Sellers: Study Suggests More Owners Ready to List

The current market favors sellers, but owners are seeing price increases slowing and buyers being pushed out of the market. Many who have held off may decide it’s time to sell.

FORT LAUDERDALE, Fla. — Some possible good news for buyers — More inventory could be channeled to the South Florida market in the coming months as sellers are more willing to list their homes.

A survey of 1,300 consumers conducted in the fall of 2021 found that 65% of homeowners across the country plan to sell their home within the next six months, while 26% of homeowners plan to sell their home within the for sale next year.

“Sellers are realizing markets are tilting heavily in their favor as millions of millennials enter their 30s and seek to buy their first home while taking advantage of low interest rates,” said George Ratiu, manager of economic research at realtor .com

It could be good news for buyers who have struggled with record-low inventories in South Florida over the past year and a half. Palm Beach County single-family home inventory fell 53% to 1.3 months of inventory, according to October numbers from Broward, Palm Beach and St. Lucie realtors. In Broward County, single-family home inventory fell 44% year over year to 1.4 months of inventory in October. In Miami Dade County, county inventory fell 40% year over year to 2.2 months of inventory.

The survey also showed that 2021 saw an increase in offers over time. In the spring, 9% of sellers said they had already listed their home in the survey. That number rose to 19% in the fall. The survey was conducted nationally, so the South Florida real estate market and sellers may respond differently.

It’s not uncommon for sellers to be more actively listing at the beginning of the year, as this is usually a peak for new listings, said Bonnie Heatzig, executive director of luxury sales at Douglas Elliman in Boca Raton.

For Heatzig, she said she’s seeing sellers a little more open to the idea of ​​selling their home now than they were earlier in 2021. She notes that any reluctance they might have is coupled with a concern that they might You cannot find a suitable home in your price range in today’s current market.

“The most compelling reason I hear from prospective sellers is that they want to take advantage of the higher selling prices coupled with the fact that their homes no longer meet their needs or wants,” Heatzig added.

Sellers’ desire to capitalize on the market also increased from spring through fall, according to the survey. A little less than 25% of sellers wanted to sell in the spring to take advantage of the current state of the market, with the figure rising to 35% in the fall. According to the spring survey, around 13% of sellers wanted to sell because they saw news that it was a seller’s market. But in the fall, that number rose to 30%.

Jeff Grant of ReMAX Realty in Palm Beach Gardens said that while he’s seen a steady stream of sellers, he expects single-family home listings to pick up in January, with more condos listed in the spring, adding that many potential sellers are trying to take advantage of current high seasonal rental rates.

It remains to be seen if those national numbers would matter in South Florida. Demand is so high that easing the current pressure on the housing market may not make much of a difference, local real estate agents say. South Florida home prices are expected to rise at a slower rate of about 5.8% in the new year.

“I think the current buyer backlog will continue to put pressure on the market and any new inventory will be quickly absorbed in multi-offer situations,” Grant said.

© 2021 South Florida Sun Sentinel. Distributed by Tribune Content Agency, LLC.