Protecting Your Downpayment from Hackers

in ,

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

in , , , , , ,

 

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

in , ,

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

in , , , , , , , , ,

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

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

in , , , ,

Palm Beach County – Due to our area being a popular destination location for vacation, seasonal rentals, 2ndhomes and relocations, PBC reports a different real estate story than much of the country.  I was recently interviewed by a reporter with the Sun Sentinel and while answering her questions regarding our current real estate market, I thought, maybe, I was off base as to the strength of our market; however, when the article came out, it was reaffirming that all the agents interviewed shared the same sentiments.

In analyzing the market, we review countless numbers and timeframes and compare the statistics to the same time last year (year over year) as well as month over month trends. To clarify, year over year, the seasonality aspect of our area greatly impacts the real estate market in Palm Beach County.

As we assess the August results for Palm Beach County..

Year over Year –

No surprise to any of us that the median and average prices are higher than they were in August 2021 – but, even with the higher price points, the total volume of closed sales for August 2022 is lower than August 2021. The fact is, we’ve had fewer closed sales this year than this time last year and the percentage of cash on these sales is down as well. At first glance, you’d expect to see cash sales increasing due to the rapid rise in interest rates; however, with prices still significantly higher than last year, investors seem to be holding and waiting for the market to cool.  New pending sales and pending inventory are down from the same time last year – the net is that properties are not moving as fast as they were, in fact, inventory is up by 63% year over year.  More inventory is coming to market which is adding to the current active listings creating more options in the market at all price points.

Month over Month –

August 2022 versus the past 4 months in Palm Beach county tells a very important tale – our market is leveling off price wise but at a much slower pace than the reports out from the rest of the country.  Both median and average sales price are trending down when compared to the few months prior – we are now coming into season so it will be interesting to watch if this influx of people from out of our area impacts the pace in which our market is leveling.  One of the lagging indicators of our market is median percent of original list price – Are Sellers considering less than list price?  The answer is yes, they are – we have held strong in our area on this indicator but July and August results show that sellers are realizing that in order to sell their home they may have to come off their price for the first time in a while.   New listings onto market have slowed this month versus last month which was different than what we expected.   We have been busy bringing new listings onto market over the past several months and are surprised to see the numbers down in Palm Beach County – however, we realize that this is not across the board but rather an indication of the hot destination area in which our team works.

The results of the numbers show that the $300K to $999,999K price points remain a Seller’s market – however, a different seller’s market than over the past few years.     Homes are taking longer to go under contract, longer to close (which is no surprise with fewer cash sales), homes are selling for less than list price and inventory is up significantly at these price points.  Over $1,000,000M – we went from 5 months of inventory in July to 7 months of inventory in August – fewer new listings and fewer closed but more inventory?     Yes, exactly what we have been saying for months – Sellers (and Realtors for that matter) need to adjust price at this higher end market. It is the not the same market that it was just a year ago – there is much more supply than there was, more options for buyers to choose from and now sellers are willing to negotiate and take less than their list price.

We are simply back to basics when selling homes in Palm Beach County’s high-end market. All that goes into preparing to sell your home really, really matters – taking time to get all of the information needed to properly market and sell a home is key.  No more racing to market – do it right. Slow down, understand the attributes of the home, determine how to handle any potential deficiencies in a home – have a strategy or even fix it before going on market. While we have always shown our listings personally, we saw over the past few years more Supras (lockbox’s) than ever before. A home will not sell itself anymore for the highest and best price without an agent there to tell the story and properly sell and market the property.   For the Amy and Noreen Team – we sigh a big sigh of relief – this is where we shine.

The good news for Palm Beach County- demand is still high and supply relatively low.    Partner with the right Realtor (or in our case Real Estate Team), understand the market conditions and the reality of our current market.  Homes will sell when marketed and priced properly.

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

in , , , ,

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

We would love to referral clients to you! Amy Snook & Noreen Payne Lang Realty South Florida

in , , , , ,

We would love to be your trusted resource for all things real estate in South Florida, specifically Palm Beach County, as well as understand the market that you cover for future referrals. Our business takes us from Boca Raton up through Palm Beach Gardens, and all areas in between. Look for future emails in which we show you exactly which areas our team services. In order to be bestowed your trusted South Florida Realtor referral agent, we want you to get to know us a bit better. Watch this video to hear more about who we are and what makes us tick!

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

in , , , ,

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

East Delray Beach Listing – 9 NW 9th Street

in , , , , ,

Check out our new listing in Delray Beach. A tropical oasis in the highly sought after community of Lake Ida in the heart of East Delray! 3 bedroom and 2 bath with a 1 bedroom and 1 bath Studio. Exotic lush landscaped almost a 1/2 ACRE surrounds this old Florida charming home.