John Diaz Group - Keller Williams’ Post

Transcript

Hi everybody. It's John Diaz, your Realtor and business broker giving you a market update on real estate in Palm Beach and in South Florida. First of all, from Palm Beach, Broward and Miami and Port Saint Lucie for all the counties. Right now for single family homes, it's what we call a balanced market. So there's like a 5 month supply of inventory, which means if no new inventory, no new single family homes for sale came to the market, it would take five months for it to sell. That is a balanced market. Now the prices are are holding and actually strong. The sales are down a little bit. There's 1100 sales 11113 of single family 880 condos. But the condos and townhomes are completely different story. It's like different market with all the insurance assessments to HOA's be an increased you know the the work that's being done on condos, the HOA's. Again, are up and people are selling. So there's that story is, you know like a 7 month supply in Palm Beach County, 8 month supply in Broward and 40 a 10 month supply in Miami and anything over six months is starts being it's a sellers market. So when you get to 910 months, it is definitely a sellers market for condos and townhomes. There's less demand with 880, you know, selling and we do. Respect that the prices if it continues will go down. The actual inventory has increased by 97% in county 118 and Broward 75 and 84% increasing at a very high rate. I hope this helps you. The good news on the interest rates have lowered right We've recently they're around 6.09% on their 30 year fix. Saw some people paying a point and getting 5.7. Five, we are working with some lenders that have specials if anybody is looking to refinance, they're even getting into the high fours on on certain products and they're waiving some of the costs associated with refinancing. So whether you're looking to buy or refinance, please give us a that's John Diaz, Group 5612471825. I hope you enjoyed the video.