Our Blog

Monday, April 01, 2019   /   by Alexander Haigh

Busting 2 Common Homebuyer Myths

Homebuyers are sometimes led astray by common real estate myths that circulate the industry, causing them to hold off from making a purchase. Today I’ll cover two of those myths so you know what not to do when it comes to purchasing a home.


“I need to put 20% down to purchase a home.” That’s the first myth of the day, and it couldn’t be further from the truth. The 20% down requirement is true for conventional loans, and buyers that go this route don’t have to pay private mortgage insurance (or PMI). For anything less, though, the lender will require the buyer to purchase PMI as protection against possible default.  


This is likely where some of the confusion lies when, in actuality, this doesn’t mean a buyer must come up with a 20% down payment. You can actually be eligible for a conventional loan for as little as 5% down.   


If you’re a primary resident, your down payment can even be as low as 3% through ...

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  real estate

Thursday, March 14, 2019   /   by Alexander Haigh

South Florida Housing Market Update

Our latest January numbers are in, so today we’ll be comparing those numbers with what we saw last year in January 2018. What has changed in our South Florida market since then? The numbers don’t lie, so let’s take an in-depth look at what they say.
 
For single-family homes in St. Lucie County:

322 homes sold in January 2018 and 284 sold in January 2019, down 11.8%
97 paid-in-cash sales in January 2018 and 79 in January 2019, down 18.6%
Average sale price was $226,955 in January 2018 and $238,309 in January 2019, up 5%.
The dollar volume of homes sold was $73.1 million in January 2018 and $67.7 million in January 2019, down 7.4%.
There were 756 new listings in January 2018 and 785 in January 2019, up 3.8%.
There were 1,748 active listings in January 2018 and 2,174 in January 2019, up 24.4%
There was 3.8 months’ worth of inventory in January 2018 and 4.8 in January 2019, up 24.4%.

 
For single-family homes in Martin County:

141 ...

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  market update

Monday, February 18, 2019   /   by Alexander Haigh

How Are New Construction Properties Performing Now in the Tri-County Area?

I’ve received a lot of questions recently about the state of our local new construction market, and so I’d like to give you a quick update on current conditions today.


Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure:


0:18 - An introduction to today’s topic


1:18 - The average price per square foot of available new construction properties in St. Lucie County


1:46 - The average price per square foot of available new construction properties in Martin County


2:36 - The average price per square foot of available new construction properties in Palm Beach County


3:22 -  The average price of pending new construction properties in St. Lucie County


3:35 - The average price of pending new construction properties in Martin County


4:00 - The average price of pending new construct ...

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  market update

Monday, February 04, 2019   /   by Alexander Haigh

A Tri-County Update on the 2018 Market

For today’s market report, we’re breaking down the numbers from December 2018 by county and comparing them to December of 2017.

For single-family homes in St. Lucie County:



Closed sales dropped by 17.2% year over year, going from 494 sales in 2017 to 409 in 2018.
The number of homes paid for in cash dropped 4.6% year over year.
The average sale price was $220,682 in 2017, increasing by 6.1% to $234,242 in 2018.
The dollar volume in terms of homes sold was $109 million in 2017, which dropped by 12.1% to $95.8 million in 2018.
There were 615 units pending to close in 2017, which dropped by 2.4% to 600 units in 2018.
There were 3.4 months’ supply of inventory in 2017, compared to 4.2 months in 2018—a 23.5% increase.




For single-family homes in Martin County:



Closed sales dropped by 9.4% year over year, going from 181 sales in 2017 to 164 in 2018.
The number of homes paid for in cash dropped 4.9% year over year.
The average sale ...

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  market update

Tuesday, January 15, 2019   /   by Alexander Haigh

Do the Year-Over-Year 2018 Stats Point to a Shift Happening in Our Market?

Is our market shifting as we begin 2019? Let’s look at the year-over-year statistics from November 2018 from St. Lucie, Martin, and Palm Beach counties:


St. Lucie County

The number of closed sales rose 4.2% from 425 to 443
The number of units that were paid for in cash dropped 7% from 114 to 106
The average sale price dropped 0.8% from $228,513 to $226,738
The total dollar volume of units sold increased 3.4% from $97.1 million to $100.4 million
Pending inventory dropped 7% from 787 units to 732 units
The months' supply of inventory rose 20% from 3.5 to 4.2 months



Martin County

The number of closed sales dropped 23% from 178 to 137
The number of units that were paid for in cash dropped 5.9% from 61 to 58
The average sale price dropped 5.6% from $463,924 to $437,969
The total dollar volume of units sold decreased 27.3% from $82.6 million to $60 million
Pending inventory dropped 14% from 279 units to 240 units
The months' supply of inventory stayed the ...

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  market update, real estate