Padre Island Housing Data – January 2022

February 13, 2022 By

The Local Real Estate Market has started the year off in a positive direction with prices!
As we monitor the market closely…The 2 notable areas to watch are the amount of inventory nearing lows, and a standard 30-year rate fixed mortgage up a little over 1% from last month as we eagerly await the FED’s decision by end of the 1st quarter regarding tapering and its possible impact on market conditions.

Days on the market for sale have decreased to an average of 68 days on the market. 39% of all the sales in January were priced between $300,000 – $399,999. The Median Price of homes has risen substantially by 23.6% to a price of $370,000. The market is certainly holding steady and it’s still a decent time to list your home with inventory still quite low and the spring buyers are already out looking.

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 2022 Data (Click Pic below for Larger Image)

padre-island-housing-report-jan-2022

Filed Under: Corpus Christ Real Estate Data, home maintenance, Local Schools, Mortgages, New Homes Padre Island, property taxes, Real Time MLS, realtors, selling a home

It’s 2022, but what’s in? New vs. Existing Homes

February 5, 2022 By

Padre Island Corpus Christi

….started developing in the 70’s, and with numerous projects including a new water exchange bridge and a marina, the island is becoming the most valuable real estate in the city. It seems like building your dream home has been on the upward trend. But what are the advantages of an existing home? A buyer has one of two options: Embrace the new or embrace the existing. Here are some variables that outline the pros of each!

Character and Uniqueness

New: Build the character that you want! Do you like the bay windows of a Victorian, the half-timbering of a Tudor, and a central chimney of a Colonial home? You have the liberty to mix and match!

Existing: You get true history, vintage hardware, and maybe a hidden crawl space! Personality shines through, as this house is less likely to look like your neighbors.

Bang for your buck

New: If you’re building, you can choose which materials to splurge on, and where to cut costs. Go for brick on the exterior, but laminate floors on the interior. If a huge crystal chandelier in your entry reigns supreme, consider offsetting your must-haves with less expensive detailing in other areas.

Existing: You can often get a larger, older home for less per square foot than you might pay in a new home. Looking to gain a little profit? Flip it!

Quality Craftsmanship

New: Builders have fine-tuned their skills and in a timely manner! The average 3-bedroom house can go up in about 4-5 months. Here, you can get efficiency, and have it done quickly.

Existing: In years past, craftsmanship was an art and materials are more likely to be the real deal: Brick, hardwood floors, custom molding.

Desirable Location

New: You have options! Keep in mind, acting fast is important as there are fewer and fewer lots to buy, or houses to renovate or demolish. With the right vision and plan, you can have the location of your dreams.

Existing: More times than not, the fabulous locations were snatched up a long time ago. Location, location, location. You’ve heard it a thousand times. But that’s because it’s important! Here on Padre Island, the first homes built probably have the best views and the biggest lots.

Test of Time

New: You don’t have to wonder how previous owners treated the property. If you maintain your home and property, it is probably going to last you a very long time. The ball is in your courtyard!

Existing: If the home is still standing, something was done right! This goes hand in hand with the craftsmanship. If properly built, that house will last to see many generations play capture the flag and to host decades of turkey dinners.

Landscaping

New: You have a blank canvas! Plant the trees, bushes, and flowers that you want to see grow over the years. Prefer the maintenance-free kind of yard? Rock out with a rock garden.

Existing: Mature landscaping can be a huge advantage to buyers and sellers. It takes many years for trees to grow big! The older the home, the bigger the trees. They provide privacy, shade, curb appeal, and heck, they can even increase the value of the home!

Grandfather Clauses

New: Your home will be up-to-date with all the most recent requirements.

Existing: When a new zoning ordinance or code comes into effect, these older homes will likely be granted a grandfather clause, meaning they are not in violation of the law. For instance, you may be given a grandfathered rate of flood insurance in a place where the risk of flood has since increased. Always ask about grandfather clauses on an older property – you may be pleasantly surprised by what advantages you have over your neighbors!

There is so much to consider, and lots of options awaiting you on Padre Island. Best of luck in your adventures!

Filed Under: Corpus Christ Real Estate Data, New Homes Padre Island, North Padre Island, North Padre Island Beaches, Schlitterbahn Corpus Christi Tagged With: ,

3 Things To Think About Before You Sell

January 15, 2022 By

It’s exciting to put your house on the market. It can also be nerve-wracking. How do you make sense of all the options and decisions? There are a few things to bear in mind:

Is it Time and Money Well Spent?

Be aware that you may not be able to recoup all of your remodeling costs when you sell your home with a remodeled 1970’s style bathroom for exampe. Some remodeling decisions, such as using out-of-style materials, make it more difficult to sell a home. Other improvements may be required to attract any reasonable offers. Additional considerations include the condition of surrounding homes for sale, the home’s price range, and whether current market conditions favor buyers or sellers.

What Benefits Every Household

It pays to keep your home clean, uncluttered, appealing, and free of small annoyances, regardless of its size, age, price, or location. A fresh coat of paint and a few potted plants go a long way toward making a good first impression. Sticking doors, an overgrown yard, or dripping faucets, on the other hand, can turn buyers off before they ever give your property a chance.

Don’t Mistake the Importance of This

Your asking price is perhaps the most crucial issue. A figure that is too high may discourage offers and leave the property unsold, while a number that is too low may create a bidding battle that drives offers higher than you ever imagined. Elements outside your control may also dictate price, such as market conditions and time constraints to sell.

Your REALTOR® is the trusted professional who can guide you through the entire process of selling your home.

Filed Under: buying a home, Corpus Christ Real Estate Data, home maintenance, Mortgages, New Homes Padre Island, realtors, rentals, selling a home, spring cleaning

Padre Island Housing Data – Dec 2021

January 11, 2022 By

WHAT DO SUPPLY AND DEMAND TELL US ABOUT TODAY’S HOUSING MARKET?

There’s a well-known economic theory – the law of supply and demand. Elevated demand persisted as homes averaged roughly one month on the market and after multiple offers coming in. When demand for an item is high, prices rise. When the supply of the item increases, prices fall. Of course, when demand is VERY HIGH and supply is VERY LOW, prices can rise significantly.

If you’re waiting to enter the market because you’re expecting prices to drop, you may end up paying more in the long run. Even if price increases occur at a slower rate this coming year, prices are still projected to rise. That means the property of your dreams will likely cost even more in 2022.
The bottom line is, high demand and very low supply on Padre Island are what’s driving property prices in today’s real estate market. And while prices may increase at a slower pace in the coming months, experts still expect them to rise.

If you’re a potential real estate buyer, connect with your trusted REALTOR today to discuss what that could mean for you if you wait even longer. It’s a seller’s market and they feel if you don’t buy their property, the next one will.

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 December 2021 Data (Click Pic below for Larger Image)

padre-island-housing-report-dec-2021

Filed Under: buying a home, Corpus Christ Real Estate Data, home maintenance, Investment Property, Mortgages, New Homes Padre Island, property taxes, Real Time MLS, realtors, rentals

Padre Island Housing Data – November 2021

December 17, 2021 By

The Local Real Estate Market is still going strong as we turn the corner into 2022!
Low inventory, consistent low interest rates that are still holding right now until the first quarter of 2022, where will see a likely small rate hike according the recent FED meeting.

Days on the market for sale has decreased to an average of 33 days on the market. 48.8% of all the sales in November were priced between $300,000 – $499,999. Median Price of homes has risen slightly by 10.8% to a price of $384,000. The market is certainly holding steady and it’s a still a phenomenal time to list your home with inventory nearing it’s lowest point of the year with increased buyers looking for their dream homes.

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 2021 Data (Click Pic below for Larger Image)

padre-island-housing-report-oct-2021

Filed Under: BeachWalk Development, buying a home, Corpus Christ Real Estate Data, Investment Property, Mortgages, Padre Isles POA, property taxes, Real Time MLS, realtors, selling a home

8 Surprising Facts About Identity Theft

November 19, 2021 By

BBB Tips:

Communication, work, school, shopping and even doctor’s visits have undergone massive digital transformations in the past year. Identity thieves are evolving right alongside us to better exploit victims in an increasingly digital world. The result is a sharp rise in both the number of fraud incidents and the amount of money lost ($712 billion in 2020 according to the Aite Group).

Check out these eight facts illustrating the scale of the identity theft crisis. Then, assess your risk and craft a plan to protect your identity.

  1. Fraud and identity theft rose by 45% from 2019 to 2020.

Life changed dramatically last year. Confusion over the COVID-19 pandemic collided with rapid transitions to remote work and learning. At the same time, many consumers lost jobs and loved ones. Together, these factors contributed to a sharp rise in scams, fraud and identity theft–nearly doubling the number of identity theft reports consumers submitted to the FTC in 2019.

  1. 29% of all reports submitted to the FTC were about identity theft.

Consumers nationwide submitted 1.4 million reports of identity theft to the FTC’s Consumer Sentinel Network. Identity theft was the most reported incident, topping common scam types like impostor and online purchase scams.

  1. Reports of thieves taking over accounts have increased 72% since 2019.

As more services shift online, consumers’ private information shifts as well. One consequence is a rise in data breaches for businesses and account takeovers for consumers. A study by Javelin Strategy & Research discovered that not only are account takeovers growing, they also have a higher risk of financial loss.

  1. Millennials are now the most common target for identity theft.

Consumers between the ages of 30 to 39 made up the largest share of reported identity theft victims in 2020, and they remain the most common reporters of identity theft so far this year as well.

  1. 23,651 identity theft incidents affected people below the age of 19.

Unfortunately, children aren’t safe from identity theft, and it often takes longer to recognize identity theft has occurred when victims are young. Some thieves may even get away with the scheme for years before they’re caught, so it’s never too early to monitor a credit report.

  1. Social media users are 30% more likely to fall victim to identity theft.

Thieves can learn tons of valuable information about their potential victims just by glancing at social media. Even taking a Facebook quiz can increase your exposure to identity theft by collecting information that helps thieves hack into your accounts. Plus, thieves frequently contact victims through social media.

  1. Most consumers underestimate their risk for identity theft.

An Experian survey discovered most consumers don’t really believe they’re at risk for identity theft. Consumers don’t fully grasp the size of their digital footprint. Others feel poor credit makes them unattractive to thieves. In reality, sharing personal information on social media, using a public wi-fi network and even sharing login information with friends and family can increase your chances of falling victim.

  1. Identity theft has lasting emotional effects on victims.

Identity theft takes a major toll on victims’ mental health. Repairing accounts, requesting refunds and enhancing privacy safeguards can cause stress, fatigue and even depression. The emotional effects can impact work, school and relationships, and past victims are more likely to experience identity theft again.

Identity theft is a major risk to anyone with a paper trail or a digital footprint. In other words, everyone has some level of risk. Fortunately, there’s a lot you can do to protect yourself. Ensure you practice good digital hygiene by following BBB’s guide to data privacy.

If you have been a victim of identity theft, report it to the FTC at IdentityTheft.gov and to BBB Scam Tracker.

Filed Under: Better Business Bureau, buying a home, Padre Island Business Association, property taxes, Restaurants, Scam Alert, selling a home

Padre Island Housing Data – October 2021

November 5, 2021 By

The Local Real Estate Market is still doing well as we head into 2022!
Low inventory, bidding wars, and with continued low interest rates holding right now, 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 35 days on the market. 25% of all the sales in October were priced between $200,000 – $299,999. Median Price of homes has risen slightly by 3.6% to a price of $309,250. The market is certainly holding steady 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 October 2021 Data (Click Pic below for Larger Image)

padre-island-housing-report-oct-2021

Filed Under: BeachWalk Development, buying a home, Corpus Christ Real Estate Data, home maintenance, Investment Property, New Homes Padre Island, North Padre Island, property taxes, selling a home

Homeowners Uncertain About Selling Right Now

October 20, 2021 By

Many homeowners are making difficult decisions on whether it’s a good time to sell or not. After all, home appreciation has risen tremendously over the past year, and the temptation may be stronger than ever.

Homeowners typically sell their homes after 16 years, according to U.S. Census Bureau data. About 20.2 million homeowners have purchased their home in the last 10 to 19 years, which would mean many of them may be feeling that desire to move, notes the National Association of REALTORS® Economists’ Outlook blog.

“Although the market typically slows down in fall, there is still stiff competition among buyers, with multiple offers for each home due to low inventory,” writes Nadia Evangelou, NAR’s senior economist and director of forecasting, on the association’s blog. “As a result, sellers continue to have strong negotiating power as most of them are able to sell their home for higher than the asking price.”

Homebuying activity remains strong this fall, even if reports do indicate it has slowed somewhat from the ultra-busy summer. Buyer demand continues to outpace supply. Eighty-seven percent of homes sold in August were on the market for less than a month, according to NAR data.

Also, for home sellers who also have to buy, they can still take advantage of historically low mortgage rates. Rates are expected to rise over the next year. Last week, the 30-year fixed-rate mortgage averaged 3.05%, according to Freddie Mac.

Bidding wars are still occurring too. About four offers were received on each closed home sale in August, according to real estate professionals surveyed for the REALTOR® Confidence Index survey for August.

home-owners-looking-to-sell-corpus-christi

Source: REALTORS® Confidence Index Survey, August 2021

A recent report on HomeLight says that certain homeowners especially should consider selling now, like those desiring to trade up and wanting to lock in a low mortgage rate; those who are looking to maximize retirement funds; and homeowners who have a current house that may need some work (seller’s markets tend to offer homeowners negotiation leverage in repairs).

Stacey Glenn, a real estate professional in Fort Myers, Fla., told HomeLight that it may cost home buyers about 10% to 20% more to purchase a home than a year ago, but buyers can still come out ahead in the long run, if they remain financially stable and stay in the house long enough for market appreciation.

On the other hand, HomeLight points out that homeowners may not want to sell if they recently refinanced their home; can’t afford current housing prices; or haven’t built up much equity yet.

Article Source National Association of Realtors

Filed Under: BeachWalk Development, buying a home, Corpus Christ Real Estate Data, Investment Property, Mortgages, New Homes Padre Island, Real Time MLS, realtors

HOW TO APPROACH FALL SALE’S SEASON!

October 3, 2021 By

It’s hot here on the Island…is an 80-degree day too much to ask for? Although it is nearing the end of what most may consider real estate’s “busy” season, that doesn’t mean buyers are going anywhere, and it doesn’t mean owners will stop listing their homes. The show must go ON! As the market is still quite active, it’s critical to take a look at your spending, whether you are the buyer OR the seller. Here are some smart tips on how to save and spend this season to continue to get the most out of the current market.

BUYERS:

DO NOT overpay. Unless you find yourself in a bidding war for the home of your absolute dreams, there is not a single home like it, and you do not plan to leave…ever. Note: Do not fall victim to the county appraisal district’s “appraised value” on the property. They have not visited the property, know the amenities, comparables, etc. If you want a far more accurate value, hire a reputable appraiser who actually visits the home and runs their own detailed determination of real value.

DO get an inspection. It’s worth the couple hundred dollars. Do your due diligence and know what you’re buying. If there is a deficiency on a large ticket item, it’s best to find out ahead of time so you can budget for it in the future or you can ask the seller to help right the wrong. You do not want to find these deficiencies later, once the sale is over, and you haven’t budgeted for them.

DO NOT make a lowball offer. Negotiating is normal, and it’s okay to not offer full price. But if you’re interested enough to make an offer, make sure it’s worth your time and the seller’s time. Your agent will be able to give their best advice as to what a good offer price would be, based on comparables and their knowledge of the market and area.

DO lender shop if you are not paying cash. Different lenders can offer different rates. Shop around, see with whom you can save and where.

DO NOT make large purchases prior to closing if you’re obtaining a loan. This is a huge expensive mistake, as it can alter your credit score and can actually take you from having loan approval to not. You can lose your property and in turn gain something of expense (whatever it was that you bought, albeit a car, boat, etc.).

SELLERS:

DO NOT remodel what won’t pay off. If you’re going to do some upgrading prior to listing your property, spend money in the kitchen. This is a room that’s important. Otherwise, less expensive updates you can do include painting, new hardware, fixtures and carpet. Gutting bathrooms and shellacking your garage floor is likely not worth the pay off.

DO price properly. Your listing agent will be able to guide you to a proper sales price, so use their knowledge! You’re paying them, after all. If your property is priced too high, it’s likely to not sell as quickly, wasting your money on months of bills, taxes, mortgage payments, etc., and likely not attracting the desired buyers who would be making offers.

DO NOT reject reasonable offers. Letting your emotions get in the way of your sale can be tough, but you do not want to push qualified buyers away because you’re not remembering that this is in fact business. At the very least, provide a counter offer.

DO disclose. If there are issues that you do know about, it’s the law to disclose known deficiencies. If you do not, this could turn in to a lawsuit. Now THAT is expensive!

Try to keep these Dos and Don’ts in mind while the summer comes to a close and the fruitful fall approaches, and you will be free from the most pricey mistakes that buyers and sellers tend to make. You work hard for your money, so keep your dollars where they will work for YOU!

 

Filed Under: buying a home, Corpus Christ Real Estate Data, Mortgages, New Homes Padre Island, North Padre Island, property taxes, Real Time MLS, realtors, rentals

Know Before You Owe

September 21, 2021 By

knowbeforeyouowe

When you are a Buyer, knowledge is power. And The Consumer Financial Protection Bureau knows that. They have worked diligently to make the loan process more transparent. The forms discussed below (the Loan Estimate and Closing Disclosure) were introduced to present less confusing information as to ensure consumers understand the terms of their loan and the fees they’re paying. Know before you owe!

To walk the walk, you have to talk the talk. Here is the new lingo and the new forms.

Let’s talk Terminology:

A lender is now a “Creditor”

The Good Faith Estimate (GFE) is now the “Loan Estimate” or LE for short.

HUD or Settlement Statement is now your “Closing Disclosure” or CD for short.

The GFE was meant to provide the buyer with a really good idea of what they’d be bringing to closing and the terms of their loan. But the rules behind its successor, the LE, are stricter and provide higher financial accuracy to the buyer. It includes the interest rate, fees for both creditor and third-party services (ie: appraisals, title insurance, closing costs, etc.)

Before you do anything, shop around for a lender and get prequalified for a loan. There’s little advantage to visiting with a Real Estate Agent until you know what you can afford.

First, you get prequalified, then you work with a Realtor who finds you the perfect home, and then comes your Loan Estimate.

SIX ELEMENTS TO GET THE LOAN ESTIMATE

  1. The consumer’s name
  2. The consumer’s income
  3. The consumer’s SSN to obtain a credit report (creditor shopping will NOT affect credit rating)
  4. Property address
  5. An estimate of the value of the property
  6. The mortgage loan amount sought

CLARIFY!

The prequal is NOT a Loan Estimate. If the consumer/buyer requests a preapproval or prequalification and provides 5 of these 6 elements in their application, the creditor will provide the prequalification, but is not yet obligated to provide the LE.

Only when the consumer provides all six elements of the application, the creditor must get the LE to the consumer within 3 Federal Business days (if the creditor is open on Saturday, then Saturday counts). Once provided, the LE holds true for 10 days once a property has been determined.

The home does not actually have to be under contract at this point, but it greatly benefits the buyer if it is. Without knowing which title company the contract will be at, your creditor can’t know the exact fees. With the new LE, the liability and financial accuracy weighs much heavier on the creditor than it did in the past. So what if there are differences presented on your final CD than those on your LE?  There are zero tolerance fees, and fees that fall between a 10% tolerance. So if there is a difference between your CD and your LE, depending on which category the miscalculation falls under, the creditor may have to pay.

Moral is, sellers want strong buyers. Preapproval from a creditor shows just that, which is why it’s critical to get that first. Present that to your Realtor, house hunt, get under contract, and request the LE. Leave the rest to your happy and knowledgeable Realtor.

We’ll leave the changes to the consummation (the new term for closing) for a later discussion…

Filed Under: buying a home, corpus christi, home maintenance, Mortgages, New Homes Padre Island, realtors, selling a home Tagged With: , ,
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