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Henry Paul
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Why are Existing Home Sales Down?
Why are Existing Home Sales Down?
simplifyingthemarket.com
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We have projected that our real estate market will start to experience declining sales. Yes, there is not enough homes in our market, and more importantly, our current inventory appears to be over-valued, and more disturbing home quality does not reflect correct market value. Homes are selling quickly, but only if they have been priced correctly. Pricing-Pricing-Pricing. We have to look at fair market value and remember it is not necessarily what the Seller believe their house is worth, but what the Buyer is willing to pay for that home.
Economists have already projected that home values will continue to diminish in 2019. Cause: our economy is gaining momentum, stocks are up, improving corporate returns, a GDP that surpassed 4% in the 2nd quarter-2018. Ironically, home building declined by 1.1%. As our economy heats up, so do home values. All good? not necessarily as it can move us towards inflation. So, the US monetary policy will slowly put on the brakes to slow it down. Not so fast, that would not be good either, so anticipate short-term rates to continue to increase. The upward trend of approximately 6.9% appreciation over the last 12-months we have come to enjoy will slow. Anticipate that values should diminish to around 4% at the end of 2019, and more to 2%-3% going into 2020-2021.
So, if you have been riding this appreciation wave, and are considering selling, you might just want to think about taking action as we go into the new year. Pricing your home properly will be the cornerstone of a successful outcome. Demand is outpacing supply, so Buyers are waiting for your decision.

Pledging Constancy for Your Greater Success
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This post resonates with the importance that when you are considering going into the real estate market the importance of hiring a skilled and service-oriented real estate professional. An Agent, who has a solid understanding of prevailing changes in the market, can provide you alternative pricing strategies and a marketing program that will best introduce your home across an expanded network to assure the greatest exposure. Remember, you are hiring an individual who will work to sell your most valued asset; your home. Like any professional, a Doctor, or a Lawyer, it will be your level of “TRUST” in their advice and guidance, which will yield the highest and most satisfactory outcome.
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Our South Florida Market
It becomes very apparent that we could be facing a serious dilemma in our fair County of Miami-Dade. Looking at the MLS today to evaluate our real estate market direction we realize that for luxury homeowners the market has fallen out from under you. Today, there are 1815 Miami-Dade residences actively listed on the MLS for $1 million or greater, and that in the last six months only 420 of those luxury estates were sold. We have an overabundance of inventory; 26 months (2-years) to be exact. If you are thinking of listing your home, you may find few interested Buyers, and when you do find somebody willing and able, they may deep discount the value. Averaged priced homes of $1-2 million are on the market for 154 days, while if your home has a value greater than $2 million you may have to wait much, much longer. Clearly, the market is not in your favor. On that point, we continue to see more and more homes coming off the market as expired or canceled listings (484 and 409 respectively in the last 6-months).
If you don’t own a luxury home, and your home value is $999 thousand or less, you are in a very hot market. Buyers want your home. Here is the difference, there are 4412 active listings in Miami-Dade today, of which greater than 5000 have sold, meaning we have only 5 months of inventory, and these homes are flying off the shelf in 61 days on average. If you are thinking of selling, now is a great time to put your home on the market. As the market is so favorable, and you are seriously considering selling then clean up your property, give it curb appeal, declutter, paint if necessary, and with a good cleaning you will be rewarded. With a bit of TLC, it is assured you will get the highest and best price for your home. However, there is a word of caution, as the market has low inventory and a high demand, Sellers are inflating their home values. Most Buyers and Lenders know this so care should be taken when evaluating your home. Over-valuing only limits the number of potential Buyers who will come see your house. Price it at fair market value, and you will be happy with the outcome.
For more market updates, and recommended strategies, follow me on Facebook or sign up on our website for a free, no obligation home evaluation.
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Reach out to me. I would enjoy the opportunity to evaluate your home and calculate the amount of equity you have built up. Give me a call or go to my website and register. No cost, no obligation.
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Clearly, this is a good time to consider selling, as the graphic points out demand is high, low-interest rates, and less competition (at least for now).
However, anticipate this advantage to narrow going into 2018, as the new tax bill will be impacting our South Florida home values. We are likely to see a continued increase but at a slower rate. Just consider, after-tax homeownership potentially becomes more expensive. Higher valued homes are likely to be coming onto the market, which today, we are already seeing higher inventories in our more prestigious neighborhoods. This will put greater pressure on higher valued homes causing price reductions (pricing will be key here). Subsequently, demand for moderately valued homes ($500,000-$800,000) will increase as buyers seek shelter from Florida’s property taxes. Remember your property tax deduction is capped at $10,000.
For moderately valued homes, we have a sellers’ market, low inventories, high demand, average home values will rise, your equity increases, but there will be a shift as sellers take advantage of the current situation impacting supply. This may be your window of opportunity, remember the mantra: “sell high, buy low”. Timing is critical, as it is likely we will not only see increasing demand from our local residents, but there may well be an influx of Buyers from out-of-State, escaping not only federal tax legislation, but state tax, cold weather, and the desire to retire in our sunny Florida.
Thinking seriously that the time may be right to sell, give me a call. Happy to provide you a free home evaluation, and to discuss your best strategies. Follow me on Facebook.
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Wanted to get this out to my readers. I am sure you all are aware that the Prime Rate has now gone up to 4.5% and we have a new Tax Bill pending to approval. All factors which are going to affect us in 2018.

Thinking of buying or selling next year. Give me a call, or drop me an email. I am here to help you through the process so that your experience is a pleasant one.

Merry Christmas and much prosperity for the New Year.
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Pre-approval for a mortgage is key to a successful outcome in your home acquisition. I tell my customers that before they consider looking at prospective properties, they must have a clear understanding of their budget and what they can afford. Without this key information, the real estate professional will not know what homes you should be looking at. Throughout the entire process, the real estate professional should be working with your lender so that the process runs smoothly, and eliminates any financial hurdles. If you are thinking of buying a home, please contact me. I can assist you with finding that Lender, who will assist you in this first step towards home ownership.
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