Padre Island Housing Report January 2021

Market is still super hot as we head into 2021!
Low inventory, bidding wars, and with continued low interest rates this looks to be another stellar year for home buyers, investors and sellers alike!

Days on the market for sale has decreased to an average of 69 days on the market. 29.3% of all the sales in November were priced between $200,000 – $299,999. The market is certainly remaining strong and it’s a great time to find that dream home you have been waiting for or cash out that equity. We are here to serve all your real estate needs.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

Padre Island January 2021 Data (Click Pic below for Larger Image)

 


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Did You Know How Much Mortgage Rates Can Help You?

When you look at interest rates there are so many advantages right now, let us share with you what Texas Real Estate is showing right now. Average U.S. mortgage rates started 2021 near historic lows and have hovered in that vicinity through January. That news has reached and encouraged buyers and sellers alike,this can seriously benefit your bottom line can provide valuable context for a homebuying decision.

The average rate for a 30-year fixed-rate mortgage was 2.77% as of January 21, according to Freddie Mac. The average was 3.62% in January 2020 and 4.46% in January 2019,  85 basis points and 169 basis points higher, respectively than the current rate. A buyer who purchases a $300,000 home at the average rate today would save just over $100,000 during the mortgage term compared to purchasing the same home two years ago—and the monthly payment would be almost $200 less.

Limited housing supply and low mortgage rates have contributed to increased competition and home prices, but the cost of borrowing money for a home is currently so low that buyers may be able to afford more than they would have one or two years ago.

Monthly mortgage rate averages stretching back to 1971 are available in MarketViewer (texasrealestate.com login required), the powerful data and market statistics tool available exclusively to Texas REALTORS® members. What a significant market advantage this is creating for all parties!

Color Pyschology: How they Effect Emotional States!

Have you ever come home to find that your house has been broken into, your husband has canceled your recordings of The Bachelor, and it appears as though your “big bad guard dog” has actually led the robber to the fine china? I truly have “seen red” before. And I bet you have, too.

So how do colors affect human emotion and reaction? Company owners, home decorators, web designers, have all recently been paying more attention to not only what colors to choose, but why to choose them. Color psychology is now known to play a larger role in marketing, design and branding. Perhaps as homeowners, we, too, should choose wisely. The colors you choose for your spaces can actually play a role in your mood and temperament.

Black begs power and authority. You wouldn’t bully the karateka sporting the black belt.

For the home: Choose an accent wall in your home office and paint it black! Own your work space, and make it be known that you’re the boss in there! It will demand dominance.

White symbolizes purity, innocence, and sterility. Wouldn’t it just seem odd to baptize a baby in a red gown? Or to paint the walls of an operating room a dirty tone of split pea soup?

For the home: If you have a case of kitchen OCD, a white kitchen is a necessity. White will make the kitchen appear larger (and it IS the heart of the house, so the bigger, the better!), but the more sterile this room feels, the better. Perhaps your guests don’t want to question whether their food was prepared in a germ breeding ground, as white countertops and cabinets are no hiding place for grease splatters or red wine rings.

Red brings about feelings of passion and rage. Studies also show that it increases circulation, action, and exudes an empowering masculine energy.

For the home: Assuming most households do have at least one man in them, perhaps use red as an accent color: Red pillows, a red door, red vases. Does your house have a man cave? Red that room!

Orange has the tendency to elicit increase in energy and optimism. Think of the fruit – it’s bright, sweet, makes you want to do an Irish jig.

For the home: If you have a home gym, this is the PERFECT place for this color. It will likely give you that needed boost an extra shot of espresso may provide…without the calories!

Yellow sometimes enhances concentration, but can lead to irritability and anxiety. Just because it’s gender neutral doesn’t mean you should paint your nursery this color. Studies have shown that the same baby will cry more in a yellow room than in a blue room.

For the home: As with red, use this color as an accent. If you just love the color, a downstairs powder room would be a nice place to put yellow on the walls. It will add a kiss of zest to the first floor. Consider the sun…it’s always nice when it’s out, but you never want to stare at it!

Green…ahhhh green. It’s natural…relaxing…can’t you smell the fresh cut grass? Not only does green bring you down to earth, but it can symbolize greed and envy. So, use green wisely.

For the home: Incorporate green by using indoor plants! Plants will bring the outdoors in, and studies have shown plants and flowers will reduce stress and improve general well-being. You wouldn’t bring your sick friend a gerbil, right? You’d bring them a fresh bouquet! If you’d rather bring green in another way, go with a nice pale green for the living room.

Blue has a similar effect as green. You feel calm around blue. It symbolizes loyalty and peace. Straight from Wikipedia, “In 2000, Glasgow installed blue street lighting in certain neighborhoods and subsequently reported the anecdotal finding of reduced crime in these areas.”

For the home: I’d choose a navy blue as an accent wall in the dining room, or a light blue for a bedroom. If you’re like most, your bedroom is the one place you can really go to unwind. Blue will allow you to feel soothed and restful. Light up a beach wood candle, and you’re in heaven! Just don’t go painting clouds on the ceiling. Then you’ve taken it too far.

Purple is the color of royalty, wealth, and sometimes romance. In ancient healing therapies, the color psychology behind purple was believed to treat skin problems, and purple crystals were used for both emotional and physical healing.

For the home: If it is believed to aid in skin therapy, what better place for a purple paint job than the master bathroom? Maybe the good purple vibes will work their magic and make you forever beauteous. If that’s not what you’re about, picture a relaxing lavender scented bath. Purple is also said to spark the imagination. I know many people do their best thinking in the bathroom!

Pink makes people think of love and romance. But it also brings about a sense of nurturing and immaturity – the silly, playful kind.

For the home: A little girl’s bedroom is the obvious choice here. But I think another less obvious space would be lighter maroon color in a playroom. This may help mold creative thoughts and visionary children.

Now go grab some color swatches, and create your own desired household aura!

Design Trends in 2021

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“This home is so ’70s.” How many times have we heard a home identified by a year based on its appearance and finishes? Well, 2021 will be no different, as fun and fresh designs are sure to be trending.

Outdoors, Indoors

Here on the Island, we practically live outdoors most of the year! Designs are beginning to recognize this. Homeowners are working on bringing the outside in with things like plants, and double doors, and also purchasing furniture that can be used both indoors and out. Create a fluid space where the indoor outdoor living concept is seamless.

Geometric Tiles

Tile backsplashes aren’t a new concept, but what we expect to see in 2021 are using the tiles to create more geometric patterns that feature fluid movement. New materials for this are coming onto the scene such as cement and wood. Whether it is a backsplash, an intricately patterned floor or a countertop, fluid geometry is eye-catching and coming in strong this year.

White Appliances

With so many homeowners going with the trending white cabinets, white appliances just blend right in. Also, many are becoming tired of the maintenance from the marks and handprints that are so evident and inevitable that show up on stainless steel appliances. Try Ice White from Whirlpool. Slate kitchen appliances can also bring a classic and modern look and are gaining momentum.

Metallics, Metals, and Minerals

All trends come back around, and the 1950s and 1970s are hot fashion trends in 2019, and this will also translate to the home. Gold and metallic finishes are exceedingly popular right now. Retro bling, shine, and polished geodes will rock your home (pun intended). Accessorize with oversized bowls of fools gold, big chunks of quartz, or even unpolished semi-precious stones turned into door pulls. Go au natural!

Chevron is Out

Herringbone, Chevron, Zig-Zag, the fun and often colorful pattern was so 2020. If you are still a fan of it, try putting it in easily removable ways, such as an area rug or throw blanket. Don’t stick it up on a large wall. Instead, try solid-colored, textured fabrics, or even animal hide is in!

Bye Brass

Brass hardware is one design element that almost immediately outdates a home. Hardware is one incredibly easy and inexpensive way to update! To replace brass hardware or other knobs, be sure to choose a size that will cover the “footprint” of whatever is currently installed. For 2021, try brushed or satin nickel hardware. Magic.

Fake Wall Treatments

Solids are back. 2021 interior design approaches emphasize authenticity. The prevalent use of natural materials (back to minerals, above) goes back to midcentury modern design. That means it may be time to get rid of the fake wall treatments such as Tuscan paint finishes and marbled columns. Use a solid paint! It’s chic, clean, and IN.

Padre Island Housing Report – November 2020

3 Trends seem to be driving this fast-paced market!
Low inventory, bidding wars, and cheap mortgage rates are giving home buyers a sense of FOMA – fear of missing out – and heating up the competition.

To our surprise, the housing market has not only recovered but roared past pre-pandemic levels. Mortgage rates remain at record lows. Pending home sales are up over 20% from a year ago and the buyer traffic is up over 32% which ups the mortgage applications as well. This winter may be the best
ever for the housing market.

Days on the market for sale has decreased to an average of 78 days on the market. 45.4% of all the sales in November were priced between $200,000 – $399,999. Closed Sales were up a whopping 109.4% in the month of September. The market is certainly remaining strong with the interest rates still holding it’s a great time to find that dream home you have been waiting for or cash out that equity. We would be glad to navigate you to success!

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

Padre Island November 2020 Data (Click Pic below for Larger Image)

 


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Padre Island Updates from Greg Smith, District 4

One of the important issues facing the Island is Short Term Rentals of homes.  Currently, Corpus Christi does not have an ordinance addressing STR’s as they are growing in popularity across the nation and particularly on the Island.  The Island Strategic Action Committee that advises Council has set up a subcommittee that has been meeting for recommendations and will address STR’s in their December meeting.  The PIPOA has sent out a questionnaire to homeowners for their input with a December 1 deadline.  The advice that the City Council receives from both of these organizations will have a significant impact on the City’s direction on any ordinance addressing short-term rentals.

After sixteen years it’s happening, the Water Exchange Bridge is under construction.  It has been quite a saga and one that came down to the wire.  When first proposed in 2004 the project was strictly water exchange consisting of large culverts that would not have allowed boat passage but would have had significant water movement that would greatly improve the water quality in the main canals.  As time went on plans were changed to elevating the bridge providing boat, golf cart and pedestrian access to both sides of the road.  To protect taxpayers from a “Bridge to Nowhere” it has been the City’s position that the canal should be dug first or monies escrowed.  This was reinforced by the original developer’s financial and legal issues on the adjacent property.  In 2017 the City bid the project contingent on the canal being built or sufficient funds escrowed to build it.  Twice the contract was extended to allow more time for the developers to come through on their side.  Then in 2019, the bridge was bid again with a six-month notice to proceed clause that allowed time for the canal to be built.  Part of the agreement was when the canal was substantially complete the City would issue a notice to proceed for construction.  The months kept passing by and still no activity on the Canal.  Finally, the dirt began to fly and one day before the contract was set to expire I walked the site with Peter Zanoni, the City Manager and he declared the canal digging substantially complete.  The rest is history and the bridge is on the way.

When the water exchange bridge is complete expect to see a complete change in the water quality in the main canals.  Currently, there is little to no circulation, creating oxygen-deprived, warm, stagnant water body hence the need for aerators operated by the PIPOA.  About 2/3 of the time water is coming in the Packery from the Gulf of Mexico.  The circulation pattern in the Bay causes some of the flow in from the Gulf to return through the Corpus Christi Ship Channel.  The result will be cleaner, higher oxygen levels and cooler water in the canals with the majority of water flow from the Gulf rather than the Laguna Madre.

Another issue the City is tackling is improving our air service.  With new executive leadership at the CVB and Airport the City is now actively soliciting airlines to add direct flights to destinations other than Houston and Dallas.  Management met with eleven airlines last month in Denver and was favorably received. An important part of this initiative is to change our culture from Corpus Christi being a “drive market” to promoting us also a fly destination with an emphasis on our Gulf Beaches.  This is a complete change in how we operated in the past.  With this alteration our airport is already outpacing other airports in these Covid ravaged times.  This bodes well for the future as we adjust to the pandemic.

Common Holiday Scams

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The holiday season is here! Although the pandemic will certainly change how we prepare, consumers are still planning to shop and celebrate. Unfortunately, scammers are also ready for the holidays. With your mind on finding the perfect gifts and best deals, they hope you won’t be watching for fraud. Use these tips from your Better Business Bureau to avoid common holiday scams this year:

Seasonal employment scams.

Many companies and industries hire extra employees during the holidays to help with increased business. This is a perfect opportunity for scammers to put out fake help wanted ads. Use these tips to stay safe while looking for seasonal job opportunities:

  • Know the signs. Being aware of the red flags of employment scams can help you avoid them. Employers asking for upfront payment for a job, job offers without interviews and big money for small jobs are all major signs of employment scams.
  • Don’t work before you’re hired. A legitimate company will not ask you to begin a project before hiring you. Before starting any work, ask for an offer letter or for confirmation in writing. This should include details about the job and compensation.

Hot Toy Scams

Each year, a few toys are more popular than the rest, and when they begin to sell out in stores, parents look elsewhere to find them. They might find a legitimate-looking website that claims to have them, maybe even on sale! Unfortunately, after purchasing the toy, it never arrives, and they discover the website and offers were fake. These tips can keep your wallet safe when searching for this year’s hot toys:

  • Buy from reputable retailers. Buying directly from stores, in-person and online, that you know and trust is the best way to avoid being scammed. You can go to their business profile on bbb.org to find their rating and customer reviews. Also, be sure their website has valid customer service information.
  • Watch for extra-low prices. Unreasonably low prices and discounts are often red flags of a scam. Remember, if the price seems too good to be true, it probably is.

Delivery Scams

Delivery scams and package theft can take several forms. They may be phishing emails from scammers posing as the delivery company, or fake “missed delivery” tags, which attempt to get your personal information. Some consumers find that packages are stolen off their doorstep before they arrive home from work. To avoid these situations, use these tips:

  • Take precautions. If you are having a fragile or valuable item delivered, purchase shipping insurance. You can also track packages, or request that a signature be required for the package to be delivered.
  • Watch for emails about missed deliveries. Most legitimate delivery services leave a missed delivery notice on your door. An email could be a phishing scam.

Have safe and happy holidays, from everyone at BBB serving the Heart of Texas!

 

30-Year Fixed Mortgage Rates Fall to New Low: 2.78%

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For the 12th time this year, mortgage rates have hit a record low. The 30-year fixed-rate mortgage fell to an average of 2.78%, the lowest ever recorded in Freddie Mac’s books dating back to 1971.

Sam Khater, Freddie Mac’s chief economist, attributed the record-low rates this week to “economic and political ambiguity.”

“Despite the uncertainty that we’ve all experienced this year,” he said, “the housing market, buoyed by low rates, continues to be a bright spot.”

Consumers are saving much more than they were before the rise of the pandemic—nearly 14% of their disposable income, according to the National Association of REALTORS®. Personal income also rose 6% in September compared to a year earlier. “With people saving more than ever before, home buying is more attractive, although home prices continue to rise,” writes Nadia Evangelou, a research economist, on NAR’s Economists’ Outlook blog. “Meanwhile, these ultra-low mortgage rates significantly lower mortgage payments, making housing more affordable than a year earlier in many areas.”

For example, in the Washington, D.C., metro area, home prices have jumped nearly 12% compared to a year earlier, Evangelou says. However, due to low mortgage rates, the monthly payment on a 30-year fixed-rate mortgage is lower than a year ago, averaging $1,820.

The housing market is also getting a boost from an improving job market. This week’s labor market report showed that the U.S. added another 638,000 in net job gains. The unemployment rate now stands at 6.9%. Since the April lockdown from the COVID-19 pandemic, about 12.1 million jobs have been recovered. Another 10 million jobs are needed to return to pre-pandemic levels, says Lawrence Yun, NAR’s chief economist. Residential construction and contracting trades added a major bulk of the jobs last month at 23,800, Yun says.

Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 5:

  • 30-year fixed-rate mortgages: Averaged 2.78%, with an average 0.7 point, falling from last week’s 2.81% average. The previous all-time low for the 30-year fixed-rate mortgage was set in October with an average of 2.80%. A year ago, 30-year rates averaged 3.69%.
  • 15-year fixed-rate mortgages: Averaged 2.32%, with an average 0.6 point, unchanged from last week. A year ago, 15-year rates averaged 3.13%.
  • 5-year hybrid adjustable-rate mortgages: Averaged 2.89%, with an average 0.3 point, rising slightly from last week’s 2.88% average. A year ago, 5-year ARMs averaged 3.39%.

Freddie Mac reports average commitment rates along with points to reflect the total upfront cost of obtaining the mortgage.

Reported by Realtor Magazine

National Government Related Impostor Scams

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It is no secret that COVID-19 has brought confusion along with concern. This confusion provides opportunities for scammers to target consumers in new, creative ways. A recent study from BBB shows that reports on government impostor scams have decreased, but the pandemic has allowed for these scams to take new forms that may be more difficult to recognize. From posing as CDC officials to preying on CARES funds, impostors are once again taking advantage of trying times.

A recent survey from AARP showed that 44% of people in the U.S. have been contacted by someone posing as a government employee. The Federal Trade Commission (FTC) also reports $450 million dollars lost to government impostor scams since 2015. Last year, reports of scammers posing as IRS agents dropped, while scammers posing as Social Security Administration (SSA) employees quadrupled.

In 2019, Texans submitted 10% of Scam Tracker reports on government impostor scams. And while reports are decreasing nationally, Texas has seen an increase of 35% in the first six months of 2020 over all of 2019. Recognizing these scams can be crucial to Texans’ financial safety.

Different versions of this scam may include promises of a fake government grant, and the grant “winner” simply needs to pay a fee or provide personal information. Then, the scammer disappears, and the grant never arrives. In other versions, the scammer calls victims pretending to be from the IRS or SSA, claiming there is unpaid money and the consumer will be arrested until they pay off the debt in full. Government impostors often use fear tactics to pressure people into acting quickly, and spoof caller ID to appear legitimate.

Government impostor scams can be costly and reporting them is an important factor in preventing them for others. Use this information from your Better Business Bureau on how to properly report government fraud:

  • IRS: The Internal Revenue Service advises people to fill out the “IRS Impersonation Scam” form on the Treasury Inspector General for Tax Impersonation’s website, tigta.gov.
  • Social Security: The Office of the Inspector General, Social Security Administration (SSA IG) has its own online form to take complaints about frauds impersonating the SSA.
  • Federal Trade Commission: Contact the FTC at 877-FTC-HELP or ftc.gov.
  • Internet Crime Complaint Center: Reach the FBI’s IC3 at ic3.gov/complaint.
  • Cellphone carrier: which may offer free services such as scam call identification and blocking, ID monitoring, a second phone number to give out to businesses so you can use your main number for close friends or a new number if you get too many spam calls.
  • BBB Scam Tracker: File a report on BBB.org/ScamTracker to let others in your area know to watch for this scam.

Visit us at BBB.org/FakeGov to view the full report.

Padre Island Housing Report – September 2020

With the Close of September, the median sale price on residential homes was 270,000 which is a decrease of 9.1% here on Padre Island compared to last year at this time.

Lots of Island Developments are on the move now, and the preliminary signage for the new Park Road 22 bridge has been posted and we are about to see our Island start making headlines across the state of Texas.

Days on the market for sale has decreased to an average of 78 days on the market. 36.5% of all the sales in September were priced between $200,000 – $299,999. Closed Sales were up an incredible 16.4% in the month of September. The market has cooled off a bit with school starting up, there are still some great bargains out there, and with the interest rates still holding it’s a great time to find that dream home you have been waiting for.

Cheri Sperling is the owner of Coastline Properties with a dedicated team of agents specializing in residential listings, sales, and property management in the Padre Island real estate market. Coastline’s team is the most knowledgeable real estate office on Padre Island. No pressure style, patience, and an intimate understanding of the local market. They go to work for you!

Padre Island September 2020 Data (Click Pic below for Larger Image)

 


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