PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – September 2018

It’s hard to believe that it has been one year since hurricane Irma battered Florida. As you will recall, many areas were out of commission for several weeks after Irma. For this reason, when we look at September 2018 real estate stats and see what we can learn from them, the year over year results are somewhat skewed.   

So, rather than focusing on year over year, let’s simply talk about the inventory and our current market.  As you will recall from past months’ posts, we use inventory as one indicator of the market. 6-9 months of inventory means a balanced market Less than 6 months of inventory is considered a “seller’s market,” and more than 9 months indicates a “buyer’s market”.  

While, based on these benchmarks, most of our September 2018 results did not shift out of the defined market description since last month (for example, the 400-599K range is still a balanced market), each of the markets analyzed by us did go up by at least one month of additional inventory. So there is some evidence of a shift. Details:

  • The $300,000-399,000 range saw an increase from 4 to 5 months of inventory.  
  • The $400,000-599,000 range saw an increase from 6 to 8 months of inventory.
  • The $600,000-999,999 range saw and increase from 9 to 10 months on inventory.
  • AND, check this out: The $1,000,000+ market jumped from 16 months to 24 months of inventory – WOW!!!

What does this mean for the market? It means we are in a shift.  

Sellers: it IS going to take longer to sell your home. So, staging, curb appeal and price are critical components even just to get buyers through the door.   Choosing the right Realtor to sell your home is even more critical than in the past. The following skills and activities are all imperative to a successful strategy for selling your home:    

  • Ongoing marketing
  • Analysis and tweaking of that marketing strategy
  • Expert review and consideration of showing feedback

Luckily, these are our strengths. The All About Florida Homes team focuses on strategy. We are not afraid to look at the real numbers, and the real feedback. We know that it’s critical to continually analyze and be willing to pivot or double-down when needed.   

For this reason, we are also quite well-known for listing – and selling – homes that were previously on the market but didn’t sell. This is where our skills and experience shine, and we can help you, too!

Contact us at (561) 571-2289 – or via amyandnoreen@allaboutfloridahomes.com – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.

 

 

Mortgage FAQs: Video Series with one of our favorite experts!

Ann Griffith of Capital Mortgage Funding joined Amy and Noreen recently to discuss all things mortgages! The pendulum has finally swung, and the market is very different than it was ten years ago. If you’d like to know if you can qualify to buy – and what to expect from the process, watch on!

🎥 (If you find these helpful, please SUBSCRIBE to our channel while you’re there!)

In this video, Ann and Amy talk about how the mortgage market has finally normalized:

Next, Ann talks about something many of our buyers wonder about: What does the mortgage application process look like? (Ann consults the buyer to establish their goals. She helps them gather documents, and look at different types of loans might be a fit.) Watch to learn!

The next question: How much mortgage can I afford? … It’s important to determine in advance how much mortgage you can afford. Ann describes the process for coming to this number / her methods for helping buyers know.

Lastly, we are busting a myth! 🙂 We STILL often hear people ask: Do you still need 20% down to buy a home? (Spoiler alert: Not anymore! That’s old news. Today there are hundreds of great loan products on the market, and there is one that is a good fit for you.) Ann and her partner Ruby Teich help many of our clients find the right “mortgage fit.” Watch more here:

Thanks for watching! If you have questions about buying a home, our team is always here to offer you no-obligation advice!
Call us at (561) 571-2289.

If you’re interested in buying – now or in the future – you can search listings here – and start to familiarize yourself with the buying process and the market.

Referrals from You Are Special!

We’d like to take a moment to tell you how much we value referrals from you.

As real estate salespeople, we live for the joy and sense of accomplishment we feel when our client – a buyer or a seller – achieves his or her goal! The moment a buyer takes her keys… The excitement in the eyes of the sellers right after closing… This is our “why.”

When the person we have helped is a referral from someone in our sphere, that joy and accomplishment are truly magnified!

Please know that, when you send someone you care about to us, they will be well taken care of. Our combined years of experience in real estate – paired with our keen abilities to navigate each step of the buying or selling process expertly – will serve your loved one well.

For this reason, we ask you to think of us if someone you know mentions they may need to buy, sell, or rent in Palm Beach County. And, please give us a “heads up” when you refer someone to us, so we can thank you! We promise to deliver the white glove service we’ve come to be known for, and to leverage all of our knowledge and expertise to help your loved ones reach their goals.

If someone you know is interested in buying – now or in the future – they can search listings here – and start to get familiarized with the buying process and the market.

If selling is the goal – or if your referral is just curious about what their home is worth today – they can request a no-obligation home value assessment here.

Or, contact us at (561) 571-2289 – or via amyandnoreen@allaboutfloridahomes.com – We are here to help!