Off To The Race, We Are Leaning Into A Seller's Market
By Rose Sklar
Why now may be the best time to sell your single-family home, in particular, in Weston.
Why? The driving force is a combination of local Realtors inundated with buyers who are now finally off the fence, buyers who want to cash in on the historic low-interest rates, Weston’s small-town feel safe community, our close proximity to cities, airport, and top-notch public and private schools, along with our stellar parks and recreation areas. Coupled with the surge from the North East, New York City, New Jersey, and Boston in particular, due to our “no income tax’ status in Florida and the attraction to our warm winters, the lifestyle and the benefits of federal and state tax laws just for establishing their residence here in South Florida. Weston, in particular, has the small hometown feel adjacent to the advantages of the global and international appeal of nearby cities and towns.
But this year is different from all else. We need Sellers. Calling All Empty Nesters!! Now maybe the time to sell the big family home and make the move east to vertical living or 55+ communities. There is plenty of inventory to choose from! There are also incredible rental deals to be had as you contemplate leaving the nest and downsizing or rightsizing. The issue at hand is the lack of single- family home inventory for the growing millennial population. This means rising prices for current homeowners due to the lack of inventory. The market right now is a recipe for success, if you are ready to make the move out of your single- family home.
According to the Miami Association of Realtors, Miami- Dade, and Broward County homes sales are up again more than 12% in September 2020 over September 2019. Single-family homes sales grew by 19.3% while condo sales grew only 6.3%.
What does this mean? Tight inventory means higher prices for sellers. Inventory is down 39/3% for a single-family from 5,330 in September 2019 to 3,234 in September 2020.
Sellers get ready to come to the market. We are in a price-sensitive market across the board. We have a strong buyer pipeline in the market, but the buyers are very savvy and have a lot of information available to them. The best market on price would of offers. A lot of showings and no offers mean that the property is attractive but the price is not attracting an offer. A lot of offers but no contract generally means that the buyers and the seller are out of sync with each other. Pricing is one of the most important features of a home. If a home is priced close to the market, the property will gener- ate multiple offers. That’s when you know you have priced correctly!
Buyers Tips to get the new listing. Get ready for multiple offers. Buyers, be flexible, this year is different from all others. Keep in mind, not all homes are HGTV ready. Look for the potential or as we like to call it “the bones” of the home. Low balling will get you nowhere and could alienate the seller. Homes are on the market for a matter of days or hours. You will need tough skin and be ready for heartbreak. This too shall pass. So, off to the races we go.