Treu Group Real Estate Blog - Market Stats

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International Real Estate Market in FloridaThe international impact on our South Florida real estate market makes me think of "It's a Small World After All".  If you have been to Disneyworld, that song probably started going in your head.  In South Florida, that is a great theme song for our real estate market.

Florida has become a favorite with International Buyers and is the #1 place that they are investing their money.  

Top States for International purchased

Florida - 22%

California - 15%

Texas - 10%

New York and Arizona - 4% 

The international buyer spends more on real estate as an average sales price which helps the luxury sellers.  Most international buyers are cash which is a nice plus.  Also many buyers are looking for property that will wow their friends and family.  Often the homes are vacation homes or even quick get a way properties.  

Understanding which countries are interested in South Florida is important. We are constantly building relationships and studying the world changes so that we can stay in front of the changes.  

For more on International influence on the local real estate market in South Florida, check out our latest radio show!

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Maximizing Your Real Estate Success with Treu Group Real EstateLisa Treu and Brian Mudd discuss on Treu Real Estate 911 on WJNO how you can win in the South Florida market.  There is always an opportunity in the market if you position yourself correctly. 


Many buyers don't realize that there are 2 primary ways that an agent can represent you - A Single Agent and a Transaction Broker.  So what does that mean?  Simply put, A Single Agent is on your side looking for you.  A Transaction Broker is looking to put the best deal together.  There is a difference in the end result.  Imagine if you were hiring an attorney vs a mediator.  Lisa feels that buyers deserve someone on their side just like sellers do.  The most common misconception is that all agents represent buyers as a single agent and that simply is not true.  How do you know how you are represented?  If you have not signed an agency agreement, you are not represented by a Single Agent.  Without an agreement, the default is that you are represented as a transaction brokerage relationship.

So why wouldn't a buyer want to be represented by a Buyer's Agent?  Honestly I can't imagine.  The seller pays the commission.  Builders and even most for sale by owners offers a selling commission.  You don't save any money by having representation. It's the one time in life where you can have the best negotiator and not have to pay the fee.

The other common mistake we are seeing right now is clients hiring someone that tells them what they want to hear instead of the truth.  We don't tell our clients, we show them. 

Listen to the show to see the other ways you can increase your success in today's real estate market.  Treu Group Real Estate is here to help you when you are buying or selling real estate.  We are experts from your first home to your dream home.

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If you are like most buyers, you will be obtaining a mortgage.  It is a critical set in obtaining the keys so you can move into your new home.  So what is the big deal?  Getting a mortgage is step one of making your dreams come true. 

Florida is number 1 for mortgage denials.  This isn't something that we want to be #1 in as it means that buyers and sellers are disappointed and closings don't occur.  17% of applicants get denied.  Wow, that is a big number.  Imagine that you have found a home you love, you're already decorating in your mind and packing only to hear NO. 

So what do you do if you want to buy a home to have your loan approved?  There are steps to improve your chances of having your loan approved.

  1. Check your credit on a free credit score site like creditkarma.com.  This will give you an idea and a range of your credit score.
  2. Pay down your credit cards below 30% - all cards.  Many people pay off one and leave higher balances. 
  3. Don't change anything financial like jobs, closing credit lines or opening credit lines.
  4. If your income is commission or bonuses discuss with your lender.  You will need a history to allow this to be counted as income.
  5. Make sure you have reserves as required by your lender.
  6. Use a great lender that will do a pre-approval, not a pre-qualification.  Make sure the lender has reviewed, credit, your income, tax returns and your expenses.  Almost all issues could have been anticipated by a proper pre-approval. Too many buyers wait to get pre-approved until after they find a home and then they lose it. 

So what do you do now?  Let Treu Group Real Estate help you.  We will get you pre-approved for your loan and then schedule a time to meet for a consultation.  Spending a few minutes up front allows you to  save hours and more importantly get you to the home of your dreams. 

Need more tips?  You can listen to a radio show discussing obtaining your mortgage. 

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Here is all of the information that you need to know in order to file for your homestead exemption! It is the time of year that homeowners are thinking about making sure they have their HOMESTEAD EXEMPTION complete so they can get a credit on the property tax bill they will receive.

Florida homeowners are entitled to property tax credits which they may qualify for.  These may include: Homestead, Widowed, Blind, Disabled, Veterans (various categories) and Ect.   The homeowner must be able to show proof of ownership as of January 1 of the year and must file with the county tax department for exemption no later than March 1.   Approved exemptions will be reflected in the yearly tax bill which is issued on November 1.  The taxes are paid in arrears ( Jan. 1 starts the tax year however we do not see the tax bill until Nov. 1).

There are many reasons to homestead your property.  The first is to save money.  That alone would be enough for many however this is just the beginning.  My favorite part is the Save Our Home component that limits the impact of fast appreciation.  You will have the protection that if prices go up, your assessment will be capped at 3%.  And then there is the legal benefits.

It is easy to apply on-line by following these easy steps.

Go to web browser and type in: http://www.pbcgov.com/papa/

Property Appraiser’s Public Access, (click and this will take you to the property appraiser page.

Mid-page click in the section, How Do I ….

File for exemption

Click,  Forms Tab  at top

Click , exemptions

On right ;   Click Here for E-File

Then follow the instructions to complete the form information.

You will need a Florida driver’s license, Voter Registration and ect.

You will then be able to get credit deductions on your property tax bill, it’s that easy.

If you have questions related to Homestead Exemptions or other Real Estate related questions,  give us a call at Treu Group Real Estate

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The international market is alive and well in Florida.  It really is a small world after all.  Changes globally impact us here at home in Florida both positively and negatively.  Why does the international market matter so much?  Florida receives 22% of all international buyers.  In fact, we are the number one state that international buyers purchase in.  Many guess that California or New York are the most popular however they trail Florida with !5% for California and 4% for New York. This shift has occurred since because of the perceived value for Florida properties. 

One of the benefits of the international buyer is that their average sales price is higher.  The average sales price for Florida buyers was $258,200 compared to Florida International buyers at $538,600. 

Why do international buyers purchase a home in Florida? 

41% selected Florida because it is a desirable location.  That is an easy guess.  Who wouldn't love warm weather, great beaches and a lot of entertainment. 

30% selected Florida because it was a secure investment. 

21% selected Florida because it was a profitable investment. 

The value of the US dollar versus their prospective country's currency impacted their ability or comfort to make a purchase.  The Canadian, Brazil and Britain have seen the impact and therefore their buying decisions. 

Why do international buyers decide not to purchase?  The number one reason is the cost of the property.  This is up 7% in a year.  The other reason is that they could not find the right property.  Many times, this could be avoided by finding the right agent that understands their needs, takes a consultative approach, has an understanding of the market and a proven track record. 

The International Market is always changing and it is important to look for the opportunities that are current and also upcoming.  I would say all countries are important however some impact our real estate market more than others.  Changes in economic and political situations in other countries as well as the United States can impact buying and selling decisions for South Florida. 

Why is the International Market important?  They make up many of our real estate transactions and also tend to buy more expensive properties.  What do the international buyers spend by country?

Brazil                      $587,700 

Canada                   $376,800

China                   $1,064,000

United Kingdom       $289,600

Venezuela                $390,400

Western Europe       $844,500

Most of the international buyers are purchasing with cash which also helps with our real estate market stability.  Only about 20% of the buyers obtained a mortgage. 

Why are they buying?  We are seeing a variety of reasons.  Buyers from the UK were the most likely to purchase for vacation or rental.  Buyers from China like to buy properties for their primary residence or for their college students to occupy.  This is one of the reasons that the Chinese tend to spend more. 

Why should Palm Beach County be considered by international buyers?  Palm Beach County offers stability and opportunity.  There are amazing communities that have a variety of lifestyles including golf, great beaches and unlimited entertainment.  There is something for everyone. 

 

 

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Palm Beach County proposed property tax notices are out and values are up. The question I get most often is will my taxes go up? It really depends on where you live. Many of the people with homestead exemptions that we spoke with have a proposed tax amount that is lower even values went up. Not everyone is so lucky though.

Gary Nikolits shared with us on Treu Real Estate 911 that the average value in Palm Beach County went up 9.5%. Those of with the homestead exemption can take a breathe as our taxes should remain the same or might even go down a bit. Who are the losers when it comes to property taxes? Anyone that didn't have the homestead benefit such as 2nd home owners and investors.  

Last year many investors called when they had an increase in taxes and this year we expect that too. If your investment doesn't cash flow, let's have a conversation to see how we help you.  

Did you buy a home? If you will be occupying the home for 6 months and 1 day, filing for homestead should be on your to do list. Why? It will save you money year after year, give you legal benefits and protect you in price surges on your taxes due to marketing appreciation. Are you wondering when and how to file for homestead? Here is all of the information that you need to know about homestead exemptions.  

If you sold a home in Florida and purchased another home in Florida, you will want to check to see if portability is applicable. What is portability and why should I care? Portability allows you to take some of your tax savings (the difference between the market value and the assessed value) to your new home. Be sure to see if this applies to you. It could impact your tax amount due substantially. Check in to see if the portability benefit will help you.   

Do you have more questions about property taxes or are you ready to file? Click to read more and to learn how to file for Homestead Exemption.  

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Buying a home? Click here to perform full home search 
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (561) 352-3056 for a FREE home buying or selling consultation


How do the latest real estate statistics impact your home value? Today, I’ll go over some interesting information from the Palm Beach County real estate market. 

First of all, I want to show you the hottest market in Palm Beach County. The number one zip code for home sales is 33411. The people in Royal Palm are pleased with that. Last month, they had 99 closed home sales.

The top five markets are all Western Communities. These include cities like Palm Beach Gardens, Wellington, Lake Worth, and Boynton Beach, zip code 33437. Boynton Beach is an ideal area for seasonal guests.

 
 Statistics also reveal the number of days on market is down year over year. However, that number has increased in the last couple of months. If you’re thinking about selling, it may take you a little bit longer to get that contract, so we need to talk about when the ideal time would be to list your property.

Inventory is growing. We’re still in a seller’s market overall, and some areas are in a very hot seller’s market. However, inventory is going up. The luxury market in particular is definitely seeing more and more homes come on the market. 

That said, 24 zip codes in Palm Beach County did not have a single sale last month. Not one condo, single-family home, or villa sold. There are really two different markets here in Palm Beach County. 

Now more than ever, real estate is incredibly local. To find out if you’re in a hot market or a cool market, just give me a call. I’m here to help. I look forward to hearing from you!
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Buying a home? Click here to perform full home search 
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (561) 352-3056 for a FREE home buying or selling consultation
 
Right now, we have 4.5 months of inventory, putting us in a strong seller’s market. If you’re thinking of selling, this is the perfect time. If you price it right, have the right condition and perfect marketing, you are going to win. You might even get multiple offers.

In the market of homes listed $400,000 and below, the average days on the market is 33 days or less.
 

As for the $400,000 - $600,000 price range, those homes are selling in an average of 52 days and homes listed from $600,000 - $1 million are selling in an average of 95 days.

What does this mean for buyers in a seller’s market? It means you need an agent on your side who can educate you about the buying process, be on your side during negotiations, and make sure you get a fair deal on a home.

Here’s one interesting thing we saw. In July, there was a 16% increase in foreclosures. After 10 months of previous decline, this is an interesting development. We’ll keep an eye on the situation to see if it’s just an anomaly, or something that could develop into a trend.

If you have any questions for us, feel free to give us a call or send us an email. We look forward to working with you.

Click here to view all of the stats we mention in this view: https://goo.gl/Gw9nhW
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Lisa Treu enlightens us in her radio show on WJNO why people continue to want to live in Palm Beach County. As the interest for homes continue to stay strong; the medium for sales prices for Palm Beach County also continue to stay solid at an impressive 16% year after year. This is well above the national average of 9%. This just proves that Palm Beach County is a desirable place for not only international buyers, but also people living in the United States.

In the month of February the price of homes in Palm Beach continued to stay high. Lisa explains that this is because of a few reasons; first, the cold up north really takes a toll on a person, they want to live in the warm. We live in paradise so it just makes sense that people come south for the warm and leave the cold behind. There was a significant increase in Northeast buyers this year for that reason alone. Also the professional investors are very present and have a lot of influence throughout the community.

Palm Beach County continues to dominate the real estate business offering beautiful homes, nice beaches, and an overall enjoyable city. With the steady growth and interest for this area, it only continues to be more suitable for everyone.

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