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20 NOV

What is My Home Worth in 2022?

By Blog

What is My Home Worth in 2022?

The answer is that the value is going UP!

If you’d like to know your valuation coming into the 2022 season, Click Here

I was interviewed by 2 news stations that did stories on the state of prices last week.  Skyrocketing Prices in South Florida from WPBF 25 and We are Out of Land WPTV .

To sum all of it up on “What Your home is Worth”, here is a 1-minute short summary video on understanding what is happening.

 

The longer explanation takes you into 2 parts.  One is why understanding the value of your home, which is harder than it appears.  The second is what is happening with the future of the market.

Art & Science

As far as why we cannot just use the click of a button and find out a perfect answer (As Zillow learned, it’s because, valuation involves Art.) How does the light come in your home? Meaning is it light, open, and spacious? Did you choose the right materials to make your kitchen pretty? Was that Quartz the right color and how does it work with your cabinetry? Has your roof been replaced and if so, did you do a flat gray tile or a green s-tile? Do you have a pool? All are stuff that needs the human eye to determine the valuation.

The Science part is looking at the correct comparables. Auto valuation models do not really understand what extra or less valuation comes from each subdivision. Or why a master on the first floor with less square footage might have more value than a bigger home with the master on the 2nd floor depending on neighborhood. You also must take into what is occurring on the ground in terms of street level showing traffic and offer writings. Those have not statistically closed but we can factor trends into price.

The Market

Its going up! The reasons why are….

 

1.. The Wild Southeast is Settled

There are no more large swaths of land east of 95 in the Palm Beaches. The demand however is strong and will continue. This is the main reason x 100. Certain areas like the smaller inexpensive homes in country clubs are going up at a higher rate that others.  Bears Club, Jupiter Country Club, Old Palm, Mirasol, Ibis, Frenchman’s’ Reserve were all building in 2006 and all have finished up.  In the Big Short Market, the smaller homes with hefty membership fees got creamed.  There has not been an added country home to the supply chain for over 2 years. This is now turning the tables.  Country Clubs are also asking more for memberships and getting them without a problem. See our 2022 Country Club Cost & Fee Comparison

 

2. Baby Boomer 2nd homes and retirement

We are the retirement capital of the Northeastern Portion of North America.

 

3. Friends and Family Infrastructure

As the population has nearly doubled since 2022, there is a bigger pot where relatives and friend groups of those down here, feel comfortable moving here.

 

4. Culture Infrastructure

Think Maltz Theatre, Kravis Center.  Add in Trader Joes, Whole Foods.  The list goes on and on. Take a look at our  Local Restaurant Guide & Featured Businesses & Things To Do 

 

5. Weather

The freezing line is around Port St. Lucie.  No snow and cold weather means demand to live here continues to rise.

 

6. Airport Proximity

Palm Beach International, Fort Lauderdale, and Miami. All make it easy to fly anywhere.

 

7. Low Mortgage Rates

Rates are still low, and it makes that portion of buying cheap.

 

8. No Fraudulent Investor Loans like 2006

 

9. Inflation

Prices will naturally go up with inflation.

 

10. Business Movement

Businesses are moving to South Florida. We are known as Wall Street South. Big money comes with it.

 

11. Work from home

Lots of people are now able to work from home

 

12. Reevaluation of Where to Live

The pandemic gave people a moment to ponder where they were in life. The beach, warm weather, golf, and relaxed living has Florida living all over it.

 

13. Oh Canada

On November 8th, the country opened. Our friends from Montreal and Toronto are coming down in bunches.  The South American crowd is also flooding Miami and we should see natural migration up North.

 

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 a 1,000 transactions, and manages over 50 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 jeff@EchoFineProperties.com.

Posted in Open House Blog, Uncategorized on November 20, 2021 at 7:48 am.

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