The Evans Report for the third quarter has been released and the upward trend in Palm Beach real estate sales is continuing it's ascent. While much of the action has been min what the report labels "the bottom rungs of the price ladder" you have to remember that the low rungs in Palm Beach would be considered the Top Step in many other locations. There is a great summary of the report in the Palm Beach Daily News today.
For the whole story, click here.
Included is the Sales Data as mentioned in the Palm Beach Real Estate Guide.
According to the National Association of Realtors, pending home resales rose 7.4 percent – the most since October 2001 and the fourth such increase this year.
All regions of the country saw an increase in pending sales from July, with the West showing the largest increase of 18.4 percent. The Northeast saw an 8.4 percent rise, the Midwest a 3.6 percent increase and 2.3 percent in the South.
According to reports, people are taking advantage of low home prices, and sales are up strongly in California, Nevada, Arizona, Florida, Rhode Island and Washington, D.C.
Although the likely reason for the rise in pending resales is investors buying up foreclosures, the fact remains that these houses are being taken off of the market, which has had a surplus of inventory.
When looking for a new home, many people are tempted to go it alone. This usually ends up being quite a daunting task, even for the most tenacious and focused homebuyer. Here are 10 ways that having a Realtor on your side can help:
According to a report by the Florida Association of Realtors, newly lowered prices of existing single family homes is the main reason for the Treasure Coastâ€™s 43% rise in sales, the largest annual percentage gain in the state.
After months of sales dropping in the double digits, Palm Beach Countyâ€™s sales dropped only 3% last month from last yearâ€™s levels, another positive sign that the market is stabilizing.
Sources at the Realtors Association of the Palm Beaches agree, saying that buyers have been waiting to see how much prices will drop. And they did -- median prices of existing homes in Palm Beach County fell 12% to $334,300 since June 2007, and in Martin and St. Lucie Counties, median prices fell 32% to $160,800.
Also according to the report, existing condominium sale prices fell 24% since June 2007 to a median price of $153,200, making them more affordable to first-time buyers. Martin and St. Lucie countiesâ€™ media price fell to $165,000 â€“ a drop of 28%.
This reflects two things, according to analysts. One â€“ sellers are becoming more realistic about pricing their properties, and two â€“ the amount of foreclosures in the upcoming months will drive down prices in the next 24 months.
Across the state, existing home sales fell 5% compared to last yearâ€™s figures. Nationally, sales fell by 15%. These low sales levels also mean lower prices â€“ the median price dropped by 7% compared to figures from last year.
Economists warn that there is still a way to go, but are hopeful that this is at least the beginning of the end.
The real estate market is ever changing; much like the fashion industry buying and selling trends are a continual ebb and flow. One of the biggest mistakes in a buyers’ market is to price homes with a “cushion” for negotiating room. With more and more inventory to look at buyers are taking their time to decide and heavily weighing pros and cons. They are searching for the most updated home with the best price in the most ideal location. Pricing your home correctly right from the beginning while your home is new on the market is crucial.
The agents at Scott Gordon Realty and Exclusive Estates are very familiar with the current market trends and are always available to assist you with any questions or if you need a price analysis of your home.
Your real estate agent determines the best price for your home by examining two categories: the current homes listed and the recent sold homes. Looking at homes that have sold in the last 30 days will give you an idea of what homes would have gone under contract for about 60 days ago. Then examine the current homes listed, a motivated seller will price their home the lowest of what is currently listed to ensure a fast sale.
Coming out of a seller’s market many homeowners in Palm Beach County understandably have trouble pricing their homes for the current market conditions. When faced with the need to sell your home, you need to weight the cost of lowering the price vs. your home possibly sitting empty and unsold, or the cost of postponing an important move for work or other reasons.
Other than price the second area buyers are focusing on is overall home condition. There are a few things you can do with minimal cost that will have a tremendous difference. These are a MUST if you need to sell your home quickly.
1. New paint, inside and out! Paint is the least expensive update yet has the biggest impact.
2. New carpet/flooring. Everyone wants to feel like they're in a new home, doing this simple task for the buyer may just put your home way above the completion.
3. Replace the small things. Attention to detail is very important to buyers. Replace the faucets, switch plates, if old- replace hardware on doors and cabinets.
4. Seriously Deep Clean Your Home. How you keep your home clean tells buyers how well you’ve maintained the unseen parts of a home. If your home is dirty and cluttered the buyer will assume behind the walls could lie many more problems.
5. Clean and caulk windows. Seal any cracks anywhere.
Finally, location is the last factor to consider. If you home backs up to an interstate or overlooks a parking lot you would need to price your home accordingly. When an ocean view is available for the same price, what would bring buyers to your home?
Market the strong points of your home, if the nearby highway is a concern, advertise the property as close to transit, easy commute etc. What makes your home special? A koi pond? completed media room? bonus room set up as a kids play area? Make sure to stress the best features of your home and stage it accordingly.
The knowledgeable Realtors at Scott Gordon Realty and Exclusive Estates would love to help you get your home ready to sell. Contact us today.
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