M
arket Momentum Shifts in Sunny Florida
A subtle yet significant shift is underway in the Palm Beach market, particularly in Boca Raton and Delray Beach. Alex and Margot Platt, co-leaders of The Platt Group at Compass, have observed a notable trend: buyers are taking their time.
As native Floridians with extensive knowledge of the area, the Platt's expertise shines through in their impressive track record. With over $800 million in sales within the past three years, catering to all price points, they've established themselves as one of the top teams in Compass Florida. Their accolades include being recognized as the #1 Large Team in Boca Raton and Delray Beach, a Top 5 Team for Compass Florida in 2024, and among the Top 20 Compass teams nationwide.
In a rare moment of downtime amidst their busy schedules, Alex and Margot shared their insights on the current market conditions. "The market has been steady with a slight increase in inventory due to longer days on the market," Alex explained. "Updated single-family homes are selling well when priced correctly, while condos are taking longer to sell despite being priced right."
Buyers' hesitation can be attributed to several factors, according to Alex: "A wider range of options has led to homes staying on the market longer with occasional price adjustments." Rising interest rates, increased insurance costs, and stock market volatility have also raised home ownership costs, giving buyers more leverage. The shift from a seller's market to a balanced market offers more choices and time for informed decisions.
Sellers, however, are initially resistant to adjusting their expectations. "They expect quick, top-dollar sales," Margot noted. "But it's crucial to price homes accurately from the start and communicate that buyers have more options." Some agents overprice homes to please sellers, leading to longer market times. As sellers receive market feedback, they often become more receptive to realistic pricing and terms.
In this market, accurate pricing has never been more important.
