Lock-down and Stay at Home affects on local South Florida Real Estate market!
In these uncertain times with the Covid 19 virus, I get asked at every opportunity, is now the right time to put my house on the market? Should I make an offer or wait out the situation for better opportunities? Along with the Million Dollar question, where is the market heading?
I hope with my account of the last 4-6 weeks I can bring some clarity and reality of the current market condition in South Florida.
The more things change, the more they stay the same!
In my 25 years of experience as a residential real estate agent for South Florida (Deerfield Beach, Boca Raton, Parkland, Coral Springs, Pompano Beach, Boynton Beach, Delray Beach, Fort Lauderdale, and Hillsboro Beach) there were always two distinct markets. A) residential workforce B) Second Home / Vacation Home.
My experience of the last 4-6 weeks confirms, that with adaptation and investment in technology (virtual showings, facetime showings, advanced 3-D video photography, etc.) the residential workforce or relocation market will be strong and steady, as I will highlight with my recent closings. The second home buying market will shrink because of the uncertainty of the future and travel restrictions, however it’s still a great time for listing one’s home! Due to the current inventory shortage, people who have to buy because of work and relocation requirement are buyers are ready to submit offers.
All in all, I am seeing a strong demand on both the buyer and seller sides. Here are my most recent closings, contracts, and listings:
4/10/2020
I secured a new listing in Deer Creek Country Club for $750,000. All brand-new interior with high end finishes. Wide open floor plan as the owner reconstructed the property after a fire damaged the interior. Over 3,000 square feet with pool on the 16th fairway of the pristine golf course. Professional photos with 360 degree Matterport video will be scheduled for later this week.
4/14/2020
My New York condo owners listed their 2/2 unit in Deerfield Beach for rent on Thursday. There were 9 showings in two days. A tenant was secured on the third day on the market. It’s peace of mind for out of state sellers and owners to know their property is professionally managed and marketed.
4/16/2020
My buyers in Hawaii (working with them for the last 6 weeks) were provided a Facetime tour of a new listing in Coral Springs on Thursday. I submitted an offer on the home on Friday. The listing agent informed me that there were numerous showing of the home by other agents. He also informed me that there were multiple offers on the table. The sellers were able to dictate the closing date and other terms of the offer that was finally accepted for $10,000 over the listed price.
4/18/2020
Received an offer on my Boynton Beach listing over the weekend. It has been on the market for 17 days at the time received. I paid the extra marketing dollar to have this home photographed for a 360 degree virtual tour so buyers can view the property from their homes. I also had several live showings.
4/21/2020
I am pending a new listing in North Lauderdale. It’s an estate sale, with probate being filed by the executor’s attorney. Two bedroom, two baths with a carport is in original condition, single family home with an affordable price point.
To sum it up
No matter what the market conditions, the same rules for a successful transaction will always apply.
- Hire a profession agent with in-depth knowledge of your targeted community.
- Make sure your agent presents you with an all-encompassing marketing plan including professional photography, virtual tours and media strategies for advertising your property on and off line that fits your requirement.
- The right pricing always dictates how quickly a property will sell!
I hope this helps to shine some light on the current South Florida Real Estate Market condition.
Carolyn V. McNamara
954-415-1016
