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April 20, 2024

How Should You Respond to a Low Offer on Your Home?

A few steps you can take to negotiate a great deal with lowball offers.

 

If you’re planning on selling your home this spring, you need to be prepared to receive a lowball offer. Housing market activity has slowed since interest rates stagnated around 7%, but prices are still high in most markets due to low inventory. This has created a situation where a lot of homebuyers have warped expectations of what a “good” first offer on your home should look like, and you need to know how to respond. I know a low offer can be insulting, but you need to think strategically when selling your biggest asset. Today, I’ll go over how you should strategically react to a low offer to ultimately get the deal you wanted all along.

 

1. Check the comps one more time. Before you deal with your lowball offer, double-check that it’s actually as low as you think it is. The housing market changes at a rapid pace, so make sure your home is still worth what you thought it was. You might even be pleasantly surprised—some experts predict home prices to increase by 5% this spring. Check comparable homes in your area to see where prices are trending. Also, ask your buyer’s agent if they reached their price based on their own comps. If you can prove home prices in your area are actually higher than they thought, they might be willing to increase their offer without much negotiating. Remember, the market ultimately decides the value of your home, not your asking price.

 

"Always double-check the comps—you’ll never know what you find!"

 

2. (Almost) Always counteroffer. So, you’ve checked the comps, your home is still as valuable as you thought, and your buyer isn’t moving. What now? In my opinion, it’s always worth it to counteroffer unless you suspect the buyer isn’t acting in good faith. If the buyer rejects your counteroffer immediately and insists on their lowball price, you can safely walk away knowing they were probably just fishing around for a deal from unprepared sellers.

 

3. Compromise on other terms. One of the reasons why your buyer may have offered a lowball price upfront is because they don’t have enough money to offer the full asking price. While many sellers see this as a dealbreaker, I highly recommend at least hearing your buyer out. Chances are, they’ll be willing to give you great terms on other negotiating items to make up for their lower price. For example, if you need a longer close, shorter inspection period, or other contingencies waived, you might be willing to budge on price. However, if price is the main sticking point, I recommend offering something like covering the buyer’s closing costs or buying down their interest rate to free up cash.

 

Dealing with lowball offers isn’t fun, but it’s necessary if you want to get the best deal possible for your home. If you have any questions about our spring market, lowball offers, or something else, please call or email me. I am always willing to help!

Posted in Home Selling Tips
April 12, 2024

Everything You Need To Know About Equestrian Living In Wellington, FL

Equestrian Paradise: A Comprehensive Guide to Living the Equestrian Lifestyle in Wellington, FL

Wellington, Florida, known as the "Equestrian Capital of the World," offers a unique and luxurious lifestyle for those involved in the equestrian community. With its stunning landscapes, world-class facilities, and vibrant equestrian culture, Wellington has become a much sought-after destination for horse enthusiasts from around the globe. If you're considering a move to this area, we're here to provide you with some key information that will encompass what it's like to live in Wellington, and a look into equestrian homes, amenities, and events that make this city a haven for equestrian enthusiasts.

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Posted in Home Buying
April 2, 2024

What You Need to Know About The National Association of Realtors Settlement

Let’s go over how the NAR settlement will affect the real estate industry.

 

Recently, there's been a lot of buzz surrounding the National Association of Realtors settlement, leaving many with questions about its implications. However, for us, it's not entirely unexpected. Similar settlements with other real estate companies have already occurred months ago. Now, as we approach mid-July, two significant changes are on the horizon.

 

Firstly, buyer representation agreements will be required before showing buyer homes. Secondly, commission will no longer be displayed to co-op agents on the MLS. These changes naturally raise questions about their impact. However, it's essential not to jump to conclusions or make predictions prematurely.

 

"Our focus remains on achieving the best possible results for our clients, no matter the circumstances."

 

At present, our business remains as usual. We're committed to continuing our efforts to secure the best outcomes for our clients. Despite allegations of conspiracy regarding commission compensation rates among real estate companies, we're still actively selling homes and focusing on our fiduciary duty to our clients.

 

Looking ahead, it's crucial to acknowledge that change is inevitable. These developments will likely require agents to enhance their skills and demonstrate their value more effectively. Our team has always prioritized providing exceptional service and maximizing value for our clients. This commitment is unwavering, regardless of industry changes.

 

We've always been transparent about compensation structures and strive to ensure that buyer's agents are well-compensated for their efforts. As the industry evolves, we anticipate that outstanding agents will distinguish themselves through the value they bring to the table.

 

In the midst of uncertainty, there's no need to panic. We're prepared to adapt and navigate through any challenges that may arise. Our focus remains on achieving the best possible results for our clients, no matter the circumstances.

 

If you're seeking further information or want to discuss your real estate needs, don't hesitate to reach out by calling or sending us an email. We offer complimentary consultations to discuss your home's worth and how we can assist you in achieving your goals. Your satisfaction and success are our top priorities.

March 18, 2024

Why Home Prices Are Holding Strong in 2024

Here are the current market factors that show why sellers are on top.

 

Are home prices on the decline or will they soon dip? While predicting the future of any market is challenging, there are several indicators suggesting that home prices might not be heading south anytime soon. Let's delve into these indicators.

1. Low inventory. Despite fluctuations in the market and a slowdown in sales, one key factor remains: low inventory. While there has been a slight uptick in inventory levels, the month's supply of inventory still hovers just over three months. Typically, a balanced market sees around six months of inventory. This shortage in supply continues to exert upward pressure on home prices.

 

"The current market conditions favor sellers."

 

2. Rental market trends. Another telling sign comes from the rental market, where rates have surged by approximately 30% nationwide. Renting a home has become significantly less affordable compared to previous years. This trend is driving more individuals towards homeownership, bolstering the demand for homes. With high rental rates and low inventory, the conditions favor sellers, making it an opportune time to list a property.

3. Decline in new construction. The dwindling number of new construction homes also plays a pivotal role in maintaining low inventory levels. Prior to the housing crisis of 2007-2008, approximately a million new homes were constructed annually. However, this number has plummeted significantly in recent years. The scarcity of new construction exacerbates the inventory shortage. While there are still some ongoing new construction projects, the overall supply remains constrained, further buoying home prices.

Home values have experienced a modest uptick and show resilience amidst economic fluctuations. Looking ahead to the foreseeable future, there are no indications of impending declines, even with interest rate dynamics. The outlook for 2024 remains robust, offering ample opportunities for those considering selling their homes.

If you're curious about the value of your home in today's market, don't hesitate to reach out to us. We offer complimentary home evaluations and are here to provide insights tailored to your specific needs. Whether by phone or email, we're ready to assist you in navigating the dynamic real estate landscape.

 

Posted in Home Selling Tips
March 15, 2024

Revealed: The Top 8 Schools In Boynton Beach, FL

Revealed: The Top 8 Schools In Boynton Beach, FL

You may know Florida for its sandy shores and vibrant cities, but explore a little further, and you'll discover the charming city of Boynton Beach in Palm Beach County. Just 57 miles north of the bustling metropolis of Miami, Boynton Beach welcomes all with its year-round warm weather, breathtaking beaches, and an abundance of outdoor wonders. Besides the spectacular views, this suburban haven boasts outstanding educational opportunities catering to various academic needs and aspirations. 

As part of the reputable Palm Beach County School District, Boynton Beach's schools have been a cornerstone of the community since the city's founding in 1909. With a deep-rooted commitment to principles of fairness and equity, Boynton Beach schools embrace students of all backgrounds, promoting not only academic excellence but also emotional well-being and social growth. 

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Posted in Home Buying
March 13, 2024

4 Great Beaches To Visit In Palm Beach County, FL Today

4 Great Beaches To Visit In Palm Beach County, FL Today

Palm Beach County is a coastal paradise in Florida well known for its stunning beaches and lively beach culture. Perhaps you're looking to spend a day at the beach with your family and you're having a hard time deciding which beach to choose. It's a day away and you want it to be great — perfect for an unforgettable family outing. From secluded stretches of golden sand to lively spots with plenty of amenities, there's a wide range of options available to you when it comes to beaches in Palm Beach County. Whether you're looking for a calm and relaxing atmosphere or a fun-filled day of water sports and playing, discover the hidden gems that are considered to be the best beaches in Palm Beach County and soon to become your new favorite destination for a day in Florida’s amazing sun. 

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Posted in Home Buying
March 11, 2024

6 Reasons You Will Love Waterfront Living in Delray Beach, FL

6 Reasons You Will Love Waterfront Living in Delray Beach, FL

Delray Beach, Florida — where luxury living meets waterfront paradise. Located on the southeastern coast of Florida, this lively city offers an exquisite selection of waterfront properties that are sure to captivate your senses. Imagine waking up to breathtaking views of the sparkling Atlantic Ocean or serene Intracoastal Waterway. Delray Beach is renowned for its pristine beaches, world-class amenities, dynamic cultural scene, and an eclectic mix of fine dining and shopping options. There are many reasons why you'll love waterfront living in Delray Beach. From its small city charm to its luxurious amenities, Delray Beach offers a unique blend of tranquility and sophistication that will captivate even the most discerning buyer. Waterfront living, indulging in the ultimate luxury experience — a dream come true! The opportunity to turn this dream into a reality is yours for the taking!

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Posted in Home Buying
Feb. 27, 2024

Unwind In These 4 Relaxing Spas In Palm Beach County, FL

Unwind In These 4 Relaxing Spas In Palm Beach County, FL

Imagine yourself in a serene oasis, surrounded by tranquility and pampered from head to toe. Picture yourself indulging in luxurious treatments, rejuvenating your mind, body, and soul. If you're in search of the perfect spa experience in Palm Beach County, Florida, we've got the information you need to determine the best spa or spas for you all in one convenient spot. 

With its abundance of world-class spas, Palm Beach County is a haven for adults seeking ultimate relaxation. We’re going to take you on a journey through some of the most relaxing spas in this area, each offering a unique blend of luxury, serenity, and wellness. You're about to feel the stress melting away as you begin to envision your perfect spa getaway.

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Posted in Home Buying
Feb. 27, 2024

The Ultimate Guide To New Construction Luxury Condos In Palm Beach County And Broward County

The Ultimate Guide To New Construction Luxury Condos In Palm Beach County And Broward County

Palm Beach County and Broward County are attracting attention with the arrival of new luxury condos. If you're contemplating investing in a luxury condominium in these locations but desire a little more information to work with, we've got you covered. First, let's examine the reasons why you should consider buying newly constructed condominiums before delving into the upcoming high-end condominiums, their unique features, amenities, and nearby luxury activities.

New construction condos provide a multitude of benefits, particularly when situated in highly desirable areas such as Palm Beach County and Broward County. A few of the top reasons for purchasing new construction condos are:

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Posted in Home Buying
Feb. 22, 2024

3 Must-Reveal Disclosure Facts

Three important things to disclose before your home is sold.

 

A seller’s disclosure provides important information about a property, but what exactly do you need to include?

The specifics vary by state, but most states require some type of seller disclosure. The goal is to add transparency to the transaction. In this disclosure, a seller provides written information about known things that could impact the property's value. The goal is to add transparency to the transaction. While there are many different things a seller must disclose, I’m going to highlight three often-forgotten yet impactful items.

1. HOA information. If the home is located within a homeowners association, you should disclose that fact. Associations generally impose monthly fees on homeowners, and they can impose rules on their membership that a prospective buyer might or might not find acceptable. You also need to know about the HOA's financial health and provide this information to the buyer so they can make an informed purchasing decision.

2. Repairs. If your home has major structural issues, you have to disclose them to a potential seller. In addition to repairs that need to be made, you must also disclose repairs that have been completed. Buyers need to know the home's repair history so they can have their home inspectors pay extra attention to problem areas.

 

3. Lead disclosure requirement. If your home was built before 1978, federal law requires that you disclose that the property may produce exposure to lead from lead-based paint. Sellers of homes built before 1978 must also provide buyers with an EPA pamphlet titled "Protect Your Family From Lead In Your Home.” Then, they must give buyers 10 days to conduct a paint inspection or risk assessment for lead-based paint and include a "lead warning statement" in the contract.

 

If you have further questions about what you need to disclose when selling your home or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Posted in Home Selling Tips