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

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

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!

The Moorings Waterfront Community

Check out our listing on this waterfront community in South Florida. 3 bedroom, 2 bath condo, 1,515 square feet. The Moorings consists of three buildings with amenities galore. Including valet service, two pools, clubroom, a spa, and many retailers such as the Wine & Cheese Cafe and Nina’s Coffee shop to name the view.

 

MARKET REPORT: April 2021

 

With the highest medium and average sales prices that we have seen in over a year and  inventory weighing in at record lows, April 2021 rang in an unprecedented time in real estate. A surefire indicator of market conditions, 6-9 months of inventory is considered a balanced market. Under 6 makes for a Seller’s market, and over 6, a Buyer’s market. The average inventory in Florida today across all price points is 1.8. That’s right, a mere 1.8! Never fear, however, hope isn’t lost for the motivated buyer in Florida.

Whether you’re a buyer or seller, this market calls for strategy. To approach real estate with a recipe for success, you must account for the ingredients at hand.

Here’s the bread and butter of it: cash sales are up significantly in Palm Beach County, according to the April 2021 Florida Realtors report. It’s important to remember “cash sales” doesn’t always mean green: but instead, that the transaction was not contingent upon financing.

 So, for our seller’s out there: you’ve got high probabilities of a cash offer coming your way. Now, does this mean you shouldn’t accept a finance offer? Not in the least! It means that Sellers are empowered to “demand” certain elements should you accept a mortgage. Such as a quicker loan commitment— meaning the contingency for finance ends faster (including appraisal and loan conditions). You can also weigh your options on whether to allow an appraisal contingency— for the right buyer, omitting this step may suit just fine, and the finance offer can move forward.

As for buyers? It’ll be key to keep in mind that you’re competing against cash offers— so offers need to be written aggressively, and with the least amount of contingencies. That said, it’s important to ensure you’re protected as well; and in that, a good agent will make all the difference.

Now factors aren’t the same across all price points. April’s market sweet spot is the $400-599k price point. In this turf, homes are selling in a stunning 8 days. That, compared to the 1,000,000 plus market, which is an average of 27 days to contract. So if you’re selling a home at $500,000, your price is right, the place is properly staged, and sports curb appeal? Well, you’d better start packing!

Buyers—I’m sure you’ve read your fair share of stories on scarcity, that homes just can’t be found. We’re here to tell you that they absolutely can! Simply put, you’ll need three tricks to compete in this market: an aggressive offer, the preparation to write it quickly, and a partnership with the right agent who has your back and your interests in mind.

Sellers— are you scared to sell because you haven’t yet pinned down where you’ll go next? Not to worry, we have a plan for that. Let’s partner up to sell your home and gain you the most we can, while holding space for a strategy that allows you time to find the right home for your needs. It’s a Seller’s market out there, and you’re in the driver’s seat for both your sale AND your purchase. Sit down with Noreen and I of the All About Florida Homes team of Lang Realty, and we’ll put the priorities of you and your family front and center to build you a strategy that feels the perfect fit.

 

July’s Market Report!

It is a fact that there is a serious shortage of single family homes listed in Palm Beach County. In my many years in this industry I don’t recall ever seeing this strong of a seller’s market . If you will recall in months past, I shared with you that one way we evaluate a market is based upon inventory (or as some people call it consumption), further than 6-9 months of Inventory is considered a balanced market, under 6 is a Sellers Market and Over 9 is a Buyers market. When analyzing various market segments, we were amazed to see just how low the number of months of inventory actually is in Palm Beach County

Sales Price
$300 – $400,000    2 Months of Inventory   Seller’s Market
$400 – $599,000   3 Months of Inventory   Seller’s Market
$600 – $999,999   5 Months of Inventory   Seller’s Market
$1,000,000 +         7 Months of Inventory     Balanced Market

As we’ve recently shared, we started 2020 with over 19 months of inventory in the $1,000,000+ market.

To clarify, the above is specific for Palm Beach County and we should also state that we do see pockets of communities that tell a different story as some communities have stricter Covid showing requirements and certain buyer populations are not seeing homes in person due to Covid either.

What is absolutely amazing that if August results are as strong as July (which we fully expect them to be), then it is probable that we will be trending ahead of last years numbers. Low interest rates coupled with low inventory are making for the perfect storm to bring in a buyers frenzy on many homes.

July provided the highest number of new listings since before our shut down but as you can see above, we still need more inventory in our market.

Buyers are able to buy more home due to the interest rate – unfortunately (or fortunately for the sellers) the buyers you are competing for are also in the same position and currently we have more buyers than sellers.

So Seller’s; is this a good time to sell? Yes! This is the perfect time to get on market and sell your home – in fact, Palm Beach County could really use your home on the market as buyers need more options.

 

Noreen’s Update With The City of Delray Beach!

 

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. 

Utilizing Technology as Realtors in the Future! 360! Virtual Tours!

 

 

Amy speaks to friends,clients, and anyone looking for some answers as to how we can step up our game to make technology helpful and exciting. With Virtual tours and new technology anything is possible.

 

VIDEO: HOW DOES THE ALL ABOUT FLORIDA HOMES TEAM FIND THE RIGHT HOME FOR BUYERS?

How do we find the right home for our buyers?

In this quick and fun video, Noreen gives you an inside peek into her tried-and-true process. She explains how she helps her buyers hone in on the neighborhood and the home that is just right for them!

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.

 

VIDEO: BUY OR RENT A HOME IN PALM BEACH COUNTY? OUR ANSWER MAY SURPRISE YOU!

It’s always better to buy than to rent, right? … A client messaged Noreen and Amy asking for help convincing her daughter and son-in-law to buy a home instead of renting. The advice the Realtors gave her may surprise you!

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

Or, contact us at (561) 571-2289 – or via amyandnoreen@allaboutfloridahomes.com – we treat your referrals like they are our own family! 

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.