Is Weston a Buyer's or Seller's Market?

■ REAL ESTATE

IS WESTON A BUYER'S OR SELLER'S MARKET?

As of June 2022, Weston, FL is a seller's market. This means there are more people looking to buy a home than there are homes available. The mortgage rates in Weston, FL have increased, yet are still quite reasonable if you look at them historically. Many buyers are now finally "off the fence" and are frantically looking to find their new home in South Florida, as we still struggle with super low inventory.

The new shift is that homes are more likely to sit on the market longer, 30-60 days, which is more indicative of a “normal” market, giving an opportunity for a buyer and seller to enter into more normal negotiations.

Our market in South Florida, including Weston, is extremely price sensitive. Now, more than ever, sellers need to be well-educated about pricing. They don't want to find themselves chasing the snowball down the hill or missing a good opportunity because they misread the market or buyer choices.

Our community of Weston, and most of South Florida is quite insulated from the national statistics. Our small-town feel, safe community, proximity to cities, airports, and top-notch public and private schools, parks, and recreation make it a buyer's dream, a perfect choice to snap up real estate. The Weston, FL real estate market has the staying power, which it has proven year after year.

Weston, FL is still seeing a surge from the Northeast, New York City, New Jersey, and Boston, in particular, and it’s not just snowbirds. Many homeowners choose Florida as their homestead due to rising property taxes, raising the sales tax, and state income taxes occurring in their state.

The benefits of federal and Florida state tax laws just for establishing their residence here in South Florida as well as warm winters and a fabulous lifestyle contributes to the attraction of Weston South Florida. While demand in the market as we moved into the 21st century was dominated by retirees, Weston and other cities in South Florida now enjoy great diversity across multiple generations.

We are still experiencing a grand exodus from the Northeast, California, and now more recently Colombia with the political unrest. With the end of covid in sight, we are seeing record-breaking traveling from countries that have been nonexistent in South Florida for much of covid.

By Rose Sklar

What is Currently Affecting the Real Estate Market?

• Inflation - The US is still having issues with supplies for new construction, and home renovations. We are seeing signs of this softening. • Affordability is increasingly a challenge for buyers - This does not necessarily mean that home prices are going to fall. • Cryptocurrency is not inflation-proof - Real Estate is still the best hedge against inflation • Lending standards are nothing like the financial crisis of 2008-2009 • The stock market is facing an inflation test - volatile across the board, factoring in high gas prices, global chip shortages, the federal reserve raising by 75 basis points and is looking to do that again soon. • Mortgage rates are higher - They hovering around 5-6% but not high by historical standards are average • South Florida is insulated - Rental increases, up 14% nationally and over 40% in South Florida according to the National Association of Realtors • Rising home price appreciation - It has risen rapidly in the last 2 years. Good news. Even if home prices fall, many homeowners are equity rich. • Increasing median sales price - The median sales price for an existing home is up 17% up from last year's home values • Indices reflect how prices have reacted to the rapid increase in mortgage rates in the second quarter of 2022 • Prepare for slower home price growth - We have fewer showings, more price reductions, more stable market • South Florida is a very resilient market.

Year to date, the Weston, FL real estate market has seen a great shift. Homes that were flying off the market in a matter of hours or days are now falling back into a more regular pattern.

We are again experiencing price reductions and longer days on the market. Homes with upgrades including new roofs, recent renovations, and water or golf views are dominating the sales.

Remember, just 2 years ago it typically took a house 3-6 months to sell.

Good news for buyers: they can expect less fierce competition to find a home.

Rose Sklar, Coldwell Banker Realty. Team founder Sklar Team with offices in Weston and Fort Lauderdale

• #1 Coldwell Banker Team in Broward County 2018, 2019, 2020 and 2021 • Ranked #1 Agents in the City of Weston for 14 Consecutive Years! 2008-2021

• Coldwell Banker Residential Real Estate SOCIETY OF EXCELLENCE 2015-2021