MikeInBoca Blog

 January 31, 2023 Florida Real Estate Values Grew More Than Any Other US State In 2022 How Can I Help You? Florida was the top US state for price increases, according to real estate Website Zillow.com.  The analysis by Zillow showed the average Florida home value increased 17.27% last year (2022) with an average value of about $405,000.  A recent study was performed by Florida Atlantic University (FAU) in conjunction with Florida International University (FIU) and this was a quote from the study, ‘“it is hard to say where prices will go from here in Florida,” said Eli Beracha, Ph.D., of FIU’s Hollo School of Real Estate. “But it seems most likely that Florida housing markets will fare better than most other markets across the country due to the persistent shortage of homes for sale and the pace at which people are relocating to the state.”’ In our area, the local Realtors put out a snapshot report (above) that shows the average year-over-year increase for a single family ...

  Boca Raton Florida Mission Bay Community Stats and Information October 2022 Interested In Selling Or Buying In Mission Bay? Home prices continued to climb in October 2022 in the Mission Bay Boca Raton Development.   I estimate prices increased by about 31% on average during the previous twelve months of October 2022 over October 2021.   The trailing twelve month period shows an average price per living square foot of about $297, in my estimation, for Mission Bay Boca Raton Florida. 20899 Avenel Run in the Regatta Subdivision of Mission Bay Boca Raton sold in the month of October 2022.   Four other homes went under contract during October 2022 in the Mission Bay Boca Raton subdivisions of La Costa, Laguna and Regatta. When you are selling your home, you will need to price it correctly in the current market and work with a real estate professional who knows your community well in order to net you the most money.   I have helped both home sell...

  January 24, 2023 South Florida Rent Data Schedule A Call I have noticed some of the recent construction in our area has been mixed-use retail and rental communities.  The real estate brokerage company Redfin recently published information regarding the rental market that showed rents continuing to increase.  The median US asking rent rose by 4.8% in December 2022 over the previous year, according to the Redfin report.  It was noted in the Redfin report that this is the smallest year-over-year increase in rent prices since July 2021.  According to this study the local South Florida region of Miami saw year-over-year rents increase by 3.9% to a median ask rent price of $3,157 per month in December 2022. If you are a real estate investor who is looking to sell or purchase an investment property or lease out your current property, contact me and let’s see how I can help you.  Schedule an appointment on my calendar CLICK MIKE IN BOCA CALENDAR To view Boca Ra...

  January 17, 2023 More Home Buyers Backing Out How Can I Help You? Moneywise magazine recently printed an article entitled, “Homebuyer’s remorse: Thousands of Americans are backing out of signed contracts — what you need to know before you cancel a purchase” referenced a pick up in home buyers backing out of their deal.  The article referenced a report by Redfin that stated about 60,000 home sales fell through in October 2022, which was the most since Redfin started tracking this in 2013.  Once a contract is signed for the sale of a home there are typically many contingencies that need to be cleared for the sale to close.  Some of the common issues that need to be addressed are securing financing, working through defects found during the home inspection, and an appraisal for financed deals.  For instance, if there is a roof leak and it is determined during the home inspection that a new roof is required, most of the time the home buyer can go back to the home s...

 January 10, 2023 Boca Raton Single Family Price Change Trends 2022 How Can I Help You? Single family home prices in Boca Raton have started to shift as of April 2022 as per the Hot Sheet I ran from our local MLS data.  The prices began to level out in March 2022 and have trended downward in a range of 6% to 8% for the second half of 2022.  Boca Raton single family home average price changes for active listings were in the $136,000 to $180,000 range during much of 2H:2022.  As the chart shows, this was a reversal from the continuous upward trend on price changes during 2021 into the first half of 2022 for Boca Raton single family houses.  Affordability has become a bigger concern for home buyers as mortgage rates climbed.  The trends are important when trying to best position your home to sell for the most amount given the market conditions during the time your home is on the market for sale. When handled optimally, your home will sell quicker, for more mon...

 January 3, 2023 Home Selling During Divorce How Can I Help You? Happy new year to our loyal readers.  A new year may mean starting fresh, and in some instances, that means starting over without your spouse due to divorce.  The Miami Herald ran a story at the end of the year entitled, “Selling a home during divorce can get messy, real estate agents say.” Divorce is emotional as is selling your home.  Selling a home is also a difficult process with many things that need to be lined up with the sellers in order to get the home sold.  In divorce situations, sometimes one spouse will disappear and not answer or be available to sign required documents.  This may be a way to exert control or get back at the other spouse.  When the home is on the market, divorcing couples need to decide how upkeep expenses for the home will be handled, who will pay the mortgage and how the sale proceeds will be divided up, among others.  Working with a skilled real estat...