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5 THINGS TO DO IF YOU’RE SELLING YOUR HOUSE DURING THE PANDEMIC
1. Clean and disinfect your home thoroughly. Finish up any DIY jobs and work on your homes curb appeal.
2. Reschedule any in-person open houses, ask your Realtor and schedule an online open house. to create a video tour
3. Use teleconferencing and e-signing programs to negotiate contracts.
4. Be flexible. Know that your closing dates could shift, so be sure to account for potential delays.
5. Don’t panic. People have more time now to house-hunt, and everyone needs a place to call home. When the stay-at-home order is lifted, you’ll be ready.
Sources: Forbes, USA Today
Reprinted with permission Florida Realtors. All rights reserved.
HUD 2021 Housing Market Conditions Summary for Broward County Florida
The home sales market in Broward County is currently balanced. The number of homes sold totaled 45,250 during the 12 months ending (12ME) April 2021, a 9-percent increase from 41,400 homes during the previous 12 months (Zonda). The average sales price in Broward County increased 19 percent to $397,200 during the 12ME April 2021. Based on preliminary monthly data, single-family home, townhome, and condominium construction, as measured by the number of units permitted, totaled 900 homes during the 12ME April 2021, a 24-percent decrease from 1,200 homes during 12ME April 2020. The number of single-family homes permitted decreased to 1,475 homes, or 5 percent, permitted during the 12ME April 2021 compared to a year earlier. The homeownership rate is estimated at 62.0 percent as of May 2021, down from 66.6 percent as of April 2010. Overall rental market conditions, including single-family homes and other rental units, in Broward County are currently balanced with an estimated vacancy rate of 7.4 percent. The apartment market in Broward County is currently balanced, with vacancy rates averaging 4.3 percent as of the first quarter of 2021, up from 4.0 percent a year earlier (RealPage, Inc.). Average rent in Broward County was $1,701, a 4-percent increase from a year earlier. Multifamily construction “excluding condominium units” in Broward County increased to an average 5,025 units from 2019 through 2020, from the average 4,825 rental units from 2015 through 2018.
BROWARD MARKET FOCUS June 2021
HUD 2021 Housing Market Conditions Summary for Palm Beach County Florida
The home sales market in Palm Beach County is balanced with an estimated vacancy rate of 1.2%. The number of new homes sold totaled 2,400 during the 12 months ending (12ME) April 2021, an 8% decrease from 2,600 homes during the previous 12 months (Zonda). The average sales price decreased 13% to $688,000. Based on preliminary data, single-family home construction, as measured by the number of homes permitted, totaled 4,525 homes during the 12ME April 2021, a 33% increase from 3,400 homes during the previous 12 months. The percentage of home loans in the metropolitan division that were seriously delinquent (90 or more days delinquent or in foreclosure) or had transitioned into real estate owned (REO) status was 4.9 percent in March 2021, up from 1.3 percent a year earlier. The apartment market in the county is balanced. The apartment vacancy rate in the county was approximately 5% in the first quarter 2021, up slightly from a year ago. The average asking rent was approximately $1,575, down 3% from a year ago. There are approximately 2,475 multifamily units under construction as of May 1, 2021, a decrease of 36% from a year earlier. The number of new multifamily units increased significantly from a decade-low of 1,525 in 2017 to a decade high of 4,850 in 2019. By comparison, an average of 630 units were permitted a year from 2007 through 2010.
PALM BEACH MARKET FOCUS June 2021
HUD 2021 Housing Market Conditions Summary for Miami-Dade County Florida
The home sales market in Miami-Dade County is currently balanced. The number of homes sold totaled 41,500 during the 12 months ending (12ME) April 2021, a 2-percent increase from 40,500 homes during the previous 12 months (Zonda). The average sales price in Miami-Dade County increased 18 percent to $548,300 during the 12ME April 2021. Homebuilding activity, as measured by the number of single-family, townhomes, and condominiums permitted, increased by 120 homes, or 3 percent, from a year earlier, to 3,950 homes permitted during the 12 months ending April 2021. The homeownership rate is estimated at 48.7 percent as of May 2021, down from 55.8 percent as of April 2010. Overall rental market conditions, including single-family homes and other rental units, in Miami-Dade County are currently balanced with an estimated vacancy rate of 5.2 percent. The apartment market in Miami-Dade County is currently balanced. The apartment market had an average vacancy rate of 4.1 percent, an increase from 3.5 percent during the same period a year ago (RealPage, Inc.). The average apartment rent increased slightly to $1,714 during the first quarter of 2021. Rental construction activity in Miami-Dade County, as measured by the number of rental units permitted, has trended upwards since 2012 and increased 69 percent in 2020 to 13,600 units in response to slightly tight market conditions.
MIAMI MARKET FOCUS June 2021
