Hi, I’m Bette Hochberger, CPA, CGMA, and for today’s #FinanceFriday, I have a fabulous realtor, Alexa Rosario, who will tell us a bit about what to expect from the Florida real estate market when moving. Alexa has been selling real estate since 2013. so she has seen over the last, almost 10 years of what has changed in the market. In addition to selling real estate, she is super involved in her community. Below are some highlights from today’s #FinanceFriday, or you can watch the video!
Bette Hochberger:
Okay. So I’ve been hearing stories about properties in Florida’s real estate market that don’t even make it to the public market, and they’ve got multiple offers, and they’re over asking, and is this still happening? Is that still the situation?
Alexa Rosario:
For the off-market properties, in the higher-end markets, specifically in LA, Manhattan, and Miami, we’re seeing 20 to 21% of sales happening off-market. Most of that happens in the luxury price point because what we see is that someone who’s like, you know what, I will move if you give me this price. They don’t want all the attention of selling their property. Then if you can find a buyer without them having to put the property on the market, that’s when you’re going to find off-market properties being most common.
Bette Hochberger:
That makes sense because if you’ve got some luxury place and you’ve just listed, you’re going to get so many people just wanting to see your house and waste your time.
Alexa Rosario:
It’s the press too because there’s The Real Deal South Florida; when a costly property comes on the market, the press is all over it. And so they’re like, “Oh, this celebrity, this athlete is selling their property.” And it’s a whole thing. So from that perspective, it’s interesting. Going into the multiple offer side of things. Yes, that is still happening. Instead of there being 20 or 30 offers on a property, we’re seeing that there are like three to seven offers on a property. And so it’s still competitive, but we are seeing that there’s more listing inventory coming on the market, making it a little bit easier for buyers to find those properties.
Bette Hochberger:
That’s interesting. So maybe it’s like hitting the peak of this insanity.
Alexa Rosario:
Okay, so during the most competitive part of Florida’s real estate market, we had a 40% decrease in available listings on the market from pre-COVID. So if you imagine if there are 10 houses on the market for pre-COVID, there were only six on the market post or during COVID. And that was across all price points. So what I always tell people in that situation is first, the market you sell in is also the market you will buy in.
Bette Hochberger:
So, okay. And I forgot to tell you this before we got on, but I usually put people on the spot and ask if you’ve got any special talent or something interesting about yourself that maybe people don’t know.
Watch the video to hear about Alexa’s special hobby. Then, message me on social and let me know if there are any topics you are interested in learning about, and we will see you next time!
