Dan, Other/Just Looking in Fort Lauderdale, FL

Currently how long are houses staying on the market in South Florida ?

Asked by Dan, Fort Lauderdale, FL Wed Apr 15, 2009

Once removed from the market what percentage of them have sold or are they taken off waiting for a better time? Secondly, how are things trending, are houses moving more quickly now then a year ago? Generally, if you take foreclosures and short sales out of consideration how long are these houses on the market and how are sales trending among these kinds of houses? I know every neighborhood is different every house is different my question pertains to general conditions in South Florida

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Answers

6
Dan,

The overwhelming majority of sellers whose listings expire (more than 70%) STAY OFF the market after their listings expire. The sellers are either unwilling or unable to price their homes to sell, so once their commitment to list is over. The sign comes down. They don't relist. They stay put. Game over.

Of the properties currently on the market, about 75% are OVERPRICED and WILL NOT SELL.

About 10% of the current inventory is actually priced correctly when listed, and those homes normally sell in LESS THAN 30 DAYS VERY CLOSE to their asking prices. In decent neighborhoods, a home priced to sell when it is first listed will go pending in a matter of days. I have several listings currently pending sale that fall into this category.

The remaining 15% of the homes do sell AFTER one or more price reductions. The time on market for those sellers is MUCH GREATER than the sellers that were realistic when they first came on the market. Sellers in this category wait 120 days or longer to sell.

Sales for 2009 are well ahead of where we were this time of year in 2008. With unheard of interest rates in the 4's, don't be surprised if people look back in time years from now and go "THAT was THE PERFECT TIME TO BUY!"

If I can be of further help, please feel free to contact me at 954-298-1650 or email at RealtorBarryDunn@aol.com. HAVE A GREAT DAY!

Barry Dunn
Keller Williams Realty Professionals
Fort Lauderdale, FL 33308
3 votes Thank Flag Link Sat May 23, 2009
Great information Mr. Dunn! I like your attitude and the brevity in which you sum up the reasoning for seller's to price it right, out of the gate AND for seller's to buy now. Mr. Dunn is NOT sales pitching. These are confirmable facts. For instance, this week home came on the market (listed by a realistic seller) - for $295,000 in Cooper City. This IS market value for the home - no more - no less. My clients made a full price offer, loan commitment in hand, 30 day closing and quick inspection. They LOST the deal to someone who bid higher - 1st time out (who bids higher than market value AND listing price right out of the gate?). The seller never countered anyone. They selected 1 of the 4 offers they initially received in the 48 hours the listing was on the market. This is not rare - this is the norm for areas such as Pembroke Pines, Cooper City, Fort Lauderdale, Coral Springs, Parkland, etc. for listings that are price RIGHT!

Happy buying/Happy selling
Lisa M. Brodeur
LMB Realty Corp
(954) 868-1416
1 vote Thank Flag Link Sat May 23, 2009
I completed a search for homes sold within the last 6 months (omitting short sales/REO properties). Days on the market averaged 118.40. This was for single family homes only - townhomes/condos, etc. You said "houses" - so that is what I used in my search.

I cannot answer the question "once removed from the market - what percentage of them sold or are they waiting for a better time." If they were removed from the market - how would they sell?

I can tell you some people with quite a bit of equity in their homes are waiting for a "better time" if they do not need to sell ASAP! This could prove to be a big mistake, as sellers like that typically are "chasing the market down." And the only way that ever stops - is when they sell at the bottom. If one is selling their home in this market, they should get with a realtor and truly listen to what the Realtor believes the home will sell for based on comparables. It does not matter to a new purchaser what a homeowner paid for th property. It just doesn't matter. The Realtor has the magic number to sell a property.

I hope this information helps you. Should you need assistance buying or selling, please let me know. I am extremely statistical and can make sure we zero in on the right price whether it be for a sale or for a purchase.

Lisa M. Brodeur
(954) 868-1416
0 votes Thank Flag Link Thu May 7, 2009
To answer your 1st question directly... a couple of days to a couple of years.

Pricing and exposure work hand in hand with this...you can be giving it away and unless people know about it...it won't sell. On the other side is pricing...too high and it won't sell, lots of buyers and no offers, too high. A great agent can show you the numbers that will make your real estate goals attainable.

Good luck on your quest!!

Jeff Holloway
0 votes Thank Flag Link Tue May 5, 2009
Dan,

South Florida covers a large region and a large number of different markets. The answer to this portion of your question depends on the specific location for consideration.

We recieved some relative information this week that may be relative to your needs......Our location of Sarasota, Venice, Englewood, Port Charlotte currently has the smallest inventory of homes for sale for the past 30 months. This is a great sign....homes are selling, inventory is decreasing and we appear to be moving in the right direction.

What does this mean for today's serious buyer? Make no mistake, there are still plenty of opportunities out there but choices and large savings may be decreasing.

As a general response to the amount of time property is on the market in South Florida...if sellers can price their homes competitively with their area's short sales and foreclosures they will benefit from a relatively smaller period of time. However, if this is not the case the term will be excessive...sellers need to be in touch with their local market conditions and be realistic about their pricing. The days of excessive pricing are over!!!

Good luck
0 votes Thank Flag Link Sun Apr 19, 2009
Dan, I specialize in the downtown Fort Lauderdale neighborhoods, and I can tell you that in the last 6 months alone my real estate team has seen a huge increase in activity of buyers. We have had 3 properties in the last 30 days go under contract, all 3 of them were priced over $600,000, and all 3 of them are closing in 30 days or less. These properties are not short sales or foreclosures. However, these properties have been listed for almost a year. Our sellers finally got reasonable and dropped their prices, and the properties flew off the shelf. We are currently working with 5 other buyers, all looking for property over $400,000 and they DO NOT want a short sale. They are simply looking for what they feel is a good value. The Fort Lauderdale market is picking up, properties that we listed less then 6 months ago are already under contract. Property values seem to be holding steady...if not starting to increase. The majority of our clients do not want the head ache of dealing with a short sale or foreclosure, they are just looking for a great property, at what they believe is a good value.
0 votes Thank Flag Link Fri Apr 17, 2009
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