Latest Market News from FL Realtors® and RAPB+GFLR

You cannot keep a Floridian down!! The Florida real estate market reports this month show that we quickly recovered from Hurricane Irma in regards to listing and selling homes. October showed a significant increase in new listings in Palm Beach County over September. So, buyers: there are lots of new options for you to review. 

Interestingly, the number of cash buyers is once again down. This means more mortgages are being written, and there are longer close times (The average contract to close was 98 days last month) and more inspections and appraisals. 

Sellers: this means you must get your affairs in order before you list. If you have an electrical panel (Federal Pacific), get it replaced before you go on market!  If your home is in the FHA sweet spot (loan amount of $345,000 and below), expect an FHA inspection in addition to the buyers inspection –and be prepared that his could result in more required repairs.  A pre-listing inspection may be money well spent to get you quickly to closing once under contract! 

Alright sellers – it is your turn.  The October market report shows - overall - that we have approximately five months of inventory, indicating a sellers market.  Remember, it has been a balanced market for quite a while now in this segment. But sellers, don’t get too confident. You are just under the parameters for a balanced market, so be strategic and listen to your Realtor (hopefully one of the All About Florida Homes Team associates!)

For price points $600,000-900,000, AND for $1,000,000+.... wow!  There is lots of inventory in your price point. This means it's more challenging to be a seller in these ranges.  It is critical that your house shows extremely well, and is priced right.  It's also imperative that your Realtor is at showings to sell the features and benefits of your home Ensure your Realtor (and if it’s an All About Florida Homes agent it is a requirement) starts a search for your neighborhood while you are listed so you can keep an eye on your competition. Chances are, if a buyer is coming to see yours, they will also check out the other comparable homes in your neighborhood. Ensure you stay in the right position price-wise and marketing-wise!  Every potential buyer counts! 

Now is a a great time to email or call the All About Florida Homes team to evaluate your home’s price, position, and marketing plan. It would be our pleasure to help you plan and execute the perfect sales strategy! Contact us today at amyandnoreen@allaboutfloridahomes.com or (561) 571-2289.  Or you can complete our online request for a market analysis of your home.  

 

Monthly Market Detail - October 2017
Single Family Homes - Palm Beach County:

Monthly Market Detail - October 2017

Townhouses and Condos - Palm Beach County:

Palm Beach County Local Market Summary October 2017:

 

Here is the most up-to-date news on the Florida Real Estate Market: