Real estate FOMO is real. [Fear of missing out] on the RIGHT real estate timing leaves us stuck in a place of inaction. We have probably all bought and sold real estate at a less than opportune time. IT HAPPENS. I personally have sold a property in this market and I made

a lot of money. Could I have made more if I had waited a few more months...maybe? However, I got top dollar, did not pay any closing cost contributions to the buyer, had a quick closing, and I did not negotiate any inspection repairs at all. THAT is what you need to think about in postponing selling your home.

 

SUPPLY AND DEMAND dictates price AND terms. In this market we see MULTIPLE offers, contracts OVER list price, NO appraisal or CASH on top of the appraised value, no seller paid closing costs, either a waived inspection or no inspection contingency. In addition, we currently have under 2 months of inventory so homes are going under contract very quickly.

 

If we look back, year to date June 23rd 2019, using the price range of $800K to $1M in Delray Beach, we see that things were much different. The average sales price was 92.3% of the listing price (not 100.2% like this market), homes sat on the market an average of 126 days (not 24 like this market), Sellers paid closing costs for buyers, Sellers paid for inspection repairs or a price reduction as compensation for repairs, and 1/3 of all listings had price reductions, as is common in a balanced market to elicit a sale. Also, there are price reductions to satisfy the appraised value.

 

Home prices in Florida will always go up, after-all this is paradise, though projected price appreciation slows with graduated reductions each of the next 5 years. I’m in my 18th year of real estate and I have never seen a market like this one! If you own a second home or plan to sell within the next 5 years, you may have FOMO if you wait.

It bears repeating, the decision to wait to sell must include factoring in an average 8% price reduction, having your home sit more days on the market (more showings, more people through your home), NEGOTIATING not only sales price, but closing costs, appraised value, and inspections repairs.

As real estate leans more towards a balanced market, the power shifts away from sellers. This current market is like being in an easy relationship for Sellers. Who doesn’t love an easy relationship?

I’m here to help you navigate this challenging decision. Give me a call and let’s see if this is the right time for your specific situation. If not, I hope to earn your trust, and be your first call when you are ready to sell in the future. Cheryl 754-207-4504.