Story from One Sotheby's International Realty: List a home now for low interest rates, quick sales and record profits (2024)
The pandemic-driven real estate boom that set new records for home sales across the country has inspired many homeowners to list theirproperties.
And with Florida's East Coast real estate market being among the strongest in the nation, there are many reasons to do that now.
If you've been considering making a move, but waiting for the right time to do so, here's why you should list your home now.
Record-high profits
Not only are homes selling at record highs, but they're also selling above the asking price. According to a recent market report published by One Sotheby’s International Realty, nearly 17% of properties sold above the asking price along Florida's East Coast in March of 2021. And in some areas, such as Broward County, 29% of homes sold above asking price ––the highest level in more than 6 years.
In Miami-Dade County, strong buyer demand drove the average single-family home price to more than $1 million in March, while those priced under $500,000 stayed on the market for the shortest period of time in several years. Just like other areas of southeast Florida, theaverage condo pricein Miami-Dade County increased by more than 15%, while the segment of luxury condos priced greater than $5 million outpaced the broader market.
No matter what part of Florida's East Coast you are listing in, you can expect to make a high profit on the sale of your home and use that money to invest or purchase a new property.
Quick sales
Strong buyer demand and a limited inventory mean that almost any house or condo that goes on the market will sell quickly —and that's especially true along Florida's East Coast.
Active sale listings are roughly 32% lower than they were at the end of 2020. That means there are far fewer homes — and much greater demand. In some places, such as Palm Beach County, where the average single-family home price increased 64% since last year, active home sales have fallen by 37% since December.
Within hours of listing your home, you could have multiple offers, giving you leverage to get your best price. And when you choose one, you can expect to close quickly as buyers are coming in with offers that are backed by a solid down payment, pre-approval letters and a willingness to negotiate above your asking price.
Interest rates continue to remain low, but they won't stay that way for long. Buying a home at a lower interest rate results in a lower monthly payment — and that means you can afford more home for the money.
A 2.5% interest rate on a $1 million 30-year loan is roughly $4,000 per month. But if interest rates rise to even 3.5%, that same loan wouldincrease nearly $500 more per month. And if the ratedoubledto 5%, the monthly payment would be nearly $1,500 per month more — or $18,000 more each year. Over 30 years, that would be $540,000 — more than half the original cost of the home.
Faster closings
Mortgage closings are faster than they’ve ever been before. Mostly thanks to digitization and mobile-friendly mortgage applications, houses and condos are closing quickly.
That means you can go from accepting an offer to closing on your home in just weeks — a welcome change from closings of yesteryear that could take months.
Trade-up opportunity
By selling your home now, you can take advantage of all of your home equity, using it as a down payment on a new property.
Trade-up opportunities are hot right now along Florida’s East Coast as the continued economic recovery is inspiring homeowners to list their homes for larger and more expensive ones.
Better spaces
The pandemic has changed how we view our homes. With so many people spending most of last year at home, there’s a new appreciation for what is working — and what isn’t.
Dedicated spaces for home offices and learning pods are among the must-haves on homebuyers’ lists these days. Large outdoor spaces that offer outdoor kitchens and plenty of room for social distancing are other must-haves.
This is the perfect time to reevaluate what you need in a home — and to act quickly to list your current property to get what you really want.
Thinking about listing your home? Visit onesothebysrealty.com to learn more about why this is the right time to sell.
Sotheby's was established on 11 March 1744 in London by Samuel Baker, a bookseller. In 1767 the firm became Baker & Leigh, after George Leigh became a partner, and was renamed to Leigh and Sotheby in 1778 after Baker's death when Leigh's nephew, John Sotheby, inherited Leigh's share.
Sotheby's announced today that, for 2023, its consolidated sales came in at $7.9 billion, almost equaling the record $8 billion it reported for 2022. While overall auction sales dipped slightly, private sales ticked up.
Sotheby's International Realty scored higher in 1 area: CEO Approval. Keller Williams scored higher in 8 areas: Overall Rating, Culture & Values, Diversity & Inclusion, Work-life balance, Senior Management, Career Opportunities, Recommend to a friend and Positive Business Outlook.
Sotheby's International Realty is a luxury real estate brand founded in 1976 by Sotheby's fine art dealers. Sotheby's International Realty operates as a franchise focusing on brokering and marketing of residential real estate.
We take great care providing accurate and informed estimates for all items that are potentially suitable for sale with us. These estimates are preliminary, subject to physical or virtual (for Buy Now) examination of the item, as well as market fluctuations.
A uniform commission rate for sellers across categories.
Sotheby's now has a uniform seller's commission rate of 10% on the first $500,000 of the hammer price per lot, across all categories. We do not charge a seller's commission on the portion of the hammer price above $500,000 per lot.
Our specialists will review your submission at no cost and provide preliminary estimates for items that can be included in one of our sales channels in 15 to 20 days.
There was change in the top 10 this year, with only the top two biggest owners of real estate – China's Evergrande Real Estate ($273.8bn) and Canada's Brookfield Asset Management ($256.3bn) – retaining their positions.
In the landmark settlement from Anywhere, the parent company of Sotheby's International Realty, Coldwell Banker, and Century21 agreed to pay $83.5 million to the plaintiffs of Moehrl v. National Association of Realtors and Sitzer/Burnett v.
The agreement provided for the licensing of the Sotheby's International Realty name and the development of a franchise system. The franchise system is comprised of an affiliate network, where each office is independently owned and operated.
Sotheby's excels in American furniture and photography. Christie's excels in European furniture, books, and manuscripts. Both of them market themselves for having fantastic jewelry collections. Yet, due to their similarities, who people choose to buy and sell to largely comes down to “who's nicer” when they meet them.
America's number one ranked real estate agent, Ben Caballero of Addison, Texas, just became the number one real estate agent in the world, according to Guinness World Records. Caballero sold 3,556 homes in 2016, which was seven times more homes than his closest competitor (467 homes).
eXp Realty is the fastest-growing real estate brokerage in the world. We are breaking down boundaries through our unique cloud-based model, the unrivaled state-of-the-art tools and technology, and a global community of agents, leadership and partners.
Sotheby's promotes access to and ownership of exceptional art and luxury objects through auctions and buy-now channels including private sales, e-commerce and retail.
Sotheby's Holdings, Inc. The founder, Samuel Baker (died 1778), a London bookseller, held his first auction (under his own name) early in 1744, selling an estate library of 457 books. Establishing the firm in York Street and handling further libraries over the years, he went into partnership with George Leigh in 1767.
Given Sotheby's was founded in 1744 and Christie's in 1766, it is remarkable that these two British auction houses continue to dominate the trillion-dollar global art market. According to 2022 figures, Christie's is No 1 in the world with sales of US$8.4 billion, with Sotheby's just behind at US$8 billion.
From Longman Dictionary of Contemporary EnglishSoth‧e‧by's /ˈsʌðəbiz/ trademark a famous auction company with its main offices in New York and London, where valuable paintings, rare books etc are sold → compare Christie's.
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