“How’s The Market?”

by Rich Barnhart

I

n my business I hear this all the time,
“Hey Rich, how’s the real estate

market?” What you are really asking me
is “How’s the market for me?” or, “Is it a
good time for me to buy or sell?”  So,
before asking any follow up questions I
usually respond with something like this,
“The overall market is pretty strong right
now. Median prices continue to rise,

inventories in most segments are tight and interest rates
remain historically low.” This is usually well received since
most people associate these metrics with a healthy
expanding real estate market. However, for some very
specific buyers and sellers in our local neighborhoods this
is an exceptionally good time in the real estate cycle.

Everyone Should Keep an Eye on 
Interest Rates

Interest rates will eventually go up and while most experts
agree that higher mortgage rates won’t doom the entire
housing sector, it could have a larger impact on the more
expensive neighborhoods like The Landings and Bay
Colony. As rates rise, the monthly cost of servicing a jumbo
mortgage could push some marginal buyers out of our
marketplace. The ultimate effect on median prices could
take years, but keep an eye on those rates if you plan to
buy or sell in the near future.

Stepping Up

Many buyers who consider Northeast Fort Lauderdale
for their next home already own property elsewhere
and are “stepping up” into a larger property or
perhaps something in a better location on the
waterfront. If you are one of these buyers then
now could be the perfect time to make that
move. Chances are your current home is in a
“hot” lower price range where inventory is
even tighter allowing for a quick and profitable
sale. Also, leaving your current low interest
mortgage won’t hurt as bad while rates are still low
and you can lock in an attractive long term fixed
rate on your replacement property.

Empty Nesters and Retirees

If you plan to retire in the next few years or if the kids are
going off to school and you just don’t need all that space
then it might be the perfect time for a change of lifestyle. A
popular move right now is to sell your single family home
and purchase a condo or townhome with less upkeep.
There are plenty of great new construction and resale
options including units with dock slips and high rise condos
on the beach with every amenity you can imagine. If you
are not quite ready to make the move then consider
purchasing a condo as an investment while the best
buildings and good locations still have affordable
inventory. The rental market is extremely strong so you
should be able to cover most of your expenses while
waiting to sell your home and move in yourself.  

I

Rich Barnhart
Landings Resident and Broker/Owner 
By the Sea Realty, Inc

223 Commercial Blvd.
Lauderdale-by-the-Sea, FL 33308
(Corner of Commercial & Sea Grape)
954-351-7007
www.bythesearealty.com

Real Estate

The Landings & Bay Colony

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