What Do the Latest Numbers Say About Our Florida Market?

According to the latest year-over-year statistics, our Florida market is doing very well overall. 

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How has our 2017 market performed thus far compared to 2016?

In the second quarter of 2017, there were 2,825 units closed, which is up 1.6% from 2016. The median sales price rose 14% to $211,000. The average sales price rose 12.4% to a record high of $251,000. All in all, our market is performing very well.

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Overall, our market is performing very well. 

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The other interesting thing happening is the average time from when homes hit the market to when they go under contract has gone down. In 2016, that time period was roughly 29 days. In 2017, it’s shrunk 27% to 21 days. That’s pretty awesome.

The one statistic that might indicate we’re seeing a bit of a slowdown is the number of new listings entering the market. From 2016 to 2017, that number has only increased 5%. Our supply of inventory, however, is still the same—2.7 months.

If you have any questions about our Florida market or you’re considering buying or selling a home soon, don’t hesitate to get in touch with me. I’d love to help you.

What Is a Competitive Market Analysis?

We’re often asked what a ‘competitive market analysis’ is. Basically, it’s an analysis that real estate professionals perform to come up with a price and strategy to get a home sold for the best price and on the best terms and conditions.

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What is a competitive market analysis, exactly? We get this question a lot.

Basically, it’s our way of coming up with a price and structure for getting your home sold for the most money on the best terms and conditions. We look at houses that are currently active, pending, or have sold in the last six months.

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Going back six months lets you see more data and trends.

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Many people say you should only use listings that have sold in the last 90 days, but I completely disagree with that. If you look back six months, you can see trends and get a better idea of the data that is out there, see the average days on market, and come up with a strategy for getting your home sold.

Hopefully that answers any questions you have. If you have more questions or you’d like more details, give us a call or send us an email at the office. We’d be happy to help!

Will Interest Rates Go Up?

The Federal Reserve  will meet this December, and it seems very likely that they will increase interest rates. What does this mean for you as a home buyer or seller?

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I have been getting a lot of questions regarding the federal interest rate, so I wanted to take some time to talk about it today.

Back in September, the Federal Reserve planned to raise interest rates but ultimately decided to leave them where they were. The Federal Reserve is going to meet again this December, and it seems pretty likely that this time, interest rates will go up. 

Don’t worry about a federal interest rate increase too much, though. Most of the time when the Federal Reserve raises their rates, mortgage companies will lower their own interest rates. This might go against everything you would expect, but a lot of times these kind of decisions don’t make sense to us as everyday consumers.

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Even if interest rates go up a quarter of a percent, they will still be incredibly low!

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Secondly, even if interest rates go up by a quarter of a percent, they will still be at historic lows. I remember that during the boom of 2006, interest rates were hovering around the low fives, and everyone said, “These are the best interest rates we’ve ever seen!” There has been a slight increase in rates after the election already, but you can still get a 4.5% rate for a conventional mortgage, which is fantastic. Very little will happen to those rates if the Federal Reserve decides to make an increase.

Besides that, the Federal Reserve is mainly concerned with the shortage of new housing on the market, so they aren’t going to meddle with interest rates too much.

The bottom line is that now is a great time to sell your home. If you’re buying in this market, you do have to be on your toes, but you can still find some great deals out there.

If you have any other questions about interest rates or our current real estate market, give me a call or send me an email. I would be happy to help you!

What Does Our Market Look Like Right Now?

We’ve been noticing a lot of great trends lately in the Florida market. Homes are selling quickly and many are selling above list price.

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I wanted to take a moment to talk a little about our current market and what trends we are seeing as we head into the fall market.

We are currently experiencing a seller’s market in Florida, meaning there are more buyers than there are sellers. Houses are selling in mere days with multiple offers and offers over asking price are becoming more and more common.

It’s an amazing time to sell.

Home values have consistently climbed over the last two years. I was just looking at the median prices and I noticed a surprising trend. In 2006, which most consider the most recent “boom” in our market, the median price was $224,000. The current median price in the country is $244,000. We have seen a huge increase in median sales prices around the country in the last few years.

Interest rates right now are also very attractive. They are in the mid to low 4% range and driving the market for buyers. This is causing us to see increased prices and increased demand.

If you price your home correctly in alignment with its market value, you can expect to sell in less than 30 days and pretty darn close to asking price, if not above.

We are seeing growth across the entire county. It’s an amazing time if you’re considering selling or buying. If you have any questions for me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.