Realty Executives of South Florida

Ricardo Pires

Broker/Owner (954) 804-5668

Ricardo Pires

Broker/Owner

Realty Executives of South Florida

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Housing Market

(Published on - 10/23/2020 11:35:32 AM)

Fla.’s Housing Market: More Sales, Rising Median Prices in Sept.

By Marla Martin

Florida Realtors’ data: Sales, median prices, new pending sales and new listings rose year-over-year. Single-family sales up 22%; condo sales up 25.3% – and in a milestone, 2020 single-family sales over last 9 months beat the same timeframe in 2019, says Chief Economist O’Connor.

ORLANDO, FLA. – IN SEPTEMBER, FLORIDA’S HOUSING MARKET REPORTED MORE CLOSED SALES, MORE NEW PENDING SALES, RISING MEDIAN PRICES AND MORE NEW LISTINGS COMPARED TO A YEAR AGO DESPITE THE ONGOING PANDEMIC, ACCORDING TO FLORIDA REALTORS® LATEST HOUSING DATA. SINGLE-FAMILY EXISTING HOME SALES ROSE 22% COMPARED TO SEPTEMBER 2019.

“FLORIDA’S HOUSING SECTOR CONTINUES TO BE A BRIGHT SPOT FOR THE STATE’S ECONOMY AMID THE ONGOING PANDEMIC,” SAYS 2020 FLORIDA REALTORS PRESIDENT BARRY GROOMS, A REALTOR AND CO-OWNER OF FLORIDA SUNCOAST REAL ESTATE INC. IN BRADENTON. “SEPTEMBER’S MARKET DATA SHOWS THAT THERE ARE MOTIVATED BUYERS, BUT THE LACK OF FOR-SALE INVENTORY IS AFFECTING THEIR SEARCH FOR THEIR FLORIDA DREAM HOME. STATEWIDE INVENTORY FOR SINGLE-FAMILY EXISTING HOMES LAST MONTH WAS AT THE RECORD LOW OF A 2.2-MONTHS’ SUPPLY. THAT IMBALANCE OF SUPPLY AND DEMAND COULD IMPACT THE MARKET IN THE LONG-TERM AS HOUSING SHORTAGES CONTINUE TO PUT PRESSURE ON PRICES AND AFFORDABILITY.”

LAST MONTH’S CLOSED SALES OF SINGLE-FAMILY HOMES STATEWIDE ROSE 22% YEAR-OVER-YEAR, TOTALING 28,675, WHILE EXISTING CONDO-TOWNHOUSE SALES INCREASED 25.3% OVER SEPTEMBER 2019 AND TOTALED 11,290. CLOSED SALES MAY OCCUR FROM 30- TO 90-PLUS DAYS AFTER SALES CONTRACTS ARE WRITTEN.

THE STATEWIDE MEDIAN SALES PRICES FOR BOTH SINGLE-FAMILY HOMES AND CONDO-TOWNHOUSE PROPERTIES ROSE YEAR-OVER-YEAR IN SEPTEMBER FOR 105 CONSECUTIVE MONTHS. THE STATEWIDE MEDIAN SALES PRICE FOR SINGLE-FAMILY EXISTING HOMES WAS $300,000, UP 13.2% FROM THE PREVIOUS YEAR, ACCORDING TO DATA FROM FLORIDA REALTORS RESEARCH DEPARTMENT IN PARTNERSHIP WITH LOCAL REALTOR BOARDS/ASSOCIATIONS. LAST MONTH’S STATEWIDE MEDIAN PRICE FOR CONDO-TOWNHOUSE UNITS WAS $217,500, UP 12.7% OVER THE YEAR-AGO FIGURE. THE MEDIAN IS THE MIDPOINT; HALF THE HOMES SOLD FOR MORE, HALF FOR LESS.

ACCORDING TO FLORIDA REALTORS CHIEF ECONOMIST DR. BRAD O’CONNOR, THE SEPTEMBER DATA REPORTED A SIGNIFICANT MILESTONE FOR 2020: THE YEAR-TO-DATE TOTAL OF CLOSED EXISTING SINGLE-FAMILY HOME SALES NOW EXCEEDS THE TOTAL FROM THE FIRST NINE MONTHS OF 2019.

“GIVEN ALL THAT’S OCCURRED THIS YEAR, IT’S HARD TO BELIEVE WE’RE ALREADY IN POSITIVE TERRITORY AGAIN, BUT HERE WE ARE,” HE SAYS. “AND ALL INDICATIONS ARE THAT WE WILL CONTINUE TO SEE STRONG SALES THIS FALL AS MORTGAGE INTEREST RATES WILL ALMOST CERTAINLY REMAIN AT OR NEAR RECORD LOWS. NEW PENDING SALES OF SINGLE-FAMILY HOMES WERE VERY STRONG IN SEPTEMBER, RISING BY 31.4% YEAR-OVER-YEAR, WHILE NEW PENDING SALES OF CONDOS AND TOWNHOUSES WERE UP A DRAMATIC 43%.”

THE NATIONAL INVENTORY SHORTAGE IS THE BIGGEST CONSTRAINT TO THE HOUSING MARKET RIGHT NOW, O’CONNOR SAYS.

“BUILDER CONFIDENCE, AS MEASURED BY THE NATIONAL ASSOCIATION OF HOME BUILDERS/WELLS FARGO HOUSING MARKET INDEX, HIT AN ALL-TIME HIGH IN SEPTEMBER,” HE SAYS. “HOWEVER, THE CONSTRUCTION INDUSTRY CONTINUES TO FACE CHALLENGES SUCH AS LOW LABOR PRODUCTIVITY AND SKILLED LABOR SHORTAGES, HIGH PRICES ON MATERIALS, LAND CONSTRAINTS AND THE USUAL MIX OF REGULATORY IMPEDIMENTS THAT CAN MAKE IT DIFFICULT TO PRODUCE THE TYPES OF HOMES THAT ARE IN GREATEST DEMAND – PARTICULARLY SINGLE-FAMILY STARTER HOMES. IN THE SHORT- TO MEDIUM-TERM, WE’RE REALLY GOING TO HAVE TO RELY ON NEW LISTINGS OF EXISTING HOMES FOR MORE INVENTORY – BUT EVEN THEN, SINCE SELLERS ARE USUALLY BUYERS, TOO, THIS CAN ONLY HELP SO MUCH.”

STATEWIDE, NEW LISTINGS ROSE YEAR-OVER-YEAR IN BOTH PROPERTY TYPE CATEGORIES IN SEPTEMBER, UP BY 12.1% FOR SINGLE-FAMILY EXISTING HOMES AND 21.1% FOR CONDO AND TOWNHOUSE UNITS.

ON THE SUPPLY SIDE OF THE MARKET, INVENTORY (ACTIVE LISTINGS) CONTINUES TO BE TIGHT, ESPECIALLY FOR SINGLE-FAMILY EXISTING HOMES, WHICH WERE AT A 2.2-MONTHS’ SUPPLY IN SEPTEMBER. CONDO-TOWNHOUSE INVENTORY WAS AT A 5.1-MONTHS’ SUPPLY.

ACCORDING TO FREDDIE MAC, THE INTEREST RATE FOR A 30-YEAR FIXED-RATE MORTGAGE AVERAGED 2.89% IN SEPTEMBER 2020, DOWN FROM THE 3.61% AVERAGED DURING THE SAME MONTH A YEAR EARLIER.

TO SEE THE FULL STATEWIDE HOUSING ACTIVITY REPORTS, GO TO Florida Realtors Tools and Research section. Realtors also have access to local market data (password protected) through Florida Realtors’ SunStats resource.

© 2020 Florida Realtors®


WHAT DOES A SELLER AGENT DO FOR YOU?

(Published on - 10/20/2020 11:00:35 AM)

 

A real estate agent that works for a property seller is called a listing agent or a seller’s agent. They have a number of functions, but they can all be summed up in the fact that they are supposed to represent the best interests of the seller in all they do. 

Knowing what listing agents do is quite beneficial, especially if you’re at the point of making a decision on whether or not to hire an agent to help sell your property. 

This article will explain the functions a listing agent performs for a property seller. 

Set a List Price

It is only logical to set a price for your property, one that you believe is worth the value of the property. Your listing agent would typically use a Comparative Market Analysis (CMA) to determine the list price of your house. 

The list price would be based on an analysis of the local real estate market, its prevailing market dynamics and recent sales of the property in your area.

The last factor is perhaps the most important one. This is because the knowledge of the number of sales, the types of sales and the prices of the sales would greatly help in setting a list price for your own property. 

List prices aren’t set in a vacuum or based on your emotional sentiment or your perception of the property. List prices are based strictly on getting you the most profit in a timely manner, and no one can help you better than your listing agent. 

Market Your Property Effectively

There is no use having a property if no one has an idea that it’s for sale! Your listing agent uses their extensive network and expertise to ensuring that your property gets in front of potential buyers.

This is why they usually employ multiple listing services (MLS) to ensure that as many people as possible will see that your property is for sale. 

Another way your listing agent can market your property is to let other agents know of the availability of your property for sale. This can be very useful, especially when an agent that knows about your property’s availability is able to get an interested buyer in for a showing.

Optimize the Property For Viewing

Real estate agents know what makes a property sell, especially when it comes to the property’s aesthetics. Thus, they know what needs to be done to prepare your property for viewing. 

In this age of the digital world, where virtual tours are rapidly becoming the norm, it is important for every part of your property to look set for viewing. This is where an agent will most likely decide to hire a staging professional and professional photography.

Screen and Scrutinize Buyers

It is the job of your listing agent to interact with potential buyers and basically separate the tire kickers from the serious buyers. 

Apart from this, it is also your listing agent’s duty to find out about the finances of a potential buyer, and if it would match up to the financial demands with regards to selling your property. 

Closing the Deal

Once an arrangement is found with a buyer, closing the deal is the next thing to be done. Legal requirements that have to be satisfied will follow, and terms that suit you as a seller will be agreed. 

Once the legal transfer of ownership of the property is complete, the property will be sold, and the end of your agreement with your listing agent will come, but keep them in mind for any future home endeavors or any questions that may arise after you move in.

For help finding your perfect real estate agent, visit www.rexsfl.com


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  • Ricardo Pires
  • Realty Executives Agent
  • Realty Executives of South Florida
  • 643 East Atlantic Blvd
  • Pompano Beach, FL 33060

3318569

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