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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 2020 Housing Market Conditions Summary for Palm Beach County Florida
The home sales market in the county is slightly tight. Home sales, including new and existing single-family homes, townhomes, and condominiums, decreased 1% from a year earlier, to 40,925 homes sold during the 12 months ending February 2020 (Metrostudy, a Hanley Wood company). The average sales price for a home was $405,300, up 5% from the previous 12 months. During the 12 months ending February 2020, about 3,300 single-family homes were permitted, up 8% from a year earlier (preliminary data). From 2012 through 2016, an average of 2,525 single-family homes a year were permitted, compared with 2,800 homes a year in 2017 and 2018. The Palm Beach County apartment market is currently balanced. The apartment vacancy rate during the first quarter of 2020 was 4.3%, down from 4.9% a year earlier, and the average rent increased 5% to $1,706 (RealPage, Inc.). Multifamily construction in the county, as measured by the number of units permitted, decreased in response to slower population growth in recent years, but spiked in the past year. During the 12 months ending February 2020, about 3,125 multifamily units were permitted, up from 1,800 a year earlier (preliminary data). Permitting averaged nearly 2,600 units annually from 2012 through 2016 but decreased to 1,525 units a year in 2017 and 2018. In March 2020, the 456-unit Uptown Boca, in Boca Raton, began preleasing; rents for the one-, two-, three-, and four-bedroom units start at $1,900, $2,400, $3,200, and $3,600, respectively.
HUD 2020 Housing Market Conditions Summary for Broward County Florida
The home sales market in the county is currently balanced. A 3.9-month of supply of single-family homes were for sale in May 2020, down from 4.4 months of supply a year earlier; the inventory of townhomes and condominiums increased from 5.9 months to 6.5 months during the same period. (Broward Miami, a Division of Miami Realtors). The number of homes sold totaled 10,525 year-to-date through May 2020, down about 21% from the same period a year earlier, and single-family homes accounted for 49% of total sales. The average sales price for single-family homes increased 9% to $497,950, while townhome and condominium prices increased 6% to $238,700. Single-family homebuilding activity, as measured by the number of homes permitted, decreased 12% from a year earlier to 1,550 homes permitted during the 12 months ending April 2020 (preliminary data). The apartment market in the county is also balanced. The average rent was $1,643 during the first quarter of 2020, up 3% from a year earlier (RealPage, Inc.). The apartment vacancy rate was 4.2%, down from 4.7% a year ago. Based on preliminary data, multifamily construction, as measured by the number of units permitted, totaled 3,725 units during the 12 months ending April 2020, up nearly 40% from a year earlier. The 142-unit Six13 Apartments, in Fort Lauderdale, opened in June 2020. Rents for the one- and two-bedroom units start at approximately $1,530 and $1,790, respectively.
HUD 2020 Housing Market Conditions Summary for Miami-Dade County Florida
The home sales market in Miami-Dade County, FL is balanced, with an estimated vacancy rate of 1.5 percent as of March 1, 2020. The number of homes sold totaled 44,900 during the 12 months ending (12ME) February 2020, down 7 percent from the previous 12 months (CoreLogic, Inc., with adjustments by analyst). The average sales price increased 4 percent from the previous year to $416,300. Real estate owned (REO) sales accounted for 3 percent of existing home sales during the 12ME February 2020, down from 4 percent the previous 12-month period. Based on preliminary data, single-family home construction, as measured by the number of homes permitted, was 2,200 homes during the 12ME February 2020, compared with approximately 2,525 homes during the 12 months ending February 2019. The apartment market in the county is currently balanced. The apartment vacancy rate in the county was approximately 4 percent during the fourth quarter of 2019, unchanged from a year ago. The average asking rent was about $1,690, a 4-percent increase from a year ago. Based on preliminary data, multifamily construction, as measured by the number of units permitted, totaled 8,050 during the 12ME February 2020, down from 9,250 during the 12ME February 2019.
COVID-19 RESOURCE: Mortgage Relief Options from BANKRATE.COM at https://www.bankrate.com/mortgages/programs-to-freeze-foreclosures-evictions-from-coronavirus-disruptions/
