Is the Real Estate Market in Florida Slowing Down?

If you are keeping up with headlines, you may be concerned that the real estate market is slowing down. Rising interest rates and concerned buyers are influencing a cool down in many US markets. In some places and in some ways this is true, but Florida is not feeling these effects. With 25 of the most overvalued housing markets in the nation, Florida remains a hot and competitive place to deal in real estate.

Rising Demand

While interest rates are rising nationwide in an attempt to mitigate inflation, there is a more foundational factor in play that determines housing prices: supply and demand. In Florida, the demand for real estate continues to grow much more quickly than supply is increasing. This rising demand is keeping things competitive in nearly every Florida market.

Rising demand for Florida housing is a result of multiple factors, including an influx of new Florida residents and increasing numbers of real estate investors looking to Florida markets for their new income properties.

New residents are flocking to Florida for many reasons, including political preferences and economic pressure that are both coming as a result of pandemic conditions. In addition to this, Florida remains a popular choice for anyone looking to buy a retirement home or relocate to a warm and sunny climate.

Real estate investors have always looked to Florida as a lucrative vacation rental market, but this has only increased in recent years. Florida was one of the first beach vacation destinations to open up after the pandemic, making it a prime choice for those looking to invest in properties that would be immediately rentable.

All factors that are increasing demand in Florida are expected to remain present in the market for the foreseeable future, meaning you can reliably expect your investment in Florida real estate to continue to appreciate.

Limited New Construction

Not only is demand for Florida real estate rising, but with a limited supply, prices remain high. New construction developments in Florida are few, meaning there is not a significant change in supply to meet the huge increase in demand. Undeveloped land is also in limited supply. These factors both contribute to a remaining strong seller's market in Florida.

Additional: 30 Thrifty Ways to Furnish a New House

Will there be another housing crash?

Click bait headlines wanting of an impending housing crash are popping up all around. Is that something Florida buyers should be concerned about? Experts don't think so. Conditions may look similar to 2007-2009 right before the housing crash, but there are some vital differences that will keep us from another crash.

One of the major reasons a crash like in 2008 is unlikely is supply. In 2008, the housing crash was related to a major surplus in homes as many homeowners entered foreclosure on homes they purchased with faulty loans, which are no longer allowed. In Florida, even if prices were to lower somewhat as interest rates rise, there is little to no danger of having a massive supply surplus. Both renters and homeowners are facing similar price hikes, with many people waiting to invest in the area no matter what the prices are. This steady demand is enough to cover any minimal change in supply.

Related: 9 Easy Ways to Prepare Your Home for a Fast Sale

The general consensus among experts is that some markets will see a decrease in demand, but a housing bubble and crash is highly unlikely. In Florida, even a decrease in demand is not anticipated. Even with higher interest rates, investors, retirees, vacation-goers, and remote workers looking for a new home in an ideal climate will sustain interest in Florida's market.

Now is a great time to invest in Florida real estate. For more information about finding your ideal property on Marco Island, contact us any time.

Where to Dine Al Fresco on Marco Island

As a resident of Marco Island, you will enjoy over 250 days of sunshine every year. Don't be surprised if you want to spend all of your time outside on our gorgeous island.

Marco Island features many wonderful restaurants with outdoor dining, so we have a list of some of our favorite places to dine al fresco. Try them all to find your new favorite!

Snook Inn Chickee Bar

Arrive at the Snook Inn by boat or by car to enjoy classic dishes and waterfront dining. Guests can watch the dolphins play while indulging in delectable seafood, succulent steaks, or a fresh cocktail. Stop by for happy hour with friends or make it a romantic date night. Either way, we think you will love this waterfront restaurant.

Doreen's Cup of Joe

For breakfast or lunch on the patio, look no further than Doreen's Cup of Joe. Voted one of the Top Ten Amazing Breakfast Restaurants in Florida, their menu features favorites like Breakfast Nachos, Crab Cake Eggs Benedict, and Cannoli Stuffed French Toast for breakfast and Fried Shrimp BLT, Avocado Burger, or Corn Flake Chicken Sandwich for lunch. They pride themselves on sourcing the best ingredients, never cutting a corner.

Mango's Dockside Bistro

Mango's Dockside Bistro is a family-friendly restaurant with a tropical atmosphere, a local favorite with guests of all ages. Their 750-gallon saltwater fish tank, waterfall, and outdoor dining will delight the whole family. They are open 7 days a week for lunch and dinner, with breakfast and brunch served on the weekends. The locally owned and operated restaurants feature special dishes like Coconut Shrimp, Hawaiian Flatbread, Mango Hushpuppies, and Macadamia Nut Encrusted Cobia. Some guests will be happy to learn that dogs are welcome on the patio, too!

The Speakeasy

This unique, waterfront dining experience offers Chicago style fare in a prohibition era themed restaurant. Dine on the deck of The Speakeasy any day of the week for lunch or dinner. Join them for karaoke on Thursday nights or live music every Saturday, or catch the game on any of their 16 TVs.

CJ's on the Bay

CJ's on the Bay is one of Marco Island's best waterfront dining experiences, with an elegant atmosphere and a menu featuring all your favorites. Try one of their signature cocktails or an imaginative seafood entree like Rum Butter Mahi Mahi, Diver Scallops, or Key West Pink Shrimp Linguine. If you are not in the mood for seafood, don't worry: CJ's on the Bay has an extensive menu with something for everyone.

Bistro Soleil

For French dining in a refined setting, look no further than Bistro Soleil at the Olde Marco Inn. Nestled in the historic inn, Bistro Soleil is the perfect place for a romantic dinner or an elegant celebration. Begin the meal with Charcuteries et Fromages and a signature cocktail, continuing on to Carré D'agneau Provençale or Moules Frites, and put the perfect bow on the evening by indulging in lavender Crème brulée with views of the ocean.

Dolphin Tiki Bar & Grill

When you want to relax or let loose, Dolphin Tiki Bar is the perfect place to grab a casual dinner and some delicious drinks. The waterfront bar is always a fun place to be, whether you are there for happy hour, crab legs, sushi, or cocktails with friends, all while taking in the gorgeous ocean views.

Dining al fresco all year round is just one of the many benefits of living on Marco Island. When you live here, you get to enjoy the vacation lifestyle all the time. To find out more about living your dream life on Marco Island, contact our office any time! We would love to help you find your ideal property on the island.

Read more on the best dining destinations on Marco Island

Remember, for all Marco Island homes and condos, contact my office or browse my website.

9 Easy Ways to Prepare Your Home for a Fast Sale

 When you are selling a home, there’s a lot of work just to prep your house for sale. However, most real estate agents will agree that it’s not uncommon for clients to forget something when prepping. Below are some of the top things you can take care of to help your home make a great impression, entice buyers, and attract great offers.

Declutter, depersonalize, and deep clean

Everyone knows that your home should be as close to a blank slate as possible when selling homes. You want potential buyers to look at the beautiful features in your home without focusing so much on your items or dirt and grime. You don’t want them to see crowded closets and cabinets, cramped rooms full of furniture, and piles of junk mail on the counter.

Pressure wash the exterior

You work hard to keep the interior of your home clean, but you can’t forget to clean the exterior of your home as well. Home improvement stores offer rental pressure washers at $40 to $100 per day. You can rent the pressure washer for the weekend and use it to clean more than just the roof.

Spruce up the front entryway

The easiest way to make a great first impression is to take a little time to spruce up the front entryway. Your front entryway needs to be welcoming and make the buyers eager to get inside.

Check walkways for trip hazards

A cracked or uneven driveway or walkway isn’t just an eyesore, it’s a safety hazard, and you don’t want potential buyers to trip when they’re coming to see your home. For minor imperfections, you can repair the cracks yourself. However, if there are large problem areas, your best bet is to contact a professional contractor for estimates.

Clean and tidy attic, basement, or garage

The interior and exterior of your home look fabulous, but what about those spaces that aren’t used every day? Storage spaces like the attic, basement, or garage still need to be swept and dusted like the rest of your house.

Refresh paint

Painting is a great way to revitalize any home, and neutral colors are the golden standard in terms of color.

Let in the sunshine

There’s nothing like walking into a room flooded with bright sunshine! The house will feel larger, cleaner, and more inviting than dark rooms that feel closed off. So do yourself a favor and always open all of the window treatments in your home.

Pre-appraisal

A top real estate agent will always run a comparative market analysis (CMA) to determine how much your house is worth. A pre-appraisal is still helpful. Taking this step can help you get ahead of any problems, so they don’t become unwelcome surprises just as you’re getting ready to seal the deal.

Neutralize odors

Homeowners who have pets or smoke tend to go nose-blind and cannot tell if their home is plagued with foul odors. Unfortunately, despite what commercials for air fresheners say, you cannot simply plug something in or spray something into the air to eliminate odors. Pet odors, especially cat urine, are a common issue that requires more than just opening windows. Cat urine, in particular, can be really bad.

You need to do so many things to prepare your house for sale that it’s easy to feel overwhelmed. With insight from your real estate agent, you can breathe easier about what to expect every step of the way.

For secrets and strategies we use to market and prepare your home, contact my office at any time at 239-260-3550 or email me PatWilkins@MarcoExpert. Let’s get your Marco Island home sold for top dollar!

Take Steps to Maximize Insurance After a Storm

Flooded Florida street at sunset in a residential neighborhood after a storm.

Emergency management professionals advise you to check your insurance, call your insurance company and find out what’s covered under your policy. And if your home is flooded, hire a mitigation firm to vacuum out water as soon as possible.

WOODLAND PARK, N.J. – When Hurricane Ida hit, its heavy rains wreaked havoc across much of the East Coast of the United States, causing flooding throughout the region. For homeowners faced with the task of cleaning up due to flooding, it’s often a race against the clock.

How do you maximize your insurance coverage and quickly salvage your personal belongings? Here are some important tips from emergency management professionals.

1. Call your insurance company. According to ConsumerReports.com, the first step to file a claim is to get in touch quickly with your insurer or the agent who sold you the homeowners insurance. Your policy may require you to file within a certain time frame.

2. Get a mitigation company. It is crucial to hire a company that can vacuum out water as soon as possible, said Nat Piro, manager of the North Jersey and New York metro division of NFA, a public insurance adjuster. Wood swells in water and the longer it sits in water the greater the damage, he said. It’s also important that the structure be treated for mold.

3. Check your insurance. Flood damage is only covered if you have flood insurance, Piro said. Flood insurance is not required if you do not live in a flood zone.

4. Loopholes. If you do not have flood insurance, there are ways that the damage may be covered under regular homeowner’s insurance, Piro said. Some cases where the damage may be covered include a sump pump that stopped working or a downspout that broke, he said.

5. Take pictures. Be sure to take photos and document any damage resulting from the storm to ensure you have documentation of the impact, which is needed for insurance and any federal or state relief programs that may become available moving forward, said the New Jersey Economic Development Authority.

6. Find out what’s covered by your policy. A standard homeowners’ insurance policy covers damage to the home’s structure and personal property, minus a deductible. The amount you’re paid will depend on the kind of coverage you have. Replacement cost coverage should cover repairing or replacing your home and any lost or damaged items.

Actual cash value coverage will pay you the value of your home and the damaged items inside, according to Consumer Reports.

7. Avoid filing too many small claims. Try not to file claims that appear to be less expensive than the value of your deductible, according to Consumer Reports. That’s because if you’re filing a lot of claims, your insurer may decide that you’re filing too often and raise your premiums. But some storms may prove the exception.

8. Large claim? You may want a public adjuster. If you have a very large claim, you may want to turn to a public adjuster, who works on your behalf and represents you for the claim, Consumer Reports said.

Piro said his company, NFA, typically charges 10% or less of the settlement with company personnel handling the damage estimates and negotiations with your insurance company.

9. Prioritize. You may not be able to save everything after flooding. Focus on what’s most important to you, whether for sentimental or monetary reasons.

Originally Published on floridarealtors.org Copyright © 2021 North Jersey Media Group Inc., The Record

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Listing Your Home in 2021? Here’s What to Know.

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Roughly 1 in 6 (17%) homeowners plan on selling their home in the next 18 months, according to a new NerdWallet survey conducted online by The Harris Poll among 2,127 homeowners. Those listings will be a welcome sight to buyers currently competing for a limited number of homes commanding top dollar.

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5 Tips for Managing Your Next Rennovation

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It can increase your property value, make your home more comfortable, or even help you better market your house when it’s time to sell.

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High End Home Buying Tips for Millenials

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Should You Consider Buying a Penthouse

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6 Ways to Avoid Delays on Your Remodel

Unexpected delays can quickly turn a fun home remodeling project into stressful misery. But you’ve got more power than you think to keep your project on schedule — and it all comes down to what you do before a single nail is hammered. These six proactive tips will help you avoid remodel problems so your project runs smoothly.

1. Choose your team carefully

When you hire a contractor, the burden of verifying their credentials falls squarely on your shoulders. Start by checking the Better Business Bureau’s website for red flags, as well as visiting LexisNexis online (which requires a subscription) to see if any lawsuits have been filed against potential contractors.

It’s also important to get valid references, stresses David Merrick, president of Merrick Design and Build in Kensington, Maryland. Rather than simply trusting online reviews, Merrick suggests doing some legwork.

“Visiting a project that is actually in progress is the best way to get a reference,” says Merrick, who also serves as the chairman of the Government Affairs Committee for the National Association of the Remodeling Industry’s Metro D.C. chapter. “So if you’re serious about hiring a contractor, and you want to take the time to check their references, ask to talk to [a current client] or visit a job they have in production.”

Merrick goes on to explain that homeowners should also check contractors’ license statuses online and “request a certificate of insurance. This comes directly from the insurance agent without going through the contractor’s hands, so you know it’s not forged.” This official document also lets you know whether the contractor’s policy is sufficient for your project’s size, and if workers’ compensation coverage is included.

2. Build in a budget cushion

Setting aside money for unexpected costs could help prevent your project from being delayed indefinitely.

Although good contractors usually spot evidence of costly problems during the initial estimate, some issues don’t reveal themselves until the walls are opened up, explains Rebecca Davila, owner of Building Dreams, a construction and renovation company in Hawthorne, California. For this reason, she suggests homeowners protect themselves by factoring in a substantial budget cushion.

“You have to look at having at least 20% to 25% [more] money on the side of your project,” she advises, “just in case of unforeseen conditions.”

3. Order materials early

Backorders and slow order fulfillment can stop renovations in their tracks. That’s why it’s essential to select and order tiles, fixtures and other materials your contractor requests as early as possible. It’s also crucial to choose products that are in stock and can be delivered quickly.

“Make sure you have everything ready and available,” Davila says. “You don’t want to order something and find out you’re on hold for six weeks, and your whole project stops for that item.”

4. Pay attention to permits

To maintain building codes and regulations, renovations often require permits. Be aware that the larger your project is, the longer it may take for permit approval — and for very large jobs, it could take months.

Professional contractors generally have a good feel for permit requirements and lead times and should know when to file to keep your project on schedule. Merrick warns that if a contractor asks you to get a permit yourself, that’s a major red flag.

“Any time a contractor asks a homeowner to pull a permit, there’s a reason,” he cautions. “They’re either lazy or they’re not properly licensed. They’re usually doing it because they’re not licensed.”

Having your contractor pull permits is also preferable for liability reasons. “The contractor’s name should be on it because they should be liable for it,” Davila says.

5. Get everything in writing

Before any work begins or money changes hands, you’ll need to sign a detailed contract. This ensures that everyone is on the same page and protects against being left high and dry with your project unfinished.

Renovation contracts should cover all the work being done and materials used, along with a clear payment schedule based on either time intervals or project completion levels. Know that a reputable contractor will never ask for full payment upfront or expect your final payment before the entire project is completed to your satisfaction. If you don’t understand the details of your contract, consider having a lawyer look it over.

6. Avoid change orders

One of the simplest ways to prevent remodeling delays (and budget disasters) is to be sure of what you want and stick with it. Changing your mind midstream results in change orders, which are contract amendments that occur when a customer decides to change project details like the location of a wall or the type of flooring.

Change orders not only create delays when new materials don’t arrive on time; they also can easily derail your well-planned budget. As Davila explains, “When a contractor gets a job, that’s when their prices are the lowest. When a change order comes in, they know that you have to do it so they can charge you anything.”

The article 6 Ways to Avoid Delays on Your Remodel originally appeared on NerdWallet.

Marco Island Restaurant Recommendation

Looking for a new favorite restaurant? Consider Da Vinci Ristorante Italiano! Has anyone already been there?