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Here is a Market Update for Pompano Beach and Broward County for Oct 2020. Be sure to subscribe to my channel to get future updates and other important news and tips.
Serving The Greater Fort Lauderdale area since 2006
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On Nov 11, 2020 my listing at 3419 Beacon St, Pompano Beach closed. This property was not actually listed for sale. I had listed as a rental and managed it as a short-term vacation home. An interested party approached me and asked if the owner was interested in selling.
Earlier in the year I did have a discussion with the owner and given the circumstances with the covid virus any plan was put on the back burner. The owner lives in Russia and it was uncertain when he and his family might be able to return to the US. He said with the right offer he would consider selling. It took a few weeks of negotiating but we did get to a figure that worked for both parties.
We encountered a roadblock that almost prevented the sale to go through. It was impossible to get the required notary stamps on the closing documents. Pre-covid he could have gone to the US embassy in Moscow. It would not have been easy but with covid it was out of the question. With the help of the closing attorney we figure out a solution. I won't go into detail but it did reinforce my theory that the hardest part of the sale often happens after a buyer is found.
To see what the home sold for follow this link.
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Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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Here is the Pompano Beach real estate market report for September 2020. See how well Pompano Beach real estate is doing compared to last year. subscribe to my Youtube Channel and never miss an update.
Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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Zillow is not Your Friend. Zillow's inaccuracies don't stop with their Zestimates. Learn how Zillow makes their money and why accuracy just doesn't matter to them. See my latest video
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Pompano Beach Market Report for Aug 2020
Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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Learn all you need to know about what is happening in Pompano Beach and Broward County real estate in just 10 minutes. This in depth look shows what has been selling, what is active, what is pending and where prices are headed.
Have questions about this? Call me now at 954-895-2431 or follow this link to to schedule a call.
Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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Authors Note Oct 2021 : This article was last updated in 2017. At that time we were in a reasonably normal market and an argument could be made that there was a slight seasonal advantage to selling in the spring. Due to a historically low inventory of available homes that is no longer the case. If you have a home or condo to sell you are in a great position now. However, it is uncertain how long these favorable conditions will last. Use caution trying to time the market.
If you are considering selling your home in Florida, you maybe be asking yourself - what is the best time for selling your Florida home. Can I time the market or does it even matter in my situation? I have seen articles that suggest that there is one exact day of the year that is the optimal day to put your home on the market. I think that is an absurd notion. They are way too many factors that can influence timing the sale of a Florida home or any home for that matter.
It makes sense to assume the best time to sell a property is when the most people are buying. The most sales activity in South Florida is during the first two quarters of the year. The least activity is during the last quarter of the year. But there are a few other things to consider if you are trying to time the market.
Sales activity does fluctuation from season to season here in Florida, but not as much as most people think. Waiting for when sales activity is highest may not payoff big for you in the end. You need to look at the bigger picture. Market conditions can change from year to year. If you decide to wait until next years peak selling season any number of things can happen that could change buyers attitudes towards buying.
I have read other opinions about deciding the best time of year for selling a Florida house. Many used the fluctuation in median sales prices from month to month as a deciding factor. I think this makes for a flawed analysis. The median sales price is the price where an equal number of sales occurred both above and below the median sales price. I find this number to be extremely erratic from month to month. It isn't unusual to a bounce in median sales price from one month to the next that exceeds the average sale price change for an entire year. In real life you won't see the value of a property make a sudden change in from say February to March or September to October.
In my opinion there is a better statistic that reflects supply and demand as well as current consumer confidence. That statistic is closed price to original list price ratio.
I discovered this statistic in the Fort Lauderdale MLS many years ago. Below is the closed price to original list price ratio for Broward County in 2017. It shows that sellers got closest to their original asking price in August. They closed the furthest from their asking price in January. Based on this chart it stands to reason the best time to sell is in late spring and the worst time to sell is early winter. Keep in mind market conditions do change. The spring of 2005 and 2006 were good times to sell. The spring of 2007, 2008, and 2009 were not. Right now, near the end of 2017, the overall market is steady and homes are selling. The chart also makes the difference appear more pronounced than it really is. If you take a close look. The difference from best to worst is not even 1%.
I hope that this continues but we never know what will happen in the future. I would argue that now is a good time to be selling. Interest rates are still low, the stock market is rising, and consumer sentiment is strengthening. How long these trends continue is anyone's guess.
The best months to sell a Florida condo may be different from the the best month to sell a Florida house. If you own a single family home and the most likely buyer will have school-aged children, then the most activity will be before the school year starts. If you own a vacation type condo like on a golf course or on the beach, the timing may be different. You don’t want to rule out listing in the last quarter of the year. That's because a buyer of that kind of property may be looking to settle in before it gets cold up north. If you have an investment property to sell, then the seasons have little influence on demand. Investors with cash want to keep it working for them, and they are buying year around.
First time home buyers are more likely to buy near the end of their lease, which may not be anywhere near the peaks or valleys of the selling season.
If the answer is yes, then the best time to sell your South Florida home is immediately. No matter what time of year it is. The carrying costs you are paying on such things as taxes, insurance, and maintenance will negate any minor seasonal bump you might hope to get.
Here in South Florida we pretty much have a year around selling season. Some months are better than others. Yet activity is much more consistent than in other parts of the country. If you look closely at the chart the spread between the best and the worst is very thin. We are talking about 1 percentage point at best. There are advantages to selling during the off peak months. The biggest advantage is less competition. Inventories of available homes tend to increase in late winter through spring.
I can understand why a seller would want to avoid putting a property on the market when fewer people are buying. Now that I have shown you how to time the market, I am going to talk you out of it. The best time to sell is when you need or want to sell and the current market conditions are favorable. We never know when the conditions will change. Look at how the Covid-19 virus has disrupted the market this year. I am sure plenty of people had been planning to sell this spring only to have the market essentially shut down on them for months. Fortunately for them the market has opened up again and homes are selling again.
In fact market conditions have become very good as we approach the last half of 2020. Interest rates are at all time lows. People need housing and there is pent up demand. Buyers that are out looking now are not tire kickers, they are serious buyers. I have been seeing and hearing about a lot of multiple offer situations due to an extremely low inventory of available homes. How long will these favorable conditions last? We won't know until it is too late so and there is no certainty conditions will still be favorable in the next spring selling season.
Fortunately for us, here in South Florida, sales are fairly consistent throughout the year. There are buyers of all kinds all year around. If you have to sell your home, don't be too worried about timing the market. Sell when you are ready to sell. To maximize your net proceeds it is just as important to hire an experienced agent with a proven track record, like myself for example.
If you are considering selling contact me at 954-895-2431 for a consultation.
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Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
If You Like This Post, Please Share. Thanks!
It's true. Here is a snapshot of market statistics for Broward County for June 2020 and how it compares to the same time last year. With single family homes the number of closed sales are down only 10.3% from last year. The number of closed condo sales is down 31.5% Many of you may be surprised to see that even in the midst of a pandemic median values have risen 5.4% for single family homes and 13.8% for condos.
If you take a look at the available inventory there are 27.7% fewer available single family homes. Available condo listings is about the same as last year, less than one percent difference. Would you have guessed we would still be in a seller's market three or four months ago? Pandemic or not people still need homes an sellers have been reluctant to put their homes on the market and have a bunch of strangers going through. In addition mortgage rates are at record lows. That is driving demand. I have been seeing multiple offer situations and so have many of my associates.
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Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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On Monday June 22 my clients closed on a listing in Fairview Pointe in Palm Aire Country Club at 504 W Palm Aire Drive. This was an upgrade for them. I sold their nearby villa for them earlier in the month, also in Palm Aire Country Club. The 3 bedroom townhouse was recently completely updated. It also has a new roof and it's own pool overlooking the Oaks Course at Palm Aire. the asking price was $461,888. I was able to negotiate a price that was 6% below list price and we closed in 30 days.
Buying and selling during a pandemic has it's challenges. Showing homes is a difficult, Inspecting homes is difficult and many of the lenders and title companies are working remotely, which creates other challenges. While it is a hard it can be done. We follow CDC guidelines to keep everyone safe. Even in a pandemic people need housing and some still have to sell. The inventory of available homes is low all over. It was low before we started social distancing and it has gotten lower since then. That is good for sellers especially. If you have a home to sell in Palm Aire or the surrounding area, I have other buyers looking for a new home. Call me to today for a consultation.
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Just Sold! - 1134 W. Cypress Dr
Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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On June 16, 2020 my listing at 1134 W. Cypress Dr was sold. Despite the market disruption associated with Covid 19 this Palm Aire Villa was under contract in just 8 days. It closed 24 days later! The owners are Canadian and with the border closed it was up to me to get it all done including getting the furniture and belongings moved out and into storage. Next week we close on their new home in Pam Aire that they bought sight unseen. The villa is a 3 bedroom three bath unit with a recent kitchen remodel, new roof and new exterior paint. The asking price was $385,000 and it closed for $367,500.
I have sold over 40 homes in Palm Aire Country Club and the number of active listings in Palm Aire is about as low as I have ever seen it. I have many other buyers interested in buying a new home in Palm Aire. If you have been thinking about selling you home but thought it could be done now call me for a consultation. 954-895-2431
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Just Sold! 504 W. Palm Aire Dr
Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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April 9, 2020
Real estate has been ruled an essential business. It isn't business as usual but it is possible to buy, sell or rent at this time as long as we follow CDC Guidelines. In addition our office has put together protocols to keep everyone safe.
There are challenges and unless you are in immediate need of finding or selling a home, I suggest you wait a little longer. Real estate offices are closed to the public and we are encouraged to do as much business as possible in a virtual manner. Meaning not face to face. I am available if you need me. We can consult by phone, with ZOOM, or Whatsapp.
People are buying and selling right now. In the last seven days over 700 listings has gone under contract in Broward County. Call me if you need me and stay safe. 954-895-2431.
Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
If You Like This Post, Please Share. Thanks!
