Florida's housing market wrapped up 2015 with more closed sales, more new listings and higher median prices compared to the year before, according to the latest housing data released by Florida Realtors®.

"In the fourth quarter and throughout 2015, we've seen positive signs that Florida's housing sector is growing steadily," said 2016 Florida Realtors®President Matey H. Veissi. "Home prices are rising at a more moderate pace while closed sales remain strong. Florida's economy is in growth mode, more jobs are being created and mortgage interest rates remain at historically low levels, which will continue to drive the state's housing market in 2016."

Year-end 2015

Statewide closed sales of existing single-family homes totaled 274,769 in 2015, up 12.4 percent compared to the 2014 figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations.

New listings for existing single-family homes rose 3.7 percent in 2015 compared to 2014. The statewide median sales price for single-family existing homes in 2015 was $196,000, up 10.1 percent from the previous year.

Looking at Florida's year-to-year comparison for sales of townhouse-condos, a total of 114,969 units sold statewide in 2015, up 6.1 percent from 2014. The closed sales data reflected fewer short sales statewide in 2015 compared to the previous year: Short sales for condo-townhouse properties declined 44.6 percent while short sales for single-family homes dropped 34.1 percent.

New listings for townhouse-condos for the year increased 1.5 percent compared to a year ago. The statewide median price for townhouse-condo properties in 2015 was $150,000, up 7.1 percent over the previous year.

At the end of 2015 and also for 4Q 2015, inventory for single-family homes stood at a 4.3-months' supply, while inventory for townhouse-condo properties was at a 5.4-months' supply, according to Florida Realtors.

"2015 was a very strong year in terms of sales growth in Florida's single-family home markets, thanks to a sales surge that began in the fourth quarter of 2014 and lasted through the third quarter of 2015," said Florida Realtors Chief Economist Dr. Brad O'Connor. "In each of the first three quarters of 2015, we observed double-digit percentage increases in sales on a year-over-year basis. Year-over-year growth in 2015's final quarter was more subdued, signaling a possible return in 2016 to more stable rates of sales growth.

"We expect home prices, on the other hand, to continue to rise at an elevated pace in 2016, as much of the state is in the midst of an inventory shortage that is likely to persist throughout the year."

The interest rate for a 30-year fixed-rate mortgage averaged 3.85 percent for 2015, up from the previous year's average of 4.17 percent, according to Freddie Mac.

4Q 2015

Statewide closed sales of existing single-family homes totaled 63,305 in the fourth quarter of 2015, up 2 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

New listings of single-family homes for sale in 4Q 2015 rose 0.9 percent compared to the same quarter the previous year. Meanwhile, the statewide median sales price for existing single-family homes for the quarter was$200,510, up 11.4 percent from 4Q 2014.

Looking at Florida's year-to-year comparison for sales of townhouse-condos, a total of 26,289 units sold statewide in 4Q 2015, up 0.8 percent compared to the same period a year earlier. Meanwhile, new listings of townhouse-condos rose 2 percent in the quarter compared to 4Q 2014. The statewide median price for townhouse-condo properties in 4Q 2015 was $152,000, up 6.3 percent over the previous year.

To see the full statewide housing activity reports, go to Florida Realtors Media Center and and look under Latest Releases, or download the 4Q and Year End 2015 data report PDFs under Market Data. 

With the global capacity for solar energy production more than doubling every year, the question of whether or not to jump on this growing trend is one that homeowners are being faced with on a more regular basis. This has become especially true with the rise in the number of companies offering to outfit homes with solar panels at little to no cost to the owner—with some caveats we’ll get to in a moment.

With that in mind, we decided to take a look at what you stand to gain from going the solar power route. As it turns out, there’s quite a lot. Some of the biggest benefits beyond contributing to a greener planet are:

- The federal government and some states offer large rebates for installing solar

- You can eliminate your monthly electric bill

- If you don’t use all the electricity you generate, you can sell the surplus to utilities

- Excess power can be used to charge electric vehicles for free

- Installing solar panels can increase the value of your home 

Of course, having solar panels installed on your home is still a pretty pricey endeavor. Even though the price per watt of photovoltaic panels—the most common—has dropped more than 20 percent since early 2010, the system required to power the average American home still runs more than $55,000. Fortunately, like we mentioned above, going solar actually costs less than the initial sticker price thanks to some nice financial incentives from the government.

You can get a solar power system installed for next to nothing, but the companies that provide them do so in exchange for signing an equipment lease and turning over government rebates and a cut on any extra energy produced.

Let’s take a closer look at the upsides of solar power.

When Going Green Earns You Green

Solar Panels

Solar panels might not be the prettiest things, but their benefits are extremely attractive. 

Using the handy and popular calculator available here, you can get an estimate of how much it would cost to install a solar power system capable of providing enough energy to run your home. What’s more, it’ll provide some insight into how much you’ll be able to take off the rather sizable cost for hardware and installation right off the bat.

In most cases, this includes a 30 percent federal tax credit based on the gross cost of setting up the system. In addition, the state you live in will have its own form of rebate. In California, for example, the rebate amounts to several hundred dollars. In some states it’s in the thousands. You can see a breakdown of federal, state, and utility-offered rebates.

Beyond getting a good chunk of the upfront cost covered, you’re actually able to sell electricity you generate to your utility company in some cases. This often takes the form of a credit that accumulates throughout the year and becomes a nice payout depending on how much you have to sell.

Say Goodbye to Your Bill

In most situations, installing solar power on your home doesn’t entirely liberate you from the power grid. After all, you need a way to send the excess power to the utilities and without some rather large and expensive batteries there’s no way to store power for later use. Even though you’re still connected to the power company, the amount of energy you’re generating can more than take care of your needs, so you’ll no longer be paying an electric bill.

For many households, this can mean a savings of hundreds of dollars per month, especially during the summertime when electricity usage is higher.

Sparking an Increase in Home Value

According to a nine-year study conducted by the Department of Energy, installing solar panels on your home can produce an average increase in its value of $5.50 per watt of energy generating capability. For a system capable of generating 3,100 watts—the average in the study—it amounted to more than $17,000 of added value.

Considering that the cost of having solar panels installed is nearing the $5.50 mark in the U.S. depending on the company you contract to do the work, you’re actually looking at adding nearly as much value to your home as you’re spending on adding the panels. This is in addition to the other benefits we’ve discussed, which really sweetens the deal.

Plus, like we said earlier, this is all in addition to the considerable benefits that switching to solar power can have for the environment. In fact, based on data from the U.S. Energy Information Administration, the use of solar power reduces oil consumption on a global basis by 75 million barrels annually and keeps 35 million tons of carbon dioxide out of the atmosphere. This number is only growing as countries like Germany, the No. 1 user of solar power on the planet, continue to expand their capacity.

All in all, it’s a win-win deal in the long run—for your pocketbook and the planet.

Check out these local companies to find out more information:

http://www.waynesolar.com/

 http://www.solar-fit.com/

A historic day for the Federal Reserve in late December raised short term interest rates for the first time since 2006, a sign that the Fed thinks the U.S. economy is doing well. But what does the hike mean for your mortgage and your pocketbook? 

Real estate market most sensitive to interest rates, but mortgages hold steady 

The mortgage rates in early December ticked up ahead of the decision, but after Janet Yellen announced the 25 basis point hike (0.25 percent) rates actually declined. That’s because mortgages tend to be based on longer term, fixed rates over short term ones.

Mortgage interest rates have been dancing right around 4% since then and they aren’t expected to raise anytime soon. This is a near-historic low still, and coming off a strong 2015 in housing, it means that now can still be a hospitable environment to buy a home with a low mortgage rate. 

History tells us rate hikes prompt varied reactions 

Usually a rate hike prompts two reactions: some house hunters try and snap up their dream home quickly for fear that rates will rise beyond their budget and other buyers on the bubble of affordability back out of the market in fear of not qualifying. 

That’s more of a psychological reaction to the hike rather than the effect of modest bumps in rates, according to real estate news outlet Inman.

But the Fed’s projections for interest rate increase tend toward modest, measured bumps over the next three years, the kind that shouldn’t affect affordability for a while. 

“At some point, you could get to a level of rates, 6 to 6½ percent, that would really begin to crimp affordability and then that would be a real negative,” Mortgage Banker Association Chief Economist Michael Fratantoni told the Washington Post in December. 

Fratantoni said the current rate hike is “going to be just a very modest headwind. Most of the other fundamentals are suggesting a very strong housing market in the year ahead.” 

Takeaways for 2016 

Even though the Fed’s rate hike had little effect on mortgage rates, 2016 and beyond should prove to provide further small hikes to the interest rates as the U.S. economy continues to show signs of stability.

In the press conference after the decision the Federal Open Market Committee said it “expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.” 

So what should you do? Three things are important to keep in mind: 

Be aware of current conditions in your market — rising interest rates mean that the Fed thinks the economy is improving, which means so should housing prices in your area for when you want to sell.

Lock down low rates now — if you have an adjustable rate mortgage, now is the time to lock in rates that are still at historic lows and should remain there for the time being. 

Don’t panic — increases of fractions of a percentage add very little to a monthly mortgage cost and homeowners still tend to build wealth at a faster pace than renters. Plus a rising rate means you make more money in interest on that down payment in your savings account.

If you are dreaming of a seaside escape to call home…

SEARCH PROPERTY NOW*Click Here*

Come on down to soak up some rays on one of the many Flagler County beaches or on a boat ride down the Intracoastal Waterway—you will find plenty of room to spread out and relax in this NE Florida County.

Flagler County which is bisected by I-95, which makes for easy driving access and the county is in close proximity to several international airports which also serve to make it convenient for all travelers.

There is 19 miles of pristine, cinnamon-colored beaches where you can soak in the sun or surf on the third largest waves in the state.  Set up your umbrella and lay out that towel to start soaking up the sun and fresh air.

There are more than 40 parks and preserves and more than 90 miles of trails for hiking, biking, kayaking, bird watching, fishing, boating.

If hitting the greens is a must, look no further. There is a collection of spectacular golf courses. (*Even one that plays directly alongside the Atlantic Ocean)   

Florida 2015 Recap:

As a state famous for investment homes and international sales, Florida tends to be hit hard by recessions and blessed by economic booms.  In 2015, it was the latter. According to Freddie Mac's latest Multi-Indicator Market Index ­– a measurement of state and local markets' strength – Florida's real estate rebound led the nation, with Orlando the top U.S. rebound city. In the October 2015 housing report released by Florida Realtors, single-family home prices rose 12.4% year-to-year.

***Good news continued for Florida’s housing market in November, with more closed sales, higher median prices, more new listings and fewer days on the market. The statewide median sales price for existing single-family homes was $200,000. Find more Florida market information at: http://www.floridarealtors.org

Let one of our Florida licensed sales associates/REALTOR®

help you find your Dream Home!

Call today 386.439.1620 or inquire online www.RealtyExecutivesOceanside.com !

Realty Executives Oceanside in Flagler Beach joins in with community initiative

Flagler Beach, FL – Dec. 1, 2015 – Realty Executives Oceanside in Flagler Beach is making a contribution to the community by hosting a Food Drive to local food pantry.

"We at Realty Executives Oceanside believe that it is important for us to give back," Bruce Vinnick, Broker Owner said. "We always encourage positive efforts in the local community, as well as throughout the nation. This initiative is just us doing our part."

Realty Executives Oceanside is hosting a Food Donation Drive at their Flagler Beach, FL office located at 2561 Moody Blvd., stop by and drop off any non-perishable food donations.  All collections will go directly to Grace Community Food Pantry on Friday, December 18^th.

#GivingTuesday: Social Media Initiative on Dec. 1st Observance Encourages People to Perform Acts of Charity and Philanthropy.  Giving Tuesday was established in 2012 by the 92nd Street Y in New York City. It's observed globally on the Tuesday after Thanksgiving by groups and individuals promoting acts of kindness.

"Besides our solid experience and professionalism in the real estate industry, we want our clients to know that we care about our communities," Vinnick said. "This particular charity involvement is a great way for us to be a part of a really important initiative this holiday season.

For more information about Realty Executives Oceanside, please contact Bruce Vinnick at 386-503-0612.

About Realty Executives Intl. Svcs. LLC

Established in 1965, Realty Executives Intl. Svcs. LLC is a leader amongst real estate franchises; championing top producing real estate professionals, offering flexible pricing models for unrivaled technology, business tools, training and service and offering protected territories to qualified franchisees worldwide.  The Scottsdale-based, privately held company has been ranked by publications like Entrepreneur, Success and Inc. magazines as a leader in the real estate industry.  For additional company information visit www.RealtyExecutives.com.###