Dropping Home Inventory Means Great Time to Sell

With all the news about “supply chain” issues, it seems the greater Fort Lauderdale home sales market isn’t immune. Of course, no homes, condominiums or duplexes are stranded in container ships off the California coast. But our supply chain of home inventory is at historic lows. If you look at home buying and selling as a supply and demand situation, supply is shrinking. This is bad news for home buyers and potentially good news for home sellers.

The Gary Lanham Group recently launched the fifth season of Tuesdays With Gary. Our weekly video program provides news, reviews and tips about the greater Fort Lauderdale real estate market, from Fort Lauderdale beach to Pompano Beach and Deerfield Beach, to Wilton Manors, Oakland Park and elsewhere in the county.

In this episode, we reviewed the current home inventory woes we’re facing. If you’re a property owner considering selling your home, condo or duplex, I’d wager you’ve never seen a better market.

First, a little bit about the realities of real property inventory. Current research reveals that greater Fort Lauderdale and much of the South Florida market currently has 30 days of single-family homes, condominiums and duplexes available for sale. That means, if no other listings were to hit the Multiple Listing Service, or MLS, we would run out of available homes within 30 days.

By comparison, in normal conditions, this market usually has 90 days of inventory. South Florida isn’t alone. With almost a third of typical inventory ready for resale, the almost 900 people moving into Florida daily are struggling to find suitable homes for purchase from Fort Lauderdale to anywhere else in the Sunshine State.

As a seller, you’re sitting in the proverbial cat bird’s seat. Prices are rising. Days on market are dropping from months or weeks – to days in some cases. Offers in many instances are exceeding the asking price. Bidding wars are erupting for some of the best properties; even “average” homes or fixer-uppers are realizing significant spikes in interest and offer prices.

For greater Fort Lauderdale’s 30,000 licensed real estate professionals, it’s a tough time. We’ve never had more buyers – or fewer sellers. For home sellers, however, there’s never been a better time. With record-low inventory, you can sell a home in almost any condition at never-before-seen market prices.

If you realize a significant gain on the sale of your residence, you have 24 months to reinvest that money into another property without federal tax implications. And if that residence is in Florida, your homestead tax exemption is portable to the new residence as well.

The current supply-and-demand calculations in the Fort Lauderdale home market definitely favors the sellers. If you’re considering selling your home, or just want to explore the possibilities, give me a call. Let’s turn the supply chain problem into a positive for you.

Gary Lanham is team leader for the Gary Lanham Group at Coldwell Banker Real Estate Fort Lauderdale Beach Office. To learn more, visit www.instagram.com/garylanhamgroup or call 954-695- 6518