Weekly Update for Palm Beach County - Real Estate

March 3, 2023


Weekly Update for Palm Beach County - Real Estate

Are Professional Photos Worth It?

You want your home to sell quickly and for top dollar, right? Well, then listen up! One of the most important things you can do to help your home sell is to have professional photos taken for the listing. Trust us, your iPhone camera just won't cut it.

Why, you ask? First impressions matter, folks. In today's world, the first time a potential buyer sees your home is likely on the internet. And if your photos are sub-par, they're going to swipe left faster than you can say "real estate." Professional photos will showcase your home in the best possible light and draw buyers in.

But it's not just about getting buyers to look at your listing. It's about getting them to schedule a showing. Studies have shown that homes with professional photos receive more clicks on listing websites and ultimately have more showings than those with amateur photos.

So, how do you get those drool-worthy photos of your home? Hire a professional! They have the experience, equipment, and expertise to capture the essence of your home and highlight its best features. Plus, they know how to edit the photos to make them pop.

Investing in professional photos may seem like an unnecessary expense, but it's truly worth it in the end. You'll sell your home faster and for more money. Plus, you'll have beautiful photos to remember your home by. It's a win-win.

So what are you waiting for? Call up your favorite real estate photographer and get those cameras clicking!

Market Update - Palm Beach County

If you’re an avid reader of our newsletters, you may recall discussions of a possible recession a few months ago. We, of course, weren’t the only ones talking about it, but it was a little early to opine. We’re happy to say that a recession likely isn’t on the horizon but that there is one major caveat: the debt ceiling. Before we discuss the debt ceiling, we’ll cover the economic indicators that brought us to the conclusion that we’re entering a period of slower economic growth rather than a recession.
Recessions used to be defined by a fall in Gross Domestic Product (GDP) for two consecutive quarters. For what it’s worth, Real GDP in the fourth quarter of 2022 was up 1% year-over-year and 0.7% quarter-over-quarter. However, the National Bureau of Economic Research (NBER) takes a more nuanced approach by considering nonfarm payrolls, industrial production, and retail sales, among other indicators. The U.S. employment rate is still strong despite some notable high-profile companies, especially in tech, announcing mass layoffs. The unemployment rate is 3.5%, which is about as low as we’ve seen in modern history. Additionally, initial unemployment claims and continued claims have been at pre-pandemic levels for about 13 months and 11 months, respectively. Total Nonfarm Private Payroll Employment data (seasonally adjusted) from ADP shows that job growth stagnated in the second half of 2022 but didn’t decline. With over 10 million job openings in the country, the level of unemployment should remain historically low for the foreseeable future. As a general rule, a high employment rate is good for both the housing market and the overall economy for fairly straightforward reasons: Employed people make money, so they can pay their bills and not default on their debt.
Inflation is still far above the Fed’s 2% target, but it is coming down. December 2020 was the last month of the steady ~2% year-over-year inflation rate we’d seen over the past decade. Inflation rose rapidly in 2021 and the first half of 2022. Early signs show we are entering a period of disinflation — a temporary slowing of the pace of price inflation — not deflation, which is a general drop in price level. Said differently, goods and services will get more expensive at a slower rate than we’ve seen over the past two years, which, we suppose, is better than nothing.
We expect mortgage rates to hover around 6% for the first half of 2023, unless the world’s faith in the United States’ ability to pay its debt obligation further erodes because of Congress’ continued delays in raising the debt ceiling. Mortgage rates are typically about 1.8% higher than 10-year U.S. Treasury bond yields, so a spike in 10-year Treasury yields also spikes mortgage rates. The current Congress certainly seems to be the most amenable to default. However, the likelihood of that happening is low, considering that the politics of a self-inflicted U.S. and global recession not seen since the Great Depression would be, objectively, outside of anyone’s best interests. Were it to happen, though, we would likely see mortgage rates easily near 8% and wealth substantially decrease, pricing a significant number of potential buyers out of the housing market.
We expect this year to be marked by fewer buyers and sellers, making the market more balanced. On average, sellers can expect fewer offers and far fewer offers above list price than we saw in 2021 and the first half of 2022. Buyers may need more time to find the right home for them as fewer new listings come to market. Different regions and individual houses vary from the broad national trends, so we’ve included a Local Lowdown below to provide you with in-depth coverage of your area. As always, we will continue to monitor the housing and economic markets to best guide you in buying or selling your home.

New Delray Beach Hot Spot Boasts French and Vietnamese Fusion! 

I hadn't heard of a French/Vietnamese fusion but looking at the menu of Delray Beach's new restaurant called Le Colonial? We are obsessed! This menu offers classic fresh Vietnamese cuisine that is complimented by gorgeous fresh design and flavors. The menu is truly amazing and will "take you on a trip to explore the regional cooking that our chef has spent 38 years learning here and in Vietnam. With touches of French influence that runs throughout Vietnam today we explore the wines of France and California to compliment the menu and bring our guests on a culinary adventure." Read more about their menu HERE! Founder and Co-owner Rick Wahlstedt describes this new hot spot as follows: "Our goal with the Delray Beach location is to create something very special for South Floridians – an ambience that evokes a very distinctive vibe, which we feel will resonate beautifully in this relaxed but buzzy beachfront, town square setting. We are very excited to be part and partner of this community and hope to be part of memories to come for friends, neighbors and visitors alike" - Rick Wahlstedt

With food that looks like this? We know you won't be disappointed! 

Real Estate YOUR Way! 

While this isn't a new concept, we believe that YOU are in control when buying or selling your house. We want you to have the best experience possible whether this is your first real estate experience or your 15th. We are so excited to have unrolled a new pricing program that will give you full control of the way you want to buy or list your house and proceed through this process.

None of this would be possible without our amazing agents and we invite you to reach out to one of our agents to hear more specifics about this program! They are the experts in the Palm Beach and Broward County area as well as in taking care of their clients. We could not be more excited for this! 




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