South Florida Real Estate and Community News

May 17, 2018

Buyer Demand Is At A Four Year High - It's a Great Time to Sell!

Buyer Demand Is At A Four Year High - It's a Great Time to Sell!

We recently read an important statistic on current buyer demand that we thought we should share with you.

It comes from real estate listings analysts ShowingTime. The company has been publishing its Showing Index® for over four years. This is essentially a measure of viewings per residential property by agents and brokers, through tracking the average number of buyer showings on active properties on a monthly basis.

The Showing Index® is an important indicator of buying trends in that it gauges foot traffic across available homes for sale, thus providing a strong indicator of demand.

The latest Showing Index® report was published in March and it showed the strongest national index rating (166.8) since ShowingTime started the survey at the beginning of 2014, also representing a 5.7% year on year growth in viewings since the same period last year.

Looking slightly more locally, it's interesting to note that, for the Southern quadrant of the US, including our area, the March figure was indeed the strongest Showing Index® measure since records began and an 8.2% year-on-year improvement too. This is also the highest growth figure across the nation.

This is yet another indication of the incredible strength of current buyer demand. What's even more special about the current purchasing environment is that inventory continues to lag behind the demand curve, so we have the ideal seller's market where prices are being driven by enthusiastic buyers chasing a general shortage of available properties across most market sectors. This is often resulting in intense competition for the best homes and multiple offers frequently leading to sold prices above what was originally asked.

With so many very active buyers, this is a perfect time to consider selling your home, if you feel the time is right. Don't hesitate to contact us to discuss the many possibilities created by these highly positive market conditions.

Sincerely
Aaron Novello

April 25, 2018

Avoiding Common Home Pricing Mistakes

Avoiding Common Home Pricing Mistakes


High buyer demand means that it's a great time to sell your home.

What never changes, however, is the importance of being realistic about your asking price.

Even though it's very much a seller's market at the moment, it's still essential that homes are priced "in the market", meaning that they are positioned at a price that matches what other similar homes in the area are selling for to attract maximum interest. Of course it's our job to apply our immense experience and intimate local market knowledge in helping our clients arrive at the right price for a particular property. However, it's also helpful for you to be aware of some of the most common errors that are made in this vital aspect of selling a home.

"Start High" is not a smart strategy - Pricing your home is a delicate process and the strategy of initially asking way over what it is actually worth is not a good idea at all. The key to pricing "in the market" is to position it at just the right price to attract a lot of interest that means you're more likely to ultimately get offers in excess of your sensible and finely tuned asking price. Demand is high right now and multiple offers are very common. Many buyers will simply ignore homes that aren't competitively priced, meaning that you will fail to create a truly competitive atmosphere to fully optimize your return.

Don't take online price estimates too seriously - Generic home pricing websites are not only great fun but they can also provide a useful "ballpark" estimate of your home's value. However, they are also renowned for getting the actual market value very wrong indeed, sometimes by an alarming percentage! Some sellers are naturally upset when they discover how far away an over-optimistic online estimate can be from reality, so remember not to take them too seriously. And, yes, they can sometimes greatly undervalue your home too!

Choose your agent wisely - Unfortunately some agents will go along with a seller's incorrect and inflated asking price, just to win the listing. This is almost invariably followed by a gradual process, over time, of reducing the price until it hits the market "sweet spot" for the type of property and location. This definitely isn't the most effective way to get the best return in the quickest possible time frame.

If you are thinking of selling contact us today for a no-obligation, detailed valuation of your property.

Kind regards
Aaron Novello

March 20, 2018

Think Like A Buyer And Sell Your Home Faster

Think Like A Buyer And Sell Your Home Faster

One of the most effective, yet sometimes overlooked, techniques when selling a home is to adopt a buyer's mindset.

This simple rule, putting yourself in the buyer's shoes, can reap excellent rewards.

Here are a few examples:

Looks Count - A well decorated and maintained home with a correctly presented interior has an overwhelming advantage over the competition. Think of the best homes you viewed when you were choosing your own home and try to emulate that standard, or even improve upon it.

Leave Nothing To Chance - It's often said that for every fault a buyer uncovers, the assumption will be that several others are just waiting to be discovered. Go through your home, looking for every negative, right down to a light bulb that's not working. As you'll probably know from your own buying experience, that's the sort of detail people will go to when viewing.

De-Personalize the Home - The home we live in is often significantly different from the one we need to sell. And while injecting your personality while you live in it is one of the great joys of owning a place of your own, the result is often counterproductive when you're trying to attract buyers. Any kind of clutter and lots of family pictures and very personal items that have a political or religious bias, for example, should be packed away. It's essential to take as much of the "you" out of the home as possible. Only a very small percentage of home buyers will look beyond the home's decor and imagine what it could be. Therefore neutral color schemes are also recommended.

Help to Sell the Location - Work with your agent to create a list of the best aspects of your location. Don't make the assumption that buyers will know the area as well as you do. Ensure that all local advantages and amenities are included, as well as logistical considerations like access to road networks and public transport options.

Be Flexible - It's important to acknowledge that many buyers have very different work schedules to your own. Indeed some of the most well qualified buyers work the most unusual hours. Therefore always be prepared to accommodate viewings that fit in with the buyer's timetable, even if not ideal for your own, such as late in the evening or very early in the morning.

While it's impossible to accurately anticipate the needs of every buyer, the above common sense steps will help you to achieve a quicker sale, simply because you've covered the most likely eventualities.

We'd be delighted to help you fine tune things, so please don't hesitate to contact us for gudiance on any aspect of home selling.

Kind regards
Aaron Novello

March 8, 2018

Taking The Stress Out Of Probate

Taking The Stress Out Of Probate

There is not a more challenging and stressful time in life than when we lose a much-loved relative.

As if your emotions at such a moment aren't enough to cope with, practical matters like dealing with the deceased's estate often only add more unwanted pressure.

And when a large asset such as real estate is involved, this can easily make things even tougher to deal with.

Here at The Novello Group we have considerable expertise and an excellent track record of helping our clients to reach successful outcomes in these situations.

As professional real estate agents, with an in-depth knowledge of the legal aspect of probate, we are in a great position to act as a center of communication for you, taking away the strains of having to deal with so many parties that can be involved in probate, including attorneys, guardians, administrators, accountants, trustees, etc.

Above all, our goal is to ensure things go as smoothly as possible, taking as much off of your shoulders and putting it onto ours.

The probate process usually requires a greater amount of administration and paperwork than a standard home sale. Our deep experience in this field enables us to anticipate any issues that are likely to arise before they happen, ensuring a smooth closing.

A lot of the families we work with in estates/probate are not local, and often live a very long distance from the property in question.

One of the ways we can add value in these situations is the handling, allocating or disposing of personal effects, and coordinating and overseeing any handyman work that may be required to prepare the property for sale to ensure we are getting top dollar.

Our proven ability to sell homes for the best price in the required timeframe helps to ensure that things can be brought to a successful conclusion as quickly as possible.

Please feel free to contact us at any time if you have questions or concerns relating to probate.

Posted in Probate
Feb. 22, 2018

Will I Get A Better Return If I Delay My Home Sale?

Will I Get A Better Return If I Delay My Home Sale?

Right now is just a great time to be selling real estate.

Demand is high and sold prices are consequently also climbing.

And while many sellers have indeed decided to list recently, there's also another group of on-the-fence sellers taking the more speculative view that they'll enjoy even better returns if they wait.

The problem is that predicting what happens to home prices in the future is such an uncertain science.

Of course the ideal situation to be in is to sell at the very top of the market, but no one ever knows exactly where that summit is until we've all passed it.

Right now there is a growing feel-good factor that's been informing the homes market for some time now. The question is how much longer will that last?

There are always positive and negative economic indicators out there, but surely the more sensible decision making process is to look at where you currently sit in terms of the potential returns you could achieve at the moment.

If you've owned the same place for a number of years, then chances are you may be surprised by the sort of equity gains you've already achieved, based on the current market value of your home.

And if you don't have an idea of current value, click here and go to our online valuation tool which will give you an instant ballpark price estimate, based on present market conditions.

If it looks like you could already achieve a substantial return on sale, you then need to ask yourself if playing a waiting game, where any number of changing circumstances could impact on that price, is the best strategy for you.

Dealing in the "now" in real estate is actually the only way to be relatively certain of the outcome.

Contact us today for a discussion of your best options related to your individual circumstances. This might be the perfect moment for you to cash out!

Kind regards
Aaron Novello

Feb. 7, 2018

What New Tax Reforms Directly Apply to Real Estate?

What New Tax Reforms Directly Apply to Real Estate?

As you'll already be aware, very wide ranging tax reforms have now become law.

Inevitably, there are some changes that will have a more direct effect on real estate, so I thought I'd take you through some of the key ones:

Mortgage Interest Deduction - This is now capped at $750,000 (previously $1,000,000). This also applies for second homes.

1031 Exchanges - Previously 1031 exchanges applied to all classes of property, but there are now more limitations on what property can be included, although real estate based in the United States, improved or unimproved, is not affected (please seek professional advice for specific information).

State and Local Tax Deduction - The total of income, sales and property tax deductions is now capped at $10,000 (previously unlimited).

Home Equity Loan Deduction - Now only allowed if the proceeds are to substantially improve the property.

Moving Expense Exclusion and Deduction - Eliminated with the exception of armed forces members on active duty moving pursuant to military orders.

There are no changes to the following:
Capital Gains Exemption on Sale of Primary Residence.
Depreciation Recovery Periods for Real Property.

If you weren't already aware of any of the above, I hope this helps to clarify things in your mind. Of course for specific advice directly related your own situation, it's essential to consult your financial advisor.

Don't hesitate to get in touch if you have any questions or concerns related to real estate.

Sincerely
Aaron Novello

Jan. 5, 2018

Tips for Smart Home Selling in 2018

  Tips for Smart Home Selling in 2018

First of all a very Happy New Year to you. I hope you enjoyed the holidays.

2018 is now under way and many people will already be considering their real estate options.

If you are planning to sell your home this year, here are some tips that will help you to make smart choices:

Don't Delay The Sale - If you are already committed to selling, there really is no time like the present to act. That's because we have a very lively market at present and if you wait until the spring you'll have more competition from other sellers and there'll also be more pressure on your asking price, as buyers will have more similar homes to choose from.

Take Advantage of The Economy Now - No one can confidently predict where the economy will be in a few months' time, so again it is wise to act now while we have such a great feel good factor.

Money is Still Cheap - Very low mortgage rates are still on offer and it therefore makes sense to take advantage of them sooner than later. The better the economy does, the more likely they are to continually rise, as low rates are usually a product of weak investor confidence.

Give Buyers a Much Needed Extra Option - Inventory of available homes for sale remains tight across most market sectors, so by listing your home right now you are providing another welcome option for those who may be struggling to find a property that ticks all their boxes.

Be Prepared for the Sale - It's never too early to start addressing any repair, maintenance or decoration work that needs to be done to the property. Far better to be fully prepared for the sale in advance, than having to rush to make sure everything is correctly presented when you actually list.

Start the Agent Selection Process - Even if you don't plan to sell for some months, why not start the agent interview process immediately. This will give you time to discover how much variation there is in the efforts agents will make on your behalf, so that you don't make a hasty choice that sees your home still not sold while your neighbors who selected the right agent have already moved. Establish the agent's track record, marketing plans and ask to see testimonials from recent happy sellers.

I hope this advice will be helpful to you. Contact us today and find out how we are helping so many home sellers to make smart decisions every step of the way (200 closed and pending sales in 2017).

Kind regards
Aaron Novello

Dec. 22, 2017

Reflections On An Excellent Year In Southeast Florida Real Estate

Reflections On An Excellent Year In Southeast Florida Real Estate

 

Reflections On An Excellent Year In Southeast Florida Real Estate


Firstly, I hope this year has been prosperous and full of love and laughter for you and yours.

As this is our last newsletter of 2017, I thought it would be useful to reflect on what has been a very good year for real estate in our area.

During the year, we've seen the Federal Reserve raise interest rates a few times. What has been really notable is that this hasn't diminished buyer sentiment and the market here in Southeast Florida has remained strong, particularly for single-family residential homes.

Properties in the $200-400k pricepoint are especially sought-after and inventory of available homes for sale remains tight, with demand very high. There are a few factors driving this demand:

1. Cheap money (mortgage interest rates are still low).

2. No one is building affordable housing, and as such, this price point represents affordable housing.

The condo market continues to see rising inventory and increased competition with new-construction inventory being built at a rapid pace.

We will see how upcoming Fed interest rate hikes and recent tax legislation affect the market, moving forward into 2018.

All in all, 2017 was a very strong year and I imagine we will see much of the same in 2018 as the driving force in this real estate cycle (as with all cycles) is that money is still cheap and will probably continue to be for the next 12 months.

I wish you and your family Happy Holidays. I hope the season is full of warmth and comfort and provides a chance to spend valuable time with your loved ones.

We look forward to the opportunity to be of assistance to you in what we hope will be a very happy and successful 2018.

Sincerely
Aaron Novello



The Novello Group Sold 17 Homes This Month!
Here are some of the highlights:

5715 SW 88 Ave
SOLD $470,000

2348 NW 184 Terr
SOLD $385,000
1100 SW 70th Ave
PENDING $387,000

6082 Oak Bluff Way
SOLD $335,000

4681 NE 5th Ave
PENDING $297,000

9983 NW 7 ST
SOLD $200,000

9823 NW 1 Ct
PENDING $196,000

6804 NW 27 CT
SOLD $136,000

7242 Fairfax Dr
SOLD $129,900

6855 W. Broward #308 SOLD $128,000

920 NE 23 PL
SOLD $115,000

9471 Evergreen Pl #403
SOLD $103,000

The average Realtor sells less than one home each month. There is a method to working in this market and a reason for the success of Aaron and his clients. Contact us today to find out more!

 

 

Latest South Florida
MLS Stats:


Single Family Homes
Active:17,571
Pending: 1,979 (past 30 days)
Closed: 3,033 (past 30 days)
Days on Market: 140
Months of Inventory: 5.79


Condo
Active: 30,326
Pending: 2,233 (past 30 days)
Closed: 3,243 (past 30 days)
Days on Market: 159

Months of Inventory: 9.35

Contact Us

Aaron Novello
The Novello Group
Keller Williams Realty
FL
954-626-8768
Fax: 954-809-3003
Send an Email

www.soldinsouthflorida.com

 

Follow us online
Follow us on Facebook

From Our Listings

7000 Island Blvd #2309 $799,999

1540 W. Oak Knoll Circle $479,900


10733 Edinburgh ST $450,000


Introductory Video

Please click to view


"I had a great experience with Aaron and his team. They were very professional, punctual and helpful throughout the entire process of selling my property. I truly value the service that they provided for me and my family"

- Patrick Crosley

 

Aaron Novello
The Novello Group
Keller Williams Realty, FL

Dec. 7, 2017

Will You Be Changing Your Agent for 2018?

We're now getting very close to the end of the year and if you've been unsuccessful in selling your home up to now, it's a natural time to pause and reflect on why this is so.

The first thing you should be doing is getting in touch with your agent to review performance.

But hang on a second, why are you having to contact the agent?

There's still a widespread assumption that all agents make pretty much the same effort on behalf of clients.

The average agent in this country sells less than a handful of homes a year, reflecting the fact that not every agent is engaged in real estate on a full-time basis.

So many of the more "casual" agents simply lack the intimate day-to-day knowledge of the market that's needed to price your home correctly and to be in constant touch with past clients and others who can influence a sale, not least other agents.

Poor communication is another major failing of poorly motivated agents. It's absolutely essential that you are regularly kept in the loop with what's happening with your sale, in order that any necessary fine tuning can be implemented. If your agent isn't staying in touch, maybe it's because there's been nothing done to report.

Ask your agent for specific evidence of why your home isn't selling and double-check his/her current effectiveness by requesting evidence of overall sales performance since you listed.

If you're unhappy with the answers, or would simply like a different perspective on creating an effective strategy in the coming weeks, please contact us. We'll be happy to demonstrate our very high month-to-month sales achievements and explain how our comprehensive and completely concentrated efforts pay dividends for our clients.

Kind regards
Aaron Novello

Nov. 21, 2017

Do You Know What Your Home Is Worth Right Now?

Do You Know What Your Home Is Worth Right Now?

 

Do You Know What Your
Home Is Worth Right Now?



I've just read an interesting article on realtor.com that observes we are again in a boom market and seeing prices back at the levels we saw toward the end of the previous boom in 2007.

Entitled "10 Years After The Crash The Boom Times Are Back In Real Estate - But Way Different", the article suggests that we are in a much more sustainable market this time, not least due to the contrasting artificial rise in prices caused by subprime and low documentation mortgages back then.

We're now in an age of far more stringent lending standards, of course, and also have a much more buoyant jobs market (the unemployment rate is now half what it was in 2010).

There are some real signs of very sustainable market conditions and, should these continue without the intervention of any seriously negative influences, we should see further growth next year and beyond.

With a shortage of properties available for sale nationwide, it will be interesting to see if the continuance of great market conditions now begins to encourage more of those would-be sellers who put off their sale during the years of recession and recovery to finally list and move on to their next home.

It's quite possible you've not checked the value of your home recently. Given the way things have been improving, many homeowners are pleasantly, surprised at how their property has appreciated in value since they last looked.

We do offer a simple online Free Home Valuation Tool that you can access by clicking here
, or the link below. While this will give you a very rough ballpark value, we'd strongly recommend that you reach out to us for a more detailed evaluation of your home in order to get the most accurate estimate that considers all features, condition, location and any other relevant factors.

Contact us today. You might get a nice home-valuation surprise just in time for Thanksgiving. I sincerely wish you and your family a wonderful holiday and thank you again for providing us the opportunity to be of assistance.

Kind regards
Aaron Novello



The Novello Group Sold 15 Homes This Month!
Here are some of the highlights:

133 N.Pompano #1509
PENDING $335,000

6082 Oak Bluff
PENDING $335,000
6551 NW 89th Ave
SOLD $309,750

9353 SW 1 Place
SOLD $209,999

427 Golden Isles Dr 14A
PENDING $199,999

6790 NW 27th ST
SOLD $199,999

9983 NW 7 ST
PENDING $199,999

5468 NW 59 Place
SOLD $179,999

6804 NW 27 Court
PENDING $144,999

3233 NE 34th ST #1420
PENDING $129,000

6855 W Broward #308
PENDING $128,000

12900 SW 7 CT #405B
SOLD $118,500

The average Realtor sells less than one home each month. There is a method to working in this market and a reason for the success of Aaron and his clients. Contact us today to find out more!

 

 

Latest South Florida
MLS Stats:


Single Family Homes
Active:17,538
Pending: 2,307 (past 30 days)
Closed: 2,886 (past 30 days)
Days on Market: 141
Months of Inventory: 6.07


Condo
Active: 24,994
Pending: 2,005 (past 30 days)
Closed: 1,973 (past 30 days)
Days on Market: 173

Months of Inventory: 12.64

Contact Us

Aaron Novello
The Novello Group
Keller Williams Realty
FL
954-626-8768
Fax: 954-809-3003
Send an Email

www.soldinsouthflorida.com

 

Follow us online
Follow us on Facebook

From Our Listings

10733 Edinburgh ST $454,900

5591 Coach House Cir A $259,000


2519 Rodman ST $229,999

Introductory Video

Please click to view


"Aaron is prompt, professional, and puts his clients interest first. I would recommend him without hesitation."

- George Morel

 

Aaron Novello
The Novello Group
Keller Williams Realty, FL