THE FINAL WALKTHROUGH - YOUR LAST CHANCE

 The final walkthrough of your new home is an essential part of the total home buying experience.  This is your last chance to evaluate repairs, uncover new problems and avoid the pitfalls of sloppy workmanship.

The final walkthrough usually occurs typically a day or two before closing "allows the buyer to check the property for any signs of damage, inspect appliance and systems, ensure that the home is reasonably clean and in good condition," say Baruch Silverman, CEO of The Smart Investor.

Here are some suggested items to include on your final walkthrough checklist.

1. Check the electrical system - Flipping light switches, testing the doorbell and the garage door closing mechanism is a must. Early indications of problems with your electrical system would have been uncovered during your home inspection (you did get a home inspection?) and should have been repaired prior to your final walkthrough.

2. Test A/C and heating system - Depending your climate it is important to check both systems.  Unless you have a fireplace, you might find cold winter night unbearable without heat.  The same is true for those who live in areas where air conditioning is essential.  This is one of the most vital systems in your home, so make sure it works.

3.Wet spots - Make a visual check of the ceiling and around windowsills for discoloration from water leaks.  Window leaks could be hiding other more serious problems like wood rot, mildew, termites, or even foundation issues.

4. Test anything mechanical - This includes flushing toilets, the washing machine and dryer, ceiling and exhaust fans and garbage disposal. If the seller indicated it was in good operating condition, then feel free to prove it for yourself.

5. Inspect the bathroom - Because bathrooms rank high on the remodel list, it is important to be certain the remodel work has been done properly.  Check to see the bathroom is free of water damage. standing water, mold by the shower, sink and base of the toilet.  Run water down the drains to ensure they drain properly. As part of this inspection check the hot water heater for signs of rust at the base and run the hot water to see how long it takes to generate hot water.

Silverman concludes, " While it may feel like an extra step, a walkthrough is an important part of the homebuying process.  If you forgo a final walkthrough, you may unwittingly take on a large financial burden, such as having to pay for repairs the seller agreed to cover."

ARE YOU READY FOR THE 2021 HOUSING MARKET?

 If 2020 has been a difficult year for you there is a silver lining in 2021 housing market that could just add a little Christmas cheer to the New Year.

Mansion Global is forecasting the "U. S. housing market will get stronger through 2021 as the economy recovers from the pandemic-driven recession, while mortgage rates remain historically low."

Daryl Fairweather, chief economist at Redfin states, "Even as the pandemic hopefully nears its end, Americans will continue to buy homes that fit their lifestyle.  As a result, 2021 will see more home sales than any year since 2006."

Despite low inventory, the housing market will continue to grow as more new homes will be built in 2021 than in any year since 2006.  According to the Redfin forecast, "new construction has already picked up and building permits increased 21% from September to November compared to last year."

Things that you want to remain aware of in 2021 include:

 1. Home sales in your area

 2. Home prices - highs and lows

 3. Available inventory 

For those thinking of relocating to the "hottest places" here is a short list of metro areas: (not in any order)

 1. San Antonio, TX

 2. Tucson, AZ

 3. Tampa, FL

These metro areas will become unaffordable:(not in any order)

 1. Austin, TX

 2. Phoenix, AZ

 3. Miami, FL

Regardless of whether you are moving or staying; investing or liquidating your holdings, keep your ear to the ground and your eyes on the market indicators in 2021.

GOING FAST - THESE TYPE OF HOMES TOP THE LIST!

It is December 2020 and homes in the US are selling as fast as they do in the spring.  September 2020 marked one of the fastest months posting a median days on market (DOM) of 16 days, which was down from 28 the year prior and 6 days faster than May 2019.

Zillow research indicates while all homes are selling fast, the entry level homes (price range $186,000-260,000) lead the pack selling at a rate of 14 days, 6 days faster than September 2019.

Another surprise was the less expensive homes (prices less than $186,000) sold in 18 days, the slowest market beside luxury homes and larger homes.  Researchers cite younger people and families are working hard to balance working from home with life would rather not invest time or money in renovating.

Factors contributing to this surge include:

1.  families looking for more space to accommodate working from   home and schooling.
2.  Record low mortgage and interest rates
3.  Buyers are utilizing 3D home tours 

Where's the action?

Here are a few of the lowest DOM in the month of September.

1. Columbus (4 days)
2. Cincinnati (4 days)
3. Kansas City, MO (4 days)
4. Indianapolis, IN (5 days)

Areas seeing the most days on market are:

1. Nashville (36 days)
2. New York (28 days)
3. Virginia Beach, VA (28 days)
4. San Antonio (27 days)

Thinking of selling your home?  Your home may be on someone's holiday wish list - and a nice profit will be yours for the taking.

WHY PEOPLE STILL WANT TO MOVE TO FLORIDA

Okay, this is not a trick statement, but it is meant to help you understand why there is such a great attraction to Florida at this time.

Beside Florida being an international destination with year-round sunshine boasting world-class theme parks, the economy is diverse and dynamic and is home to many global business headquarters.  The state government is both pro-business and pro-development.

Here are just a few more reasons why people want to move to Florida.

1. Population growth - According to a news release from WFLA Channel 8 in Tampa, the population of Florida is expected to grow by 906 new residents per day between now and April 2024.  Over the next two years the State's population is expected to grow by more than 700,000 new residents.  In fact, the Florida Chamber of Commerce reports that by 2030 Florida's population could reach nearly 26 million residents, more than the current population of Australia.

2. Job Market - One of the key reasons that Florida is expected to experience continued growth is the proactive, business friendly government that is attracting new high wage jobs for workers.  Florida is home to 19 Fortune 500 companies.  Job sectors growing the most include healthcare, software and information and business services.

3. Real Estate Market - The Florida Times-Union notes that buying and renting demands will keep growing in Florida as the local economy get stronger and coincides with the population increase.  The median sale price of a single-family home in Florida (October 2020) is $305,000 while the median sale price for a condo is $221,000 with an average of 83 days on market.

4. Quality of Life - There are numerous reasons why people choose to live and work in Florida.  Here are a few key ones:

• Florida is just one of seven states without personal income tax.
• Climate in Florida has annual summer highs of 81 degrees and winter lows around 60 degrees.
• Commitment to education with all residents living within 50 miles of community and state college or university.
• The cost of living is about 2% below the national average.
• Florida is home to more than 1,300 golf courses; three NFL teams; two MLB teams; two NBA teams; two NHL teams and a major destination for baseball spring training.

So, if you still are wondering why people still want to move to Florida why not come on down and spend a few days in the Sunshine State and soon you will be calling Florida home.