It’s also interesting to note that during the month of October distressed sales represent less than 16% of total sales and the average for many months has been around 35%.

This is a detailed list of all Single Family Homes that closed in Weston during the month of October 2011

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Synchronizing Seller’s and Buyer’s expectations is not easy. Most Sellers are loosing so much money, that  with a reason, they want to get the most for their property. Buyers acting based on the information provided by the Media, most of the times showing broad statistics, and the closed distressed properties try to get the properties for are least as possible.

Pricing in Today’s Market is, more than ever, an ART… What we have always known is that an overprice listing does more harm than good to sell a property at it’s highest possible sale price. Sometimes Sellers forget that Buyers have access to the same information and at the end the “market value” will prevail. The main problem is that when there are enough comps, the array of prices for similar properties is very broad and the gap may be may as high as to 10%. It’s reasonable to price at the high end of the spectrum but when the price is unreasonable excessive, the consequences may backfire the seller.

Ken H. Johnson, Ph.D. — Florida International University (FIU) and Editor of the Journal of Housing Research wrote this interesting article:

Article published by www.kcmblog.com

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One of the Best Headlines I have Read in a Long Time:

Decline in South Florida homes for sale giving sellers an edge.

We as Real Estate Agents selling property in South Florida have been noticing it for many months. I am glad finally the media is helping us convey this information to buyers looking for steals. Even though there are still very good deals out there, the real estate market specially in the lowest price points and in desirable areas as Weston moves very fast and at reasonable prices.

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In the times of 80/20 loans (no down payment) FHA loans were not attractive at all. Who would pay the FHA premium upfront if they could get a loan just by being alive?. Since the Real Estate Crisis started, the use of FHA loans has been back.

Draft bill would hike FHA loan down payments to 5%, slash loan limits | Inman News.

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Ron Shuffield is EWM Realtors President and South Florida Real Estate Numbers’ Guru.

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Even though Apples and Pears are both fruits they definitely taste completely different. I totally understand that when National Real Estate Data is released it shows trends but savy consumers know that Real Estate is Local in nature , actually hyper local…

Even within an specific area the market changes based on price range, subdivision, age and condition of the properties. I have had out of town buyers coming to Weston, Florida thinking they can get a bargain but they don’t exist. You can find good buys but not steals. Matt Ferrara posted a very interesting article about the topic…

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If you are interested in buying or selling, please call me at (954) 588-7260 or contact me.

Is it the most buyers are willing to pay?

Is It the least sellers are willing to get for the property?

Is what and appraiser thinks it is worth?

Fortunately we have this dilemma since the market has been moving very fast. In the Single Family Homes Market in Weston for all price ranges we have been very close to 6 months of inventory which is the threshold between a Sellers Market and a Balanced Market*; if we look at the same market of properties priced under $ 400,000.00 the trend for the last year has leaned over being a sellers market with an average of 4.68 months in the last 15 months.

Now what is the problem then???

The sellers have high expectations based on the fact that they get many showings and in most cases competing offers.

The buyers can be divided in two groups: the ones that look in detail at closed sales and their offers are not competitive and those very aggressive willing to offer way above comparable sales expecting the appraisal to take care of the “real” value of the property.

Now we have the appraiser who if we are lucky know the area and pick reasonable comps and those who value regular sales taking more than 50% of comparable properties to be short sales (deducting 10% off the listing price if they are pending)  an foreclosures when the market’s trend is a price to sell ratio of 95% and distressed sales only represent 30% of the closed sales. The appraisals tend to be below the negotiated purchase price and in most cases the sellers are willing to reduce the price to reflect the appraised value and in fewer cases the buyers are willing to bring extra cash and pay above appraised value.

The spread of prices is unbelievable in both active listings and closed sales. It’s hard to determine an exact price and we look at best and worst case scenarios to determine how to price either when we have a listing (making sure it is competitive based on whatever else is in the market) or when we suggest a price to use when presenting offers. Sellers and Buyers have the last word!

We don’t want the market to look like the earlier 2000’s where people overpaid just to be able to grab a property, but in a market where supply is short and demand is high the gaps will always exist and the most aggressive buyers end.

Have you experienced problems being able to secure a property to purchase?
What would be your advice to someone who has presented several offers and has always been outbid by other buyers?

*Months of Inventory based in Closed Sales
Less than 6 months=Sellers Market
Between 6 and 9 months=Balanced Market
More than 9 months=Buyer’s Market

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Weston Single Family Homes Sales are consistent with the time of the year. For a list of single family homes sold during the month of February read more…

INFORMATION OBTAINED THROUGH THE MULTIPLE LISTING SERVICE

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