All Blog Entries by John Sabia

John Sabia is a Fort Lauderdale Realtor at Coldwell Banker Residential Real Estate with more than 30 years real estate experience listing and selling homes, condos and townhouses in Fort Lauderdale and South Florida.

Found 438 blog entries published by John Sabia.

Oakland Park Real Estate Market update

Single Family Market Update: During the month of July, there were 29 closed sales for single family homes for sale in Oakland Park. The median sales price was $300,000 while the average sales price came in at $338,807. The total dollar sales volume for the month of Juy was $9,825,400. The percentage of sales price as compared to the original list price was 92.6%. The median time to contract (the middle number of days from listing to contract las month was 71.

Pending Sales for single-family homes in July totaled 21. Last month there were 30 new listings added to the total inventory of 94 homes for sale. Months of inventory came in at 3.4 - which is a real estate market tilted towards sellers (six months is

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Fort Lauderdale Real Estate Market Update

Single Family Market Update: For the month of July, there were 143 cosed sales for single-family homes in Fort Lauderdale. The median sales Price was $397,000 while the average sales price was $769,364. Total dollar Sales volume for the month of July was $110,018,985. The percentage of sales price as compared to the original list price was 91.9%. The median time to contract (middle number of days from listing to contract) In July was 97 days. 

Pending sales during the month totaled 131. During the same time, there were 174 new home listings with a total single family inventory of 679. Months of inventory was at 5.7 months (six months is considered a balanced market).

Condo-Townhouse Market Update: In July

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Bullet Points:

  • "Millennials" as defined by the US Census Bureau, are persons 18 - 36 years of age.
  • The median age of all first-time home buyers according to the NAR's latest Profile of Home Buyers & Sellers is 32.
  • Older Millennials (25 - 36) are realizing that owning their own home is well within their reach now!

Start Your Fort lauderdale search here:

 

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Owning A Home Is A Good Financial Investment

In a recently released 2019 Survey of Consumer Expectations Housing Survey by The Federal Reserve Bank (The Fed), 65 percent of Americans hold the belief that home-ownership is a good, solid financial investment for increasing net worth. The percentage of folks holding this belief increased by over nine percent since 2014.

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Diving deeper into the survey looking at age, education, income and area of the country, the survey found more than 55 percent of folks in each category view owing a home as a good investment.

Interestingly, the results of this survey compare with a recent Gallup survey, which showed that real estate was considered the top choice for the best long-term investment when

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Four Tips to Sell Quickly

Inventory of homes for sale has increased month over month since June of last year. And, typically every spring and summer we see an inventory increase because people want to sell their home, sometimes due to being in a new home for the beginning of the school year. 

If you are considering selling, these 4 tips may help you find a home buyer quickly:

1. Make buyers comfortable and feel like they are home

De-clutter! remove and pack all personal items like photos, awards, and items of sentiment. Remove you from the house and allow buyers to envision themselves living in the home. As reported in the Profile of Home Staging by the National Association of Realtors®, "83% of buyers' agents said staging a home made it

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Home ownership offers tremendous financial advantages.

A research paper Homeownership and the American Dream, by Laurie S. Goodman and Christopher Mayer of the Urban Land Institute explained:

"Homeownership appears to help borrowers accumulate housing and nonhousing wealth in a variety of ways, with tax advantages, greater financial flexibility due to secured borrowing, built in 'default' savings with mortgage amortization and nominally fixed payments, and the potential to lower home maintenance costs through sweat equity."

5 Significant financial advantages of owing a home

1. Housing is typically the one leveraged investment available

Owning a home allows for amplification of any appreciation on the home value by a leverage factor. A

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The Federal Reserve administers its Survey of Consumer finances every three years. Information is gathered by researching across all economic and social groups. The most current report dates from 2013 thru 2016.

The report shows that the median net worth of a homeowner is $231,400 - a 15% increase since 2013. Over the same period, the median net worth of renters decreased by 5% ($5,200 currently as compared to $5,500 in 2013). This research shows a homeowner's net worth is more than 44 times greater than that of a renter.

Home Ownership is a tremendous path towards increasing net worth

As in past posts, owning a home is a form of "forced savings." With each mortgage payment, you are adding to your net worth by increasing the amount of equity

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Move Up and Upgrade To A New Home

Premium or Luxury homes are typically defined as homes priced in The top twenty-five percent of homes for sale in that area. In the current real estate market, there are plenty of potential "good deals" to be found in the higher end market. This is fantastic news for current homeowners looking to move up to a more comfortable premium home.

During the last couple of years, most of the demand for housing was from first-time home buyers looking to find their starter home while less demand was for higher priced homes.

According to ILHM’s Luxury Report, this imbalance between  buyer demand and premium home inventory has resulted in a Buyer’s Market for luxury homes (homes priced from One Million and more).

“A

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Many questions about the real estate housing market focus on current home prices and where they are trending. To answer these questions, we can turn to the most current Home Price Expectation Survey (HPES).

Quarter 2 - 2019 survey results are as follow:

  • Home values are expted to appreciate by 4.1% in 2019
  • Over the next 5 years, the average annual appreciation rate is expted to be 3.2%
  • By year 2023, the cumulative appreciation will be 16.8%
  • Even the most bearish of pundits predict a cumulative appreciation of over 6.7% by 2023.

What Does This Mean?

A significant amount of family wealth is comprised of home equity. As the home's value increases, the home's equity increases as well.

Using predictions from the HPES Survey,

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The Current real estate market boasts higher home values, low interest rates, and increased buyer demand. All of these conditions point to the robust market predicted to go on for the remainder of the year.

One area that may cause a slow down is a diminishing supply of housing inventory. Demand from buyers typically increases during the summer months, however, the supply of properties is not keeping up with the demand.

Below are a few insights from industry experts:

Chief Economist at National Associations of Realtors (NAR), Lawrence Yun says, "An imbalance persists for mid-to-lower priced properties with strong demand and insufficient supply, which is consistently pushing up home prices."

First American Chief Economist Mark Fleming says,

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