Podcast
Podcaster
Beschreibung
vor 9 Jahren
With Terry Story, 27-year veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL
Terry Story always reminds us that all real estate is local and so even when talking about high-end housing, the luxury market, it’s no different.
Since February 7, the number of luxury homes for sale in our area (those priced between 1 to 2 million) jumped from 7 to 18, that’s over 100 % increase, but there has been only one sale during that period. So clearly there’s a stall at that level.
The median price here in South Florida is in the $500,000 range, which is over double the median price nationwide. This is the range of the move-up buyer, the executive type buyer, the relocation buyer, and these homes were moving up until late 2015. Then sellers began to hear that the market was going up 3 to 4%, and they then began to price their homes accordingly, causing another stall at this level. Terry thinks the buyers are actually there, but they're just waiting for the sellers to become more realistic with their pricing so inventory can start moving again. The irony here is that interest rates are lower today than back at the beginning of the year, and the market and the economy, in general, are doing well.
The main reason people are listing their homes right now is that they’re looking for larger or nicer homes—they’re moving up the ladder, as it were. These move-up buyers, says Terry, account for about 40% and then those relocating to other areas comes in at about 24%.
The remaining percentage can be attributed to retirement, change in marital status from death or divorce, and then those wanting to move to a better school district, which is always a factor.
We live in a mobile society in stark contrast to say 40 or 50 years ago when homes were, if not forever, at least, for most of one’s adult lifetime. Many of us move many times throughout our lives and that’s what makes the real estate world go round and round.
The post Luxury Home Sales In A Holding Pattern appeared first on On The Money Radio.
Terry Story always reminds us that all real estate is local and so even when talking about high-end housing, the luxury market, it’s no different.
Since February 7, the number of luxury homes for sale in our area (those priced between 1 to 2 million) jumped from 7 to 18, that’s over 100 % increase, but there has been only one sale during that period. So clearly there’s a stall at that level.
The median price here in South Florida is in the $500,000 range, which is over double the median price nationwide. This is the range of the move-up buyer, the executive type buyer, the relocation buyer, and these homes were moving up until late 2015. Then sellers began to hear that the market was going up 3 to 4%, and they then began to price their homes accordingly, causing another stall at this level. Terry thinks the buyers are actually there, but they're just waiting for the sellers to become more realistic with their pricing so inventory can start moving again. The irony here is that interest rates are lower today than back at the beginning of the year, and the market and the economy, in general, are doing well.
The main reason people are listing their homes right now is that they’re looking for larger or nicer homes—they’re moving up the ladder, as it were. These move-up buyers, says Terry, account for about 40% and then those relocating to other areas comes in at about 24%.
The remaining percentage can be attributed to retirement, change in marital status from death or divorce, and then those wanting to move to a better school district, which is always a factor.
We live in a mobile society in stark contrast to say 40 or 50 years ago when homes were, if not forever, at least, for most of one’s adult lifetime. Many of us move many times throughout our lives and that’s what makes the real estate world go round and round.
The post Luxury Home Sales In A Holding Pattern appeared first on On The Money Radio.
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