What is going on in the Weston residential and Luxury Market? There are currently (as of 3/25/17- per mls) 346 Active single family homes for sale and 147 townhouse/condos in Weston. In the past 2 weeks, 3/11 - 3/25 2017, there were 88 NEW LISTINGS and 56 price reductions ( 47 of which were priced under $500,000) and 36 closed rentals. What does this mean? As expected, the spring inventory is growing and there is a New Trend in town called: PRICE REDUCTIONS. The reason for this new occurrence if that our 2017 market is seeing Longer days on the market than last year, which is stimulating a flurry of price reductions. No need to worry, this is a normal real estate pattern. We just need to get used to it and embrace the change.
What is attracting today's buyers? After a thorough analysis, the recurring theme is as follows: Buyers are selecting "best value" - these could be distress sales, short sales or Value Priced (getting in under market with renovating budget in mind) The majority of the high end luxury sales were either: Location, Location, Location - majority of closed sales were either on lake or golf views, oversized lots - majority with pools High Upgrades or great deals. The balance of sales followed the same scenario: Homes with Substantial Renovations, New Roofs are a plus as many of the Weston homes were built in the early 1990s. High upgrades scored higher prices for neighborhood, and Homes priced below market are also selling.
The key for sellers to get the best price for their home is, if possible to continue to UPGRADE your home with a yearly project. That way, you can enjoy your home while you live in it, but it will be more appealing when you sell. Keep the house maintained as needed. Take care of your roof, replace your appliances as needed, especially your A/C You will reap the benefits with lower electric payments and to the Buyers it all matters. Remember, the market can change on a dime and our job as realtors is to deliver the message to our clients and figure our a New Strategy to get you to their desired destination, whether buying or selling. I feel that we are experiencing a number of these issue due to the following:
*New administration in office of presidency
*The stock market is higher than usual and many investors are possibly staying in to reap the current beneficial returns
*Mortgage rates are rising slowly, but will continue to rise and effect affordability
*Roofs are getting older in Weston - 3 of our most recent closed/pending sales roofs were a Big part of the sale negotiation.
*Buyers are still skeptical and are sitting on the fence, as they STALK the internet for their "sweet spot price." Remember, buyers: You can always make an offer, no need to wait so long. Our job as Realtors is negotiation and as the rates rise, so does your affordability.
*We are still in vacation mode- still waiting on several spring breaks, not yet complete in Weston
*Price repositions are common place
Further research shows, Year to date, 2017, there are currently 132 closed sales in Weston. Seven of which were over $1 million. Three of the 7 which are over $2 million dollars. The highest closed sales this Year were both for $2.5 in Weston Hills - house was torn down and rebuilt from scratch, on golf with incredible upgrades and Windmill Reserve - a highly upgraded newer build. This is GREAT NEWS. The high end is selling and should trickle down to other price points as Empty Nesters "downsize" and Millennials "Upsize" and buy up our Great Schools and family atmosphere.
3 closed sales between $2 million - $2.5 million
4 closed sales $1,010,000 (short sale- WHCC) $1,050,000 (distress- WHCC) $1,463,500 Acreage- Windmill and $1,775.000 Total Renovation: Weston Hills CC
4 closed sales from $900 - $1,000,000
4 closed sales from $800 - $899,000
5 closed sales from $700 - $799
3 closed sales from $600- $699
Over 50% of the closed sales in Weston are priced under $500,000. My report currently shows 163 properties In Contract (Pending or Back up status- some of which will Not Close) Of these reported 163 properties in contract the following breakdown:
3 pending properties over $2 million ( two of which have been on the market for over 1 year)
3 pending contracts between $1 - $1.2
2 pending contracts between $1.2 - $1.4
1 pending contracts between $1.4 - $1.5
2 pending contracts between $1.5 - $1.6
1 pending contract between $1.6 - $1.7
3 pending contracts between $900 - $ 1 million
50% of the pending/backup sales are under $600,000
The good news is, The Weston real estate market is Active and homes are selling. They may be staying on the market a little longer than last year, but they are selling. My advice to sellers: Hang tight. We are all in this together. Always paint before selling (the best money spent) Price competitively and keep your home in good repair and you will eventually see the four letters you desire: SOLD
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