Dear Neighbors,
The Florida Realtors Sun Stat data this month reveals that inventory for condominiums and townhouses has increase d 218% and inventory of single-family homes has increased 269% over the February 2022 inventory. Although this is a huge increase, the condominium and townhouse markets still have only 3.5 months of inventory compared to 1.1 months in February 2022 and the single-family home market has only 4.8 months of inventory compared to 1.3 months in February 2022. For sellers, this signifies greater competition when selling their home. Nonetheless, sellers can take several steps to improve their chances of selling their home in this more competitive market.
Quite clearly, this is not the same market we saw in 2020 and 2021, when home sellers could list their home for any price and expect a bidding war. Setting a high price for your home and expecting buyers to negotiate could be a mistake. Some buyers are experiencing frustration with their post pandemic home search and are not interested in trying to assess how negotiable a seller is. Therefore, it is important to price your home correctly when placing it on the market. Statistics show that homes incorrectly priced stay on the market longer and sell for an average of 16% off the list price. If sellers genuinely want to sell their home quickly, they should hire a seasoned real estate agent who knows the local market and who will suggest a competitive list price that will enhance the prospect of a quick sale.
On April 5, 2023, S&B Realty will be hosting a complimentary “Lunch and Learn” program, “1031 Exchanges, How to Defer Taxes of Real Estate Property.” If you have not registered, we urge you to do so immediately by calling 954-644-3550 as seating is limited. As promised, here is a collage of photos from our annual Valentine’s “Share the Love” brunch. We hope that you will be able to join us at this event next February.
Your neighbors,
Nancy and Justin