Real Estate Lessons from an 18 year old

A few weeks ago, I wrote about the Florida school system. This past Friday was graduation day. There were 30 high school graduations in Palm Beach County alone. So, congratulations to all the area graduates and their families.

Our daughter Jade, graduated from Dreyfoos and is off to the FSU summer program in 4 weeks. One of the themes that the Principal and students talked about in speeches was adaptability. One of the photos of Jade I included is her reading a letter that she wrote as a Freshman to her Senior Self. It was just mailed to her. While she accomplished her goals set out from 4 years ago, some of them changed as she discovered what she liked and didn’t like to do. The pandemic changed everyone’s lives but for students like those in High School it was harder. A year and half is a lifetime for a teenager compared to an adult. I know our daughter gained adaptability characteristics in 2020-2021. This will serve her well later in life when curveballs are thrown at this generation. I think they will have better response time and not panic.

In Real Estate right now, we are going through a market shift and all parties must adapt to that shift. April single-family home sales in Palm Beach County were up a whopping 29% year to year from April 2021 to April 2022 with an average price of $601,000. The real current change though is closed sales. April 2022 sales are down now —–25.4%.

Last week I talked about the shift that is occurring and from all reports I’m hearing and seeing on the ground this will continue to lead to an inventory increase. So, to take a lesson from our high school Seniors – it’s time to adapt. Over the next few weeks, I’ll go over specific fundamental strategies that Realtors must urge Sellers to do so their homes don’t sit. Back to basics # 1 lesson is pricing and the 25-50-100 Rule of Pricing.

Jeff Lichtenstein is owner and broker of Echo Fine Properties, a luxury real estate brokerage selling real estate in Jupiter and homes in Palm Beach Gardens, Florida. He has 20 years of real estate experience, has closed over 1,000 transactions, and manages over 70 agents in a non-traditional model of real estate that mimics a traditional business model. Some publications he has been quoted in.

Feel free to ask him a question directly at [email protected] including a complimentary real valuation of your home.