Parkland Market Update Third Quarter 2014

The Parkland Real Estate Market continued to sell at a steady pace during the third quarter of 2014.  Here is a quick look at the activity during that period.Screenshot 2014-10-21 15.03.01

There are currently 222 homes active/available on the market.  During the third quarter of 2014, 38 homes went pending/under contract and 55 homes actually closed.

 

 

Further analysis shows that our ‘sweet spot’ remains in that $500,000.00 – $750,000.00 price range with an average of 4Plus Bedrooms – a true testament to our quality of life barometer and school district.  Of the 222 homes available for sale, only 76 homes are within this price range, which means we have approximately 2 months of inventory in our best-seller category.

Screenshot 2014-10-21 15.10.35

 

 

 

 

 

 

 

 

 

Homes that are priced correctly continue to sell faster and at a higher value than ones that Screenshot 2014-10-21 15.06.37 (1)were priced ambitiously to start.  We all want wiggle-room for offers to be negotiated, but statistics continue to show that pricing right is more effective every time for a goal of selling quickly and at a higher price point, especially as we compete with new construction sales, so this is important to keep in mind.

 

 

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Greater Ft. Lauderdale Area Market Report May-14

Ft. Lauderdale Market Update Greater Ft. Lauderdale Area Market Report May-14
Source: REALTOR® Association of Greater Ft. Lauderdale 

REALTOR® Association of Greater Ft. Lauderdale  reports median single-family home price up 6.0% in May-14 over Apr-14, sales fall to 649.

May-14 Quick Facts:

  • The median price of existing single-family homes increased to $299,000 up 6.0% vs Apr-14.
  • Existing single-family home sales decreased -0.9% from Apr-14 for a May-14 total of 649 sold units.
  • Condos increased in price to $105,950 up 3.4% vs Apr-14.
  • Existing condo sales decreased -7.0% in May-14 over Apr-14 for a total of 556 sold units.

 

Single Family Median Home Price
May-13 vs May-14
Clarus MarketMetrics®
6/10/2014

 

The Number of Sold Properties by Month
May-13 vs May-14

Clarus MarketMetrics®
6/10/2014

May-14 REALTOR® Association of Greater Ft. Lauderdale  Regional Sales and Price Activity

REALTOR® Association of Greater Ft. Lauderdale Median Price Percent Change in Price from Prior Month Percent Change in Price from Prior Year Total # Units Percent Change in Sales from Prior Month Percent Change in Sales from Prior Year
May-14 Apr-14 May-13 May-14 Apr-14 May-13
MLS Wide
RAGFL (Single Family) $299,000 6.0% 20.6% 649 -0.9% -17.1%
RAGFL (Condo) $105,950 3.4% 31.6% 556 -7.0% -22.0%
GFLR Region Cities
Single Family Only
Boca Raton $305,000 -3.0% 12.2% 17 -5.6% -29.2%
Boynton Beach $255,250 3.8% 66.3% 4 33.3% -60.0%
Coconut Creek $301,500 6.7% 29.7% 21 50.0% 31.3%
Cooper City $340,000 -27.3% -1.7% 7 16.7% -36.4%
Coral Springs $334,800 -3.4% 7.3% 59 1.7% -3.3%
Dania $299,950 30.9% 9.9% 4 100.0% -50.0%
Davie $336,500 -4.4% -20.9% 16 -5.9% -20.0%
Deerfield Beach $255,000 5.2% 10.9% 19 -5.0% -9.5%
Delray Beach $327,500 62.9% 162.0% 2 -60.0% -50.0%
Fort Lauderdale $334,000 -5.9% -1.8% 92 -14.8% -27.6%
Hallandale $118,500 27.4% -83.5% 2 100.0% 0.0%
Hialeah $194,500 34.1% 29.7% 1 0.0% 0.0%
Hollywood $171,074 -24.2% -7.5% 21 -4.5% -27.6%
Homestead 0 -100.0% -100.0%
Lakeworth $264,000 3.1% -7.8% 4 -33.3% -50.0%
Lauderdale By The Sea $400,000 -15.8% -16.4% 6 20.0% 50.0%
Lauderdale Lakes $135,000 10.0% 20.0% 9 125.0% 12.5%
Lauderhill $115,300 -25.6% -11.1% 7 -22.2% -41.7%
Lighthouse Point $473,607 -65.8% -38.2% 10 42.9% -16.7%
Margate $200,000 17.7% 18.0% 23 0.0% -11.5%
Miami $173,250 -27.8% 12.1% 22 29.4% 15.8%
Miami Gardens $145,000 32.4% 2 -66.7%
Miramar $278,000 -9.4% 35.6% 19 18.8% 26.7%
North Lauderdale $167,500 24.3% 63.4% 13 0.0% 30.0%
North Miami Beach $175,000 9.6% 1.7% 3 50.0% 0.0%
Oakland Park $255,000 20.3% 72.8% 19 -24.0% -13.6%
Parkland $542,500 -6.5% -2.3% 24 4.3% -4.0%
Pembroke Pines $321,450 7.2% 22.7% 22 -15.4% -18.5%
Plantation $340,000 5.4% 2.9% 45 181.3% 18.4%
Pompano Beach $195,000 21.1% 36.8% 37 2.8% -24.5%
Port St. Lucie $167,000 1.2% 68.7% 2 100.0% -33.3%
Royal Palm Beach $250,000 -3.8% 79.9% 2 -33.3% 0.0%
Southwest Ranches $833,250 63.2% -16.7% 4 -20.0% 300.0%
Sunrise $214,500 -6.3% 23.2% 21 -48.8% -30.0%
Tamarac $175,000 16.7% 34.6% 33 -10.8% -26.7%
Wellington $313,500 -1.1% 22.9% 2 100.0% -50.0%
West Palm Beach $315,000 228.1% 45.2% 3 -57.1% -40.0%
Weston $512,000 9.8% 13.8% 21 5.0% -27.6%
Wilton Manors $418,750 20.1% 36.8% 12 -7.7% -42.9%

Single Family = Single Family Res
Condo = Condo/Co-Op/Villa/Townhouse
Reports generated from Clarus MarketMetrics®

Contact your REALTOR® for additional local market trends in your neighborhood. Reports were generated from ClarusMarketMetrics® for the Realtor Association of Greater Ft. Lauderdale.

Do I Really Need A Real Estate Agent?

hirearealtorWith so much information readily available online, clients sometimes ask me, “Why should we hire a real estate agent?” They wonder, and rightfully so, if they couldn’t buy or sell a home through the Internet or through regular marketing and advertising channels without representation, without a a real estate agent. Some do OK, many don’t. So if you’ve wondered the same thing, here are 10 reasons why you might want to consider hiring a professional real estate agent.

1. Education & Experience

You don’t need to know everything about buying and selling real estate if you hire a real a361347e6fde8830b5469cf0a8c09e9festate professional who does. Henry Ford once said that when you hire people who are smarter than you are, it proves you are smarter than they are. The trick is to find the right person. Why not hire a person with more education and experience than you? We’re all looking for more precious time in our lives, and hiring pros gives us that time.

2. Agents are Buffers

Agents take the spam out of your property showings and visits. If you’re a buyer of new homes, for example, your agent will whip out her sword and keep the builder’s agents at bay, preventing them from biting or nipping at your heels and will work to protect your interests. If you’re a seller, your agent will filter all those phone calls that lead to nowhere from lookie loos and try to induce serious buyers to immediately write an offer.

3. Neighborhood Knowledge

Neighborhood Expert [QuotePix.com]Agents either possess intimate knowledge or they know where to find the industry buzz about your neighborhood. They can identify comparable sales and hand these facts to you, in addition to pointing you in the direction where you can find more data on schools, crime or demographics. For example, you may know that a home down the street was on the market for $550,000, but an agent will know it had upgrades and sold at $485,000 after 65 days on the market and after twice falling out of escrow.

4. Price Guidance

Contrary to what some people believe, agents do not select prices for sellers or buyers. However, an agent will help to guide clients to make the right choices for themselves. If a listing is at 6%, for example, an agent has a 6% vested interest in the sale, but the client has a 94% interest. Selling agents will ask buyers to weigh all the data supplied to them and to choose a price. Then based on market supply, demand and the conditions, the agent will devise a negotiation strategy.

5. Market Conditions Information

Wesley-Chapel-Real-Estate-Market-ReportReal estate agents can disclose market conditions, which will govern your selling or buying process. Many factors determine how you will proceed. Data such as the average per square foot cost of similar homes, median and average sales prices, average days on market and ratios of list-to-sold prices, among other criteria, will have a huge bearing on what you ultimately decide to do.

6. Professional Networking

Real estate agents network with other professionals, many of whom provide services that you will need to buy or sell. Due to legal liability, many agents will hesitate to recommend a certain individual or company over another, but they do know which vendors have a reputation for efficiency, competency and competitive pricing. Agents can, however, give you a list of references with whom they have worked and provide background information to help you make a wise selection.

7. Negotiation Skills & Confidentiality

Top producing agents negotiate well because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction and because they are skilled. It’s part of their job description. Good agents are not messengers, delivering buyer’s offers to sellers and vice versa. They are professionals who are trained to present their client’s case in the best light and agree to hold client information confidential from competing interests.

8. Handling Volumes of Paperwork

ar118849829680116Today’s Sales Contracts run 10 pages or more. That does not include the federal- and state-mandated disclosures nor disclosures dictated by local custom. Most real estate files average thicknesses from one to three inches of paper. One tiny mistake or omission could land you in court or cost you thousands.

9. Answer Questions After Closing

Even the smoothest transactions that close without complications can come back to haunt. For example, taxing authorities that collect property tax assessments, doc stamps or transfer tax can fall months behind and mix up invoices, but one call to your agent can straighten out the confusion. Many questions can pop up that were overlooked in the excitement of closing. Good agents stand by ready to assist. Worthy and honest agents don’t leave you in the dust to fend for yourself.

10. Develop Relationships for Future Business

The basis for an agent’s success and continued career in real estate is referrals. Few agents would survive if their livelihood was dependent on consistently drumming up new business. This emphasis gives agents strong incentives to make certain clients are happy and satisfied. It also means that an agent who stays in the business will be there for you when you need to hire an agent again. Many will periodically mail market updates to you to keep you informed and to stay in touch.

realestateagentA good realtor will take the guesswork out of the process – a great realtor will put together the pieces of the puzzle to make the entire transaction work for you and your family’s needs!

Parkland Real Estate Activity June 2014

parkland2As Summer heats up in Parkland, so does the local real estate market.  A quick look at the market activity for June shows once again that homes that are priced properly SELL.  Here is a quick synopsis of what has been happening in Parkland’s real estate market in June 2014.

Currently there are 129 homes on the market for sale.  Of these, 8 are short sales and one is an REO (Real Estate Owned or Corporate Owned property).  This shows a marked decrease in short sales and foreclosures in the Parkland area.

F1279985_101_12One home sold so far in June.  It was on the market for 90 days before going to contract and closed as an all cash sale at approximately $160.00 per square foot of living space.

There are currently 15 homes pending sale throughout Parkland.  Of this number, one is a Short Sale and two of them are REO’s.

If you would like to know the comparable market value of your home, we would be happy to provide you with a complimentary assessment.  Feel free to give us a call at 954.708.6841 to schedule an appointment, no strings attached.

How to Use Comparable Sales to Price Your Home

Before you put your home up for sale, use the right comparable sales to find the perfect price.

Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.

What makes a good comparable sale?

Your best comparable sale is the same model as your house in the same subdivision—and it closed escrow last week. If you can’t find that, here are other factors that count:

Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.

Home type: Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it’s finished), finishes, and yard size.

Amenities and upgrades: Is the kitchen new? Does the comparable sale house have full A/C? Is there crown molding, a deck, or a pool? Does your community have the same amenities (pool, workout room, walking trails, etc.) and homeowners association fees?

Date of sale: You may want to use a comparable sale from two years ago when the market was high, but that won’t fly. Most buyers use government-guaranteed mortgages, and those lending programs say comparable sales can be no older than 90 days.

Sales sweeteners: Did the comparable-sale sellers give the buyers downpayment assistance, closing costs, or a free television? You have to reduce the value of any comparable sale to account for any deal sweeteners.

Agents can help adjust price based on insider insights

Even if you live in a subdivision, your home will always be different from your neighbors’. Evaluating those differences—like the fact that your home has one more bedroom than the comparables or a basement office—is one of the ways real estate agents add value.

An active agent has been inside a lot of homes in your neighborhood and knows all sorts of details about comparable sales. She has read the comments the selling agent put into the MLS, seen the ugly wallpaper, and heard what other REALTORS®, lenders, closing agents, and appraisers said about the comparable sale.

More ways to pick a home listing price

If you’re still having trouble picking out a listing price for your home, look at the current competition. Ask your real estate agent to be honest about your home and the other homes on the market (and then listen to her without taking the criticism personally).

Next, put your comparable sales into two piles: more expensive and less expensive. What makes your home more valuable than the cheaper comparable sales and less valuable than the pricier comparable sales?

Are foreclosures and short sales comparables?

If one or more of your comparable sales was a foreclosed home or a short sale (a home that sold for less money than the owners owed on the mortgage), ask your real estate agent how to treat those comps.

A foreclosed home is usually in poor condition because owners who can’t pay their mortgage can’t afford to pay for upkeep. Your home is in great shape, so the foreclosure should be priced lower than your home.

Short sales are typically in good condition, although they are still distressed sales. The owners usually have to sell because they’re divorcing, or their employer is moving them to Kansas.

How much short sales are discounted from their market value varies among local markets.
So you have to rely on your REALTOR’s® knowledge of the local market to use a short sale as a comparable sale.

If you’d like more information on using Comparable Sales to help price your home to sell, it is really important to speak with your local Real Estate Expert.  Understanding and working your in your market are critical components to getting your home sold for the best price in the most opportune time frame.

Reposted From An Article By: Carl Vogel of HouseLogic

If Parkland, FL Real Estate is Doing So Well, Why Isn’t My Home Selling?

We often meet Home Sellers who are feeling frustrated because their home isn’t selling and they ask for our advice.  Selling your home really comes down to four key things:

Pricing:  Is your home overpriced for the current market?  Overpricing your home is usually the number one reason it’s not selling. Your home should be competitively priced for the current real estate market. Your Realtor should have done a Competitive Market Analysis (CMA in Realtor-Speak) to determine the market value.  Using the CMA, you need to price your home at or below market value to gain the most interest from buyers in the shortest period of time.  Yes, I did say below market value!

Consider this: If you start on the high side (aka as overpricing your home) because ‘you can always reduce the price’, you will most likely miss out on many buyers who figure your home is simply out of their price range.  Statistics show that homes on the market generate the most interest within the first two weeks that they are listed – why not take advantage of your best time period by starting off right, instead?

In fact, recent studies show that listing your home just 10% below market value can dramatically increase your chances of selling it quickly.  Worried about losing money by underpricing?  Weigh those potential losses against the costs of carrying the home for an extended period!  In addition, we are seeing homes that are listed just below market value stir up so much interest, they often result in bidding wars!  Now that’s a ‘HaPpY pLaCe’ for a Seller. 🙂

Promotion:   Is your home being marketed properly?  Another major reason for some homes not selling is lack of exposure. In today’s day and age the majority of Buyers use the internet to search for a home. You should list your home with a Realtor who is tech-savvy and up to date with today’s technology.

Your Realtor should be promoting your home on multiple online websites as well as sending out email blasts to colleagues, their contact database and the hundreds of realtors in your area.  Are they announcing your listing and Open Houses on Facebook and Twitter?  Believe me, these tools make a huge difference in this market.

Ask your Realtor to review the photographs they take of your home with you.  Pay attention to the little details in those images, as that is what potential Buyers are using to determine if they are interested in looking at your home.  (Word to the Wise: pics of the exterior only imply there’s something wrong with the interior).

Product:   Think of your home as a product for sale!  Does it show well?  Is it clean and free of clutter inside and out? Many prospective buyers do not have “vision” and cannot see past these little cosmetic shortcomings.  They are looking for something that immediately appeals to them and will give them the most bang for their buck.  Simple things like clothes left on the floor, a sink full of dishes or soiled walls can make your home seem like it lacks the spit and shine they are looking for… Seriously!!!

Make sure your home is free from clutter, has clean walls and moldings, clean carpeting, well-maintained landscaping, and is neatly organized.

Also, make sure your home is well lit and smells appealing (air fresheners and candles work well) when Buyers are viewing the home.  Think of it as setting a tone/mood for a prospective Buyer to feel warm and fuzzy about your home and see it as theirs!

You may even be better off doing some upgrades in your home before putting it on the market.  Features like granite counter-tops in your kitchen, updated fittings and fixtures in your bathrooms and new carpets can  bring your home to a competitive level or advantage with other homes for sale in your neighborhood.  Ask your Realtor to walk through your home with you and advise you of what changes you could make to help it show at its best.  Hire a Home Stager if necessary!

Professional:   As you can see from the above, hiring the right Realtor is really essential in the home selling process. Make sure you hire a professional who is committed to getting your home sold and is thorough about the preliminary work of getting your home ready for showings.  You need a Realtor who does aggressive marketing and has a strong online marketing strategy as a part of that.

Communication is also very important.  Your Realtor should be in weekly contact with you to discuss your sale activity and the feedback from prospective Buyers  who have viewed your home.  They should be proactive about suggesting changes or adjustments that can help the process.

Having a Realtor work with you to sell your home is definitely the best way to go but it is equally important to hire the right Realtor who has the skill, knowledge, experience and communication skills to get the job done.

Got a question?  Feel free to leave us a comment or shoot us an email at NICOLA@FLLUXREG.COM.

Parkland, FL Real Estate Update

With all the news about Parkland’s A-Rated Schools, the great family lifestyle and the way property values are holding their own, Parkland Real Estate continues to sell very well and June was no exception.  Here is the Sales Activity for June 2011, broken down by Subdivision.

Parkland Stats Jun 11

32 homes sold in Parkland last month.  Of the 32, 9 homes were Short Sales and 5 were Foreclosures.  3 homes  had neither pool nor lake, 13 had a pool only, 4 had a lake only and 12 had both a pool and a lake lot.

19 homes went under contract in June, of which 4 were short sales and 2 were foreclosures.  9 of these homes had pools only, 4 had lakefront property only with no pool, and 3 had both.  3 of them had no pool or lake.

The activity clearly shows that homes that are priced right are selling and selling quickly.  In addition, it is evident from the statistics that a pool is a very important feature to prospective Buyers, more so than lakefront properties, in fact.

Homes in move-in condition, already upgraded and that offer good value for the price are also selling faster than their competition.

There are currently 158 homes available for sale in the Parkland area.  Click here to use our complimentary, user-friendly Property Search to see what is available at the moment.

Here is this week’s Featured Property, which was listed for sale last month in Waters’ Edge, for $449,000.00.

Want more information on this beautiful 4 Bedroom with 3 bathroom Home?  Just click here for more property details.

Parkland on a whole is selling very well.  However, it is really important to work with a local expert in the area who is knowledgable about the specifics of the Parkland Real Estate Market.  That’s a topic we will delve into further later this week.

Parkland Today is a project by Nicola Riettie dedicated to writing useful blog posts for consumers about the Parkland, Florida area.  Find out what it is really like to live in Parkland, Florida by reading about our fair city at this Blog regularly. You’ll get the latest in local real estate information, Parkland real estate market reports, our favorite Parkland photos and a little bit of humor.  If you have topic ideas, feel free to request a story about the idea!  After all, this site is just for you.

You can subscribe to our email newsletter by visiting here  and fill out the form – just type NEWSLETTER in the comments section.  

Parkland, FL – All ‘A’s!!!

Have you heard the latest news?

Parkland Schools Receive A Rating

According to the most recent FCAT ratings, the elementary and middle schools located in Parkland have received an A Rating. This means that Heron Heights Elementary School, Riverglades Elementary School, Park Trails Elementary School and Westglades Middle School have all earned the highest grade of ‘A’ from the Florida Department of Education in the 2010/11 school accountability results under the state’s A+ Plan.

School grade calculations are based on student performance as measured by the Florida Comprehensive Assessment Test (FCAT) in reading, mathematics, science and writing.

This honor is just another example of how why Parkland is such a great place to live and how  important Parkland holds its children’s future. The A grades are even more important since they follow Forbes Magazine’s designation of the City of Parkland as the no. 1 Top Education Town where the median home price falls between $400k – $600k.

A huge shout out to to all our educators and school volunteers!

Hot Home Trends…

The hottest new Home Design Trends reflect the transition from the McMansion Era to simpler spaces that have the ideal flow, layout and design for utility and enjoyment of a home.  Take a look at the hottest new trends:

Trend #1: Convertible Spaces

Forget “museum rooms” we use twice a year (dining rooms and living rooms) and embrace convertible spaces that change with our whims. Foldaway walls turn a private study into an easy-flow party space. Walls can consist of fancy, glass panels ($600 to $1,600 per linear ft., depending on the system); or they can be simple vinyl-covered accordions ($1,230 for 7 ft. by 10 ft.). PortablePartions.com sells walls on wheels ($775 for approximately 7 ft. by 7 ft.). A Murphy bed pulls down from an armoire-looking wall unit and turns any room into a guest room. Prices, including installation and cabinetry, range from $2,000 (twin with main cabinet) to more than $5,000 (California king with main and side units). Just search online for sellers. And don’t forget area rugs that easily define, and redefine, open spaces.

Trend #2: A laundry room of your own…

Humankind advanced when the laundry room arose from the basement to a louvered closet on the second floor where clothes live. Now, we’re taking another step forward by granting washday a room of its own. If you’re thinking of remodeling, turn a mudroom or extra bedroom into a dedicated laundry room big enough to house the washer and dryer, hang hand-washables, and store bulk boxes of detergent. Look for spaces that already have plumbing hookups or are adjacent to rooms with running water to save on plumbing costs.

Trend #3: Souped-up kitchens

Although houses are trending smaller, kitchens are getting bigger, according to the American Institute of Architects’ Home

Design Trends Survey. Kitchen remodels open the space, perhaps incorporating lonely dining rooms, and feature recycling centers, large pantries, and recharging stations. Oversized and high-priced commercial appliances—did we ever fire up six burners at once?—are yielding to family-sized, mid-range models that recover at least one cabinet for storage. Since the entire family now helps prepare dinner (in your dreams), double prep sinks have evolved into dual-prep islands with lots of counter space and pull-out drawers.

Trend #4: Energy diets

We’re wrestling with an energy disorder: We’re binging on electronics—cell phones, iPads, Blackberries, laptops–then crash dieting by installing LED fixtures and turning the thermostat to 68 degrees. Are we ahead of the energy game? Only the energy monitors and meters know for sure. These new tracking devices can gauge electricity usage of individual electronics ($20 to $30) or monitor whole house energy ($100 to $250). The TED 5000 Energy Monitor ($240) supplies real-time feedback that you can view remotely and graph by the second, minute, hour, day, and month.

Trend #5: Love that storage

As we bow to the new god of declutter, storage has become the holy grail. We’re not talking about more baskets we can trip over in the night; we’re imagining and discovering built-in storage in unlikely spaces–under stairs, over doors, beneath floors. Under-appreciated nooks that once displayed antique desks are growing into built-ins for books and collections. Slap on some doors, and you can hide office supplies and buckets of Legos. Giant master suites, with floor space to land a 747, are being divided to conquer clutter with more walk-in closets.

Trend #6: Home offices come out of the closet

Flexible work schedules, mobile communications, and entrepreneurial zeal are relocating us from the office downtown to home. Laptops and wireless connections let us telecommute from anywhere in the house, but we still want a dedicated space (preferably with a door) for files, supplies, and printers. Spare bedrooms are becoming home offices and family room niches are morphing into working nooks. After a weekend of de-cluttering, basements and attics are reborn as work centers.

Staging a home for sale can also greatly benefit from these tips and styles.  Buyers like to see how they can use the space to best suit their needs.  For more information on how to use these trends for Home Staging, give us a call at (702) 538.2294…

Some Content Originally Written By Lisa Kaplan Gordon – a HouseLogic contributor and homebuilder.