November 2022 Market Report – October 2022 Data for Palm Beach County – By Amy Snook

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It was a bit shocking to see the change in numbers this month related to inventory and balance of market – we have “felt” the change in the market but still surprised to see the uptick on the higher end market tipping the scales at the million dollar price point and beyond to the verge of a buyer’s market.

 

It is official, at the higher end market we are back to prepandemic seasonality, time to contract/closing and the skills needed to sell a home (now you have to actually have them😊).   While we are still above pre-pandemic price points, as to be expected, we are leveling off.  The demand in Florida is still stronger than most of the country – we attract the 2nd home, vacation home, rental market and those from up north that simply want our weather and lifestyle.  However, there are changes ……

 

Cash sales are down significantly, inventory is up across the board and new listings on market have slowed.  The mortgage rates and stock market portfolio losses are impacting all markets and Palm Beach county is not immune to these changes.  Don’t get us wrong, homes are still selling – we are in fact busy realtors – but the homes are taking longer to sell, our costs to market homes has increased significantly and our time for showings (yes, we personally show our listings) and open houses take more manpower.  Of course, we’re not complaining as this is what differentiates great agents from the pack. We’re sharing because it is a distinction from what has occurred over the past several years.

 

People often ask us whether this is a good time to sell and/or to buy.  The answer is yes; however, the strategy and the numbers change.  Specifically, some buyer’s obtaining a mortgage may have to reduce their price point to keep their monthly costs the same. And, what goes into selling your home, from staging to repairs should be considered more so then before.  Regardless, there is additional inventory now for buyers to choose from and sellers, there are buyers still wanting to buy.  Get ready to work with your Realtor (Amy and Noreen Team preferably) to ensure your home stands out from the rest.

 

For those of you who follow our monthly market report and follow the numbers indicating the market strength and leverage, they are as follows:

 

As you recall, balanced market is 6 to 9 months of inventory – meaning if nothing else came on the market how many months would it take to “consume” all of the inventory.  Over 9 months buyer’s market..

 

400,000 – to 599,999 – 4 months of inventory –

599 – 999,999 – 6 months of inventory – recently reached a balanced market and sellers have lost their advantage

1,000,000+ price point 9 months (yes I said it 9 months) – first time in 2022 that we have reached 9 months of inventory – there are now many options for buyers to select from, hence the price reductions we’re seeing on market

 

Understanding the market helps agents and consumers alike make educated decisions – this is why we spend time every month sharing our research and what it means to you.

 

If you have questions or would like to discuss the results any further, please do not hesitate to reach to us at 561.571.2289.

 

Amy

 

 

Protecting Your Downpayment from Hackers

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Hackers Are After Your Down Payment. How NOT to Get Scammed

6 things to start doing now to protect your dream-home funds

Illustration of someone pickpocketing a homeowner

You finally found it: the two-story bungalow in the trendy part of town you’ve been eyeing for years – the one with the best coffee shop (hello, foamy latte) and favorite farmer’s market. You made your best offer (they accepted!) and now you’re about to close on your dream home.

Then just before closing, an email from your real estate agent pops up, claiming a last-minute change to the money-wiring instructions. You wire the funds. But the money never makes it to the bank. Turns out that email wasn’t from your agent – but a hacker. You got spoofed.

Unfortunately these days, enterprising hackers are busy tricking homeowners into sending them their hard-won down payment.

How? They access email accounts by snagging passwords through public Wi-Fi and via email solicitations that appear to be from senders you know.

The bad guys comb through the email accounts, searching for any information about home sales and upcoming closings. Once they’ve found what they need, they send consumers an email posing as their real estate pro, attorney, or escrow officer. The email includes wiring instructions linked to a fraudulent account.

Here’s how to prevent a hacker from running away with your home before you even have a chance to buy it:

#1 Never Send Personal Info Over Email

Personal info includes a bank account number and a Social Security number. Your agent shouldn’t be sending this stuff by email either.

#2 Pick Up the Phone

If you ever receive wiring instructions by email, call your agent or lender to confirm one of them sent it. Call the phone number you have on record for your agent, not the one listed in the suspect email.

#3 Discuss the Wiring Process With Your Agent

Early on in your relationship with your agent, ask about what you should expect, when, and from whom.

#4 Change Your Passwords Often

Create a reminder on your phone or computer to update passwords monthly. Make them strong, something even your friends and family members wouldn’t be able to guess right away – you know, something other than password1 or your dog’s name.

#5 Set Up Two-Factor Verification

Two-factor verification, which requires both a password and a code that’s sent to your phone or other device in order to log in, is more challenging to hackers than a single layer login. Make sure you set it up on your email and bank accounts.

#6 Read Up

Get even more email security best practices.

Got spoofed? If you ever receive a suspicious email, report it to the FTC by forwarding it to spam@uce.gov.

Palm Beach County Happenings in November 2022 – Presented by Noreen Payne

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Want to know what top events are happening in Palm Beach County in the month of November 2022? Listen to Noreen Payne’s video overview. Join us every month for highlights of top events in the area!

BDB Press Release – Featuring Noreen Payne

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September 2022 Market Report for Palm Beach County – By Amy Snook

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There are many variables that make September results interesting! The final results and evaluation of the next few months are going to be critical to really ascertain and give guidance on our Palm Beach County market.

 

First, the week leading up to now, Ian, as you can imagine, caused a pause in most of Florida’s market – the path of the Hurricane was unclear and therefore most sellers and buyers chose to wait before taking any action on their real estate decisions.  Further, for any buyer under contract to close on a home in September, if they had not yet bound their new insurance policy, insurance agents were unable to complete the process therefore causing closings to be delayed. The above skewed, of course, new listings coming on market, buyers going under contract and closings for the month of September.

 

Another variable, though may also be the trend for our future, is that we are back to season in our market.   Historically and prior to our pandemic years, we saw a drop off in summer months and the market did not typically pick back up until we approached our season – October, November timeframe. For the past 3 years or so, we were strong 12 months of the year with many people desperately wanting to relocate or purchase a second home in south Florida.  The lifestyle we offer in Palm Beach County fueled the real estate market.  With September’s results showing a decrease in almost all categories across the board, we need to wonder if we are back to “seasons” of real estate in Florida or were we simply impacted by the Hurricane.

 

Yet another aspect is mortgage rates. Cash sales were down again this month which means more people are financing the homes they are buying.  With interest rates higher than we have seen in many, many years and the threat of continued increases in those rates, we know that people are looking at lower price points than they did one year ago, and others are simply not able to purchase or purchase what they want and are holding off for now.

 

All three (3) of the above variables impacted our September results, we will be closely monitoring the next few months to really ascertain whether we are back to prepandemic market seasons and how much the interest rate will impact our unique market.

 

With all of that said, Noreen and I had a very busy September with both listings and buyers going under contract. I share that because I do think it is worth mentioning – when homes are priced properly, and buyer expectations are also set upfront – homes move.     People still want to sell and people still want to buy but realistic expectations are critical and the market is clearly indicating this fact.

 

In EVERY price point which we evaluated, months of inventory crept up by at least one month – $600- $900 and then $1,000,000 and up – is officially in a balanced market – for $1,000,000 we are actually approaching (on the cusp) a buyer’s market – but from a recommendation perspective of our team – we caution anyone to get too confident and treat the $1,000,000 and up price point as a balanced market.  Too many factors impacted September results to change strategy at this point; however, we currently have the most inventory at every price point over any month in 2022.

 

I hesitate to share specific numbers as almost ¼ of our month was impacted by the Hurricane (Ian) and we don’t feel that these numbers are truly an indication of where our Palm Beach market truly stands – cash sales down, median and average price points down, new listings and new pending are down as well and inventory was up almost 68% from this time last year.

 

All of the above said, we are extremely confident that our market is still very, very attractive and is a highly sought-after place to live, work and play.  While this month we experienced a shift, we believe it was a temporary shift (as to the degree of which we shifted).   We will not continue, at this time, to see unsustainable growth in price points but we will see properties moving at price points higher than the pre-pandemic times.

 

Our greatest advice in this market, choose your real estate partner wisely😊

 

Amy