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Estate Life of ST AUGUSTINEPresented by CENTURY 21 St. Augustine PropertiesFall 2024Living Large With Large Lot Es tate HomesWill ElEctions iMPAct thE housing MArkEt?Page 6ArE hoMEs AffordAblE AgAin?Page 16WhAt’s dEvEloPing in our ArEA?Page 10Cover Photography Courtesy of Cornell Creative Co.About this PicturEd hoMEPage 9
Now Conveniently Located at: 100 Southpark Blvd., #100, St. Augustine, FL 32086 Across from UF Health Flagler Hospital in the Ameris Bank Building __________________________________________________________ Land Title of America / 100 Southpark Blvd., #100, St. Augustine, FL 32086 / (904) 797-9600 CONSTRUCTION LOAN JUST DESSERTS Title Insurance for construction on vacant land is like icing a layer cake. You wouldn’t want icing to cover only the bottom layer. Simultaneous Issue of the Owner’s Policy with the Lender’s Policy will ensure there’s enough icing to cover the whole cake. The Total Purchase Price represents the whole cake. It comprises two layers: the purchase of the lot and the home loan. At the closing table, the Seller is only providing the title policy for the purchase of the lot. Great, awesome, terric! But that’s not going to cover the home construction loan. If you have a title challenge once your home is built, your Owner’s Title Policy is only going to protect your nancial loss up to the lot purchase, not for the construction of the home. If it’s a catastrophic title claim — as in your home was built on the wrong lot, or the seller was a fraudulent seller — you own neither your home nor the lot it’s built on. Then, your Owner’s Title Policy will only pay out what you paid for the lot, and the money you paid for the home construction is lost. Let’s back up to the bright side: at closing, while you’re buying the lot and getting your home construction loan, the title agency can Simultaneously Issue a policy for only $25 that will increase your Owner’s Title Policy to at least the amount of the home construction loan. It’s a matter of paperwork for the title agency and $25 from you. The Total Purchase Price of the Lender’s Policy on the construction loan becomes the Owner’s Title Policy amount via Simultaneous Issue. Sadly, many closing companies forget to disclose this opportunity to increase the Owner’s Title Policy to cover the Total Purchase Price (purchase of the lot plus the construction loan). Maybe these closing companies are lazy or ignorant or think they have the buyer’s best interest in mind by “saving” them $25. It’s the dierence between the short-term closing and the property's long-term value. If you envision building a home, wouldn’t you want the title to be fully protected? As you set up your title insurance for construction on vacant land, make sure your just desserts are good desserts.
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. 13-0924© 2024 Estate Publishing. All Rights Reserved.TABLE OF CONTENTS05PREFERRED EXPERT INDEX06DO ELECTIONS IMPACT THEHOUSING MARKET?09205 SHIRLEY WAY10NAVIGATING REAL ESTATE WITH DIRK SCHROEDER: MENTORSHIP AND MASTERY IN ST. AUGUSTINE13REAL ESTATE CHALLENGES: AN UNPREDICTABLE TWIST14THE GREAT WEALTH TRANSFER: A NEW ERA OF OPPORTUNITY16IS AFFORDABILITY STARTING TO IMPROVE?(904) 797-6000WELCOME BACK—this is our third year of ESTATE LIFE magazine. This publication goes out to large-lot subdivisions that were developed pre-1990. These properties are more popular than ever, especially since developers have been platting subdivisions into lots smaller than a third of an acre. Most of them are 55’, 60’, or 65’ wide lots to t the builder’s models.From Cypress Point to Oakbrook, our Brokerage has been helping Buyers and Sellers in these neighborhoods for 40 years, and we have BETTER INFORMATION than anyone else about these subdivisions. We know their history, we have the plat maps (and sometimes surveys), and we even have the original literature on le.CHANGES in our profession are constant - keeping up with the technology and the latest changes, education, and ethics – these are at the core of our business. When you care about providing better service, better knowledge, better information, and better technology, our customers benet. When you put your customers rst, they have a distinct advantage. Our mission for producing ESTATE LIFE is to educate those of you in the subdivisions that our Brokerage has been representing for decades. Take advantage of our resources so that you can benet from this unfair advantage. We invite you to call us for all your real estate questions. Dirk Schroeder Gloria Worley Tanya LiebalCENTURY 21 St Augustine Properties4CENTURY 21 St Augustine PropertiesCENTURY21
Category Company Contact Phone Website EmailChiropracc Services Pain Relief Centre Sco Fechter 904-823-8833 ChiropractorsStAugusne.com Sfechter@ChiropractorsStAugusne.comFlood-Mold-Fire-Bio HazardPuroClean Emergency Services Wayne 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.comHeang & Cooling Aire Serv of St. Augusne Meichelle Richards 904-467-5048 AireServ.com SaintAugusne.owner@aireserv.comHome Loans CMG Home Loans Melanie Cruson 206-779-6727 CMGhomeloans.com Mcurson@CMGhomeloans.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.comPest Control Stuarts Pest Control Debi Colee 904-692-2565 CallStuarts.com StuartsPestControl@gmail.comPharmacy / Drug Store St Johns Community Pharmacy Mark Sco 904-460-1000 StJCP.com mark@stjohnscommunitypharmacy.comReal 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.comTitle Insurance Land Title of America Steve Collins 904-797-9600 GoLandTitle.com Stephen@GoLandTitle.comTitle Service Paradise Title Pam Gesell 904-471-2553 ParadiseTitleStAug.com Chrisna@paradisetlestaug.comTitle Services Acon Title Craig Herzog 904-797-4777 AconTitleStJohns.com Craig@AconTitleStJohns.com5904-797-6000Century21
Contributed by C21 St. Augustine PropertiesThe 2024 Presidential election is just months away. As someone who’s thinking about potentially buying or selling a home, you’re probably curious about what effect, if any, elections have on the housing market.It’s a great question because buying or selling a home is a major decision, and it’s natural to wonder how such a signicant event might impact your plans.Historically, Presidential elections have only had a small, temporary impact on the housing market. Here’s the latest on exactly what’s happened to home sales, prices, and mortgage rates throughout those time periods.Home SalesDuring the month of November, in the years when the Presidential election takes place, there’s typically a slight slowdown in home sales. As Ali Wolf, Chief Economist at Zonda, explains:“Usually, home sales are unchanged compared to a non-election year, except for November. In an election year, November is slower than normal.”This is mainly because some people feel uncertain and hesitant about making big decisions during such a pivotal time. However, it’s essential to know this slowdown is temporary. Historically, home sales bounce back in December and continue to rise the following year. In fact, data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) shows after nine of the last 11 Presidential elections, home sales went up the following year (see graph below)6CENTURY 21 St Augustine PropertiesCENTURY21
The graph shows annual home sales going back to 1978. Each year with a Presidential election is noted in blue. The year immediately after each election is green if the existing home sales rose that year. The two orange bars represent the only years when home sales decreased after an election.Home PricesWhat about home prices? Do they drop during election years? Not typically. As residential appraiser and housing analyst, Ryan Lundquist puts it:“An election year doesn’t alter the price trend that is already happening in the market.”Home prices are pretty resilient. They generally rise year-over-year, regardless of elections. The latest data from NAR shows after seven of the last eight Presidential elections, home prices increased the following year (see graph below)7904-797-6000Century21
Just like the previous graph, this shows election years in blue. The only year when prices declined after an election is in orange. That was during the housing market crash, which was far from a typical year. Today’s market is different than it was back then.All the green bars represent when prices rose the following year. So, if you’re worried about your home losing value because of an election, you can rest easy knowing prices rise after most Presidential elections.Mortgage RatesMortgage rates are important because they affect how much your monthly payment will be when you buy a home. Looking at the last 11 Presidential election years, data from Freddie Mac shows mortgage rates decreased from July to November in eight of them (see chart below):Most forecasts expect mortgage rates to ease slightly throughout the remainder of the year. If they’re right, this year will follow the trend of declining rates leading up to most previous elections. And if you’re looking to buy a home in the coming months, this could be good news, as lower rates could mean a lower monthly payment.What This Means for YouSo, what’s the big takeaway? While Presidential elections impact the housing market, the effects are usually minor and temporary. As Lisa Sturtevant, Chief Economist at Bright MLS, says:“Historically, the housing market doesn’t tend to look very different in presidential election years compared to other years.”For most buyers and sellers, elections don’t have a signicant impact on their plansBottom LineWhile it’s natural to feel a bit uncertain during an election year, history shows the housing market remains strong and resilient. If you have any questions or concerns regarding the current or upcoming real estate market, call a real estate expert at Century 21 St. Augustine Properties to discuss how the market is performing in your neighborhood.8CENTURY 21 St Augustine PropertiesCENTURY21
Perfectly situated on a quiet cul-de-sac, this property offers the ideal blend of luxury, comfort, and convenience. The home features an open oor-planned design that is perfect for hosting gatherings. The space offers the perfect atmosphere for family and friends to come together. High ceilings and the spacious living area enhance the home’s warm and welcoming vibe. Your private backyard retreat awaits with a heated saltwater pool and spa surrounded by lush landscaping. This stunning outdoor space is perfect for relaxing, entertaining, and enjoying the Florida sunshine year-round. The 5 bedroom and 3 bath home boasts wood oors and tile throughout. The home includes a bonus room upstairs perfect for an ofce or non-conforming bedroom, playroom, or an additional living space to suit your family’s needs. With a spacious 3-car garage, you’ll have plenty of room for all your vehicles and toys or need extra storage, this garage provides the perfect solution. Located in the Homestead Estates neighborhood off Wildwood Drive, this home is just minutes away from beautiful beaches, historic downtown St. Augustine, and convenient access to I-95. Enjoy the best of both worlds – a peaceful, quiet retreat with easy access to all the amenities and attractions that make this area so desirable. Contact us today to schedule a viewing and discover why this exceptional home is the perfect place for you and your family. Address: 205 Shirleys Way Price: $640,000 Contact: Gloria Worley @ 904-471-21009904-797-6000Century21
Part IIf you’re searching for an expert with a rich historical and comprehensive understanding of the St. Augustine real estate market, look no further than Dirk Schroeder. His colleagues at Century 21, St. Augustine Properties appreciate his extensive knowledge. When Liv Pop, a new agent, wanted to learn more about Grand Ravine condominiums, they hit the road with what Dirk coined “A day in the life of a broker.” Liv was scheduled to host an open house at the Grand Ravine condominiums that weekend and was eager to learn as much as possible about the development. “Time for a eld trip,” Dirk announced, signaling the start of a day of learning and discovery. As they drove towards Grand Ravine, Dirk seized the opportunity to teach Liv a bit about the local real estate history. “First of all, Grand Ravine is not in St. Augustine Shores. It’s right next to it,” he explained, clarifying the geographical nuances that even locals sometimes misunderstand. Dirk delved deeper, sharing the origins of St. Augustine Shores. “In the 1970s, the Deltona Corporation, spearheaded by the Mackle brothers from Miami, started developing here. They built a factory at the end of Riviera Boulevard to manufacture homes.” Dirk showed Liv the location of the factory, pointing out the production nuances. “They would build one-half of the manufactured home on one side of the factory and the other half on the opposite side,” Dirk described. “The foundations were laid in St. Augustine Shores, where they would join the two halves. They were actually very well built.” However, Dirk noted the shift in construction trends as preferences evolved: “In the late 1970s, manufactured homes were not very popular, so Deltona and the Mackle brothers switched to concrete block construction.” Their tour continued to Sable Estates, a new development within St. Augustine Shores that caught Liv’s attention. “Wow, I didn’t know this was back here,” Liv exclaimed, impressed by its potential for her clients. Dirk explained the development’s background: “Deltona Corporation sold this property a few years ago. I helped broker it for them to KB. It’s now developed into 85’ wide lots with lots of properties on ponds or backing to preserve - it’s really quiet back here when they’re not working.” As they viewed the expansive landscape owned mostly by St. Johns Water Management District, Dirk shared his personal efforts in conservation. “I’m trying to redeem myself for having sold this property to KB by helping to sell another 185 acres that Deltona still owns to the County. Water Management District has already committed to managing the site,” he disclosed, emphasizing his commitment to sustainable development. The discussion took a political turn as Dirk reected on local governance and the misinformation often spread through social networks. “You see all these messages on Nextdoor or Facebook about incumbent commissioners rubber-stamping everything,” he explained, stressing the importance of understanding the full story. Dirk expressed his admiration for Henry Dean, a pivotal gure in local conservation. “Henry Dean made a motion to earmark $1 million of the LAMP funds as a down payment for purchasing that property,” Dirk stated with respect. “No matter what you hear or see online, I can tell you, I will vouch for Henry Dean. I’d even break my own rule of never voting for anyone more than twice to vote for him a third time. He championed the acquisition of 10’s of thousands of acres for conservation in our County - he’s a good man.”10CENTURY 21 St Augustine PropertiesCENTURY21
Part IIAfter their historical tour, Dirk and Liv continued to Grand Ravine, inspecting the model units available for that weekend’s open house. “We have nine units available, ranging from roughly 1,800 to almost 2,100 square feet and priced from $430,000 to $450,000. They’re all built with concrete block, ensuring durable quality,” Dirk explained. He noted the variety in amenities, including options for a one or two-car garage, catering to diverse buyer preferences. The conversation naturally drifted toward local governance as they discussed the property’s specics, which led to a story illustrating the complex relationship between real estate development and local regulations. Dirk recounted a recent planning and zoning meeting he and his wife attended involving a project on a parcel of land previously owned by Deltona Corporation that was sold to a local buyer who intended to establish a plant nursery. “This parcel was marked for business or commercial use. Interestingly, a plant nursery is listed as a use only allowed by exception, not by right,” Dirk elaborated, highlighting the bureaucratic nuances of real estate development. The developer’s attorney took the podium to clarify the zoning rules at the meeting. “By rights,” the attorney stated, using air quotes for emphasis, “they could build a hotel, restaurant, or ofce building. But here we are, requesting a minor modication for a nursery—a use far less intense than those allowed outright.” Dirk was impressed by the community’s support at the meeting. “The plans were wonderful for the community, and we saw a signicant turnout in favor of the project. It’s always enlightening to see the local engagement in such processes. There were a few residents that spoke against the trafc circulation.” he commented. The project was ultimately approved unanimously, which Dirk found noteworthy.11904-797-6000Century21
Another signicant development discussed at that same Planning and Zoning meeting was a proposal for over 600 workforce housing units off Wildwood Drive. “This type of housing is dened at a specic price point, around $275,000 to $280,000, designed to meet the needs of our workforce,” Dirk explained. The project aimed to connect the community through hours of urban planning, extending from Wildwood Drive to the western end of Watson Road. “I didn’t stay for the entire zoning meeting,” Dirk mentioned, but he was aware of the issues discussed, particularly about a contentious trafc and access off Wildwood Drive. The project encompassed about 165 acres, potentially accommodating up to 900 housing units. “The math is simple: two to six density units per acre are allowed under residential land use designation C,” Dirk outlined, emphasizing that while the maximum wasn’t sought, signicant opposition stemmed from concerns over the increased trafc. Dirk detailed the procedural necessities: “The developer needed to demonstrate adequate trafc circulation plans between Watson Road and Wildwood Drive, meeting the concurrency guidelines crucial for planning approval.” He described the planning staff’s balanced approach to recommendations, which weighs the community’s benets against possible detriments. “It’s not merely rubber-stamping; it’s a thorough evaluation of all factors,” he asserted, dispelling some common misconceptions about local government’s role in development approvals. To further expand on the intricacies of how local politics shape land use, Dirk explained, “It starts with land use designations, which fundamentally dictate the possibilities for any given parcel,” Dirk claried. “For instance, with a residential ‘C’ land use designation, the question isn’t whether development is permissible, but how it can be executed. This process extends from initial land use designation through zoning and concurrency guidelines and includes evaluation of water and sewer infrastructure capabilities essential for supporting the project.” “After evaluating all these factors - how the land can be used, what utilities are available, and what the community needs - they reach a decision. However, outright denying development isn’t a viable option. If property rights are continually dismissed, property owners may resort to legal action, escalating costs for everyone involved, particularly our County.” Dirk lamented some of the local governance decisions, recalling controversial approvals like converting agricultural, rural, and silvicultural lands for new developments, which have historically been contentious. “I’ve seen it change over the years - areas designated for agriculture or tree farming being developed under new land use designations,” he reected, questioning the integrity of such decisions and their long-term impacts on community character and ecological balance. Discussing the strategic considerations for future development, Dirk emphasized the importance of asking pointed questions to political candidates about their stances on land use changes. “The critical question is, “Under what circumstances would they approve changes from agricultural or rural designations to developmental designations,” he advised. This approach helps gauge a candidate’s commitment to preserving community character versus facilitating growth, and it tells you whether they even understand LAND USE issues. Dirk also addressed the challenges of managing urban sprawl, especially in areas poised for rapid growth. He highlighted a signicant tract of land at the intersection of State Road 206 and Interstate 95, designated for mixed-use development, which has sparked debates over appropriate land use and the risk of exacerbating urban sprawl. “Even though these properties have been zoned for development for decades, community resistance can inuence the pace and nature of growth,” he noted, emphasizing the ongoing negotiation between development rights and community expectations. Reecting on the essential balance needed in urban planning, Dirk says, “We need to ll in the gaps responsibly, considering not just the legal rights of developers but also the long-term needs of our community. It’s about nding that middle ground where development is sustainable and enhances rather than detracts from our quality of life.”Part III12CENTURY 21 St Augustine PropertiesCENTURY21
It was a typical summer afternoon in 2023 when Holly Parham’s routine was interrupted by a phone call leading to a memorable transaction in her career. A customer, intrigued by the charm of St. Augustine during their vacation, expressed an interest in viewing beachfront properties. “They were quite specic about their needs; they wanted a beach home to use in the summer and possibly as an Airbnb.,” Holly recalled. “My colleague Dirk and I quickly compiled a list of potential homes matching their million-dollar budget.”After our initial meeting, nothing seemed to catch their eye until the following day, when excitement took over. “They pulled me by the shirt tail to see a house they had stumbled upon themselves, already having discussed it with the owners,” Holly said. This enthusiasm led to an offer, which was promptly accepted.However, as we delved into the due diligence period, challenges arose. The house, situated in a ood zone, sparked a barrage of questions from the buyers concerned about the potential for ooding. “Not being Floridians, they wanted to gauge the likelihood of experiencing a ood in the home.”Despite the redundancy of the inquiries, it became an educational moment. Dirk, always the mentor, appreciated the thoroughness: “I wish more people would ask these questions,” he remarked, highlighting the importance of due diligence in real estate.Just days before closing, a sudden twist occurred. “The sellers decided they didn’t want to sell, but legally, they were bound by contract,” explained Holly. “That night, we had an extremely heavy rain, and I decided to drive by the next day just to see how the property had held up. And even though the property was high and dry, the roads around the home were ooded and blocking accessibility.”Realizing the buyer’s fears were merited and with photographs as proof, we advised them of their options, leading them to ultimately walk away from the purchase.Reecting on the transaction, Holly emphasized the values that guided her actions: “Honesty and integrity are what this journey is all about, not just the money.” Even after the deal fell through, the relationship with the buyers remained strong, exemplied by ongoing communications and holiday greetings.As Holly continues to work in the dynamic St. Augustine real estate market, her experiences underscore the complexities of navigating property transactions in a small town where every deal teaches a new lesson.13904-797-6000Century21
In recent years, there’s been a signicant shift in how wealth is distributed among generations. It’s called the Great Wealth Transfer.Historically, the transfer of wealth from one generation to the next was a more gradual process, often limited to smaller amounts of inheritance or family savings. But today, the scale has increased in a big way. As a recent article from Bankrate says:“The biggest wave of wealth in history is about to pass from Baby Boomers over the next 20 years, and it’s going to have major impacts on many facets of life. Called The Great Wealth Transfer, $84 trillion is poised to move from older Americans to Gen X and millennials. If it’s managed smartly, Americans will be able to grow their wealth and ensure their nancial security.”Basically, as more Baby Boomers retire, sell businesses, or downsize their homes, more substantial assets are being passed down to younger generations. And this creates a powerful ripple effect that’ll continue over the next few decades. The graph below uses data from Merrill and Cerulli Associates to give you an idea of how much inherited money is set to change hands through 2045:Contributed by C21 St. Augustine Properties14CENTURY 21 St Augustine PropertiesCENTURY21
Impact on the Housing MarketOne of the most immediate effects of this wealth transfer is on the housing market. Home affordability has been a concern for many aspiring buyers, especially in high-demand areas. The increase in generational wealth is expected to ease some of these challenges by providing future homeowners with greater nancial resources. As assets are passed down through generations, buyers may nd themselves in a better position to afford homes. Merrill talks about that benet in a recent article:“While millennials face steep barriers . . . to buying a rst home in many markets, ‘that’s a for-now story, not a forever story’ . . . The Great Wealth Transfer should enable more of them to become homeowners — or trade up or add a second home — either through inherited property or the funds for a down payment.”Impact on the EconomyBut the Great Wealth Transfer doesn’t just impact housing. It will also provide a new avenue for entrepreneurial spirits to fuel economic growth. If someone is looking to start a business and receives funds like this, that money can be used as the necessary capital to start a new company. This helps the next generation of innovators and business owners bring their ideas to life.Bottom LineWhile affordability remains a challenge in today’s housing market, the ongoing Great Wealth Transfer is poised to unlock new opportunities. As wealth is passed down and put to use, it’s expected to ease some of the barriers to homeownership and fuel other entrepreneurial endeavors.15904-797-6000Century21
Contributed by C21 St. Augustine PropertiesOver the past couple of years, many people have had a hard time buying a home. And while affordability is still tight, there are signs it’s getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:“Housing affordability is improving ever so modestly, but it is moving in the right direction.”Here’s the latest data on the three biggest factors affecting home affordability: mortgage rates, home prices, and wages.1. Mortgage RatesMortgage rates have been volatile this year, bouncing around from the mid-6% to low 7% range. But there’s some good news. Data from Freddie Mac shows rates have been trending down overall since May (see graph below):Mortgage rates have improved lately in part because of recent economic, employment, and ination data. 16CENTURY 21 St Augustine PropertiesCENTURY21
Moving forward, some rate volatility is to be expected. However, if future economic data continues to show signs of cooling, experts say mortgage rates could keep going down.Even a small drop can help you out. When rates decline, it’s If you’re thinking about buying a home, slower price growth is good news. Home prices went up a lot during the pandemic, making it hard for many people to buy. Now, with prices rising more slowly, buying a home may feel less out of reach. As Odeta Kushi, Deputy Chief Economist at First American, says: “While housing affordability is low for potential rst-time home buyers, slowing price appreciation and lower mortgage rates could help – so the dream of homeownership isn’t boarded up just yet.”easier to afford the home you want because your monthly payment will be lower. Just don’t expect them to go back down to 3%.2. Home PricesThe second big thing to think about is home prices. Nationally, they’re still going up this year, but not as fast as they did a couple of years ago. The graph below uses home price data from Case-Shiller to illustrate that point:17904-797-6000Century21
3. WagesAnother factor helping with affordability is rising wages. The graph below uses data from the Bureau of Labor Statistics (BLS) to show how wages have increased over time:Look at the blue dotted line. It shows how wages usually go up in a typical year. On the right side of the graph, you’ll see wages are rising even faster than usual right now – that’s the green line.This helps because if your income increases, it’s easier to afford a home if you don’t have to spend as much of your paycheck on your monthly mortgage payment.Bottom LineWhen you combine all these factors, you see mortgage rates trending down, home prices rising more slowly, and wages rising faster than usual. Though affordability is still a challenge, these trends are early signs that things might be starting to improve.18CENTURY 21 St Augustine PropertiesCENTURY21
Fall 2024Estate Life of ST AUGUSTINEPam Gesell – Licensed Title AgentKim Collins – Licensed Title AgentChristina Guyette – Licensed Title AgentKayla Beaver – Settlement AgentSuzanne Gonzalez - AdministratorMorton Manassaram- Owner2225 A1A South, Suite C8 St. Augustine, FL 32080701 Market Street, Suite 111, Saint Augustine, Florida 32095www.paradisetitelstaug.com904-471-2553BUYING, SELLING OR REFINANCING?For all your commercial and residential title needs.• Professionalism• Accuracy• Problem SolvingSIMPLY THE BEST!