Spring is fast approaching! Check out some of the top local news stories and see what events are coming up on the Emerald Coast as we head into March!

Calling all foodies: Destin Food Truck Fest is March 5

https://www.thedestinlog.com/story/news/local/2023/03/01/destin-food-truck-fest-is-march-5-at-kelly-cultural-arts-village/69954840007/

Destin lifeguards get ready for spring break

https://www.thedestinlog.com/story/news/local/2023/02/28/destin-beach-safety-gears-up-for-spring-break-and-summer-ahead/69931718007/

2 Florida beaches ranked in top 20 in U.S.: TripAdvisor’s Travelers’ Award ‘Best of the Beaches for 2023’

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Experts Forecast a Turnaround in the Housing Market in 2023 | MyKCM

The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.

Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.

Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:
“The current state of the housing market is that it is certainly in transition.”
Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:
“Housing is going…

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One Major Benefit of Investing in a Home | MyKCM

One of the many reasons to buy a home is that it’s a major way to build wealth and gain financial stability. According to Freddie Mac:

“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

With spring approaching, now’s a great time to consider if buying a home makes sense for you. The best way to figure that out is to talk with a trusted real estate professional.

The Largest Part of Most Homeowners’ Net Worth Is Their Equity

You may be surprised to learn just how much of a homeowner’s net worth actually comes from owning their home. The National Association of Realtors (NAR) shares:

“Homeownership is the largest source of…

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What You Should Know About Rising Mortgage Rates | MyKCM

After steadily falling over the winter, mortgage rates have started to rise in recent weeks. This is concerning to some potential homebuyers as the combination of higher mortgage rates and higher prices have made homes less affordable. So, if you’re planning to purchase a home this year, you too may be wondering if now’s the right time to buy or if you should hold off on your search until rates come back down.

The recent uptick in rates has been driven by what’s happening with inflation. Joel Kan, Vice President and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains:

“Mortgage rates increased across the board last week, pushed higher by market expectations that inflation will persist, thus requiring the Federal…

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As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling.

Now, however, rates are beginning to come down—and buyers are starting to reenter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows mortgage applications increased last week by 7% compared to the week before.

So, if you’ve been planning to sell your house but you’re unsure if there will be anyone to buy it, this shift in the market could be your chance. Here’s what experts are saying about buyers returning to the market as we approach spring.

Mike Fratantoni, SVP and Chief…

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During the pandemic, second homes became popular because of the rise in work-from-home flexibility. That’s because owning a second home, especially in the luxury market, allowed those homeowners to spend more time in their favorite places or with different home features. Keep in mind, a luxury home isn’t only defined by price. In a recent article, Investopedia shares additional factors that push a home into this category: location, such as a home on the water or in a desirable city, and features, the things that make the home itself feel luxurious.

A recent report from the Institute for Luxury Home Marketing (ILHM) explains just how much remote work impacted the demand for second and luxury homes:

“The unprecedented ten-fold increase towards…

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One of the first steps in your homebuying journey is getting pre-approved. To understand why it’s such an important step, you need to understand what pre-approval is and what it does for you. Business Insider explains:

“In a preapproval [sic], the lender tells you which types of loans you may be eligible to take out, how much you may be approved to borrow, and what your rate could be.”

Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand your options and what you may be able to borrow.

How does it work? As part of the pre-approval process, a lender will look at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to…

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2023 is off to a great start! Check out some of the top local news stories and see what events are coming up on the Emerald Coast as we head into February!

Plans are already underway for the 75th Destin Fishing Rodeo

https://www.thedestinlog.com/story/news/local/2023/02/01/75th-annual-destin-fishing-rodeo-is-being-planned-now/69843784007/

Public art project will put 20 colorful birds around Okaloosa County

https://www.thedestinlog.com/story/news/local/2023/01/26/emerald-coast-heron-project-is-part-of-okaloosa-public-arts/69837896007/

Destin officials sink 180-foot ship to create artificial reef

https://www.mypanhandle.com/news/local-news/okaloosa-county/destin-officials-sink-180-foot-ship-to-create-artificial-reef/

2023…

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