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Estate Life of ST AUGUSTINEPresented by Century21 St. Augustine PropertiesSpring 2024Living Large With Large Lot Es tate HomesWhat Will thisspringBring to thereal estate Market?Page 6retireMent & hoMe DecisionsPage 18Where to FinD investMent propertiesPage 14
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Estate Publishing Corp.PublisherCharles ZitsmanInfo@EstatePublishing.org(904) 377-5725Associate PublisherDirk SchroederContent CoordinatorMeeka CookAny content, articles, advertising, or any other submitted materials are not necessarily endorsed by or represent the views of Century 21 St. Augustine Properties or Estate Publishing (EP). SP or EP shall not be responsible for the reliability, suitability or timeliness of any content submitted. All content is done so at the sole discretion of the submitting party. 11-0224© 2024 Estate Publishing. All Rights Reserved.TABLE OF CONTENTS05PREFERRED EXPERT INDEX06DON’T WAIT UNTIL SPRING TO SELL YOUR HOUSE08STRATEGIC INSIGHTS FOR TODAY’S REAL ESTATE MARKET103 MUST-DOS WHEN SELLING YOUR HOUSE IN 202412THE BIG QUESTION IS SHOULD I BUY OR SELL IN THIS MARKET?14NAVIGATING REAL ESTATE: INSIGHTS FROM CENTURY 21 ST. AUGUSTINE PROPERTIES TEAM16THE SHIFT IN ST. AUGUSTINE’S RENTAL MARKET18RETIREMENT MAY BE CHANGING WHAT YOU NEED IN A HOME(904) 797-6000What is happening in our Local Market? Well, even as Florida beats National trends in real estate activity, St. Johns County exceeds State-wide trends. In this Issue, you will see the real estate trends in resales, new sales, lot sales, commercial, and more over ve years - two years pre-pandemic and then see the trend post-pandemic.Whether you are thinking about upsizing, downsizing, relocating, or selling, think of Century 21 - the name that is synonymous with Real Estate. Our brand is the most trusted and most recognized in the world, and we have the largest network of ofces worldwide. When it comes to Estate Life subdivisions, we have been providing professional real estate services since they were platted back in the 1980s - we know your subdivi-sions like the back of our hands. There is no need to look elsewhere for marketing when it’s right here in your back-yard. Our ofce is located less than 15 minutes from every-one on our mailing list. We’re here to help. Your Connection Locally and Globally!Enjoy this Spring 2024 Issue of “Estate Life” Magazine!www.c21staug.com904-797-6000WELCOME SPRINGDirk Schroeder Gloria Worley Tanya LiebalCENTURY 21 St Augustine Properties4CENTURY 21 St Augustine PropertiesCENTURY21
Preferred Expert IndexCategory Company Contact Phone Website EmailChiropracc Services Pain Relief Centre Sco Fechter 904-823-8833 ChiropractorsStAugusne.com Sfechter@ChiropractorsStAugusne.comFlood-Mold-Fire-Bio HazardPuroClean Emergency ServicesWayne Terry 904-573-3566 PuroCleanES.com Wterry@PuroClean.comFlooring About Floors n' More Rick Costner 904-361-3508 AboutFloorsnMore.com Rick@AboutFloorsnMore.comHealth Insurance & CareMBA Insurance & MedOne Urgent CareBill McClure 904-452-4556 MBATPA.com Bill@mbatpa.comInsurance First Florida Insurance Norman Sapp 904-342-8115 FirstFloridaInsurance.com Norman@FirstFloridaInsurance.comLegal Estate Planning Mark E Parsons Ay Mark Parsons 904-826-3445 MarkParsonsLaw.com Mark@MarkParsonsLaw.comMortgage LendingAnnie Mac Home MortgageGaye Jones 904-599-2551 GayeJones.Annie-Mac.com GEJones@Annie-Mac.comPest Control Stuarts Pest Control Debi Colee 904-692-2565 CallStuarts.com StuartsPestControl@gmail.comPharmacy / Drug Store St Johns Community PharmacyMark Sco 904-460-1000 StJCP.com mark@stjohnscommunitypharmacy.comPublishing Services Estate Publishing Chuck Zitsmasn 904-377-5725 EstatePub.com Corp@EstatePublishing.orgReal Estate ServicesCentury 21 St. Augusne ProperesDirk Schroeder 904-797-6000 C21StAug.com DirkSchroeder@MSN.comRestaurant Raintree Restaurant Lorna McDonald 904-824-7211 RaintreeRestaurant.com RainTreeEmail@AOL.comRoong Sunshine Roof Services Chuck Pace 904-794-7100 SunshineRoofServices.com SunshineRoofservices@gmail.comSepc Services Duck Duck Rooter Je Norman 904-862-6769 DuckDuckRooter.com Je@DuckDuckRooter.comTitle Insurance Land Title of America Steve Collins 904-797-9600 GoLandTitle.com Stephen@GoLandTitle.com5904-797-6000Century21
DON’T WAIT UNTIL SPRING TO SELL YOUR HOUSEContributed By CENTURY 21 St. Augustine PropertiesAs you think about the year ahead, one of your big goals may be moving. But how do you know when to make your move? While spring is usually the peak home-buying season, you don’t actually need to wait until spring to sell. Here’s why.1. TAKE ADVANTAGE OF LOWER MORTGAGE RATESLast October, the 30-year xed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked into your current mortgage rate right now. That downward trend in rates has made moving more affordable now than just a few months ago.Another reason today’s rates make now a good time to sell? More buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that that’s happening, they’re eager and ready to buy. That means more demand for your house. According to Sam Khater, Chief Economist at Freddie Mac:“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”2. GET AHEAD OF YOUR COMPETITIONRight now, there are still more people looking to buy a home than there are houses for sale, which puts you in a great position. But keep in mind, with the recent uptick in new listings, we’re seeing more sellers may already be re-entering the market.Listing your house now helps you beat your competition and ensures your house stands out. And if you work with an agent to price it right, it could sell fast and get multiple offers. U.S. News explains:“When there is low housing inventory, sellers could get top dollar for their homes.”6CENTURY 21 St Augustine PropertiesCENTURY21
3. MAKE THE MOST OF RISING HOME PRICESExperts forecast home prices will keep going up this year. What does that mean for you? If you’re ready to sell your current house and plan to buy another one, it may be a good idea to consider moving now before prices increase. That would allow you to buy your next home before it gets more expensive.4. LEVERAGE YOUR EQUITYHomeowners today have tremendous amounts of equity. In fact, a recent report from CoreLogic says the average homeowner with a mortgage has more than $300,000 in equity.If you’ve been waiting to sell because you were worried about home affordability, know your equity can really help with your next move. It might even cover a big part, or maybe all, of the down payment for your next home.BOTTOM LINEIf you’re thinking about selling your house and moving to another one, let’s connect to get the process started now so you can get a leg up on your competition.7904-797-6000Century21
STRATEGIC INSIGHTS FOR TODAY’S REAL ESTATE MARKETContributed by Beverly DanielThe real estate market is undergoing signicant shifts. Beverly Daniel highlights the dynamics at play, noting, “Many people are downsizing. Perhaps they’ve lost their spouse, or maybe the house is just too big for them. Currently, here in St. Augustine, the market is still good, and the pricing is still strong. So, sellers feel this is still a good time to sell.” Buyer Hesitation Amidst Interest Rate FluctuationsHowever, the market is seeing properties sitting longer, primarily due to potential buyers’ hesitance amid uctuating interest rates. Daniel explains, “Many people have been waiting for the interest rates to stabilize or go down. We were blessed with those 2 and 3% interest rates. However, that’s not coming back.” Even so, the trend in this area is that prices are holding overall, and people realize they can still get a good price on their homes.Forecasting Future Market MovementsDaniel addresses future market predictions with keen insight, stating, “ I think the pricing of over-priced listings is going 8CENTURY 21 St Augustine PropertiesCENTURY21
down. However, it’s happening slowly as we still have more buyers than we do inventory.” This perspective suggests a gradual shift towards a buyer’s market, and sellers may even offer incentives to those homebuyers so as to make the home sell.The Crucial Role of Appraisals and Financing ChallengesDaniel emphasizes the signicance of appraisals in the current market, mainly of nanced purchases, saying, “If you’ve got 50 people looking at one house, you know that house is going to likely sell at full price, but, if it doesn’t appraise, your buyers would have to cover that gap or go back to the seller and negotiate”. This is a challenge faced when a property’s selling price exceeds its appraised value, affecting buyers’ ability to nance their purchase without resorting to additional out-of-pocket expenses.Impact of New Construction and Price AdjustmentsNew construction developments signicantly affect the real estate landscape, which presents competitive incentives that resale home sellers nd hard to match. Daniel touches on this, noting, “These new developments can drive prices down because of what they’re offering - your typical homeowner is not necessarily in a position to replicate.” Strategic Selling in Today’s MarketStrategic selling in today’s market is paramount. Daniel emphasizes the importance of seizing the moment, advising, “This would be the time to do it... Keep in mind a bird in the hand is worth more than two in the bush.” At this time, it is necessary for sellers to approach the market with realistic expectations and to value immediate, solid offers over speculative future gains.”Moreover, Daniel highlights the crucial aspect of pricing, stating, “Keep in mind, when listing your house, if you overprice your home, you’re helping your neighbor sell theirs. It’s important to use a professional Realtor who can give you a good, honest price for your home.” This underscores the value of professional guidance in setting competitive yet fair prices, ensuring properties are positioned to sell in an evolving market.It’s essential in today’s market to work with an expert who is versed in the nuances of this ever-changing market. Daniel’s knowledge and experience reinforce the importance of adaptability and informed decision-making in achieving successful outcomes in today’s real estate market.9904-797-6000Century21
3 MUST-DOS WHEN SELLING YOUR HOUSE IN 2024Contributed By CENTURY 21 St. Augustine PropertiesIf one of the goals on your list is selling your house and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home.A great way to balance those emotions and ensure you’re condent in your decision is to keep these three best practices in mind when you’re ready to sell.1. Price Your Home Right The housing market shifted in 2023 as mortgage rates rose and home price appreciation started to normalize once again. As a seller, you still need to recognize how important it is to price your house appropriately based on where the market is today. Hannah Jones, Economic Research Analyst for Realtor.com, explains:“Sellers need to become familiar with their local market and work closely with a local agent to make sure their listing is attractive to buyers. Buyers feeling the pressure of affordability are likely to be pickier, so a well-priced, well-maintained home is the ticket to drumming up big demand.”If you price your house too high, you risk deterring buyers. And if you go too low, you’re leaving money on the table. An experienced real estate agent can help determine what your ideal asking price should be so your house moves quickly and for top dollar.2. Keep Your Emotions in CheckToday, homeowners are staying in their houses longer than they used to. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 6 to 10 years (see graph below):10CENTURY 21 St Augustine PropertiesCENTURY21
This is much more than what used to be the norm. The side effect, however, is when you stay in one place for so long, you may get even more emo-tionally attached to your space. If it’s the rst home you bought or the house where your loved ones grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the senti-mental value.For some homeowners, that makes it even tougher to separate the emotional value of the house from the fair market price. That’s why you need a real estate professional to help you with the negotiations and the best pricing strategy along the way. Trust the professionals who have your best interests in mind.3. Stage Your Home Properly While you may love your decor and how you’ve customized your house over the years, not all buyers will feel the same about your vibe. That’s why it’s so im-portant to focus on your home’s rst impression so it appeals to as many buyers as possible. Buyers want to be able to picture themselves in the home. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. As Jessica Lautz, Deputy Chief Economist and Vice President of Research at NAR, says:“Buyers want to easily envision themselves within a new home, and home staging is a way to showcase the property in its best light.”A real estate professional can help you with expertise in get-ting your house ready to sell.Bottom LineIf you’re considering selling your house, connect with your neighbors at the CENTURY 21 St Augustine Properties ofce, so you’ll have help prioritizing these necessary must-dos. 11904-797-6000Century21
THE BIG QUESTION IS SHOULD I BUY OR SELL IN THIS MARKET?Let’s rst talk about interest rates. In late 2023, the average mortgage rate was pushing 8%. Today, rates are improving and at the lowest level since May of 2023. US Weekly is reporting that the average 30-year rate was below 7%. If you are over 60 yrs. old, you remember the extreme rates of the late 70s of 10%-18%. Agreed, home prices were much lower but so were salaries. For the past 35 years, rates have typically been in the 6%-8% range. So, what we are seeing today are historically average interest rates. Freddie Mac has predicted that rates will be under 6% by the end of the year. 12CENTURY 21 St Augustine PropertiesCENTURY21
Now let’s discuss Buying in this market. People don’t buy a home because of interest rates or whether it’s a buyer’s or seller’s market. They buy a home for a place to live. To have ownership, to build wealth, and to have a place for their family. Unless you live with family for free, everyone buys a home, either for themselves or their landlord. They often buy due to life changes (divorce, relocating for work, retiring, or downsizing). The market may impact what they can afford, but people buy homes all the time. The rst thing to understand is the reason you want to buy a home and what you can afford. The longer buyers wait to buy in this market, the more competition they will have for the home they want. Should you be selling in this market? Absolutely! You may have a low interest rate, but if you sell and pay off high-interest debt, it makes sense in any market. More buyers are coming into the market daily with the interest rates declining, and with inventory still low, your home will sell quicker in this market. I saw a meme that said, “Your home made you rich – now sell it.” Just have a sound nancial plan after the sale!Gaye JonesHMA MortgageGJones@HMAmortgage.com904-599-255113904-797-6000Century21
Bottom Line: 2023 was not a record year like 2021 or 2022 when the Post-Covid Florida Real Estate rush looked like “running out of Stanley Cups at Target.” Yet, 2023 was much better than 2019 and 2020. People Love St. Augustine, and the numbers show our strength.If you need help with Buying or Selling, call Dirk at Work at 904-540-2360. Get a FREE “We Love St. Augustine” window decal. Call me...ONLY YOU KNOW, AND I KNOWWhat is the nal tally for the 2023 Market? Not a record breaker, but...How did 2023 close out the year compared to the last four years? Here are the numbers:Year 2019 2020 2021 2022 2023 Single-FamilyNEW $1.55B $1.74B $2.10B $2.76B $2.75B ReSales $2.21B $2.91B $4.09B $3.63B $3.07B Residential Lots $265M $392M $573M $606M $515M CondosReSales $326M $426M $599M $493M $458M Total - All closed sales categories, including Commercial, Mobile Homes, etc... $5.03B $6.37B $9.05B $9.04B $7.7BNAVIGATING REAL ESTATE: INSIGHTS FROM CENTURY 21 ST. AUGUSTINE PROPERTIES TEAMContributed by Tanya Liebal and Dirk SchroederSeasoned real estate professionals from Century 21, Tanya Liebal and Dirk Schroeder, shared their insights into the current state of the real estate market. Their expertise, cultivated over decades, claries the challenges and opportunities facing investors and homeowners alike. Investor Activity in a Competitive Landscape“Currently, we’re getting quite a bit of activity from investors,” states Tanya. “There are not a lot of deals to be had, so the investors are calling us asking if anything is coming up – they’re willing to do whatever it takes to get their hands on it rst. This zealousness with the investors stems from a somewhat barren, yet still competitive, market where the availability of deals is limited.”Tanya feels fortunate as her 20th year in real estate is coming up this month. She said, “I have created an excellent customer base... they’re out there speaking for me,” she shared. “My resources benet both buyers and sellers.”Being primarily a listing agent, Tanya was happy to share that there has been an uptick in showings and listing appointments. Diverse Expertise: Beyond Residential Real EstateAnother perspective was elaborated on by Dirk, who brings 40 years of experience to the table. “Outside of residential real estate, I like working with investors looking 14CENTURY 21 St Augustine PropertiesCENTURY21
for land because land sales take very specic knowledge of the Growth Management Act and the regulations surrounding land. And I also like helping people with their commercial real estate because, again, that’s a specialty people generally need expert assistance with,” says Dirk.Despite national trends, he also pointed out the resilience of commercial real estate and land development in St. Johns County. “Commercial real estate and new construction has not slowed down in any way because St. Johns County has so much to offer,” he explained. Adapting Strategies in a Dynamic MarketAddressing the competition from new constructions, Dirk and Tanya acknowledged the aggressive strategies employed by developers to maintain sales, such as offering high commissions, buying down the interest rate for buyers, and covering closing costs. They noted that this poses a challenge for resale properties and reects a dynamic market adapting to economic pressures. Another trend Dirk mentioned is the uptick of subdivisions and apartment buildings, limiting investors to pursue more owner-occupied properties.Addressing the rental market, Tanya noted the continuing strong demand for rentals in St. Augustine. Despite slight price adjustments to remain competitive, the rental market remains robust, driven by demand and the quality of available properties.However, landlords face challenges, such as insurance hikes and new regulations requiring roof inspections, etc., before policy renewals are approved.Looking Ahead: Optimism for Interest Rate AdjustmentsIn wrapping up the conversation, both Tanya and Dirk expressed optimism for the future, particularly with the anticipation of interest rate adjustments. “That’s what we’re all looking forward to. The rate hike did exactly what they wanted it to do. It slowed us down. So now, as that reverses and those rates go down, people can move forward with their real estate buying and selling needs,” Tanya concluded.15904-797-6000Century21
Uptown Casual Dining102 San Marco Ave., | St. Augustine, Fl 32084 (904) 824-7211 | RaintreeRestaurant.comEnjoy Dining in Our Expansive CourtyardSunday Brunch | Dinner | Indoor Dining | Full Bar Free Parking AvailableTHE SHIFT IN ST. AUGUSTINE’S RENTAL MARKETContributed by Beverly O’NellAs a seasoned property manag-er with 14 years of experience at Century 21 St. Augustine Properties, Beverly O’Nell has witnessed rst-hand the changing rental market in St. Augustine and St. Johns County. Her extensive background spans from marketing director to property management, giving her a unique market perspective.Investors Have Flooded the Mar-ket with RentalsNational rental companies are responsible for skewing the rental market in the area. O’Nell notes an unprecedented inux of rental properties, particularly in the 32086 zip codes. “Well, right now, there are approximately 32 3BR/2BA single-family homes on the market for rent. Two years ago, there might have been three,” she remarks, highlighting a drastic increase fueled by national rental companies. This trend is becoming a unique problem impacting communities of single-family homes and transforming entire neighborhoods into rental-centric areas. This shift presents negative consequences, including impacting property values and living conditions. “Most people don’t want to live in a neighborhood that is all rentals,” says O’Nell.16CENTURY 21 St Augustine PropertiesCENTURY21
Market Dynamics and PricingA surplus of available rentals has shifted the pricing dynamics. “Rental rates have become a bit more stagnant,” reports O’Nell. “This stagnation is evident across various property types, from single-family homes to mobile homes, with rents ranging broadly. The diversity in rental pricing and the sheer volume of properties necessitate a strategic approach to pricing new listings. It’s difcult right now to gauge pricing with rentals ranging from $1550-$4300.”Community Impact and PreferencesThe situation has spiraled so out of control that O’Nell mentions a specic neighborhood completely bought out by a corporation. This bold move also allowed them to control the HOA, which was not in the best interest of the other homeowners.However, O’Nell sees a silver lining in estate life communities like Prairie Creeks and Cypress Points, where demand remains high for their larger properties and lack of HOA restrictions. “There is a demand for people to be in estate life communities. Unfortunately, not many come up on the market,” O’Nell observes, underscoring a market niche that combines the appeal of privacy, space, and quality schooling.Strategic Property ManagementThe process of renting involves me-ticulous consideration of property conditions and tenant compatibility. O’Nell emphasizes the importance of presenting homes with updated features and fresh aesthetics to at-tract the right tenants. “Typically, if a home is priced right, it shouldn’t be on the market for more than 30-60 days,” she advises.As the market navigates through mortgage rate changes and evolving homeowner priorities, O’Nell emphasizes the importance of matching the right tenants with properties, a cornerstone of her approach to property management. “Picking the right tenant is 80% of what I do for my customers,” she states, highlighting her commitment to fostering positive landlord-tenant dynamics.In the ever-evolving rental market in St. Augustine, the expertise of pro-fessionals, such as O’Nell remains invaluable in adapting to and capi-talizing on these changes, ensuring both homeowners and tenants alike nd their ideal match in our diverse and welcoming communities.17904-797-6000Century21
The past few years have brought about signicant life changes for many of us. Recent data shows more people retired this past year than anticipated. According to the Schwartz Center for Economic Policy Analysis, we’ve seen a retirement boom: “At least 1.7 million more older workers than expected retired.”If you’ve recently retired, your home may not t your new lifestyle. The good news is that you’ve likely built signicant eq-uity to fuel your next move. According to CoreLogic’s latest Homeowner Equity Insights re-port, homeowners gained more than $50,000 in equity over the past 24 months alone. That presents an excellent opportunity to sell your house and address your evolving needs. You Can Move Closer to the Ones You Love.The National Association of Re-altors (NAR) looks at why people buy homes. For those reaching retirement age, the number one reason to buy is the opportu-nity to be closer to loved ones, friends, or relatives. If you nd yourself farther from your loved ones than you’d like to be, retire-ment and the equity you’ve built in your home may enable you to move closer to the people in your life who matter most. Whatever your home goals are, as a trusted real estate advisor, we can help you nd the best options for your situation. At CENTURY21 St Augustine Properties, we’ll help you sell your current home and guide you as you buy your next one while you move into this new phase of life.RETIREMENT MAY BE CHANGING WHAT YOU NEED IN A HOMEContributed By CENTURY 21 St. Augustine Properties18CENTURY 21 St Augustine PropertiesCENTURY21
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Spring 2024Estate Life of ST AUGUSTINE