Real Estate Information Archive

Is the Palm Beach County Real Estate Marketing Transitioning?

Real estate inventory is finally down year over year in Palm Beach County.  To top that off, the sales are up.  Single family home inventory is down in incredible 15% this quarter compared to the same quarter last year.  Sales are up 29% this quarter compared to the same quarter last year.  So if inventory is down and sales are up…does that mean the real estate market is balancing out? 

Before answering that question, let’s look at October 2011’s single family home market compared to the same month of October in 2010.  The single family home market’s available homes were also down 15% from the same month a year ago.  And sales?  Sales were up 20% when compared to the same month last year. .  Again, an indication of our real estate market transitioning to a more balanced market?  Have we hit “the bottom” of the buyer’s market? 

Perhaps we are in a transitioning market.  Perhaps we have seen the “bottom”.  If so, what does the “bottom” look like?  The average SOLD price for Single Family homes in down 21% when compared to the same quarter last year.  However, the real story may be found in the month to month statistics.  Palm Beach County’s single family home market realized a 9.4% increase in average sales price in October of this year compared to the previous month. 

What does this all mean for home buyers?  There has never been a better time to gather a few boxes and begin packing.  There has never been a more risk-free, value packed market to step in to.  The historically low interest rates 4% and lower are surely the icing on the big fat real estate cake. 

For more information on what this means to you, call or contact our talented team members on The Jackie Ellis Team. 561-965-1225   www.JackieEllis.com

November 23, 2011

You may be surprised to learn that our inventory is 15% lower when compared to October 2010.  This slight decrease in inventory translates to buyers having fewer homes to choose from during their home search.  That isn’t even the end of the story…sales are actually up.  Sales in October of 2011 were increased by a whopping 20% when compared to October of 2010.  That’s great news for home sellers in Palm Beach County.

If you are thinking of selling your home in Palm Beach County….now may be the great time to enter the market.  Call us if you would like to explore your place in today’s real estate market.  Our experts on The Jackie Ellis Team can provide a Total Market Overview customized to your property.  Knowledge is power.  The Jackie Ellis Team at Keller Williams Realty.  561-965-1225.

TIPS FOR MAINTAINING YOUR HOME

Monthly: 

( )         Inspect and replace air conditioning filter – Use your electric

            bill as a reminder.

Quarterly:

( )         Inspect and test smoke alarms and replace back up          

            batteries.

 ( )        Inspect and maintain drainage around home.

( )         Inspect and caulk ceramic tile in the kitchen and the bath.

( )         Inspect shower caulking for proper water seal (use

            siliconized caulk).

Semi-Annually:

( )         Service heating and air conditioning system (inspect pans

            and overflow for standing water).

( )         Inspect & clean roof, valleys & gutters for debris for proper

            water drainage.

( )         Inspect exterior doors (finish and adjust weather stripping if

            needed).

( )         Inspect and lubricate door hardware and lock sets.

( )         Inspect and repair exterior caulking at windows, doors and

            siding.

Annually:

( )         Inspect and repair settling cracks (drywall)

( )         Inspect and lubricate garage door tracks.

( )         Inspect and repaint exterior.

( )         Invite Jackie over for a visit!

Selling or Buying a Home

Is a Team Effort…

Real estate transactions can be complicated.  There are a lot of agents out there who would like to try to sell you a home.  Finding the right agent is pivotal in determining the success or failure of selling or buying your home.  Should you work with a real estate team?  What are the advantages of working with a real estate team of specialists? 

Traditional agents must divide their time between all the necessary tasks to maintain a business while they compete with other agents within their own office.   The goal of a successful real estate team of specialists is to work together to track each step of your transaction.  Each team member has a responsibility and a specialty.  “Our team of administrative staff and buyer specialists helps us to provide a level of service our clients deserve.” The collaboration ensures that every detail is covered and every commitment is achieved. 

Meet the Team!

Jackie Ellis

Team Leader

To provide the best service in the industry, Jackie assembled a “team” to make sure every step of the transaction is handled.

Brian Perry

Chief Operation Officer & Lead Seller Specialist

Linda Barnaby

Seller Services Manager 

Elizabeth Love

Closing Manager

Tom Ellis

Courier Extraordinaire

Michael Nathanson, CDPE

Buyer Specialist

Linda Petrosky

Buyer Specialist

Billy Howell

REO Division Leader

How Important is Curb Appeal?

Curb appeal-the not easily defined sub of color, architecture, landscaping and decorative features that make homes attractive at first glance, most of the time from a Realtor’s car.

In the home-selling market, curb appeal is better than cash. The first step to selling is getting buyers through the front door. First impressions can linger throughout the entire showing. So how can you measure your home’s curb appeal? Stand in the street in front of your home and look at your property with a critical eye. Take photos for an even better view. What repairs can be made? Is the landscaping in good shape?

Curb appeal can often mean the difference between a house sitting for months or selling in a few weeks.

With more homes competing for buyer’s attention, curb appeal will now take an even bigger role.

Here are a few tips to improve your curb appeal:

1. Look at the big picture. Some things should go without saying. Keep the lawn mowed and bushes trimmed. Get rid of any dead branches and fix anything that’s hanging or broken. Pick up toys and bicycles.

2. Shine your brass hardware and door knob. If your hardware is pitted, replace it.

3. Replace or re-paint old or rusty mailboxes in a style that suits the house.

4. Wash the windows. When your windows sparkle the home looks cared for.

5. Give your entryway a fresh layer of mulch. Do the same around existing trees and along any walkways.

6. Use flowers. Plant seasonal flowers in the ground and consider traditional planters and decorative pots on either side of your door or walkway. Let the planters overflow with flowers.

7. Repair or replace any faded house numbers.

8. If the exterior needs a fresh look, consider having it pressure washed. Clean your walkways and driveway, too.

9. Consider a fresh coat of paint on your front door. This is a quick fix for a fresh look without painting the entire exterior.

10. Make sure your doorbell is in working condition. This simple task will help set the tone that the house is well maintained.

11. Pick up and store any toys or bicycles. Keep your walkways clean of debris.

12. Stand at your front door and look up at the entryway and lighting fixture. Make sure all is clean of cobwebs and dirt.

13. Make sure all exterior lighting is in working order. Replace aging fixtures. New fixtures can have a dramatic affect on the overall appearance.

14. How does your garage door look? Consider a fresh coat of paint. A simple scrubbing may do the trick, too.

The steps that you take to ensure that your home looks attractive and inviting are definitely worth the effort. Paying attention to your home’s curb appeal makes sense!

Focus On The Kitchen

If you’re selling your home, your best chance at cooking up a sale is in the kitchen.  For many of today’s home buyers, the kitchen is the most important room in the house.  This is an area where families spend the majority of their time.  Kids park in the kitchen for homework, the mail is sorted daily and even guests at a dinner party tend to gravitate towards the center of the home…the kitchen.  The condition of a home’s kitchen is a major consideration when making a purchasing decision.

A total extreme makeover is not needed if you’re thinking of selling, but you’ll want to help your kitchen to look its best.  Here are a few tips:

Paint:  A fresh coat of paint can make the world of difference. Paint is an inexpensive way to brighten and revive any room in the home.  Stick with neutral colors.

Countertops:  If your countertops is old, cracked and in need of repair, think about new tile.  This too can be inexpensive.  Again keep it neutral.  You never know what taste your potential buyers may have.  Keep your countertops clutter free.  Place small appliances and cookbooks away.  This is the time to rid yourself of old magazines and half opened mail.  Keep the postcards from me.

Knob check:  Replacing your cabinetry knobs and handles can lend an entire new look to your kitchen.  Home improvement stores have a grand selection.  This will turn out to be the fun part of your mini-makeover.

Faucets:  Get rid of your old dingy faucet.  Replace it with an updated stylish model.  The selection available is endless.

Let the light shine in:  Sunny kitchens are in.  Open the blinds, clean the windows, and tidy up any view that your kitchen is enjoying.  If your view is a patio, tidy up the outdoor area and add potted plants and flowers that can be seen from your kitchen.  Replace old light bulbs and double check that all lights are on during your showings.

Above the cabinets:  Add artificial greenery above your kitchen cabinets.  These faux plants can be found in our local discount stores for just a few dollars.  Dress it up with a ceramic piece or a vase not being used.

Appliances:  The cleaner the better.  Buyers will sneak a peek in your oven.  Hire a professional service to give your appliances a thorough cleaning.

Aroma:  When it’s time to sell your home, it’s time to grill your fish outdoors.  Lingering smells can be offensive to would be home buyers.  Go ahead…bake cookies. 

Now step back and admire your work.  Is your kitchen inviting?  Is it bright and cheery?  Is everything in its place?  You’re now ready for showings.   

For a quick reference guide to prepare your home for sale…give Jackie a call at 965-1225.

We are seeing the perfect storm for buying real estate brewing.  The Jackie Ellis Team has been in the Boynton Beach and Lake Worth area for 20 years and we have the pulse of this market.  Because times have been challenging, the opportunities in this market have been largely overlooked.  This is creating a tremendous opportunity for buyers that are ready to pull the trigger.  Here are the top indicators that are creating this “perfect storm.” 

1. Great Prices; our prices are down on average 20% from where they were just last year.  The median home in Florida was $216,000.00 in the fourth quarter of 2008 and was $161,200.00 in December of 2009.
2. Timing; statewide sales of existing single-family homes were up 13% statewide and as much as 25% right here in Palm Beach County.
3. High inventory; the number of homes still on the market is still historically high in all price ranges.  This is still putting buyers in the driver’s seat.
4. Mortgagee rates are at their lowest levels since the 1960’s.  Lower rates multiply buyer’s financial power.  On a $200,000.00 home, ½ of 1 percent can save a homeowner about $815/year.  Buyers can get much more home for the money.
5. Buying incentives; first-time buyers can get a credit up to $8,000 and other buyers are eligible for a credit of $6,500, as long as they’ve lived in their home for at least five years.  Congress also expanded it to include some buyers who already own homes.  Not many people know that to qualify as a first-time homebuyer, the purchaser cannot have owned a home within the previous three-year period.  However, ownership of a vacation home or rental home does not disqualify the buyer.
6. Long-tern growth; economists forecast that Florida will be the third most populated state by this year.
7. Migration and retirement destination, even with the economic slowdown that we have experienced nationally Florida’s population is expected to return to more normal growth levels of about 317,000 a year between 2010 and 2020.  That’s a lot of new buyers coming into the market.
8. Let’s not forget the tings that have brought so many people to Florida and Boynton Beach in the first place, and will continue to fuel our growth – beautiful beaches, and fabulous weather.  It’s no wonder that Florida’s combination of temperate climate, outstanding recreational amenities and economic opportunity has consistently made Florida one of the most desirable places to live.

 Jackie Ellis has been a licensed Florida Realtor since 1989, active in the Boynton Beach and Lake Worth real estate market.  Jackie operates her sales tem of 10 people (including 3 full time buyer’s specialists) and is consistently ranked #1 in her market place and all of Palm Beach County.

 “Being a Realtor means more than selling homes.  It’s about people, families, and their hopes and dreams.  It’s about a relationship based on trust, knowledge and expertise.  My clients can be assured that I’ll always go that extra mile to make their experience the best they’ve ever had when buying or selling a home.” – Jackie Ellis

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.