๐Ÿ“ฃ FAU Economist Says Homes ‘Less Overpriced’ in July ๐Ÿก Hoey Team ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜ Southwest Florida ๐ŸŒด

Dated: September 3 2021

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The overheated market may be slowly cooling.  Even if July numbers just reflect the usual summer slowdown, it could mean traditional patterns are starting to return.

Florida Realtor Magazine 2021 09 02 FAU Economist says homes were less overpriced in July 2021 going through the China COVID-19 coronavirus plandemic Hoey Team 239RealEstateDeals.Com LLC

FORT LAUDERDALE, Fla. – Homes in South Florida are a little less overvalued than they were a month ago, a positive sign after a year of insane pricing.

Homes in Palm Beach, Broward and Miami-Dade counties sold for 13% above their long-term pricing trends in July, a slight decline from the month before, when homes were overvalued by 16%, according to researchers at Florida Atlantic University (FAU).

“I’m excited about these numbers,” FAU economist Ken H. Johnson said. “I would like to see prices with a premium that is not so large, but we are going in the right direction.”

The slight dip from last month’s index could signal a slight slowdown in the market, as mortgage applications have fallen. Or it could be the typical summer slowdown as families go on vacation.

It’s still a good sign if it’s only a summer slowdown, as it would show that the real estate market could be headed to more traditional seasonal patterns, Johnson said.

Jonson and Florida International University professor Eli Beracha analyzed over 100 metro areas, using 25 years of data from Zillow on single-family homes, townhomes and condos. Out of nine metros in Florida, the South Florida area ranked last in overpricing. Lakeland and the Tampa Bay area were the most overpriced in Florida, both at a little more than 31% above where they should be.

Housing values either fell or remained level from one month to the next, the researchers found.

“While we’re almost certainly nearing the peak of the current housing cycle, it’s nowhere near as serious as it was more than a decade ago, when Florida homes were overvalued by 60% or more,” Johnson said. “Prices eventually will level off or fall, and recent buyers who want to sell would be hard-pressed to earn their money back.

Median sales prices leveled out for the most part in South Florida in July, according to data from the Broward, Palm Beaches & St. Lucie Realtors. The median price stood at $500,000 in Palm Beach County for the second month in a row. It was $495,000 in Broward County, down slightly from June, and $515,000 in Miami-Dade, a slight increase.

“Because the summer months tend to be slower, many buyers I have been working with have taken advantage of this relatively quieter time and have been able to strike deals on homes that may have had more buyer demand in busier months,” said Bonnie Heatzig, executive director of luxury sales at Douglas Elliman in Boca Raton.

The overheated market may be slowly cooling. Even if July numbers just reflect the usual summer slowdown, it could mean traditional patterns are starting to return.

FORT LAUDERDALE, Fla. – Homes in South Florida are a little less overvalued than they were a month ago, a positive sign after a year of insane pricing.

Homes in Palm Beach, Broward and Miami-Dade counties sold for 13% above their long-term pricing trends in July, a slight decline from the month before, when homes were overvalued by 16%, according to researchers at Florida Atlantic University (FAU).

“I’m excited about these numbers,” FAU economist Ken H. Johnson said. “I would like to see prices with a premium that is not so large, but we are going in the right direction.”

The slight dip from last month’s index could signal a slight slowdown in the market, as mortgage applications have fallen. Or it could be the typical summer slowdown as families go on vacation.

It’s still a good sign if it’s only a summer slowdown, as it would show that the real estate market could be headed to more traditional seasonal patterns, Johnson said.

Jonson and Florida International University professor Eli Beracha analyzed over 100 metro areas, using 25 years of data from Zillow on single-family homes, townhomes and condos. Out of nine metros in Florida, the South Florida area ranked last in overpricing. Lakeland and the Tampa Bay area were the most overpriced in Florida, both at a little more than 31% above where they should be.

Housing values either fell or remained level from one month to the next, the researchers found.

“While we’re almost certainly nearing the peak of the current housing cycle, it’s nowhere near as serious as it was more than a decade ago, when Florida homes were overvalued by 60% or more,” Johnson said. “Prices eventually will level off or fall, and recent buyers who want to sell would be hard-pressed to earn their money back.

Median sales prices leveled out for the most part in South Florida in July, according to data from the Broward, Palm Beaches & St. Lucie Realtors. The median price stood at $500,000 in Palm Beach County for the second month in a row. It was $495,000 in Broward County, down slightly from June, and $515,000 in Miami-Dade, a slight increase.

“Because the summer months tend to be slower, many buyers I have been working with have taken advantage of this relatively quieter time and have been able to strike deals on homes that may have had more buyer demand in busier months,” said Bonnie Heatzig, executive director of luxury sales at Douglas Elliman in Boca Raton.

๐Ÿ€ The Hoey Team ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜ serves all of Southwest Florida ๐ŸŒด Directly Helping Sellers and Directly Helping Buyers โ˜˜ 

Recently Barry & Kim with the Hoey Team โ˜˜ helped a number of sellers who had been in Foreberance and we were able to get them to a "good place"; worry free; with excellent end results.  We help people in many different situations; everybody's situation is different; if you know someone needing help; have them reach out to us in confidence: 239-360-5527; we continue to achieve and see record setting sales prices โ˜˜

As people continue to move and relocate to the general areas of Lee & Collier Counties from other parts of the United States, it is important that we are able to serve all of the area; which we do efficently, with the ability offer many different Choices and Lifestyles all of which are in abundance here in SW FLA ๐ŸŒด

Inventory remains low overall, but we do continue to list and market new properties to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Regular Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to waterfront high rise right on the beach. 

We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds.  Previously we had Snowbirds; interesting how terminology keeps changing. 

Lower interest rates are probably helping with the increased sales; oftentimes over asking price.  Low inventory is the greatest chalenge for buyers; but if prepared you are ahead of the game; ask how we can help.  We recently got an amazing deal for a buyer on a Waterfront Condo with Boat Dock; and we are working on others; so there are deals out there; if you work with us, we will find them. 

For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.

At our Real Estate Team; Hoey Team โ˜˜ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.

Article content from FR (Florida REALTORS) Newsletter Magazine, and from other sources including Hoey Team โ˜˜ 239RealEstateDeals.Com LLC & Freddie Mac / Fannie Mae - Make sure to ask us for more details; Call 239-360-5527 โ˜˜

For those Living in or Visiting Southwest Florida wanting additional resources, or a list of places to see / visit:   www.SWFL-Events.Com      Feel free to share this resource page with others  ๐ŸŒด

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For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.

P.S. --> If You'd like for us to create a Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details https://HoeyTeam.239RealEstateDeals.Com

CLICK HERE to Visit our High Definition Virtual 3D Open House Tours Page 24/7

Click Here for our most recent Market update Report for Southwest Florida and beyond.

We do not discriminate on price, we help homeowners and renters in all price ranges; Click Here for more information on the Hoey Team โ˜˜ and what we do to help or visit HoeyTeam.Net anytime.

Here is our informational Southwest Florida Website โ˜˜

Barry is a CLHMS; Click Here to see how we help with higher end properties.

Please visit our Hoey Team โ˜˜ Luxury Home Market Page by Clicking Here

Best Places to Retire? 13 of the ‘Top 25’ Are in Fla โ˜˜ Hoey Team โ˜˜ exp Realty ๐ŸŒด Southwest Florida ๐ŸŒด

Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team โ˜˜ 239RealEstateDeals.Com LLC

Email us at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call/Text the Hoey Team โ˜˜ at:  (239)-360-5527 

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Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can. 

Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats.  Thanks, Barry & Kim โ˜˜ ๐Ÿ€

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Barry & Kim, Hoey Team ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜

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