PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – April 2019

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In terms of the Palm Beach County real estate market, April has proven to be the best month of 2019! The year-over-year figures of both sales and median price have improved in comparison to the same stats at this time last year.   

This increase and positive direction was seen across most of the state of Florida – and it’s especially pronounced in Palm Beach County.   

Homes are moving once again –but understanding the market in your specific sale or purchase price point is essential.  Our analysis shows:

Homes under $400,000 are in a seller’s market.

So, buyers: you must have your ducks in a row before you walk in to preview a home!   This means being prepared with either proof of funds or a mortgage pre-approval letter, so you can quickly make an offer if you love a home.    

Remember – one mortgage pre-approval is not the same as another. It is critical that the lender with whom you work has gone deep enough into the preapproval process so they can answer the questions of a savvy listing agent.

When serving as listing agents, we always call the lender before we recommend to our sellers to accept a buyer’s finance offer.  Why do we call? We want to understand exactly what the lender has done to be able to issue a pre-approval (e.g. credit report, tax returns) and how strong the buyer is from a lending perspective.  For our buyers, we work with several lender whom we can recommend. These thorough professionals will ensure you are truly ready – and will likely be able to close – before making an offer.

Homes between $400K and $999,999K continue to experience a balanced market.     

This is where salesmanship and professionalism really make a difference. Agent to Agent relationships – and the ability to get the deal done – are even more essential.

The market for homes over $1,000,000 remains a buyer’s market.  

In Palm Beach County we have a larger inventory of homes in this price point – over 14 months of inventory. (Reminder: A balanced market is generally 6 to 9 months of inventory).  

However… (and Sellers, really listen to this!):

When your home is priced properly, and staged and marketed properly, your home WILL sell.  Your selection of a listing agent is critical here. Because an experienced and savvy guide will be essential, but your home can absolutely sell with the right team on board.

 

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.

 

From Florida Realtors: HUD Plans a “Verification Plan for Service Animals”

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All stakeholders should be pleased to learn that HUD has a “verification plan for service animals” in the works.

(Note: The following is not legal advice, as we are not lawyers. If you have specific questions about disability accommodations of any kind as it relates to housing, we can introduce you to a lawyer in our network who can advise you.) 

According to this report from Florida Realtors, “Landlords and property managers are entitled to “reliable verification” of a tenant’s need for a service animal and can require proof beyond an online certification, a Department of Housing and Urban Development official said Tuesday at the Realtors® Legislative Meetings & Trade Expo in Washington, D.C.”

Florida landlords, tenants, Realtors, and all involved may be interested to hear that HUD also reports to be considering how “exotic” animals (like alligators!) fit into this equation.

We are glad to hear that HUD has this issue on the radar screen, and we look forward to guidance and clarification around service animals in housing. There is significant confusion around this issue on all fronts, and clarification will surely help everyone.

Most importantly, we’d love to see people with disabilities who need service animals be treated fairly and without discrimination. As an extension, we’d like to see the “cottage industry” referenced in this article (that has sprung up to take advantage of the confusion and sell certificates) dealt with.

We’d also like to have investors who own rental properties be more clear on the issues around this, and have more structure and guidance from HUD and its state and county-level counterparts.

Also from the Florida Realtors article:

“It’s important not to trivialize the issue of service animals because of abuses of the law, Grosso said. “Very often, there is some nefarious attribution to people who request assistance animals. But many times, there are people with significant disabilities who legitimately need the assistance of a service animal. They bear the burden of the effects of service animal abuses.”

Coastal Star Covers Noreen Payne’s Chamber Award!

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We are so proud of Noreen’s contributions to the City of Delray and the Delray Beach Chamber of Commerce!

In April, she was named Director of the Year by the Chamber, and the Coastal Star included the honor in its Business Spotlight Section!

They wrote:


“Noreen Payne, a partner of the All About Florida Homes team of Keller Williams Realty, was named 2018 Director of the Year by the Delray Beach Chamber of Commerce. Noted for her leadership and commitment to the chamber and the city, she has worked with the chamber’s board members and staff to develop and implement strategic goals focused on service. Payne is the chamber’s vice chair of programming.”

 

Check out the mention here! 

 

 

Three New Listings in May! from the All About Florida Homes Team

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May has been a busy month so far for our team! It’s a great time to list a home in Palm Beach County (check out why we think so in our most recent Market Report here.)

 

We have three homes just hitting the market. Take a look at…

This 2/2 condo in Lantana, and its breathtaking water views in all directions:

(Get more details here.)

 

…Or this custom built 4 bed / 2.5 bath home is nestled in a manned, gated, Boynton Beach community:

(Get more details here.)

 

…Or this adorable 2 /1 cottage is located in East Delray Beach right off of Atlantic Avenue:

(Get more details here.)

 

Get in touch with us if you – or someone you know – would like more info about any of these homes! You can also see all of our featured properties here. We’re at (561) 571-2289!

 

 

PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – March 2019

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The Realtors of the Palm Beaches and Greater Fort Lauderdale – and our state-level counterpart Florida Realtors – have released their market reports for March of 2019. Here is our analysis! 



The first notable: Sellers of higher-end homes did in fact get more realistic and reduced their pricing to more appropriate levels – market supporting.  As we predicted, homes started to sell as a result.    

How do we know this?  

First (and the easier factor to spot): the inventory went down in terms of homes over $1,000,000.  

Second: Further data to support this is that the “average sales” for all of Palm Beach County increased at a higher rate than did the median sales price.  This indicates that we had sales of higher-end homes!


Overall, the market analysis for this month indicates a more typical – more stable – market… and we really needed that!   

Buyers need this to know this is a good time to buy – that they are not overpaying – and that the market supports the  pricing in which we are operating.



The $400,000 to $500,000 price point moved from a buyers’ market to a balanced market. All other market segments (from our report last month) stayed about the same.  However, the number of months of inventory improved again – supporting the fact that we are in a more stable environment for all!

 

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.