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  • Hurricane Milton: What Florida Homeowners Need to Prepare For
    Learn how to prepare your Florida home for Hurricane Milton. Discover tips for securing your home, preparing for storm surges, and evacuation plans from The Listing Team at RESF. Stay safe and protect your property with expert advice.
  • What You Need To Know About Capital Gain Taxes
    Becoming an investor brings complicated processes and strategies. Here’s what you need to know about capital gain taxes and tips to help with the process.
  • 7 Signs That Your Crawl Space Needs Maintenance
    Ignoring your crawl space can lead to significant issues in your home. Many homeowners overlook this area, but recognizing the signs that your crawl space needs maintenance can save you time, money, and stress. Find out how to spot these signs and why it's necessary to address them promptly.
  • Two Reasons Why the Housing Market Won’t Crash
    You may have heard chatter recently about the economy and talk about a possible recession. It's no surprise that kind of noise gets some people worried about a housing market crash. Maybe you’re one of them. But here’s the good news – there’s no need to panic. The housing market is not set up for […]
  • Why Now’s Not the Time To Take Your House Off the Market
    Has your house been sitting on the market longer than expected? If so, you’re bound to be frustrated by now. Maybe you’re even thinking it’s time to pull the listing and wait to see what 2025 brings. But what you may not realize is, the decision to hold off could actually cost you. Here’s a […]
  • Now’s the Time To Upgrade to Your Dream Home
    If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home
  • The Top 3 Reasons Affordability Is Improving
    There are 3 big reasons affordability is improving today. Mortgage rates are coming down, home prices are moderating, and wages are rising. If you hit pause on your home search because it felt out of reach, maybe it’s time to dive back in.
  • The Top 3 Reasons Affordability Is Improving
    Affordability is based on three key factors: mortgage rates, home prices, and wages. And today, it’s improving quickly as rates come down, prices level off, and wages climb. If you put your search on pause because it was too expensive to buy, let’s talk about why now may be the perfect time to jump back […]
  • Experts Warn About Surging Miami-Dade Real Estate Listings – What This Means for Buyers and Sellers in September 2024
    Discover why Miami-Dade real estate listings are surging by 40.22% in September 2024. Learn what this means for buyers and sellers from Scott Lehr, RESF, and The Listing Team. Contact us for expert advice.
  • Broward County Real Estate Market Trends - September 2024
    Discover the impact of surging real estate listings in Broward County for September 2024. Learn what this means for buyers and sellers. Brought to you by Scott Lehr PA at RESF and The Listing Team.
  • Home Values Rise Even as Median Prices Fall
    Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a buyer or seller, it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story.
The Future of Solar in Florida: Incentives and Benefits
The Future of Solar in Florida: Incentives and Benefits

The Sunshine State is the ideal location for residential solar panel investments, with financial, environmental and community benefits. Although the initial cost may turn some people away, Florida homeowners can utilize various incentives to reduce outlays to reap clean energy rewards.

The Current State of Solar Power in Florida

Florida has 230 to 250 days of sunshine annually, perfect for harnessing energy through solar panels. Even with 2024’s El Niño pushing in more low-pressure systems and cloudier days than usual, there is still ample sunlight to power homes and businesses. 

The U.S. Energy Information Administration says solar accounted for 5% of the state’s total net generation in 2022, taking third place nationwide for solar power capacity after California and Texas. 

Florida is also one of four states operating solar thermal technologies for utility-scale electricity. These technologies utilize mirrors to capture sunlight as it changes positions throughout the day. 

Key Incentives for Solar in the Sunshine State

Image from Unsplash.

As the cost of solar materials and products has steadily declined, rooftop solar is more affordable than ever. Homeowners can also take advantage of various federal, state and local incentives to offset the price. 

Federal

Solar panels usually cost Floridians about $34,960 for an 11.5-kilowatt system. In 2022, the Biden Administration extended the Residential Clean Energy Credit at 30% through 2032, bringing the price of panels and installation down to $24,472. 

Although still expensive, solar panels pay for themselves by eliminating exorbitant monthly electricity bills. Floridians typically run their air conditioning year-round, especially as temperatures rise. With a reliance on natural gas, homeowners have also watched their electricity bills increase by 28% with Duke Energy and 51% with Tampa Electric over five years.

State 

The Property Tax Abatement for Renewable Energy Property program protects homeowners from property tax increases as they install energy-efficient upgrades like solar panels, solar water heaters, wind-powered generation and geothermal heat pumps. The incentive expires at the end of 2037.

Florida also eliminates the 6% state sales tax under the Solar and CHP Sales Tax Exemption Program for those who install solar panels. 

Finally, the Property Assessed Clean Energy loan program allows homeowners to finance solar panel installations and repay the loan through their annual property taxes. The Solar and Energy Loan Fund is another option for low- to moderate-income homeowners and doesn’t require pre-credit approval. 

Local

Residents should also look for local incentives through their county or utility companies. Some may offer individual rebates and grants for financial assistance. Additionally, financing programs and solar co-op opportunities may be available to lower the solar installation cost.

Benefits of Installing Solar Energy 

Image from Unsplash.

When homeowners install solar power, they will immediately notice a difference in their energy bills. Even one or two rooftop panels will provide clean electricity and significant savings. 

Likewise, keeping the lights and air conditioning on is invaluable in a state prone to severe weather. Americans experienced over eight hours of blackouts in 2020, most of which lasted only 20 minutes. However, Floridians could endure days- and weeks-long power outages after major hurricanes, which are becoming more frequent and intense. Stored solar power ensures homeowners can keep the lights on regardless of the weather.

Environmentally, solar energy lowers a household’s carbon footprint, releases fewer pollutants from avoiding coal and natural gas, and reduces water consumption. 

Future Trends in Florida’s Solar Market

Image from Unsplash.

The Solar Energy Industries Association Q2 2024 data says Florida has installed enough solar to power 2,013,723 households, while the state’s growth projection estimates another 19,264.76 megawatts (MW) over the next five years.

This outlook comes as Florida Power & Light Co. (FPL) hopes to broaden its solar footprint by 38% by 2033. FPL is the largest power utility company in Florida and a subsidiary of NextEra Energy. In May 2024, NextEra’s CFO Kirk Crews said it intended to add 3,100 MW of cumulative solar through 2025 and make additional investments of $32 billion to $34 billion in Florida’s solar capacity.

Solar Power Gives Rise to Energy Savings in Florida

The future of energy in Florida is solar as homeowners seek electricity savings and lower monthly bills. Of course, by utilizing various incentives to make solar more affordable, residents can enjoy the benefits of clean energy at home. 

This Is the Sweet Spot Homebuyers Have Been Waiting For
This Is the Sweet Spot Homebuyers Have Been Waiting For
This Is the Sweet Spot Homebuyers Have Been Waiting For





After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move. With rates trending down, today’s market is a sweet spot for buyers—and it’s one that may not last long.

So, if you’ve put your own move on the back burner, here’s why maybe you shouldn’t delay your plans any longer.

As you weigh your options and decide if you should buy now or wait, ask yourself this: What do you think everyone else is going to do?

The truth is, if mortgage rates continue to ease, as experts project, more buyers will jump back into the market. A survey from Bankrate shows over half of homeowners would be motivated to buy this year if rates drop below 6% (see graph below):

With rates already in the low 6% range, we’re not terribly far off from hitting that threshold. The bottom line is, that when they drop into the 5s, the number of buyers in the market is going to go up – and that means more competition for you.

That increased demand will likely push home prices up, which could potentially take away from some of the benefits you'd gain from a slightly lower interest rate. As Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), explains:

“The downside of increased demand is that it puts upward pressure on home prices as multiple buyers compete for a limited number of homes. In markets with ongoing housing shortages, this price increase can offset some of the affordability gains from lower mortgage rates.”

So, while waiting to buy may seem like a smart move, it could backfire if rising prices outpace your savings from slightly lower rates.

What This Means for You

Right now, you’ve got the chance to get ahead of all of that. Today’s market is a buyer sweet spot. Why? Because a lot of other buyers are waiting – which means not as many people are actively looking for homes. That means less competition for you.

At the same time, affordability has already improved quite a bit. Recent easing in mortgage rates has made homeownership more accessible. As Mike Simonsen, Founder of Altos Research, says:

“Mortgage payments on the typical-price home are 7% lower than last year and are 13% lower than the peak in May 2024.”

And while the supply of homes for sale is still low, it's also higher than it’s been in years. According to Ralph McLaughlin, Senior Economist at Realtor.com:

“The number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%, a 10th straight month of growth, and now sits at the highest since May 2020.”

This means you now have more options to choose from than you’ve had in quite a while.

With fewer buyers in the market, improving affordability, and more homes to choose from, you have the chance to find the right one before the competition heats up.

Why Waiting Could Cost You

If you’re waiting for the perfect time to buy, it’s important to understand that timing the market is nearly impossible. The longer you wait, the higher the risk that market conditions will shift—and not necessarily in your favor. As Greg McBride, Chief Financial Analyst at Bankrate, says:

“It’s one of those things where you should be careful what you wish for. A further drop in mortgage rates could bring a surge of demand that makes it tougher to actually buy a house.”

Bottom Line

Don’t wait until you have to deal with more competition and higher prices – you already have the chance to buy a home while we’re in the sweet spot today. Let’s connect to make sure you’re taking advantage of it.

South Florida Condo Market and Its Effect on Selling
South Florida Condo Market and Its Effect on Selling
South Florida Condo Market Trends 2024: Selling Insights by Scott Lehr | The Listing Team at RESF

The South Florida condo market is a dynamic and evolving landscape, and if you're looking to sell, it’s essential to understand its trends and how they impact your sales strategy. With year-round sunshine and an ever-growing population, the South Florida real estate market is unique. In this blog, we’ll dive deep into the factors that affect selling condos in South Florida, market trends, and what sellers need to know to maximize their profit.

 

Luxurious South Florida condo building showcasing contemporary design and oceanfront views

Understanding the South Florida Condo Market

The South Florida condo market includes popular cities like Miami, Fort Lauderdale, and West Palm Beach. These areas have seen rapid growth, but this doesn't mean selling a condo is always straightforward. It’s essential to recognize the market's nuances to position your property for a successful sale.


What Makes the South Florida Condo Market Unique?


South Florida’s condo market is different from others due to its:

Location: Pristine beaches, vibrant nightlife, and a diverse culture.

Climate: Warm weather attracts snowbirds and tourists, increasing demand.

International Buyers: Many international investors view South Florida as a desirable destination.

Because of these factors, South Florida’s condo market often sees fluctuations, making timing and understanding market trends crucial.

The Current State of the Condo Market in South Florida

Elegant South Florida condo interior with a stunning ocean view, representing upscale living

As of 2024, the South Florida condo market has experienced mixed signals:

Rising Interest Rates: This has made mortgages more expensive, potentially slowing down some sales.

High Demand for Luxury Condos: Despite economic uncertainty, luxury condos are still in demand, especially from foreign buyers.

Inventory Levels: Inventory is still relatively low, which can work in favor of sellers in certain areas.

If you’re planning to sell, it's crucial to stay updated on these trends as they can directly affect the sale price and the time your property stays on the market.

How Seasonality Affects Condo Sales in South Florida

The South Florida condo market is seasonal, with high demand typically during the winter months. Snowbirds from northern states flock to the area, looking to escape the cold. As a result, condo sales often peak from November to April.

Why is this important? If you’re considering selling, aim to list your condo during these months to take advantage of increased buyer interest. Listing during the off-season might mean fewer buyers and potentially lower offers.

Pricing Your Condo Right for the South Florida Market

Breathtaking view from a South Florida condo balcony, offering a serene oceanfront experience

Pricing is one of the most critical aspects when selling a condo in South Florida. Here’s how you can nail it:

Research Comparable Sales: Look at recent sales of similar condos in your area.

Understand Market Trends: Are prices rising or falling in your neighborhood?

Work with a Local Real Estate Professional: An experienced agent will provide valuable insights into the right price for your condo.

Overpricing can scare away potential buyers, while underpricing may leave money on the table. Finding the sweet spot is key to a quick and profitable sale.

Marketing Your Condo for a Quick Sale

In a competitive market like South Florida, marketing can make or break your sales. Here are some tips to ensure your condo gets the attention it deserves:

High-Quality Photos: With so many condos available, stunning visuals can make your property stand out.

Virtual Tours: Many buyers, especially international ones, may not be able to visit in person. Virtual tours are a great way to showcase your condo.

Targeted Online Advertising: Use platforms like Facebook and Instagram to target potential buyers based on location, age, and interests.

By using these strategies, you increase your chances of attracting the right buyers quickly.

Working with a Real Estate Agent Who Knows the South Florida Condo Market

Aerial shot of a luxury South Florida condo complex, complete with lush amenities and ocean views.

Partnering with a knowledgeable real estate agent can significantly impact your success in selling a condo. Here’s why:

They Know the Market: A local agent understands the trends and nuances of the South Florida condo market.

They Have a Network: They can connect you with potential buyers, photographers, and contractors if needed.

They Handle the Details: From negotiations to paperwork, an experienced agent will ensure a smooth process.

How to Prepare Your Condo for Sale

Before listing your condo, take these steps to prepare it for sale:

Declutter and Depersonalize: Buyers want to envision themselves living in the space.

Make Necessary Repairs: Fix any minor issues that might turn off potential buyers.

Stage Your Condo: Consider hiring a professional stager to make your condo look its best.

Conclusion: Navigating the South Florida Condo Market

Selling a condo in the South Florida market can be highly rewarding, but it requires knowledge of market trends, seasonality, and effective pricing strategies. By working with a real estate professional, preparing your condo, and utilizing effective marketing techniques, you can successfully navigate the challenges of the South Florida condo market and secure the best possible sale.

FAQs

Q1: When is the best time to sell a condo in South Florida?
The ideal time is between November and April when the demand is higher due to snowbirds and tourists looking for properties.

Q2: How do rising interest rates affect the South Florida condo market?
Higher interest rates can slow down sales as mortgages become more expensive, potentially reducing the number of qualified buyers.

Q3: What’s the biggest mistake sellers make in the South Florida condo market?
They are overpricing their condo. It's crucial to price correctly based on recent sales and market trends to attract serious buyers.

Q4: Should I renovate my condo before selling?
Minor repairs and updates can make your condo more appealing, but avoid expensive renovations unless they significantly increase the property value.

Q5: How long does it typically take to sell a condo in South Florida?
It varies, but condos priced correctly and marketed well often sell within 30 to 90 days, especially during peak season.





Buying Beats Renting in 22 Major U.S. Cities
Buying Beats Renting in 22 Major U.S. Cities
Buying Beats Renting in 22 Major U.S. Cities Buying Beats Renting in 22 Major U.S. Cities


That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments (see chart below):

As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country.

This is a big deal if you’ve been renting for a while now. But if you don’t see your city on this list, don’t sweat it. Things are moving fast, and your area might be joining these top metros soon.

You see, talking with a local real estate agent about what’s happening in your market before this happens in your ideal neighborhood could really change the game for you. It’s all about being informed by a true expert, and understanding what was out of reach before might actually be getting more affordable than you think. 

Now, while this study compares monthly rent to principal and interest on a mortgage payment (not the whole monthly payment), let’s think through this. As Zillow notes, what you can’t ignore when you buy a home are things like taxes, insurance, utilities, and maintenance that should also be factored into your budget and your monthly payment.

But remember – renters pay extra fees too, like renters’ insurance, utilities, parking, and more. And while doing the math may feel like a drag, this equation could be a much more exciting one to work through today.

So, grab your calculator and your agent because the big takeaway is this: it may be time to determine if you’re in a spot to afford what you couldn’t just a few months ago.

As Orphe Divounguy, Senior Economist at Zillow, says:

“… for those who can make it work, homeownership may come with lower monthly costs and the ability to build long-term wealth in the form of home equity — something you lose out on as a renter. With mortgage rates dropping, it's a great time to see how your affordability has changed and if it makes more sense to buy than rent.”

Whether you live in one of these budget-friendly metros where the scales have already tipped in your favor, or any town in-between, it’s time to connect with a local real estate agent to get the conversation started.

With mortgage rates coming down and more homes hitting the market, you’ll want to be ready to jump back into your search – before everyone else does.

Bottom Line

If you’re tired of renting and ready to find out what it takes to purchase a home in our area now that the landscape may be shifting, let’s do the math together to see if buying a home makes sense for you now or sometime soon.

Why So Many Americans Are Moving to Florida
Why So Many Americans Are Moving to Florida
Why So Many Americans Are Moving to Florida

As a state that hosts top vacation spots and beautiful weather, Florida has become an exciting travel spot for many Americans. As they continue to visit the state and invest in its luxuries, it’s no wonder why so many Americans are moving to Florida. Whether you’re relocating for work, retirement, or for a fresh new start, find out how Florida can gratify your wants and needs.

Warm Weather All Year Round

No need to worry about harsh snowstorms. Florida’s beautiful climate offers warm, sunny weather year-round. Wake up to sunshine and enjoy your favorite outdoor activities like golfing or fishing on the Florida coast.

Lower Cost of Living

For potential movers looking to balance their budgets, Florida offers sustainable living options with their housing areas. While some areas may be pricey, the cost of living is generally lower compared to other states. Find your new home and save on housing with Florida’s lower cost of living.

No State Income Tax

Florida is one of the few states that lack an income tax for both working professionals and retirees. This means more take-home pay from your paycheck and easier ways to save money. Take advantage of this financial investment and live comfortably without the risk of financial hardship.

A Hub for Retirees

With its many communities, Florida has become a popular retirement destination for all retirees to enjoy. These adult communities offer amenities and services that cater to the needs of the individual. For those who need assisted living after retirement, Florida houses many areas for retirees to move to.

Incredible Food Scene

For those who love the local eateries, roam Florida’s food scene for delectable meals. Their local restaurants offer fresh seafood and farm-to-table dining, drawing in Americans who want to move to Florida.

Job Opportunities

Florida is a developing state that constantly meets expectations for new hires. Many major cities with thriving economies offer high pay for those in health care, tourism, or technology fields. Search the job boards for local Florida positions and find out how they could benefit your work lifestyle.

Excellent Education System

Families with little ones could start their schooling in Florida’s well-regarded education system. These top-rated schools offer educational opportunities like extracurricular activities and competitive sports. Enroll your child in a community that will guide them toward success.

Embark on a life change catered to your demands. Start planning your move to Florida to bask in the weather and save on expenses. Whether you’re building a new family or starting your retirement life, you can find your new home in the Florida communities.

 

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