WANT US TO TELL YOU HOW MUCH YOUR HOME OR CONDO IS WORTH?

We can’t.  The current market dictates the sales prices.  What we can tell you is that there are a lot of first time buyers out there right now taking advantage of the still-low interest rates.  And the baby-boomer generation, the second largest, is down-sizing and buying second “homes” (condos).  This is a great time sell BUT always remember that the best time to sell is when you want to live somewhere else.  Do not let the market of the day tell you otherwise.  At A Team Florida, our motto is “Love Where You Live”.  Money cannot dictate that.  There is no reason to move is you are happy where you are.

What we CAN tell you is everything you need to know about how to get the most money out of your home or condo if you are ready to sell.  We know Hillcrest condos inside and out.  We know what the main issues are when it comes to repairs and we can take care of them before we list.  However, every home in Hollywood is just a little bit different which is why we pay for an inspection before we put a home on the market so we can prevent the buyer’s inspection from killing the deal.

When you are ready to interview Realtors for the job of selling your home or condo, call us.

Renting vs. Buying – The Eternal Real Estate Debate
Owning a home has always been a major part of the American Dream. Just a generation ago, making the final payment of a 30-year mortgage was one of the biggest achievements of adulthood. People put down roots and lived in essentially the same town for their whole life. Today, things are a little different. People move more frequently and over larger distances. In fact, studies show that the average person now moves every 7 years. Younger demographics are also more likely to rent their home for many reasons. Whatever your reason, renting or buying might be best for you. Below are some of the advantages of each!

The Benefits of Renting
The flexibility that comes from renting a home or condo is obvious. Renters are in a better position to simply pick up and move if an opportunity comes along in a different city. Newcomers who have just relocated to a new area will also find renting first a good idea as they learn about their new community.

The no-maintenance lifestyle is appealing for renters. The landlord is typically responsible for maintenance, upkeep, and repairs. For some, removing these concerns is worth the inability to paint a wall blue or build an outdoor kitchen.

The biggest mistake renters make is not having a game plan to be in a position to buy and start paying their own mortgage rather than their landlord’s.

When to stop renting
Renters still make up for 36% of property dwellers and the average rate for a rental right now is $1,617.00. It only makes sense to buy if you plan on staying in the home/condo for at least 3-5 years or more.  South Florida tends to beat the national average of rising equity which is about 4.9% year after year vs. our rate of 6.3%.  What is going on right now with the rise in single family home prices is an aberration.  Home prices have risen too high too fast so we are looking for a correction.  When that happens, you need to be ready to buy. Condos are still affordable and will benefit from single-family homes being priced out of reach for many buyers.  Buying a condo now is a wise move.  Buying SOMETHING right now is better than paying rent.

Two True A-Team Florida stories

My Son
For the younger folks, buying a condo or townhome is a wise decision.  The name of the game is equity. I have told the story many times about my 21 year old son who wanted to rent until he saved enough money to buy his dream house, a 3/2 with a pool. What I heard was, “I want to pay my landlord’s mortgage until I can get my own.”  Well, THAT wasn’t going to happen to the son of a Realtor.

I got him to buy a 1/1 condo for 60K.  This was back in 2013.  He sold it in 2017 for 95K and had enough to put down on a 2/2/1 townhouse that he bought for 260K.  In March 2020, he sold it and with the equity and the low interest rates, he was able to finally buy his dream home, a 3/2/1 with a pool and backyard kitchen/BBQ area for 364K.  It took him 8 years, but he did it the right way.

Reminds me of an old double-entendre real estate joke: The dad says to his son, “Get a lot while you’re young…”  Wise advise.

My Nail Technician
Almost the same story, except she was happy renting her dream home for $1700 a month back in 2016. Then the landlord informed her that he was raising the rent to $2100 per month.  She and her hubby were pregnant with their third child and that was way too much for them.  We found her a 3/2/1 townhome in Sunrise.  Their mortgage payment is less than $1200.00 per month.  The last sale in her neighborhood was 90K higher than what they paid so with that equity, they can start looking for the 4/3 she wants for her family of 5 members.

WHY SHOULD I BUY?

In today’s market, many renters are spending up to twice as much on their rent payments as they would for a mortgage for the same type of property.

• Equity – Almost everyone has a monthly housing cost, whether it Is a mortgage payment or a rent payment. While renters are paying their landlord’s mortgage, home/condo owners are building equity in an asset that can eventually put cash in their pocket at selling or be borrowed against when needed.
• Tax Benefits* – Mortgage interest is still one of the best tax deductions available. The IRS allows home owners to deduct from their gross income certain costs associated with home ownership such as: mortgage interest, property taxes and mortgage insurance. Additionally, when the home is sold, a single seller can take up to $250,000 of profit free from capital gains tax (a married couple can keep $500,000) as long as the property is their primary residence.
• Hedge Against Inflation – Most mortgages today have fixed monthly payments. This means that the home owner will pay the same amount for housing for the duration of the loan term. Meanwhile the rental market is subject to not only inflationary pressure but the laws of supply and demand. And today, rents are at an all-time high.

Owning vs renting your home is a personal decision. Determining the right situation for you and your family depends on your lifestyle and financial goals and needs. If you have questions or are interested in purchasing, call us at 8-HILLCREST or 844-552-7378.