By: Jessica Rosato, Luxury Broker Associate Nestler Poletto Sotheby’s International Realty Special to the Boca and Delray newspapers
As we navigate the 2017 real estate market here in Palm Beach County, it seems that having your home competitively priced is becoming more and more tied to desired results—or has it always been that price is really the underlying defining factor to success in real estate?
With inventory build-up, it seems that we are moving into a buyer’s market. There are great opportunities out there for buyers even with increasing interest rates. If you compare 2015/2016 to 2017, and look at the visual statistics and numbers to further verify, active properties on the market are high compared to those that are under contract or have sold. For instance, in January of this year we had nearly triple the amount of condos (in specific areas) actively for sale over last year at the same time.
Pricing your home competitively and realistically within the marketplace, and knowing ultimately that the market will dictate what your home will sell for, have always been good practices, and now, more than ever, price is a looming factor. Buyers are savvy and not interested in overpaying for anything, frankly. What a seller wants versus what a seller will get can be very different, and wasting time by testing the market might only prove to hurt the seller in the long run as their home sits while others sell.
Sellers must also be willing to make certain adjustments to take their home from a level 6 to a top 10. Often, staging is a must to get a home sold, while other times renting a storage unit and voiding the home of all furniture is the preferred option to insure the sale. It’s a team effort and trusting your real estate professional is a must. I can say confidently that sellers’ expectations are too high right now, and with homes over the $500,000 mark, you’ve got to be priced right to get the deal done.
But however you slice it, and however you price it, being a major player in the real estate industry has many positives. Investing in real estate has always had many benefits, and it still does. From creating income to offering attractive tax advantages to providing an asset that is not aligned with stocks, it’s one of the few ways one can really create wealth (as opposed to investing in the stock market or owning your own business). Real estate is not nearly as volatile as stocks, but not as liquid either. There are certain risks involved with any type of investment, but real estate is certainly something you can sink your teeth into and be financially successful at if you’re willing to get real about how you buy and sell. Things are stabilizing and you have to be in front of the trends to really benefit from them.
About Jessica Rosato
Jessica Rosato is a Luxury Broker Associate for Nestler Poletto Sotheby’s International Realty of Delray Beach. As a concierge realtor, she utilizes her superb customer service skills, attention to detail, honesty, stellar work ethic, negotiating skills and keen understanding of the luxury real estate market in Palm Beach County to create experiences of a lifetime. Jessica is a Dartmouth graduate and holds a Masters of Fine Arts from Pratt Institute. She is a member of the Delray Beach Chamber of Commerce, the Women’s Council of Realtors and the Institute for Luxury Home Marketing. She is also involved in local charities, specifically those that benefit the Achievement Centers for Children and Families in Delray Beach and the American Cancer Society. Visit her website at www.bocadelrayluxury.com.