Real Estate Market SWFL (Miami: for sale, apartment complex, foreclosures)

[cptnD]

Originally Posted by JPrzybylski07

This was great. I feel exactly the same way. It’s hard to try and be a sales professional while also being a realist. I don’t think I have ever referred to myself as a “realist” before this, but that’s a great word in the tool belt to help with my own thinking and self reflection on things.

And I have some thoughts already lol.

I think our society is becoming more of a “realist” one overall. The younger generations are much less “faithful” and religious and are much better at gathering information themselves. If it’s not caught on camera or video then it’s not real so to speak.

The old way of sales is only going to work for so long, meaning you have to have something more to offer then just the gift of gab. Selling to a baby boomer and asking about his or her favorite baseball team is seen as charming, whereas that same tactic on a millennial or someone younger is probably going to be seen as manipulative in a sales setting.

Sure having lots of real life experience as a realtor is crucial when you try to sell your service to other people, but that experience can also create many cognitive biases that best not serve the customer, like trying to make predictions.

Yes, thank you. I always tell customers before they become clients that I hate sugar coating things. So if they are looking for an agent to tell them what they think they want to hear, then we're not a good fit for each other. Because the second something goes the opposite way, who are they blaming? The only thing certain in life is death, unfortunately.

It can be a struggle adapting to each client, but that's what you have to do. Read the crowd. Business 101; the only thing that remains constant is change. And the second you become biased, or perched on the same hutch is the second you become obsolete.

[Marc Middleton]

Originally Posted by cptnD

This is true. That's always been my problem with putting out content. Most agents out there are just following & riding the wave with the majority of social media bigs that say this or that. And they go chips all in on as if they have a crystal ball, until it proves to be wrong. Then they change their tone again with certainty. Because that's the only fact; no one has a crystal ball. That's just not me. I'm a realist. It's difficult to be both a sales professional and a realist because one is ignoring all possibility of "well what if" and the other is just looking straight in the mirror.

What I can add professionally, is that I take it quarter by quarter, month by month, week by week, and day by day. Watch average days on market for homes, watch standing inventory, watch interest rates, etc. and make the best educated guess. It's extremely important now more than ever to educate buyers on the current market, even if some of it sounds discouraging. Give them options, advice for those options, and let them make the decisions.

As far as demand is concerned, it's everywhere across the US. Read all the other CD Forums in other states and major cities. Unfortunately, for buyers demand is a long way off from being balanced. I think many borrowers will be forced to continue renting, consider other options, or settle for much less than they want as interest rates continue to rise.

Inventory is creeping up. Demand is still red-hot for the 'right home'. That usually means no work being done, move right in/furnished, etc. You're going to see a lot of these bundled golf owners cashing in now that season is over and they waited to 'cash' and used it 'one last time for season'. Now they don't want to carry $900/mo HOA fees for the remainder of the year.

Interest rates are 5% for most buyers so that will have an effect on some, but still a lot of cash buyers pouring in to SW FL.

This is more of a localized view. I'm still seeing in my big FB Groups realtors having 20-30 offers, selling for way over asking price, etc. but its mainly CA, AZ, and other parts. Not so much SW FL (although we did get 15 offers on our villa in Bay Forest, but we priced it low to get a quick sale for the seller because she was in such a rush).

Condos in Miami aren't flying off the market but still doing well, mainly because the rents are so high its bringing out every buyer with extra cash to become a R.E investor.

Tampa is probably the hottest market in FL right now from all I've read. They're also posting the highest gains this year.

[MOforthewin]

Originally Posted by Marc Middleton

Inventory is creeping up. Demand is still red-hot for the 'right home'. That usually means no work being done, move right in/furnished, etc. You're going to see a lot of these bundled golf owners cashing in now that season is over and they waited to 'cash' and used it 'one last time for season'. Now they don't want to carry $900/mo HOA fees for the remainder of the year.

Interest rates are 5% for most buyers so that will have an effect on some, but still a lot of cash buyers pouring in to SW FL.

This is more of a localized view. I'm still seeing in my big FB Groups realtors having 20-30 offers, selling for way over asking price, etc. but its mainly CA, AZ, and other parts. Not so much SW FL (although we did get 15 offers on our villa in Bay Forest, but we priced it low to get a quick sale for the seller because she was in such a rush).

Condos in Miami aren't flying off the market but still doing well, mainly because the rents are so high its bringing out every buyer with extra cash to become a R.E investor.

Tampa is probably the hottest market in FL right now from all I've read. They're also posting the highest gains this year.

Also, Miami had a glut at one point of condos. Not quite as bad with shortages like over here.


Surfside might play a role too. I wouldn't live in a high rise anyway. They just don't look safe. I mean, look how crappy these houses are built around here now. Would I want to live 150 feet in the air??

[GrouperK]

What are typical closing costs on a 450k house here?

[JPrzybylski07]

Originally Posted by GrouperK

What are typical closing costs on a 450k house here?

Depends if you’re the buyer or seller and what is negotiated.

[GrouperK]

Originally Posted by JPrzybylski07

Depends if you’re the buyer or seller and what is negotiated.

Gotcha. Not selling just yet. Guess I’ll find out when it happens.

[Marc Middleton]

Originally Posted by GrouperK

Gotcha. Not selling just yet. Guess I’ll find out when it happens.

Your title company will send you an estimate when you're under contract.

[GrouperK]

Originally Posted by Marc Middleton

Your title company will send you an estimate when you're under contract.

Thanks.

Oh hey mr. realtor. Question for selling, what are some of the best ways to save money when selling in CC? Obviously fix all necessary repairs, regular maintenance, keep up on landscaping, etc. Any advice on getting top dollar? The house is only about six years old so there won’t be any major repairs needed.

[Marc Middleton]

Originally Posted by GrouperK

Thanks.

Oh hey mr. realtor. Question for selling, what are some of the best ways to save money when selling in CC? Obviously fix all necessary repairs, regular maintenance, keep up on landscaping, etc. Any advice on getting top dollar? The house is only about six years old so there won’t be any major repairs needed.

The more you can make it look 'move-in ready' the better. A lot of buyers these days are not wanting to do any work. Even if your home isn't modern or updated by TV standards, decluttering and not having the home show 'its age' is very beneficial right now. (silly things I see are like broken outlet covers, chipped paint in main areas, worn looking carpets, light bulbs burnt out, window blinds that don't open)

Obviously hire a good agent - Don't let them just put a lockbox on the door. You need someone who can 'sell' your home, and that will probably mean doing an open house. Agent needs to help create that excitement to get buyers off the fence and writing a good offer with good terms (like low inspection period, higher deposits, etc.).

Have all the necessary documents in order for listing. Copy of your survey? Cost of ownership estimate sheet? (What's it cost to live there - what's the pool guy cost, landscaper, etc.) Your agent will get these questions - best they are armed with responses instead of the usual 'I'll get back to you'.

Good luck!

[GrouperK]

Originally Posted by Marc Middleton

The more you can make it look 'move-in ready' the better. A lot of buyers these days are not wanting to do any work. Even if your home isn't modern or updated by TV standards, decluttering and not having the home show 'its age' is very beneficial right now. (silly things I see are like broken outlet covers, chipped paint in main areas, worn looking carpets, light bulbs burnt out, window blinds that don't open)

Obviously hire a good agent - Don't let them just put a lockbox on the door. You need someone who can 'sell' your home, and that will probably mean doing an open house. Agent needs to help create that excitement to get buyers off the fence and writing a good offer with good terms (like low inspection period, higher deposits, etc.).

Have all the necessary documents in order for listing. Copy of your survey? Cost of ownership estimate sheet? (What's it cost to live there - what's the pool guy cost, landscaper, etc.) Your agent will get these questions - best they are armed with responses instead of the usual 'I'll get back to you'.

Good luck!

Didn’t even think about a cost of ownership estimate, thanks for the great tips.