aesthetic appeal.

"Buyers are saying, 'We know it's a good time to buy and we've always wanted to own a home here,'" she said. "And now with prices at such an affordable level, they can own their own piece of paradise."

While sales of existing attached dwellings declined in June by a modest 3 units, as compared to last year, sales were up in all other categories, with existing single-family homes rising 37 units and existing condos, 17. In Destin, sales of all existing homes were up 13 units. Broken down into categories, sales of existing single-family homes increased 12 units and existing condos 2. As with the rest of the Emerald Coast, sales of existing attached dwellings declined, but only by one unit.

All of these types of homes are available for viewing up close and in person the third Sunday of each month when ECAR member offices host The Great Emerald Coast Open House. Housing in a variety of price ranges are available for shoppers to check out all in the same day. The event is free of charge and Realtors are available onsite to answer questions. To make it even more convenient, participating homes, routes and maps are available beforehand at www.emeraldcoastopenhouse.com.

Sales in the local area may be getting a boost from the $8,000 tax incentive, a subject discussed in depth by financial expert Ed Oneto recently at an ECAR-hosted seminar. While the incentive is limited to "first time homebuyers," Williams said the term is somewhat of a misnomer.

"In this instance, a first-time homebuyer is anyone who hasn't owned a home in the past three years," she explained. Williams also noted that the State of Florida has set aside $3.1 million for its own homebuyer opportunity program, enabling qualified buyers to immediately apply the tax credit towards the purchase of a primary home.

"Florida's Homebuyer Opportunity Program offers down payment assistance for those who qualify for the $8,000 tax credit," Williams said, noting that many buyers are not yet aware of the state's newly introduced program.

Conditions do apply, but they are fairly liberal. Income restrictions, for example, cap out at $95,000 for single people and $170,000 for married couples. While buyers in the upper level of these income brackets may only be eligible for a partial credit, those who earn below $75,000 and $150,000 respectively are eligible for the full credit providing the property is priced at $80,000 or more.

The full credit, under Florida's plan, is calculated at 10 percent of the price of the home, up to $80,000. All types of homes such as houses, condos and attached dwellings are eligible but buyers must close by Nov. 30 to cash in on the credit. Perhaps best of all, the credit does not need to be repaid, if the home isn't sold within three years.

All told, the attractive prices, appealing incentives, consistently low finance rates and the abundant selection of homes along the Emerald Coast, as well as the area's high aesthetic appeal, boosted local market sales in June.

"People who were staying away from the market (in recent years) because of pricing or lack of inventory are now coming back in droves," Williams concluded. She stressed that with the large number of programs available in different areas along the coast, it's particularly important for buyers, sellers and renters to "rely on a Realtor" for all of their market needs.

"Realtors know the area, they know where the good deals are," she said. "And perhaps most importantly, they know the market trends."


By Emerald Coast Association of Realtors; Article courtesy of The Destin Log