Fort Lauderdale Real Estate and Community News

Aug. 5, 2022

HOUSING MARKET FORECAST 2022

Housing Market Forecast for the Rest of 2022 [INFOGRAPHIC]

Housing Market Forecast for the Rest of 2022 [INFOGRAPHIC] | MyKCM

Some Highlights

  • The housing market is shifting away from the intensity of the past two years. Here’s what experts project for the remainder of 2022.
  • Home prices are forecast to rise more moderately than last year. Mortgage rates will respond to inflation, and home sales will be more in line with pre-pandemic years.
  • Let’s connect so you can make your best move this year.
Posted in Market Updates
July 16, 2022

Nice meeting you

https://shoutoutmiami.com/meet-joyce-bartels-daal-success-coach-and-happy-realtor/

Posted in Community News
July 15, 2022

Should I rent or should I Buy?

Should I Rent or Should I Buy? [INFOGRAPHIC]

Should I Rent or Should I Buy? [INFOGRAPHIC] | MyKCM

Some Highlights

  • It’s worth considering the many benefits of homeownership before you make the decision to rent or buy a home.
  • When you buy, you can stabilize your housing costs, own a tangible asset, and grow your net worth as you gain equity. When you rent, you face rising housing costs, won’t see a return on your investment, and limit your ability to save.
  • If you want to learn more about the benefits of homeownership, let’s connect today.
Posted in Buying a Home
July 13, 2022

What's the market like today?

Yes I get asked this question a lot since I am a Realtor. That and " Is it a good time to buy a new property?" Let me give you the short answer as related to my market and my real estate business. I partner with Tommy Michalak and we cover mostly the areas of Pembroke Pines, Cooper City, Hollywood, Miramar, Davie, Doral and Plantation. The good news for buyers is that we have more inventory to show to those who are not deterred by interest rates, inflation, high home prices, etc. And we see more price drops and longer days on the market. More buyers are venturing out there to try to buy a home again this summer of 2022. As for sellers, it is still a sellers' market since inventory is still low and summer is the time that most families choose to move as to have their kids all set for the new school year in September.

We are rolling out some nice incentives for our customers who want to sell their home; various listing packages, free home inspections and very flexible agreements. Catch our newsletter coming out soon again, the HOT SUMMER EDITION 2022.

Have a great summer, enjoy the nice weather, enjoy the family, let us do the work for you. 

 

Posted in Selling Your Home
May 17, 2022

Why should sell today

If You’re a Homeowner, You Have Incredible Leverage When You Sell Today

If You’re a Homeowner, You Have Incredible Leverage When You Sell Today | MyKCM

In today’s housing market, homeowners have a great opportunity to sell their house and receive the best terms for their personal situation. That’s because there’s a limited number of homes for sale, which is creating competition among buyers. Right now, homebuyers want three things:

These buyer needs give you an amazing advantage – also known as leverage – when you sell.

What Does This Mean for Sellers Today?

You might already realize this enables you to sell at a good price, but you’re also in a great position to get the best terms to suit your needs.

According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), the average home sold is receiving 4.8 offers. That’s why there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your house. When you do, you should look closely at the terms of each offer to find out which one has the best options for you.

And if you have questions at any point in the process, remember your trusted real estate advisor can help. They’re experts who understand the fine print, know how to compare the terms of various offers, and will help you select the best one for your situation.

Bottom Line

If you’re thinking of selling your home, know buyer demand in today’s market gives you a great opportunity to get the best terms and price when you sell your house. Let’s connect today to discuss how much leverage you have as a seller in today’s market.

Posted in Selling Your Home
May 17, 2022

Rising mortgage rates and buyers

Why Rising Mortgage Rates Push Buyers off the Fence

Why Rising Mortgage Rates Push Buyers off the Fence | MyKCM

If you’re thinking about buying a home, you’ve probably heard mortgage rates are rising and have wondered what that means for you. Since mortgage rates have increased over two percentage points this year, it’s natural to think about how this will impact your homeownership plans.

Today, buyers are reacting in one of two ways: they’re either making the decision to buy now before rates climb higher or they’re waiting it out in hopes rates will fall. Let’s look at some context that can help you understand why so many buyers are jumping off the fence and into action rather than waiting to buy.

A Look Back: How the Current Mortgage Rate Compares to Historical Data

One factor that could help you make your decision to buy now is how today’s mortgage rates compare to historical data. While higher than the average 30-year fixed rate in recent years, the latest rates are still comparatively low when you look at the bigger picture of where rates have been since 1971 (see graph below):

Why Rising Mortgage Rates Push Buyers off the Fence | MyKCM

Mark Fleming, Chief Economist at First American, explains it like this:

“. . . historical context is important. An average 30-year, fixed mortgage rate of 5.5 percent is still well below the historical average of nearly 8 percent.”

If you’re deciding whether to buy now or wait, this is important context to have. Today’s mortgage rate still gives you a window of opportunity to lock in a rate that’s comparatively lower than decades past.

A Look Ahead: What Happens if Rates Climb Further

The buyers who are springing into action now are also motivated to make their move because they know rates have risen steadily this year, and they’re eager to get ahead of any further increases.

Why? When mortgage rates climb, they impact the monthly mortgage payment you’ll have on the home you’re buying. Basically, it’ll likely cost you more to buy a home if you wait. Experts say mortgage rates will rise (although more moderately) in the months ahead. Odeta Kushi, Deputy Chief Economist at First American, explains:

“. . . ongoing inflationary pressure remains likely to push mortgage rates even higher in the months to come.”

So, if you’re ready and financially able to buy now, it may make more sense to get off the fence and make your purchase sooner rather than later. As Nadia Evangelou, Senior Economist at the National Association of Realtors (NAR), says:

With even higher interest rates on the horizon, I don’t see any reason to hold off from purchasing a home right now. If you feel financially secure, you should start looking for a home.”

At the end of the day, there is no perfect advice on when to buy a home. What you should do depends on your goals, your finances, and your personal situation. Use this information with the help of local real estate professionals to make an informed decision on what’s best for you. Bill McBride of Calculated Risk sums it up best:

“. . . if you’re on the fence about whether to buy now or wait for a better deal, buying sooner rather than later might be wise. That said, home buying is always a personal decision. Whether you should buy in 2022 depends on your financial situation and the local housing market where you live.”

Bottom Line

For many buyers, rising mortgage rates are motivating them to act now and make a purchase before rates rise higher. To decide what move is best for you, let’s connect so you have expert advice on your side.

Posted in Buying a Home
May 16, 2022

24 Offers learning points

Happy Monday! Wishing you a happy, effective and successful week.

 

Having just gone under contract for one of our listings where we received 24 offers, there are learning points I took away for when I am working with buyers and find myself in a multi offer situation. Here are my top 3 learning points for buyers' agents:

 

1.   Before submitting an offer, give the listing agent a call to introduce yourself and establish contact. Keep it professional, short and to the point. This is a good moment to show how easy and effective it will be for the listing agent to work with you. 

 

2.   While waiting to hear if your offer was accepted, keep the communication with the listing agent steady but keeping in mind they are very busy. Whatever you do or say, try to maintain a calm and positive attitude. 

 

3.   Once you hear from the listing agent, no matter the outcome, thank them for their time and stay courteous. You never know if the offer might fall through and you would want them to give you a call if it does.

 

Drop me a note with some of your tips for buyers' agents, would love to learn from you how to improve my game!

Posted in Buying a Home
April 29, 2022

ROCK CREEK, Cooper City

Both Joyce Patricia Bartels Daal and Thomas Patrick Michalak started in this business around

the same time. We both started as full-time Realtors® in 2016.

 

Joyce is a Happy Real Estate Professional and has earned the following

designations/certifications: Military Relocation Professional (MRP), and Pricing Strategy

Advisor (PSA). Joyce also has her e-PRO® certification where she learned to master the

advanced digital marketing techniques of today. Joyce travels to her home in Aruba for vacation,

and often lists homes in Aruba here for sale. She speaks four languages: Spanish, German,

Dutch, and English. Last, this is why she also obtained her Certified International Property

Specialist (CIPS) designation.

 

Thomas is an Awesome Real Estate Professional and has earned the following

designations/certifications: Certified Luxury Home Marketing Specialist (CLHMS), Pricing

Strategy Advisor (PSA), and Real Estate Negotiation Expert (RENE). Thomas has lived in Rock

Creek, Tierra Vista, since 2006.

Here are some of the homes we listed for sale. “Sold” means we represented the Buyer only:

               MLS#                 Address            City                      Sold Price       Status

  1. F10120583  1101 115 th Avenue,        Plantation           $910,000.00        Sold
  2. A11011319  2545 34 th Avenue,          Miami                $535,000.00        Sold
  3. F10289565  8240 NW 46th Terrace,     Doral                 $715,000.00      Listed
  4. F10306845  24 Mocha Court,               Punta Gorda          55,650.00      Listed
  5. F10306854  30 Mocha Court,               Punta Gorda           41,250.00     Listed
  6. F10303280  10250 NW 70 th Street,    Tamarac                334,000.00    Listed
  7. F10276532  846 NE 2nd Drive,            Wilton Manors      $710,000.00    Listed
  8. F10298023  801 NW 214th Street,       Wilton Manors      $800,000.00    Listed
  9. F10268703  980 Jeffery Street,            Boca Raton            285,000.00    Listed
  10. F10272708  1336 NW 4th Avenue,        Fort Lauderdale    300,000.00     Listed
  11. F10275165  5700 NE 22nd Way,#328,  Fort Lauderdale     145,000.00    Listed
  12. A11000552  333 Las Olas Way, #2304, Fort Lauderdale   $860,000.00      Sold
  13. F10286752  527 NE 24th Street,          Wilton Manors     $505,000.00      Sold
  14. F10289453  1231 NW 2nd Avenue,       Fort Lauderdale     380,000.00      Sold
  15. F10323561  1919 Van Buren St, 821A,  Hollywood          $315,000.00  Listed/Pending Sale
  16. F10306855  26084 OCELOT Lane,         Punta Gorda         45,500.00   Active Under Contract
  17. F10327951  523 South 58th Court,       Hollywood           $510,000.00  Just Listed
  18. F10326631  1332 NW 4th Avenue,        Fort Lauderdale   $399,000.00  Just Listed

This is not a complete list. We have additional land listings in Punta Gorda and Port Charlotte if you are interested in buildable residential land.

Last year, we joined forces as business partners. We list homes and property together as The Ohana Team at Elevate Real Estate Brokers. Our combined sales were over $20 million. We have created this new website: www.TommyandJoyce.com.

About this market

As of April 28, 2022, there were literally zero homes listed for sale in all of Rock Creek. Not a single home or

townhome! There is a major opportunity for anyone still selling in this market.

 

Our humble opinion is we hope the market cools off somewhat over the next few months due to interest rate

increases. While Selling is still easy, Buying presents hurdles and challenges Realtors® have never seen

previously, not in 30 years. For example, try finding a 4 bedroom, 3 bathroom home right now in Broward

County with a budget of $900,000.00 and you will see it is not so easy. Of course, there are homes on the

market we can buy but they won’t necessarily feel worth the money or rather they won’t necessarily meet the

Buyer’s expectation given the price. Next, if the home is very good in terms of condition, renovation, or brand

new there will most certainly be a premium paid above asking price to secure a contract for it. Not even to

mention, contractual tricks may be necessary as well, such as waiving the appraisal, etc.

 

Below are single family homes (only) sold in Rock Creek over the last 90 days. Townhomes were excluded, otherwise the list is too long. None of these homes are on the lake. For a complete list, please contact one of us.

 

Address                    #Beds  #Baths    Sq. Ft.Living  Pool? ListPrice.   SoldPrice   Difference

11720 N Island Road        4        3                     2,684     yes     $820,000.    $820,000.         $0

11570 N Quayside Drive    3       2                     1,770     yes      $650,000.   $680,000    +$30,000

11293 Rhapsody Road       4     2.5                    1,946     no      $615,000      $620,000.    +$5,000

11221 Reveille Road         3      2.5                    1,976     no      $590,000.     $615,000.   +$25,000

32 Cedar Way                  3         2                    1,794    yes      $550,000.     $562,500.   +$12,500

11251 Renaissance Road    3     2.5                   1,792.    no       $535,000      $500,000     -$35,000

76 Forest Circle                3        2                    1,664      no       $525,000      $505,000     $20,000

4060 Fern Forest Road       3      2.5                   1,797.    no       $460,000      $459,000      -$1000

 

If you are interested in finding out what your property is worth, or are moving out of the area, or looking to move

within the area; we would be happy to consult with you.

April 28, 2022

Mindset for Success

Before I obtained my real estate license in 2016 I used to own and manage a successful coaching and training company in Aruba. It's where I learned about the power of the mind to cultivate success. Helps me everyday in my real estate business. Here are three tips I want to share with you;

 

1)   Make a move daily, literally. I rotate what I like to do; walk, do yoga, play pickleball, ride my bicycle, as long as I move daily! Some days I drag myself out there, and it never fails to amaze me how good I feel once I start. 

 

2)   I listen to positive energy/vibes music on YouTube while I work from home. Keeps me calm and centered. When I drive I also listen to music, more upbeat, and I sing along. Puts me in a happy vibes.

 

3)   I have my goals in my phone and I look at them every day. I visualize how I feel when I have accomplished these goals and then I actually do something related to me making my goals a reality. Every day, one step!! 

 

How do you cultivate your mindset for success? Would love to hear from you. Namaste 

 

Posted in Real Estate News
April 21, 2022

Buying a New Construction Home from a Builder/Developer

Stellar ModelThere are different types of builder/developers.  One, are the large companies known by many in the area you live. They are well established and build dozens or hundreds of homes. Typically, they buy large tracts of land and build from start to finish. They build model homes and customize the finishing. They are efficient, relatively economical, provide move-in ready homes, and often offer a warranty. Two, are spec builders who buy two to several lots and sometimes build a model home to show as an example. They will sell the completed home and perhaps offer buyers some customization. They will offer to build you a similar home typically on another lot they already have purchased for this purpose. Sometimes they merge several lots, re-dividing the property and may offer a few different home designs plus options. They often do not build the same home twice so the homes will be unique. They are often well known local companies. Last are the custom builders who will build you anything you are willing to pay for on any buildable lot, either one you own or one they own. 

In this market, it may be practical for some to buy the lot/land and then hire an architect and/or builder. The trick with builder contracts is to make certain you have addenda attached to the contract specifiying every item. The builder developer should provide you with a floor plan and builder specs. These items will be part of your contract and must be attached and referenced. Here is where things can go wrong. It isn't what they put in the builder specs but rather what they do not. Look for vague wording such as "appliances being listed" but no specific brand names. With the average four bedroom three bathroom home in the area coming close to one million dollars, and in some cases depending on the location,  much much more; I suggest you opt for specific brands of appliances, etc. in your contract addenda.  This applies to everything including the structural notes, exterior finishes, plumbing, lighting, interior finishes, landscaping, insulation, air conditioning, etc.  

Our recommendation is to have these contracts reviewed by a competent real estate attorney. To be clear, we are not talking about your generalist who also does divorces, etc. and other legal work but rather a specialist only in real estate. Nothing personal against our generalist attorney friends but knowing the territory inside and out here counts.

Yesterday I showed several of the larger home models as my customer was looking to purchase a four (4) bedroom, three (3) bathroom home at Oak Tree, a Pulte Homes development built on land which used to be a golf course, south of Commercial Blvd, off of Prospect Road in Fort Lauderdale. I did not anticipate being impressed by this community but I was very impressed. It is a thoughtfully organized, gated community. There is a clubhouse, a pool, a community area, and the lots offer more space options than most similar communities. The location relative to Fort Lauderdale, the beach, shopping, etc. is very good. The only caveat is the lots and homes are priced at market prices, which keep going up. This means most every lot has an additional premium in addition to the price for building the home. Right now, the larger homes on the best lots are financially inaccessible to many of those who would have purchased otherwise. For the best premium estate home lots with a four bedroom home we were quoted $1.4 million. This doesn't include a pool, fire pit, or exterior extras. Also, there is an HOA monthly maintenance fee based on the size of the lot, in this case about $300.00 per month. Still, if a two story is what you have in mind, a four bedroom home can be had for just under $1 million.

If you have further questions, please contact Joyce Bartels Daal or myself. Thank you and have a great day!

Posted in Buying a Home