Weston FL Area Real Estate News & Market Trends

BLOG POSTS by Susan J Penn PA



Weston, Florida - The city of Weston, Florida , our tropical paradise, is a beautiful neighborly master planned city with a big family feeling and large parental involvement. Weston Florida located in Broward County stretches 5 miles by 5 miles, starting to the east at highway I-75 and ending to the west at I-75 to the Naples route. From North to South Weston North is off of 84 , closest to 595 and on Southside touches Griffin Road. The city of Weston developed by Arvida, who developed Disney World ( has wonderful sunny weather,  a crime below the average rate and the finest schools. Every public school is  'A' rated and the private schools are excellent. What other city offers movies in the park, professional theater for children and performing arts with puppet shows and magic shows for their youngsters.  In total, the city of Weston encompasses 27 square miles. Football, baseball, basketball, roller hockey picnic areas and playgrounds are all here! Weston Named No. 21 on Money's Best Places to Live in America ranking. The guidelines include: economic growth, affordability and quality of life.

Sept. 3, 2022

1301 NW 187 Avenue Pembroke Pines For Sale

1301 NW 187 Avenue Pembroke Pines FL FOR SALE!

What better way to show off a home for sale than to look at the soaring ceilings from this beautiful dining room.  This is an outstanding & spacious family friendly  2 Story Residential Chapel Trail Home located in Pembroke Pines FL! We love the New S-Tile Roof, New Impact Doors & Windows, especially in South Florida. For Space this home Provides great entertaining with 2530 A/C Sq Feet. The Living Room is a private oasis with view of the private backyard garden. Enjoy the Family Room & Gourmet Granite Island Kitchen w/ breakfast room, s/s appliances, stove top, hood, custom soft close wood cabinets with desk area. All 3 Bathrooms have been Remodeled, 2 of the full bathrooms feature Frameless glass showers. New 2016 A/C. This is an Expanded floor plan with 4 bedroom 2.5 baths. All bedrooms are upstairs. The home is currently set up as split floor plan 3 bedrooms offering a large upstairs loft area/popcorn removed, designer iron stair railings overlooking formal living room. Wonderful Master bedroom with his/her walk-in closets opens to beautiful outside covered balcony. Private tranquil fenced backyard courtyard w/ bubbling fountain and covered patio.

Contact Susan Penn at London Foster 954-557-5993 for showings.




Sept. 1, 2022

September 2022 South Florida Real Estate News and Market Report by Susan Penn Realtor

The real estate market is shifting towards a more traditional movement.

Home price appreciation is still rising, but this uphill cost is somewhat slowing across the country under the weight of higher mortgage rates. You are now hearing there is a market shift. Typical property values are falling depending on the price point of the real estate property in question month-over-month in about a fifth of major metro areas in July 2022. If a seller overpriced their property from inception, and many have, these properties will either expire or lower slowly in their pricing. Keep in mind we are still experiencing a national housing shortage. We have been experiencing a high demand from Buyers with a low supply of housing from Sellers.

In June 2022, we saw inventory in Broward County increase 22.5 percent to 2,798 listings and supply of inventory rise 35.7 percent to 1.9 months. July 2022 statistics display the inventory in Broward County at 2.4 months with 3,313 listings.

Median home pricing in Broward County continued to increase in June 2022 at 18.4 percent to $590,000. In July the median home price increased to $600,000. However, it’s worth noting that closed sales were 1,440 in June 2022. The activity in July 2022 for closed sales is 1,680.

Nationally, typical home values rose a seasonally adjusted 0.7% last month from June, according to the Zillow Home Value Index data. That’s consistent with 8.5% home value appreciation on an annualized basis, a considerable downshift from a pace of around 25% in mid-2021. The Fed is coming in hard and fast on the 5% pace that was common in the five years before the pandemic, which would finally be consistent with its goal of bringing inflation back under control.

For the Federal Reserve policy makers to slow down inflation and restore affordability to the housing market, the tradeoff is raising interest rates. The federal reserve is scheduled to raise the interest rate again during its September 20 -21, 2022 meeting, and another increase is expected in December 2022. The limited amount of inventory we have been viewing is growing but not at an alarming rate.
Keep in mind, we are in South Florida where Real Estate is always moving…

Real Estate is moving. The homes that move the quickest are remodeled homes. Buyers are looking for stainless steel appliances, new flooring, remodeled kitchens and bathrooms. The pricing is also determining what is moving fast. Most properties which appear to be condominiums and townhomes under $400,000.00 are entering and leaving the market with numbers higher than the listing price in record time. The lower pricing on homes is in the $500,000.00’s range and they are receiving multiple offers. Why? Data suggests the median price on homes is now at $600,000.00.

If a home is above this price point of $600,000, the homes are taking longer to sell. The time to sell a home is no longer within a 2-week period. The interest rate changed this perception. The average time is increasing to 3 to 4 months. This does not mean the Seller is nervous. It means the Sellers know the market has changed and they are patiently waiting on the right buyer.

Housing was exceptionally strong as buyers enjoyed the 3% fantasy mortgage rate that had not been seen since the soldiers came back from World War II. We now see a more normal 5% to 6% mortgage rate. That difference is changing what can be purchased for certain home buyers. What was available at a 3% mortgage now is being downsized to fit the same budget.

Where are the foreclosures?

When the pandemic hit in 2020, many experts thought the housing market would crash. There was job loss and economic uncertainty with a virus that was not yet understood.  Thankfully, the forbearance program changed that. It provided much-needed relief for homeowners so a foreclosure crisis wouldn’t happen again. Here’s why forbearance worked.

Forbearance enabled nearly five million homeowners to get back on their feet in a time when having the security and protection of a home was more important than ever. Those in need were able to work with their banks and lenders to stay in their homes rather than go into foreclosure. Marina Walsh, Vice President of Industry Analysis at the Mortgage Bankers Association (MBA), notes:

“Most borrowers exiting forbearance are moving into either a loan modification, payment deferral, or a combination of the two workout options.”  There is equity in homes today that did not exist when people were upside down in 2008. Right now, it is clear home foreclosures for 2022 are rising. The moratoriums and regulatory protections for foreclosures are over. Jacksonville and Lakeland made the top ten list of Florida cities for foreclosures. Time will tell!
Interested in looking up houses? Open my website link and register
Susan J. Penn, PA South Florida Realtor ® 17 years 
Luxury Real Estate Specialist
2645 Executive Park Dr #125
Weston FL 33331
Sept. 1, 2022

August 2022 South Florida Real Estate News and Market Report by Susan Penn Realtor

Are you willing to Pay Full Market Value or Over?

Today's Real Estate Market in South Florida has a low supply level. For the past 2 years we have been witnessing a very strong Sellers’ Market. Are you willing to Pay Full Market Value or Over? That is what we keep hearing, and this scenario has been winning the bid on purchasing a home. Yes, most offers are only accepted with a high price. Sellers would like to see buyers with a minimum of 3% to 5% in escrow as they feel this is a stronger buyer.


Passe is the traditional way!

Make your strongest offer, highest and best the first time you make an offer if you really want to purchase a home. Please have your pre-approval letter ready ahead of time or call me for a mortgage professional to qualify you. An offer cannot be made without a pre-approval letter or proof of funds. Mortgages make up 2/3rd of the offers on properties and cash is used on 1/3rd of the offers. Cash is king, but not the only way to win a deal.  If you are looking for a bargain, it has been almost impossible in this market to find one. Foreclosures were here 10 years ago, and they have yet to return. Foreclosures are almost non-existent due to sellers seeing high equity in their homes. Why should foreclosures return when there is so much value in a residential property?


Covid Concerns

Most individuals are now vaccinated.There is a new strain of covid that just arrived. People are not as nervous about Covid as when the onset occurred, but we know it exists and new variants keep popping up. Joe Biden, our US President, has Covid in July 2022. Yes, this pandemic is keeping inventory levels lower than normal, but time will tell if Covid is still part of this equation. 

Real Estate Cycles

In general, South Florida is experiencing a housing shortage at historically low levels. The market supply range has been averaging in the one-month supply level. This 1-month supply level of housing has recently increased from 1.1 months of supply to 1.5 months of supply in June 2022.  Now that July 2022 has arrived, I am glad to report, we are finally hitting the two-month level. This is still a Sellers’ Market!  A normal market is 6 to 9 months of supply, which we have not seen in several years. The supply of homes across the country is up for the first time in nearly three years. The inventory increase is occurring. Seller reduction in price is starting to happen. Homes are staying on the market for 31 days. Prices are starting to respond to the higher level in inventory.

Mortgage Rates and Market Shift

The interest rate increased again July 27, 2022, by .75 percentage points. The higher mortgage rate and housing prices is taking a toll on South Florida’s real estate market and the country in general. We have witnessed mortgage rates go from 3% to nearly 6% in a blink of an eye. Buyers want the home values to lower to make up the difference in the high mortgage rates. Houses are starting to stay on the market longer due to higher mortgage rates. The medium time to contract is 12 days and the medium time to sell is 51 days. Sellers are starting to cut pricing to stay competitive.

Susan J Penn, PA Realtor - 17 Years

2645 Executive Park dr #125
Weston FL 33331

July 1, 2022

July 2022 South Florida Market Report and Newletter by Susan Penn

Why own a home? The American Dream is owning your home!  The benefits of homeownership are stability, privacy, comfort, a sign of prosperity, peace of mind and a place to express yourself. Right now most homeowners are seeing a major appreciation in the equity of their homes. If you have owned your home for 2 years and it is your primary residence, a big part of your profit does not get taxed. For married taxpayers that own a home and file jointly $500,000 is exempted. For an unmarried owner, $250,000.00 is exempted from capital gains tax.

The Fed raised its benchmark interest rate on June 15th 2022 by three-quarters of a percentage point - 0.75%  — the biggest hike since 1994. That follows a quarter-point increase in March and a half-point jump in May. Yes, we are seeing the mortgage rate climb again with this new hike from the Federal Reserve. The days of the 3% mortgage are in the past and now a more normalized 6% rate is occuring.

Covid 19 gave housing a turbo boost with high pricing and a supply chain of  low inventory. Now, the mortgage rate is accelerating at very high speeds.  Sellers in South Florida have not adjusted their listing price. The pricing that seems to be lowering is the pricing from the start that has never had comparables. The price was too high to begin with.  Why own a home? The American Dream is owning your home!  The benefits of homeownership are stability, privacy, comfort, a sign of prosperity, peace of mind and a place to express yourself. Right now most homeowners are seeing a major appreciation in the equity of their homes. If you have owned your home for 2 years and it is your primary residence, a big part of your profit does not get taxed. For married taxpayers that own a home and file jointly $500,000 is exempted. For an unmarried owner, $250,000.00 is exempted from capital gains tax.

Another interest rate raise - The Fed raised its benchmark interest rate on June 15th 2022 by three-quarters of a percentage point - 0.75%  — the biggest hike since 1994. That follows a quarter-point increase in March and a half-point jump in May. Yes, we are seeing the mortgage rate climb again with this new hike from the Federal Reserve. The 3% interest rate evolved to combat a depression that was ready to occur. The days of the 3% mortgage are in the past and now a more normalized 6% rate is happening.

What I am seeing lately is the issue with roofs. South Florida roofs are becoming older. Most insurance companies will usually give a shingle roof a life span of 15 years and a tile roof 30 years. The biggest obstacle is the condition of the roof. A roof must be leak proof and have a remaining life expectancy of at least 3 years for insurance to apply.  A roof must be leak proof for an appraisal to work. Cracked tiles need replacement and loose tiles need to be repaired but this seems to be more of an issue for the buyer and the insurance companies. You will need a roof inspection and a wind mitigation report when purchasing a home. Most roofs also need gutters.

Competition is still strong in South Florida because the housing inventory in South Florida is very low. Currently the months of inventory is 1.5 Months. A normal market is 6 to 9 Months. Out of 1431 closed sales, 410 sales were from cah buyers. Home buyers are dealing with bidding wars and paying over the asking price to live in their desired location. This is the state of  today's housing market. The 6% mortgage rate has not affected real estate in South Florida. Buyers have been taking away inspection contingencies and appraisal contingencies. There is an escalation clause that automatically increases your purchase offer by a certain amount above all competing offers. A higher down payment or increasing your earnest money (the deposit made when you make an offer) shows the seller that you are serious and becomes a more attractive offer. If an appraisal comes in low, a second appraisal can be ordered.

If you see a home you like, please act quickly and call Susan Penn 954-557-5993 to set up a showing. 

June 8, 2022

12 Davie Florida New Construction Home Communities For Sale

June 3, 2022

South Florida Newsletter and Market Report June 2022 by Susan Penn Realtor

Happy Father's Day to all of our Fathers! Wishing all fathers and your children a wonderful day!

We are now entering the summer real estate season. This is the time when children are no longer in school, giving more time for families to discover a new home. Most families would rather buy than rent and rentals are at an all time high.

The market in South Florida is unlikely to change anytime soon. Real estate inventory is still low and home prices are up on a national level. Normally, the spring months are when we see a major increase in property listings. This year the spring market held steady without the anticipated arrival of more listed homes. The summer months will most likely not see any significant fluctuations in the number of listed houses.  The optimum supply range for housing is 6 to 9 months of supply.  

Currently, the Broward County housing market for April 2022 is at 1.2 months of inventory supply, which brings significant appreciation to our home values. The pandemic came and prices for real estate rose in South Florida due to supply and demand.  People started leaving high tax states such as California, Illinois and New York to live in Florida and they are still coming to the sunshine state. In Broward County, the median sale price for a single family home for April 2022 is $560,000.00.

Where is inflation going? The Federal Reserve raised the target for the federal funds rate by half a point on May 4, 2022, which became effective on May 5, 2022 . This was the second consecutive interest rate hike in 2022. The first rate hike was during March 15-16, 2022 and became effective on March 17, 2022. The Fed is expected to raise interest rates again this year to drop inflation to the 2% target. Inflation in 2021 was 6.5%. Currently, inflation is at 9%, the highest level in 40 years.

Having the Federal Reserve raise the interest rate affects mortgage rates for the housing industry.  As time goes on mortgage rates will more than likely continue to climb. The historical low 3% mortgage rate was a great help for homeowners to be thankful for. Our average mortgage rates are currently around 5%. Rates are up compared to last year but the mortgage rates are still historically low.

Safety First! The Florida Legislature unanimously approved a condominium safety bill, S.B. 4D, this past week. Rick DeSantis, Florida's Governor signed the bill on May 26, 2022. The bill was passed due to a high rise condominium building in Surfside Florida collapsing, the Champlain Towers, where 98 people were killed.

Florida will require statewide recertification of condominiums over three stories tall. This
recertification will be required after 30 years, or 25 years if the building is within 3 miles (5 kilometers) of the coast, and every 10 years thereafter. The Champlain Towers South was 40 years old and was going through the 40-year-recertification process required by Miami-Dade County when it collapsed last June. For people purchasing a condominium with a mortgage, the qualifications are more difficult, especially on older buildings.

The new requirements call for banks and other lenders to collect detailed information about a building’s structural integrity, special assessments for condo association members and “reserve funding” maintained by the associations for major special projects. Reserves in a building help those financing. The reserves are seen in the building's budget.  When the reserves are at 10%, qualified buyers can place a 10% down payment on the building. When reserves are less,  buyers will need 25% for the down payment on a condominium purchase.
If you are ready to buy or sell your South Florida property, please call Susan Penn at 954-557-5993.
May 21, 2022

Bristol Reserve New Home Construction Grand Opening

Bristol Reserve Davie Florida New Construction Grand Opening

Builder asks for informarion page to be filled out.

Call Susan Penn BHHS FL Realty for details

at 954-557-5993

(New Homes For Sale Starting at 1.6 Million!]

Bristol Reserve currently is vacant land. Bristol Reserve will be a beautiful gated community featuring 35 homesites with one story and two story homes offering lake views and garden views. The lot size for these homes is approximately 20,000 to 25,000 square feet. Bristol Reserve is South of 595 and North of Griffin Road( north of SW 26 Street). The development is situated off of Frontage Road in Davie Florida with the entrance to Bristol Reserve located at SW 122 Court.


Bristol Reserve is east of Flamingo Road, east on SW 26 Street and north on 121 Avenue.  (2530 SW 121 Avenue), close to Flamingo Gardens. There is a 3.4 acre park to the south of the development. Nearby Million Dollar  Communities are The Hammlet and Paradise Pines. Across the highway are the Luxury residential communities of Stonemont and Oak Park. Bristol Reserve will present 4 bedroom to 6 bedroom homes from 3705 AC SF to 5742 AC SF with a 3 car garage. Custome options are available.


Belmont Model -One story, 5 bedrooms, 4.5 bathrooms, dining room, living room, family room, kitchen with large island, pantry, master suite with his & her walk-in closets, covered terrace, front porch & courtyard, 3-car garage. Additional custom options available. 3,705 AC SF 4,728 Total SF

Belmont Model From $1,590,990.00

Belmont Floorplan

Derby Model -One story, 4 bedrooms, 3.5 bathrooms, great room, family room, den, eat-in kitchen with large island, walk-in pantry, master suite with his & her walk-in closets, covered terrace, 3-car garage. 4,198 AC SF 5,407 Total SF

Derby Model from $1,650,990.00

Derby Floorplan


Preakness Model - Two stories, 4 bedrooms, 3.5 bathrooms, great room, eat-in kitchen with large island, walk-in pantry, front courtyard, loft, master suite with his & her walk-in closets, covered terrace, 3-car garage. Additional custom options available. 3,985 AC SF 5,061 Total SF

Preakness Floorplan (First Floor)

Preakness Floorplan (Second Floor)

Breeders Model - Two stories, 5 bedrooms, 4.5 bathrooms, dining room, great room, family room, kitchen with large island, walk-in pantry, master suite with large walk-in closet, covered terrace, loft, balcony, front porch, 3-car garage. Additional custom options available. 4,709 AC SF 5,879 Total SF

Breeders Model from $1,720,990.00

Breeders Floorplan (First Floor)

Breeders Floorplan (Second Floor)

Pegasus Model- Two story, 6 bedrooms, 5 bathrooms including attached guest suite and cabana bath on first floor, eat-in kitchen with large island and pantry, dining room, living room, family room, loft, master suite with sitting room, his & her walk-in closets, covered terrace, 3-car garage. Additional custom options available. 5,742 AC SF 7,046 Total SF

Pegasus Model From $1,790,990.00

Pegasus Floorplan (First Floor)

Pegasus Floorplan (Second Floor)

Our website features the best Bristol Reserve Davie real estate search for homes, condos, land and foreclosure properties available. It is the only site you will ever need! It is easy-to-use and updated by the official Realtor®’s database every 15 minutes. 

You can save searches, and get daily email alerts of new listings, price changes, sold data, and market reports. Our Interactive Map Search allows you to view properties on a map or refine your search by drawing the boundaries around the area you desire. 

Curious about what’s happening in your neighborhood? You can create a custom market report to see what’s active, under contract, and sold in your neighborhood! 

Considering  selling or refinancing your home? Get an INSTANT property valuation now!

Contact us today to find out how we can be of assistance to you!

May 5, 2022

MAY 2022 South Florida Market Report and Newsletter from Susan Penn


New Construction is Here!
We have been patiently waiting for new construction and I am happy to report on 2 new nearby communities that are beautiful nearby homes ready to be built. Yes, I drove by  both communities to check out the areas. Please call me, Susan Penn at 954-557-5993 to discuss this exciting news, as we know these homes will not last long on the market as buyers will be scooping them up. A sign up sheet is needed per  builder for further information on these communities. 

Crypto Currency
Prices are rising in Miami for a number of reasons. But how much that is due to crypto investors is unclear. BitPay can facilitate cryptocurrency real estate transactions on behalf of buyers and sellers. An email invoice will be generated by the selling party. The buyer receives the invoice and pays from their preferred crypto wallet, either manually or by scanning a QR code. BitPay then transfers the funds to the seller via direct deposit. For sellers unwilling to receive cryptocurrency directly, your crypto will have to be converted to dollars to complete the purchase.

Real Estate Pricing
In March 2022, home sale prices were up 28.2% to a median of $500,000 compared to last year, according to Redfin. Meanwhile, Miami rental prices are the least affordable in the country, with the median rent for a typical unit with less than two bedrooms costing twice as much as the estimated maximum affordable rent for a median household, according to a recent report by Realtor.com. Homeowners may be shocked by what their home is now worth. In the first quarter, 70% of the largest metros in the U.S. posted double-digit price growth in median single-family existing-home sales prices, the National Association of REALTORS® reported Tuesday 5/3/22.

More Inventory
A whopping 64% of prospective sellers anticipate placing their homes on the market within the next six months, according to a recent Realtor.com survey. That means more inventory this summer for a market that desperately needs it. Home price appreciation is great news for existing home sellers. Hopefully, more inventory will help the decline of the current bidding wars we are facing right now.
Lawrence Yun, NAR’s chief economist. “Given the extremely low inventory, we’re unlikely to see price declines, but appreciation should slow in the coming months.”, as more housing supply is expected to come onto the market this quarter.

Inventory Housing Levels
Marr, the chief economist for Redfin stated  “We're at the lowest level of inventory on record back at least 23 years,“ “So housing starts are not quite making that large of a dent in terms of the inventory shortage just yet.
Core Logic is a real estate research company based in California. ” Selma Hepp, Executive, Research & Insights and Deputy Chief Economist at CoreLogic, puts it like this: “With so few homes, buyers are once again left with fierce competition that’s driving the share of homes that sold over the listing price up to 66% . . . 
Buyers are looking for updated remodeled homes regardless of the price range and these homes are being scooped up the quickest! The most important step a seller can make is adding the touches necessary for the highest value. This can be painting a neutral color on the walls, adding new porcelain flooring or remodeling a kitchen. Currently,  this allocated money will add significant value. 
 Having the continued imbalance between supply and demand, home prices are likely to have another year of strong gains and are expected to average about 10% growth for the year.”
Meanwhile, Miami rental prices are the least affordable in the country, with the median rent for a typical unit with less than two bedrooms costing twice as much as the estimated maximum affordable rent for a median household, according to a recent report by Realtor.com.
Mortgage Rates
We are watching the rates rise. This week the rate fell slightly but the time limit on this drop is not going to last. It seems as though the historical low 3% mortgage rate will be an item of the past as we are now in the 5% arena. 

Susan J Penn, PA Realtor -16 Years
Berkshire Hathaway HomeServices Realty
2330 Weston Road
Weston FL 33326

April 3, 2022

April 2022 Real Estate South Florida Market Report


Welcome to the April 2022 South Florida Spring Season as we incur Rising Mortgage Rates and Continued Housing Price Increases. Wishing you and your family a Happy Easter and Happy Passover!

The Federal Reserve monetary policy changes are occurring to address the issue of inflation. The Federal Reserve met on March 15-16th of 2022 and raised the interest rate, which escalated the mortgage rate. The Committee also indicated that it will likely continue to raise interest rates in the future, based on market conditions and projects 6 more increases this year. According to Freddie Mac, ( The Federal Home Loan Association chartered by the US congress in 1970 ), the 30-year mortgage rate went from 3.11% in December 2021 to 4.16% for March 2022.

According to an article from Paul Centopani, the editor from Mortgage Reports Paul has used a quote from - Frank Nothaft, chief economist at CoreLogic -“The rise in mortgage rates since January... is expected to slow price gains in coming months.”.another quote is from Mark Fleming, chief economist at First American - “Rising mortgage rates may be a housing market headwind in 2022, but... house prices will moderate, resulting in a more balanced market”.

For home buyers this interest rate increase will affect your ability to purchase a higher priced home using a mortgage based on your income, as mortgage rates are on the rise. Here is a dose of reality, for 2022, we are actually quite low in regards to mortgage rates. Interest rates are still at near historic lows and it's still a good time to invest in a home.

In 1971, the 30-year fixed-rate mortgages hovered between 7.29% to 7.73%.
In 1981, Interest rates reached their highest point average at 16.63%.
In 1991, the interest rate midpoint was 9.25%
In 2001, 6.79% endured as the average
In 2011, 4.45% became the midpoint
In 2021, 3.8% was the standard

Home price gains and near-record-low inventory continue to keep aspiring buyers from purchasing a home. There are two loans to consider for Sellers looking to list their homes and relocate.

The first loan is a bridge loan. A bridge loan is a short term higher interest loan where sellers can take a loan out against their current home in order to make the down payment on the purchase of their new home. As most home sellers are looking for no contingency contracts from buyers, it can be difficult to first secure a contract to sell your home and then close on a new one within the same period.

The second loan (HELOC), Home Equity Loan will let a homeowner borrow the equity on their home. The interest rate is usually 2% over the prime rate, so it becomes a more affordable choice. This type of loan helps the borrower to cover the down payment on their new home.

When mortgage rates are lower, buying a home is more affordable with the exception that we are now in a time where home prices are at their highest levels. South Florida inventory levels are reflective of out-of-state buyers and international buyers. Who is buying Florida houses? Who is your competition? Individuals from the northern states are buying in Florida. Your fellow Americans are moving to Florida.  Also, now that the pandemic has somewhat simmered, global buyers are back. 

Yes, global buyers are back and buying Florida homes. Foreign buyers purchase property in Florida more than in any other state in the United States. The pandemic has prompted many buyers to the sun-belt and yes they love living in the sunshine state. Despite the economic outlook, buyers' desire for home ownership is as strong as ever.
Decide how to pay for your home, cash or a mortgage and be prepared. Please send Susan Penn your pre-approval letter or proof of funds. These documents are part of the contract. Obtain your financing before you are looking for a home. Financing ahead of time will let you know how much you can afford to purchase. Otherwise, while you are still gathering documents, another buyer makes an offer and the property is under contract.  Investigate closing costs such as the title policy. The first $100,000.00 is $575.00 and the next $100,0000 and thereafter is $500.00 per $100,000.00. If you are purchasing a property in Broward County or Miami-Dade, the buyer pays the title policy. In Palm Beach County, the seller pays for the title policy. 

Please keep in mind Susan Penn, realtor for 16 years, is here for your questions and here for your concerns. Sellers need to know how to stage their properties before their property is seen by the general population. Preparation is key to buying and selling. I have a checklist that I give to my sellers once my seller has signed the listing paperwork.. I have also added in a clause that the home will not be placed on the market unitl the photographs from a professional photographer are back in Susan Penn's possession.
Sellers need to understand the contract and learn how they can change it to fit their needs. There are tools with this real estate website that most realtors do not have. Most realtors do not have a website that their clients can enjoy and use at their leisure.I am happy to set up more searches with more cities. I treat my clients with the professionalism they deserve. 
March 4, 2022

March South Florida Real Estate Market Report 2022 from Susan Penn

Mortgage Rates Drop
The mortgage rates were climbing up to 4.08%. The mortgage rates have dropped back to 4.0% and today the 30-year, fixed-rate mortgage rates have fallen to 3.76% as the devastating war takes place with Russia invading Ukraine. Mortgage rates are based on bonds. When bonds are more expensive, mortgage rates are lower, which is currently taking place. Stocks and cryptocurrencies have also lost some of their value. The Federal reserve will be meeting March 15-16 to discuss the rates. Be on the lookout as mortgage rates are expected to climb higher. 

Despite lack of supply, existing home sales rise 6.7%
Homebuyers flocked to what little inventory existed in January, with existing-home sales rising 6.7% from the prior month to a seasonally adjusted annual rate of 6.5 million.January sales fell 2.3% from a year earlier, though the median existing-home price rose 15.4% annually to $350,000, according to the Friday report from the National Association of Realtors. (Housingwire.com)

Prepare Now for a Busy Housing Market This Spring
The 2022 real estate market is shaping up to be something closer to normal. As we approach the busy spring homebuying season, homebuyers are still likely to face an uphill battle, but it shouldn’t feel anything like 2021.Home values skyrocketed by nearly 20% at many points in 2021. While housing prices aren’t expected to drop in 2022, the increasing rate of prices should slow down. Many experts believe home values will increase at roughly half the rate (single-digit increases) we saw during the peak of 2021. (Time.com)

Buying a Real Estate Property 
1) Make sure you are pre-approved or have sent me your proof of funds as this will notify me as to  how much you can spend and is necessary to make an offer. I am happy to send you an experienced mortgage consultant. 
2) If You See a Home you like, please let me know. Why? It will not last very long.
3)  Be prepared to make an offer higher than the asking price. There is not enough inventory for the amount of buyers. Homes are showing up saying attend the open house but, do not be fooled.
If you love the house, we will write an offer contingent upon viewing.
4) Do you have the real estate app? If not send me a text or email. 
5) Do you have questions? Send me your questions.

March Events
Las Olas Art Fair March 5-March 6 10:00 AM to 5:00 PM along Las Olas Blvd
Seal Performing March 20 at Seminole Casino Coconut Creek