There’s no denying we’re in a sellers’ market. With low inventory and high buyer demand, homes today are selling above the asking price at a record rate. According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR):

  • Homes typically sell within 17 days (compared to 26 days one year ago).
  • The average home sold has five offers to pick from.
  • 54% of offers are over the asking price.

Because so many buyers are competing for so few homes, bidding wars are driving up home prices. According to an average of leading expert projections, existing home prices are expected to increase by 8.9% this year.

Yet even in today’s red-hot sellers’ market, it’s important to price your house right. While it may…

336 Views, 0 Comments

Read Full Post

Hey, it's Andy with the Mandel Team at ReMax, I'm here bring you your July 2021 housing market update. As always, for the purposes of these videos, we're gonna be talking about single family homes only, in Boca, Parkland and Coral Springs. We're not talking about any country clubs, no condos, no 55 and overs. Just single family in those areas. Those are the areas that our team does the predominant amount of our business.

The first stat we like to look at, is the number of new listings hitting the market. On average, that's down 9%, but that's a little bit misleading, because it varies city by city. In Boca, the new listings in June of 2021, compared to June of 2020, are down 22%. So we're seeing fewer listings hitting the market in Boca. It's…

266 Views, 0 Comments

Read Full Post

Selling a house is a time-consuming process – especially if you decide to do it on your own, known as a For Sale By Owner (FSBO). From conducting market research to reviewing legal documents, handling negotiations, and more, it’s an involved and highly detailed process that requires a lot of expertise to navigate effectively. That’s one of the reasons why the percentage of people selling their own house has declined from 19% to 8% (See graph below):

To help you understand just how much time and effort it takes to sell on your own, here’s a look at a few of the things you need to think about before putting that “For Sale” sign up in your yard.

1. Making a Good First Impression

While it may sound simple, there are a lot of proven best…

454 Views, 0 Comments

Read Full Post

 

As we move into the latter half of the year, questions about what’s to come are top of mind for buyers and sellers. Near record-low mortgage rates coupled with rising home price appreciation kicked off a robust housing market in the first half of 2021, but what does the forecast tell us about what’s on the horizon?

Mortgage Rates Will Likely Increase, but Remain Low

Many experts are projecting a rise in interest rates. The latest Quarterly Forecast from Freddie Mac states:

“We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.”

However, even as mortgage rates…

309 Views, 0 Comments

Read Full Post