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PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – December 2018

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Analyzing a year-end market report always provides particularly useful information.  Plus, it gets us excited as we move into the next year.

I cannot speak for other agents, but I can share that Noreen and I are excited for all that is in store for 2019 for real estate in Palm Beach County. We attended the Florida Realtors convention in Orlando and were able to hear first hand the legislative and community initiatives that we are Realtors are involved with.  Many will have a direct and positive impact in South Florida.

Regardless of the trends and what we foresee, we are always committed to providing you with unbiased information. In these market reports, we present the facts, and tell you the truth about how we interpret them! We see it as imperative that you be properly equipped with information to make decisions about your real estate goals and plans. Now, onto the December 2018 and the year-end figures!

Inventories in 2018 were low as, we have discussed. But we are now seeing inventories rise and rise quickly – which is great news for Palm Beach county buyers and sellers.

While December figures were up from November by a small percentage, year over year December was down.  This same year-over-year results can be seen across the nation. One of the reasons for this may, of course, be that inventories were down. But, additionally, interest rates have been going up – forcing some buyers to rethink their timing for purchasing.    
So why are inventories rising with all of the above going on? Many are hypothesizing that the low interest loans are coming due for many existing homeowners. So, before they have to obtain a new mortgage (at a higher interest rate), many are getting out and finding their next home.  The logic: If they have to pay a slightly higher rate, they may as well move on to the next home of their choice.

Not much has changed as to the balance of the markets at the various price points.  

– The $300-$399K range is still a sellers’ market.
– The 400K – 599K range is still balanced.
– The $600K – $1 mill+ range remains a buyers’ market.  

Interesting to note: The “over $1 million+” category in Palm Beach County now has over 25 months of inventory. Additionally, time on market to contract in this category is now over 8 months.  

The takeaway for sellers:  It’s critical that you price properly. There are too many high-end homes sitting, overpriced, on the market. If you want to sell, please allow a Realtor (wonderful if it is us!?) to show you the true comps  – look at SOLD versus ACTIVE. Don’t let anyone tell you that you can’t sell your high-end home – You absolutely can with the correct strategy.

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.

 

PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – October 2018

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We love this time of year! … Assisting buyers to get into new homes before December 31st for homestead…  Working with sellers to find new homes so the buyers can get in by December 31st… ? and of course, enjoying our beautiful Florida winters!
October 2018 provided our market with the second largest year over year growth! Our Palm Beach County marketplace continues to show robust price growth.  There is a however, a BUT…(isn’t there always?)

 

How this growth impacts you really depends on your price point.

 

Here’s what the numbers are telling us right now:

$300-400K market: This is a sellers’ market and does show a strong growth of prices. It will be interesting to see how this segment is impacted as mortgage rates rise in 2019.
(Sellers: important point here – NOW is the time to sell before a rate increase – and while it is still a sellers’ market!)

$400,000-999,999 market: This is now a balanced market.  

$1,000,000 and above:  This remains a buyers’ market – and then some! – with 17 months of inventory (this is a lot).  
So what does this mean? We still have many over-priced homes in the high- end market.  In October, “percent of list price” and “time to contract” were both longer than they were the same time last year!   

We are seeing sales at the high end (especially those listed by the All About Florida Homes team). But, sellers,  you need to be realistic on your price and compare to what has sold – not what is currently listed.  Homes can and are being sold – we are simply dealing with a shift in our market and reality is once again prevailing!

 

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.

If selling may be in your future – or you’re just curious about what your home is worth today – you can request a no-obligation home value assessment here. 

Or, 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!

 

Why we ALWAYS invest in Pro Photos for Our Listings

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Why does the the Amy and Noreen Team invest in professional real estate photography?  The answer is simple. We are professional real estate marketers, and we understand how buyers search for homes.

Also, we know that:

90% of buyers start their home searches online. (National Association of Realtors)

Buyers spend 60% of their time looking at listing photos, 20% on the listing description and 20% on the agent description. (The Wall Street Journal)

Homes with professional photos get 61% more views online. (Redfin)

Listings with professional photographs sell 32% faster, spending only 89 days on the market compared to 123 for other homes. (PR Newswire)

According to MLS statistics, properties photographed by drones (aerial images) sold 68% faster. (RIS Media)

 

Now you understand a little about the buyer’s online home shopping experience, and about how pro photos help us sell homes faster and for higher prices. So, would you want a Realtor to use amateur photos to market your home? (Nope!) 

Call us today at (561) 571-2289 if you’d like to learn more about how we will market your home if you list with us!

Or you’re just curious about what your home is worth today – you can request a no-obligation home value assessment here.