Market Report Through 3/31/2020

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    While we analyze the market monthly and provide a report, this one is different and it is so essential that we all understand what is happening to the real estate market, as a result of Covid-19, so that we,together, can make educated decisions.

   There is little doubt that Covid-19 and the shut down have impacted our Palm Beach County Real Estate but in what way and what to expect I believe will surprise most consumers.    

    The first quarter results are in and as many of you know, we were trending for a great year with year over year results showing improvements from last year – and March results showed the same improvement of Closed Sales, Median and Average Sales Prices up year over year. That may surprise many people but know that closed sales in March are a result of contracts from earlier in the year – Pre-Shutdown.   March closed sales while up from February are at a much lower rate of growth from earlier in the year – so while they were closing, there were a percentage that simply did not close due to the uncertainty surrounding Covid-19, the financial impact, etc. The months of inventory over $1,000,000 is down to 13 months and if you will recall was almost 19 months just a few months ago.  Did homes sell?  Certainly but also we saw homes come off the market.     $600,000 to $999,999 is a balanced market but 300,000 to $599,000 is now a sellers’ market.    We do expect, of course, the April numbers to really reflect the effects of all that has been happening in our world.  These numbers will be out in just two weeks.

    This brings me to an important point of this 1st Quarter analysis and what to expect, in my humble opinion, moving forward.  We have clients and prospects calling and asking is now the time to buy?  Is now the time to sell?  What drives the real estate market – two major factors are interest rates and inventory.    For now the federal reserve is doing a good job keeping the interest rates low – while they are bouncing a bit – they are still very attractive for a new loan.  Inventory overall is low – regardless of the price point and what happens when inventory is low?  You will find the listing and sales prices are higher –

     We are having to get creative in how we show property, we are capitalizing on all technological opportunities for listings from the photography to the 360 virtual tours – “showing” the home without having to physically show the home to every potential interested party.  We are all operating efficiently and effectively and as a result homes are selling.  In fact to homes that we listed in the past 30 days were under contract within days of being listed and at or close to list price!   

    So while we are living in these uncertain, scary times – it is essential that our economy recover – for all of our sakes and to be able to share with you all that homes are being listed, that home are selling and that our market is start to once again move is wonderful news that I am honored to share! 

Amy

 

Noreen’s Update With The City of Delray Beach!

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Noreen Payne, Chairman of the Delray Beach Chamber of Commerce, discusses what the Chamber is doing to help local businesses and how residents can help support non-profit organizations during these challenging times. 

“We felt confident with their credentials!”

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My brothers and I interviewed several local realtors associated with national and local real estate brokerages and after our meeting first with Noreen Payne and soon thereafter with Amy Snook we felt confident with their credentials, knowledge of the local market and shared goals they are the best choice we could possibly make. We immediately had inquisitive perspective buyers and in fact the third interested party bought the property and more importantly closed in approximately 60 days. Amy and Noreen handled everything from showings, to communicating counter offers , with our lawyer and the closing. As sellers we are very satisfied and appreciative of their efforts and results. Thank you Amy and Noreen!

-Charlie Tobias Richard Tobias Scott Tobias

” They know what needs to be done.”

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This team is absolutely amazing! I worked with another realtor before I was able to switch to Amy and Noreen- and Amy and Noreen just blew me away with their service. They know what needs to be done, they understand the market and they accomplished everything very quickly and professionally.

– Jill Kay

” Helpful and Resourceful”

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Noreen and Amy were extremely helpful and resourceful from the beginning of our home buying process until the end. They worked day and night to to update us when new houses appeared on the market and even made viewings possible with last minute notice. Overall great experience with both Amy and  Noreen!

– Cortney Tyson

” They were a dream to work with!”

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My husband and I have been buying, flipping and renting properties for 30 years. It is always refreshing to work with educated, professional, and honest realtors, as we have found in Amy and Noreen. They were a dream to work with and even through the rough spots during this purchase, they remained calm and helpful in every way. I would, and will, highly recommend them. Sincerely. 

    – Renee Amoroso

“Their attention to detail and complete follow through made the experience a total pleasure.”

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Selling your home for the first time can be stressful! You really don’t even know where to start. I was lucky to have the incredible team of Amy Snook and Noreen Payne recommended to me by a friend and after my very first meeting I knew they were the right choice! Their attention to detail and complete follow through made the experience a total pleasure. I contracted realtors but ending up making two very special friends. That’s very important …they clearly care about you as person and client and, make the logistics ,and yes the emotion of selling your house so easy. They talked me through every step of the way and that meant so much. They got me the best price the market allowed and developed a contract that was highly beneficial to me. Then they didn’t stop there! They helped me get a brand new home that I love. Again they took me through the entire process and found the perfect place for me! They made closing on my old and new house go perfectly! I give my highest recommendation for Amy and Noreen if you are looking for the best realtor team in South Florida or anywhere for that matter… get in touch with the best! Can you imagine selling and moving in the wake of a world crisis? Amy and Noreen helped me do it with class and most importantly heart. We did it! My sincerest thanks!!

-Joe G.