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At Home with Gary: Selling or buying your home in “interesting times”

Mon, 01 May 2023 15:40:26 GMT

The past several years have been interesting times for the Fort Lauderdale home sales market. As we’ve explored together in this column, the boom times of too many buyers chasing too few homes, and then, how rising interest and mortgage rates cooled what had been one of Florida’s hottest home sales markets in history, left many buyers and sellers nervous.

The lessons we learned truly remain timeless in any real estate climate. As I write what will be my last column for The New Pelican for the foreseeable future, I wanted to explore some of the lessons we’ve learned together.

Whether you’re a seller or buyer, these truths truly are timeless.

Hire a great real estate professional. Many realtors claim they’re experienced. But the pointers they share in initial and ongoing conversations will speak volumes about a realtor’s skill. They should present well-researched market comps to show where your home price compares to other recent sales. The marketing plan they offer should include traditional, web and social media promotions, utilizing the skills of skilled staging, interior, exterior, 3D and even drone photography pros to literally present your home in the best light.

Invest before you list. Your home could likely use some upkeep and refreshing. While a kitchen or bath remodel could yield some returns or a quicker sale, think smaller. A fresh coat of paint, landscaping of the yard and foliage, maybe an investment in deferred maintenance (replacement of rotten wood or rusted metal lights or fence posts, for example) can boost curb appeal.

In fact, when a major national magazine recently asked me why drive-by and digital curb appeal were important, I commented how about 97 percent of today’s home buyers first see properties online. Whether for a single family home, a beachfront condominium, a townhome or duplex intended as a rental property, the view from the street, sidewalk or curb out front can make a difference. Not all buyers can see past an unkempt property.

Others want to know the condition of things they cannot easily see. Expect to be asked about larger components – the age and condition of the roof, the patio deck or seawall, the air conditioner, the water heater, even the plumbing lines from the street to your house. If in poor condition, they could result in buyer demands for concessions at closing – or kill the deal outright (though in a market starved for inventory, many buyers will take cash at closing to ensure they close the deal and get the home).

If you’re unsure about the state or condition of your home and its components, your realtor should be able to help with those questions. They even may recommend a professional home inspector for a possible seller’s pre-inspection, just to avoid any surprises when the buyer performs their own inspection.

Calm amid chaos. As a buyer or seller, at some point, market conditions or the other individual’s demands are bound to leave you nervous. A top-producing broker also must bring a calm demeanor in turbulent times – and for complex or complicated transactions. Truly experienced realtors will have used their wisdom, experience and negotiating savvy in the past to soothe their clients’ fears and support their side.

As has been said, “May you live in interesting times.” Few times have been more “interesting” than the past decade of homeownership in greater Fort Lauderdale. I hope reading my columns and sharing your thoughts have helped bring clarity.

Thank you for sharing your time with me. I hope my insights will help you the next time you buy or sell homes and other properties down the road.

And should you need a real estate professional, whether to handle your transaction or provide counsel, give me a call. I’m here to help make sense of interesting times.

As team leader for the Gary Lanham Group at Coldwell Banker Real Estate Fort Lauderdale Beach Office, Gary Lanham is a veteran listing agent skilled in the most complex transactions. He knows how to get sellers the most money in the shortest amount of time, even in this changing market. See Gary’s digital promotions of his listing and contact him at instagram.com/garylanhamgroup or call 954-695-6518 .

At Home With Gary: Five steps to sell your home in a digital world

Mon, 03 Apr 2023 15:40:54 GMT

In recent columns, we’ve discussed the importance of “digital curb appeal.” That is, using tools like digital photography, videography and drone footage and social media platforms to share your home listing to as wide an audience as possible.

The rationale is simple: Studies report that the vast majority of home buyers (97 percent) first see online – whether with their smartphone, tablet or computer – the home they eventually purchase. So, by improving your home’s “digital curb appeal,” or how it appears to those seeing it online, you heighten your chances at capturing their attention and possibly making the sale.

Beyond staging, refreshing or painting the home’s exterior, even tidying up the landscaping, porch and patio deck, what are some of the key elements you should consider? This question especially rings true if the homeowner is limited in what they can do to improve how well their home presents online, and therefore must focus on a few key improvements.

What would those be?

Show the neighborhood. People don’t just buy homes. They buy communities. They buy quiet streets, neighborhood parks and bike trails, highly-rated area schools, and convenient access to shopping, services and houses of worship. Any online presentation you and your realtor create for your listed home must include mention and preview of these.

Capture imaginations with drone photography. In the hands of a professional, a drone can capture critical and captivating videography, photography – and the imagination. These images truly can be stunning. Whether “flybys” or shots of the community with the home as the centerpiece, this high-definition footage shows the prospective buyer where their potential future home sits in the neighborhood.

Have a flight plan. Engaging and well-planned drone footage can serve like a Google map. Think of it as a high-flying ride showing street by street the home’s proximity to all the area’s features and amenities. Viewers can visualize a walk, bike ride or drive to the park or shopping or the waterfront. They see themselves taking a route and seeing what they’ll pass along the way. It takes “engagement” to a whole new level.

Transform your space. With the right photography, including 3D interior imagery and digital floor plans that help the buyer visualize a home reconfigured with their belongings in the space, the home takes on new life. The bedrooms, home office, kitchen or Florida room are theirs. The brochures we used just a few years ago cannot begin to bring space to life in quite the same way. The space is transformed from what is to what could be.

Help sell the dream. If you think about it, realtors sell dreams to buyers. In the eyes of that engaged buyer, your home stops being yours – and becomes theirs. The home and interior space, as well as the yard and pool, the deck and the dock each become etched in their minds – with themselves and their families in place.

This doesn’t happen on its own. That’s why it’s critical to find the right realtor who’s versed in the use of digital technology and the promise of digital curb appeal. They should have strong partners in the visual arts, as well as their own robust social media presence, including Facebook, Instagram, LinkedIn, and YouTube.

They should have the latest industry designations that keep them atop an ever-changing market. Ask if they are a certified residential specialist – the highest credential awarded to only 35,000, or just 2 percent, of real estate agents nationally. International home buyers and sellers should inquire about the realtor’s certified international property specialist designation. This credential is critical for foreign nationals.

If 97 percent of home buyers first see their future home online, own that space on their device. You’ll improve your chances at capturing their imagination – and making the sale.

At Home with Gary: How staging presents your home in its best light

Tue, 28 Feb 2023 15:42:37 GMT

Face it – we’re tethered to our smartphones. While some chide this modern reality, the truth is, if you’re selling your home, it’s the first – and possibly the most powerful – tool in your sales and marketing toolbox. Putting that technology to use can feed your home directly to your prospective buyer’s screen – and make it stand out among competitive listings.

This is the second article in a series about digital curb appeal and marketing your home online. While digital curb appeal becomes the seller’s online chance to make that critical first impression, the process starts long before images or messaging are broadcast to the masses.

It begins with a professional eye for detail. “Staging” is how your realtor and professional designer or stager presents the home so the photographer and videographer can capture what makes the home unique among all available properties.

As noted previously, 97 percent of today’s home buyers are first attracted to properties via smartphone, tablet or personal computer. Whether you’re selling your single-family home, townhome, duplex or condominium, staging the home starts from the curb, then finds its way through the home’s interior and out to the patio, pool deck or other spaces.

What does staging require? Essentially, you’re making the home look less like yours and more like the prospective buyer’s. For an open house or showing, you’ll remove any family photographs, collectables or other belongings.

Similarly, remove furniture that may clutter the home – and open the space to make it more airy. This gives the buyer a chance to visualize the space with their own furniture in it. However, we suggest never emptying a home of all furniture; buyers need a spatial perspective to see how a dining room table and chairs or family room sofa will fit.

Staging includes the home’s exterior property. Painting the home, even just the front door for contrast, can make the home pop from the curb. Freshening up the landscaping by removing dead palm fronds or tree branches, even planting some impatiens and laying some mulch can polish the appearance.

With this as their palette, the photographer and videographer will choose the right time of day to capture the home literally in the best light. Realtors now routinely provide 3D tours, such as those provided by Matterport, EyeSpy360 or Cupix.

What’s more, they’re increasingly using drones to shoot overhead videos, even “approach” shots of the drone flying toward the home. These can create spectacular imagery that truly captures the imagination like traditional still and video photography cannot. This is especially useful if your property is close to the ocean, Intracoastal, or fun, pedestrian shopping areas that enhance the property’s location.

We wrote previously about selling an empty home in the sought-after North Andrews neighborhood of Oakland Park. Virtual staging with photography allowed the seller to boost the asking price. The eventual sale price was equal to one of the most expensive homes in the neighborhood.

In the hands of a professional stager and photographer, these efforts boost lifestyle appeal without presenting an unbelievable “glamor shot.” The difference is critical and truth cannot be compromised. For example, I tell photographers not to use a “fisheye” lens, so as not to misrepresent a room’s apparent size or spaciousness.

You do, however, want people to imagine themselves in your home. We have used models for some photo shoots. In one, I hired a model to show the pool and patio in use; I even had the photographer shoot an image of a woman walking down a hall from the master bathroom to the kitchen. The windows showed the outdoor garden – and the light illuminated the home’s artwork.

Ultimately, staging and photography play a role in how digital curb appeal reveals your home in its best light – and help close your deal.

At Home with Gary: Digital curb appeal makes property attractive from the street to the world

Wed, 01 Feb 2023 15:56:15 GMT

A major national magazine recently asked me about the definition and importance of digital curb appeal. My short answer was that it’s the way the overwhelming majority of home buyers start reviewing properties for sale. In fact, my answer understated the impact digital curb appeal has today. Digital marketing in real estate takes first impressions to a higher level (another level), don’t miss this opportunity.

Whether on their smartphone, tablet or personal computer, about 97 percent of today’s home buyers are first attracted to properties online. As the internet and social media become the way many prospective home buyers see properties of interest, it’s critical that your home shines online.

We all know traditional curb appeal. It’s the view of the house from the street, sidewalk or curb out front. Don’t think curb only means single-family residence. Condominiums, townhomes and duplexes also can benefit from digital curb appeal.

How is digital curb appeal accomplished?

Experienced listing agents encourage sellers to apply fresh paint to their house, or paint a contrast color on the front door. They’re told to manicure the lawn and garden to improve the home’s general attractiveness.

This is all outside the home; it has nothing to do with the home’s interior. As buyers drive through the neighborhood, often on the weekends, what stands out are the houses that look like the place they would want to call home. It becomes the invitation to prospective buyers to “see more.”

Digital curb appeal takes that presentation a step further to present the entire home to the world – from outside to inside the front door. When we list a home, we hire professional photographers, videographers, even drone operators, to capture the home in the best light. I mean that literally, as photography is shot when the sun shines best on the property.

Areas of the home – the kitchen or bathrooms or the pool and patio deck – that have been upgraded or are especially alluring get special attention. This appeal translates to a warmth and charm the home radiates to the viewer.

Tech-savvy realtors also routinely provide 3D tours, such as those provided by Matterport, EyeSpy360 or Cupix to show the home as if the viewer were walking through it themselves.

How is that viewer found? Realtors versed in digital marketing work in concert with leading SEO partners who use keywords and phrases meant to elevate the property and specific community or neighborhood. We write engaging copy, full of rich details to tell the story of the home, the neighborhood and the lifestyle that could be enjoyed by the buyer.

The result is that digital curb appeal allows buyers to “drive” the internet anytime, 24/7 to find properties of interest that coincide with their living/lifestyle requirements. Think of it as a vetting process; they have an earlier opportunity to review the exterior and interior of a house. They can learn about neighborhood assets – parks, restaurants, schools, churches, retailers, even hospitals.

The buyers then can take a list of homes or neighborhoods they’ve discovered to their realtor to help guide the search. “This is what I like,” they can advise. “But don’t spend time looking at this area.” That’s why the listing agent must capture the attention of prospective buyers browsing through hundreds of listings.

This digital curb appeal becomes the seller’s online chance to make that critical first impression.

This is the first in a series of articles exploring the importance of presenting your home online. The next article will explore the strategy behind staging the home and shooting the best photographs and videos unique to the given property.

At Home with Gary: South Florida real estate predictions for 2023

Tue, 03 Jan 2023 15:48:10 GMT

If the COVID and post-COVID era made for interesting times, 2023 promises to be just as challenging – or exciting – depending on your tolerance for the unknown.

Below are 12 predictions for the year ahead . . .

1. Home prices will hold in 2023. A shortage of homes in South Florida, combined with homes still selling at record levels, translates to strong pricing. Home prices will go up 3 to 4 percent because of low inventory. While people overpaid for homes in the last two years just to get in, home buying will be an even smarter call in the year ahead than during COVID.

2. Home inventory will shrink. The dilemma of Florida homeowners has been clear: if I sell, where am I going to move? Only homeowners forced to sell due to life events – divorce, death, recession and unemployment – will be motivated to sell. Others will stay put, putting downward pressure on inventory.

3. Foreign investors return to Florida. Political and economic instability and uncertainty across Latin America will continue to drive a flight of capital to the U.S., and particularly South Florida. Lenders flush with money will be eager to loan, meeting the needs of those foreign nationals looking for mortgages.

4. Fix-and-flip home activity will slow down in 2023. The high cost of real estate, coupled with inflation and ongoing supply chain issues, will take these investors out of the market as profitability decreases.

5. Mortgage Interest rates will drop. It’s curious how sometimes when the Fed raises the Federal Reserve rate, mortgage rates may drop. After unprecedented rate hikes over the past year, the Fed has indicated rate increases will slow in 2023. These will end up in the 5 percent range by the end of the year, calming borrower concerns and driving buyer enthusiasm.

6. The number of real estate transactions will go down. The year 2022 saw up to 25 percent fewer real estate transactions than 2021. The year 2023 will have even fewer real estate sales than 2022, as the market finds equilibrium.

7. Rental demand will grow. Fewer real estate transactions and low inventory for sale will fuel growing rental demand. This will cause further increases in rental rates, which are forecast to rise by up to 13 percent for the year. The interest on rent is 100 percent, meaning that you get nothing for your rent. You pay your landlord’s mortgage and, at the end of your rental term, you own nothing . . . so you might as well be paying 100 percent interest.

8. Investment properties will return to the market. These properties, especially Airbnb and other rental properties, will start to hit the market as investors recognize lower returns due to increased supply and lower short-term rental rates, as well as higher taxes and insurance premiums on non-homesteaded properties, and as consumers grow more cautious about their expenses in a questionable economy.

9. Fewer first-time home buyers. High home prices, coupled with increased interest rates, and again, economic uncertainty surrounding their budgets and income, will dampen buyer enthusiasm. Those first-time home buyers who do decide to buy will be pushed to less desirable areas.

10. Seller concessions will grow. The days of “as-is” home sales and waived inspections are over. Fewer buyers, coupled with higher inventory, will induce seller concessions, such as inspection-report repairs, purchase of mortgage rate buy downs, and other creative ways to stand out against other real estate listings. Buyers don’t care about the interest rate or the sales price; the buyers care about their monthly payment.

11. Seniors 62 or older will seek creative cash flow. Seeking a better, more stable retirement, seniors will explore ways to eliminate mortgage payments, increase cash flow and leverage their current residence to live in the home of their dreams through reverse mortgages or other options.

12. Say goodbye to Fort Lauderdale’s older homeowners. Seniors and retirees tired of the region’s congestion – and hoping to capitalize on home values – will cash out and move north. They’ll stay in Florida, but head to places like Stuart, Port St. Lucie, Vero Beach and The Villages.

If you’re hoping to list and sell your home, the right realtor can help. As team leader for the Gary Lanham Group at Coldwell Banker Real Estate Fort Lauderdale Beach Office, Gary is a veteran listing agent skilled in the most complex transactions. He helps sellers get the most money in the shortest amount of time. Contact him at instagram.com/garylanhamgroup or 954-695-6518 .

At Home with Gary: How real estate can be your ticket to citizenship

Thu, 08 Dec 2022 15:47:54 GMT

Those hoping to immigrate to the U.S. have limited options. Those with means can do so through real estate, business investments, or business investments comprising real estate. They invest a fixed amount of money into a business entity that guarantees the creation of a certain number of full-time jobs in return for permanent residency visas.

The most popular options for investors are the E2 and EB5 visas.

I recently spoke with Fort Lauderdale immigration attorney Connie Kaplan. Herself an immigrant, Kaplan works with investors and families hoping to make the United States their permanent home through legal immigration. We explored the E2 and EB-5 programs.

The EB-5 immigrant investor program allows foreign nationals to apply for a U.S. green card by investing a minimum of $800,000 or $1.05 million in a U.S. business. In 2021 alone, foreign buyers invested some $54.4 billion in over 107,000 U.S. properties.

Kaplan finds the program lacking for two particular reasons. First, the cost. Atop the legal fees that can be in the tens of thousands of dollars, the $800,000 investment would go toward purchasing shares in a designated area, such as a mall or development, where their money would be parked during the process.

For the $1.05 million fee, immigrant investors must commit to opening a business and creating 10 full-time jobs.

For example, imagine a developer wants to build a new mall, logistics center, or residential complex. Investors in an EB-5 program will receive shares in that program where their money will remain parked throughout the course of the development and their application process.

Therein lies the catch. Once the amount has been fully invested and the business is able to prove the 10 jobs have or will be created, the investor can apply for a Form I-526 seeking conditional permanent residency. This filing takes an average of two years – with some taking much longer. Between the time, distance and cost, this can dissuade some from seeking an EB-5 visa.

Another route finding favor is the E2 visa. For an investment, which can vary depending on the type of business, location and other factors, the investor can buy an existing business or open a new business. Kaplan’s clients have bought mostly retail businesses and the properties where they conduct business.

Applications based on real estate investments for purposes of short-term rentals such as VRBO, vacation rentals or AirBnB, are being highly scrutinized and denied as the government seeks to curtail housing shortages. However, motels, hotels, and multi-family properties are favored as they lend themselves to job creation.

It’s important to note that the E2 program does not lead directly to permanent residency; applicants must reapply every two to five years. Kaplan has clients who have been on E2 visas for decades. However, under certain circumstances, an application under the E2 program later may be converted to EB-5.

Under these programs, buying or contracting to build a luxury home or condominium does not qualify for the application process. Remember, both are tied to the creation of full-time jobs. Labor on a jobsite does not qualify.

Of course, there are other ways to apply for visas or permanent residency, like marriage, family relations, or work. However, for those with financial means, patience, and a penchant for real estate investing, the E2 and EB-5 programs allow them to maximize the immigration laws, grow a business and participate in the American dream.

As team leader for the Gary Lanham Group at Coldwell Banker Real Estate Fort Lauderdale Beach Office, Gary is a veteran listing agent skilled in the most complex transactions, including those involving foreign buyers and investors. He knows how to get sellers the most money in the shortest amount of time, even in this changing market. Contact him at instagram.com/garylanhamgroup or call 954-695-6518 . Visit conniekaplanlawyer.com to learn more about Connie Kaplan’s firm.

At Home With Gary: Selling your home takes creativity and commitment, Part III

Mon, 31 Oct 2022 15:54:10 GMT

Selling a home in today’s market takes creativity, collaboration, and commitment. In the course of a few months, fast-rising interest rates and fears of inflation have halted bidding wars and over-asking-price deals. If you’re looking to sell a home or condominium, how can you stay calm while luring a buyer?

In this third installment of our series exploring the changing Fort Lauderdale real estate market, we’re reviewing strategies homeowners are using to improve their chances of selling their property.

We’ve written previously about how creativity, incentives and positivity can help. What we’ve made clear is that success comes by getting back to basics.

First, though, stay calm. Inventory is in short supply, but people are moving here in search of Florida’s low taxes and high quality of life.

Second, as we said in the last installment, get creative to incentivize your prospects to turn them into buyers. We discussed the 2-1 interest rate buydown, giving credits at closing, paying a few months or a year’s HOA dues, even turning repairs into improvements. In fact, a third of new home buyers were looking to avoid renovations.

We also discussed finding an eager realtor willing to put some skin in the game. This can include offering cash perks, partnering and marketing with other realtors, or employing other creative strategies.

Combine these strategies to encourage the homeowner and realtor to work better together. Some savvy sellers who can’t afford to offer buyers several percentage points toward closing costs are taking a different route. This may include offering to pay a bonus percentage point [or more] in incentives to the eventual buyer’s broker – on top of the commission, rather than to the buyer themselves.

Why? Over 90 percent of buyers who are ready and financially capable of buying a home in today’s market are represented by a broker. That leaves brokers to sort through sometimes hundreds of fairly similar listings to decide which ones to show a buyer any given Sunday. Working with your agent, offering a broker’s incentive can make your home stand out among all those listings to the brokers and agents who put property tours together. This can boost the number of buyers that view your home – in turn, boosting your home’s likelihood of getting an offer.

In fact, 24 percent of recent sellers offered incentives to move their properties, helping drive down the median time on the market to two weeks.

Heading back to the basics, driving prospective buyer interest requires you to . . .

Pretty it up

Invest in new paint, improved landscaping, and other upgrades. Hire professional photographers, videographers and drone operators for a second shot at capturing the home’s beauty.

Pay attention to “neighborhood living”

Nothing sells a community better than a drone shot of the streets, canals and waterways, parks, and proximity to shopping. This attention to “neighborhood living” brings your community to life and shows buyers what it would be like to call your home their own.

Practice extreme marketing

With your new staging, photography and videography in place, share your home across your social media. Ask your friends and family, especially those in key feeder markets, like New York, New Jersey and Connecticut, to share your posts as well.

This may also be the right time to assess your entire situation. Beyond engaging an experienced Realtor, talk with your financial advisor to see where your home stands as part of your overall portfolio. If your home is even slightly overpriced, it’ll spend more time on the market, with ongoing expenses like taxes, homeowner’s insurance, HOA fees and other costs, slowly chipping away at your nest egg.

If you’re selling, protect your retirement. If you’re buying, protect your future. No matter on what side of the transaction you sit, the right realtor can help.

Click here to read Part I. Click here to read Part II.

As team leader for the Gary Lanham Group at Coldwell Banker Real Estate Fort Lauderdale Beach Office, Gary is a veteran listing agent skilled in the most complex transactions. He knows how to get sellers the most money in the shortest amount of time, even in this changing market. Contact him at instagram.com/garylanhamgroup or call 954-695-6518 .

At Home with Gary: Welcome mat or “No Pets”: HOAs struggle with support and service dogs

Mon, 31 Oct 2022 15:53:45 GMT

Dogs have gotten a bad rap lately. So have condominium HOAs struggling to enforce their rules. Can’t the two just get along?

In the “emotional support” era, some dog owners have paid for the paperwork from a licensed mental health professional or doctor needed to make their canine a comfort or emotional support animal (ESA). The numbers skyrocketed, from about 2,500 in 2011 to more than 200,000 in 2019.

For people with mental illness, anxiety, loneliness or other bonafide needs, the therapeutic benefits of an ESA can be invaluable. Service animals, conversely, are trained to mitigate a disability or physical or mental impairment that limits a major life activity.

People throw around the terms “comfort” and “service” like they are interchangeable. They are not.

The continued proliferation of ESAs has led to conflicts in “no pet” buildings. Many HOAs have been strong-armed by new buyers or tenants with ESAs demanding to be allowed to buy or rent there. Some successfully have challenged the policies, often under the threat of litigation, to the point that the HOAs have rolled over, rather than fight costly lawsuits.

Many original condo purchasers, however, bought in “no pet” buildings because they wanted peace and quiet.

How can the HOA curb this practice, without running afoul of federal law?

True service animals fall under accommodations found in the Americans with Disabilities Act and the Fair Housing Act; their access to particular places of business, like a restaurant, airport or airliner, could be also governed by other state or federal agencies.

The Fair Housing Act defines assistance animals as those “that work, assist, or perform tasks for the benefit of a person with a disability, including providing emotional support, which alleviates or improves the symptoms or effects of a disability.” The ADA defines service animals as “individual dogs that have been specifically trained to work with or perform specific tasks for people with disabilities including a physical, sensory, psychiatric, intellectual, or other mental disability.

“A psychiatric service dog is not the same thing as an emotional support animal,” the ADA continues, “psychiatric service dogs are trained to detect the onset of psychiatric episodes, which can ultimately lessen the effects of the episodes.”

The Fair Housing Act applies to rentals and condo owners; the ADA applies to hotels and other temporary housing, and buildings used for religious and private functions.

Dawn Hanna, owner of Oh Behave Dog Training in Fort Lauderdale, said part of the issue could be in training. People brought home “pandemic puppies” during Covid or on a whim. Sometime after its arrival, the promise to train the dog to set boundaries and to be a good neighbor was lost. They’re left with a dog that may be antisocial or have anxiety, is dog-aggressive, an incessant barker or a marker of territory. In many situations, a dog that needs more exercise and interaction than life in a highrise allows is left with its basic needs ignored.

A service animal must be under the control of the handler. Most ethical service dog trainers will not even address training the task to mitigate the disability until the dog passes a public access test. It’s an expensive process. To learn more, visit disabilityrightsflorida.org and search for “service animal.”

If you’re an HOA or property owner, how can you ensure a dog is what the owner says it is? You can ask if the dog is a service animal, and what services it is trained to perform, especially if the disability isn’t obvious. You cannot ask about the owner’s disability or for documentation.

Neither I nor Hanna are offering legal advice here. Whether you’re a pet owner, or a property owner or HOA, consult an attorney. If your HOA is having difficulties here, Hanna’s website has a blog explaining these classifications.

As team leader for the Gary Lanham Group at Coldwell Banker Real Estate Fort Lauderdale Beach Office, Gary Lanham is a veteran listing agent skilled in the most complex transactions. He knows how to get sellers the most money in the shortest amount of time, even in this changing market. Contact him at instagram.com/garylanhamgroup or call 954-695-6518 .

At Home with Gary: Selling and buying homes in a time of change, Part I

Sat, 08 Oct 2022 15:57:50 GMT

If you’re trying to sell or buy a home in today’s real estate market, the Chinese proverb, “May you live in interesting times,” may come off as a curse.

The bidding wars and over-asking-price sales of just a few months ago are gone. With inflation on the rise, the Fed raised rates. The average 30-year fixed mortgage today is over 7 percent, from under 4 percent in February.

Except for homes over $1 million, the market stopped cold. Listings are at historic lows, and offers have dwindled. Yet, prices continue to increase, albeit more slowly. Whether you’re selling or buying, don’t let “interesting” translate to panic. How can you turn chaos to your advantage? Turn information into knowledge.

This is the first in a series looking at the changing Fort Lauderdale real estate market, how rising interest rates are affecting buyers, how sellers can go “back to basics” to attract buyers, and how knowledge and patience will help maintain your sanity.

Truth is, statistics point to continued traffic. While inventory is low by recent standards, homes – and buyers – are still out there. Our low taxes and high quality of life continue to attract new residents and businesses. We’re still the strongest market in the country. Buyers are simply unwilling to engage and overpay in any bidding war.

Deals are happening. As of early September, there were 959 active listings in the combined markets of Wilton Manors, Oakland Park, Pompano Beach and Lauderdale-By-The Sea; 210 of these listings were “Active Under Contract.” Another 274 pending listings were likely to close. Another 250 listings had closed in the last 30 days.

But 93 of these listings were on the market for more than 30 days; 38 were on the market for more than 60 days. Days on the market were rising. But closings were happening.

Maybe the problem isn’t with nervous sellers or cautious buyers. Maybe the problem lies in an agent’s inability to glean knowledge from figures and see cautious optimism and a chance to capitalize on the market. We’re in that historically soft, “shoulder” period between summer and the winter season. If you’re a buyer, sellers spooked by rising interest rates and the threat of inflation and potential recession may be eager to negotiate.

If you’re a seller whose home has been on the market for more than 90 days, consider pulling it. Spend 30 days sprucing up the exterior, painting the interior, staging the space, and maybe shooting new photography and videography. Be sure to have it back on the market by Thanksgiving so snowbird buyers can find it.

Empirical data is more important than ever. It shows where our buyers are coming from. So advertising videos should be dropped in those areas using social media. This might also be an opportunity to research a real estate team with the expertise to review the latest statistics and determine how market trends in your neighborhood are affecting your chances for a timely, high-value sale.

The top-producing, economist-trained brokers with Coldwell Banker are telling some of those who bought in the past few years and who fear falling home values to stay patient. Many see the possibility of a “V-shaped” market slowdown, where recovery could be relatively quick and solid, given Florida’s underlying market strengths.

More than a quarter of recent home and condominium buyers were investors hoping to rent these out as vacation properties. Those who weren’t institutional buyers could panic and sell; we already see a rise in those properties hitting the market, creating more competition. Sellers who improve their property and relist later this fall could be in a good position to outshine the competition.

Most of all, don’t panic. Talk to your realtor and together, weigh your options in the current climate and prepare for that deal you know is out there.

Click here for Part II.

At Home with Gary: Home sellers: Creative incentives can sell your home, Part II

Sat, 08 Oct 2022 15:55:56 GMT

It’s getting cold in the Sunshine State. Buyers with homes under contract are getting cold feet, and Florida had four of the nation’s top 10 markets with the highest cancellation rates in the past three months, according to CNBC.

Rising interest rates, still-high home prices and uncertainty about the economy have buyers thinking twice about inking the contract or closing the deal. Yet in Fort Lauderdale, including Wilton Manors, Oakland Park and Pompano Beach, listings have increased. If you’re a home seller, what creative incentives can you offer to improve your chances for a sale?

Consider the 2-1 buy down . This seller incentive can help lower the interest rate during the first two years by the seller agreeing to “pay points,” or award the buyer a certain number of percentage points of the sales price, which will, in turn, be paid to the buyer’s lender as discount points that bring the buyer’s interest rate down. Rates revert to the contracted rate for year three and for the duration of the loan. If they sell the home, any leftover buy down money reduces the principal; it is not lost like if the mortgagee paid points to reduce the rate permanently. This incentive decreases the pressure buyers feel to guess the right day to lock in their interest rate [a common source of serious stress among buyers] and sends the message that if they buy your home, they’ll automatically beat the market rate. Seller-paid points are usually tax deductible to the buyer.

Closing cost credit . Many buyers trying to break into the market while prices are low are already scraping the bottom of their savings account barrels to come up with their down payment money. With most home loans, the buyer will have to come with anywhere from 3 to 6 percent of the loan amount, in cash, on top of their down payment, to cover closing costs like loan fees, escrow services and title or mortgage insurance. Some sellers [and their agents] include in their home’s listing and marketing materials the offer to pay a credit from 3 percent to 6 percent of the home’s sale price at closing to defray the buyer’s closing costs.

Turn requested repairs into improvements . By showing repairs to the air conditioner or roof as improvements or offering a home warranty or applying an allowance for such repairs at closing, you’ll boost buyer confidence and help them win over their lender.

HOA dues credit . If you are selling a home in a homeowners’ association [HOA] that charges monthly or annual dues, paying those for the six to 12 months or more can help defray significant costs for the buyer. Talk with your agent about how to do this in a way that will offer the maximum lure for buyers but will not run afoul of any guidelines for seller credits imposed by the buyer’s lender.

Then, find a realtor who is as eager as you. Will they offer perks like lunches and cash giveaways from a drawing with business cards from open house attendees; partner with another brokerage who has a listing near or in the same neighborhood – and perhaps split the expense by one house offering cash give away for attending; or connect with realtors who have had recent sales in the neighborhood to bring the house to their attention? Will they change up the MLS entry data, or allow any broker to advertise their listing, or increase the commission to the buyer’s agent from 3 percent to 4 percent? These incentives can create an audience for any brokerage where you can assure those agents that you have a property that can compete effectively.

If you’re eager to sell your home, the right incentives from you and your agent can prove you’re serious – and win over your buyer.

Click here for Part I.

Viewpoints – Week of Sept. 8

Tue, 06 Sep 2022 15:59:13 GMT

“Think of the tax dollars”

As we celebrate 30 years of surviving Hurricane Andrew, Broward County Commissioner Tim Ryan, in another viewpoint, has a good idea concerning the need for a Broward County Mayor. I bring in Andrew because the media that descended upon South Florida did not know who to grab for a sound bite. There was no one the media could go to for anything, as South Florida was kind of like a bunch of city-states. But I have questions.

First, as Broward County has pushed the unincorporated territory into one city or another, why does the Broward County commission even exist? And then the professional manager hired to run the day-to-day operations has me wondering what is being overseen?

Ergo, I agree with Commissioner Ryan in the need for a mayor. But if we the people decide we want a mayor then the professional manager has to go. Ditto the nine overpaid commission seats. All the basics for life [excluding the sheriff] are handled by the various cities and towns. The new mayor only has to oversee county infrastructure and the like. Think of the tax dollars in savings we the people would then benefit by with this new position and wiping out 10 other positions.

W.F. Cunningham III, Fort Lauderdale

“Updating us on the evolving situation”

As a 30-year permanent Pompano resident, it was so refreshing to read Mr. Gary Lanham’s article updating us on the evolving situation with local area homes, prices, inventories, and what’s been driving the changes. It was especially helpful that he also gave us hard facts and figures. Keep up the good work.

Craig Finnefrock, Pompano Beach

“We go back to letting the criminals know where the easy targets will be”

In your travels in the area, you may see Florida license plates that look a bit different from the one on your car or truck. These are rental cars. In the past, rental cars were identified with a plate that started with the letter Y or the word lease on the bottom. These cars became targets of criminals who saw a rental car as an easy mark. In 1993 the Florida legislature banned these plates. The Florida House voted 105-0, and the Senate voted 37-0 to have the plates removed. The wording of the bill was “there will be no conspicuous identifying letters or phrases.” Now after 29 years we go back to letting the criminals know where the easy targets will be.

Michael Cooks, Pompano Beach

At Home with Gary: Reading the Fort Lauderdale home sale tea leaves

Sun, 28 Aug 2022 16:00:46 GMT

Greater Fort Lauderdale homes for sale are facing a similar fate as those in other parts of the country. Rising mortgage rates spooked buyers and stalled what had been an extended bull market for home sales. Even as prices level off and dropping mortgage rates led to rising inventories of existing homes, the bag can best be described as mixed.

Signs point to some stabilization in the market and continued opportunities for sellers and buyers alike. Wherever you are in the market, where does this leave you?

Reading the market may require some reading of the tea leaves. One analyst told Forbes that falling mortgage rates would have the market stabilizing soon. That’s even with rates two points higher than they were this time last year. What will this additional buying power mean to home sellers?

Talk about a mixed bag. The Broward, Palm Beaches and St. Lucie Realtors report median sales prices are up over 21 percent to $600,000. Throughout South Florida, sales are decidedly off. The combination of active listings being up 54.6 percent, the sales pace up to over two months, and supply of inventory up 80 percent to 2.7 months still translates to a seller’s market. When we’re in a seller’s market, we have fewer than five months’ worth of inventory on the market.

The combination of buyer competition and aggressive bidding is another nod to it still being a seller’s market.

Another factor that the South Florida market hasn’t seen before to this level: buyers picking up existing homes as investments. In fact, investor traffic during the second quarter approached 20 percent of all homes purchased, up almost five points from 2021, notes the South Florida Business Journal. Investors bought some $1.43 billion in Broward homes; they bought $3.47 billion in Miami-Dade County, or a third of all homes purchased.

Except for a few pockets, the region is outpacing the national average.

The real estate analysts at Redfin tag “investors” as organizations, such as an LLC, an Inc., a trust, a corporation, as well as a buyer identifying on the deed as an association, a corporate trustee, a company, a joint venture or a corporate trust. Record rents prompt record purchases, to the point that we now see individual home buyers competing with institutional and investor-led purchases. These investors won’t stay in the market as long as individual homeowners. So unexpected inventory will occur if economic swings continue.

If you’re a buyer or a seller, what do all these statistics mean to you? First off, whether a buyer or seller, don’t panic. Remember, real estate, like much of the economy, runs in cycles. Just a few months ago, home buyers seemed locked out. Now, rising inventories translate to more available options to choose from. Bidding wars may soften, leading to less anxiety in the home buying process [at least, no undue panic].

For sellers, the same is true. The pandemic-related real estate market was a wholly unnatural, even unrealistic, event. Many got caught up in the sales frenzy; many enjoyed being in the driver’s seat as buyer bidding wars drove prices tens of thousands of dollars – even more – beyond the asking price.

To stand out against the competition, smart sellers also are updating kitchens and bathrooms and upgrading appliances.

Conditions have settled to a more reasonable state. Inventory is rising, and mortgage rates have fallen – for now. Home prices haven’t fallen back to pre-pandemic levels; few anticipate they will.

What we do have is a more predictable real estate market.

We still see contracts falling apart because newer listing agents lack the experience or knowledge to protect their sellers – or just read the tea leaves. If you need help reading the market, give me a call. Let’s navigate these still unpredictable times together.

Gary Lanham is team leader for the Gary Lanham Group at Coldwell Banker Real Estate Fort Lauderdale Beach Office, and a member of The Hulsman Group in Ellicott City, Maryland. The firm is the No. 1 Coldwell Banker team for the Mid-Atlantic area, including Maryland, Pennsylvania, Delaware, Virginia, and Washington, DC. To learn more, visit instagram.com/garylanhamgroup or call 954-695-6518 . Gary Lanham is a New Pelican advertiser.

At Home With Gary: Make your success in a softening real estate market

Mon, 01 Aug 2022 16:02:04 GMT

What a difference a few months can make.

Earlier this year, Fort Lauderdale homeowners were riding the wave of high valuations, heated price wars that often led to bids thousands of dollars over list prices, and contracts sometimes signed hours from being listed.

Then in just a few months, things changed. Interest rates spiked almost three points, scaring off mortgage borrowers and pushing up active inventory of available homes in May. Higher inventory and fewer buyers means prices are sliding in some markets and communities. Some report that year-over-year sales have been on a downward trend.

Meanwhile, inflation has driven up prices for owners looking to spruce up their homes to prospective buyers who would have renovated their new residences.

Some 79 percent of respondents to a Fannie Mae survey of homebuyer sentiment said it was a bad time to buy a home, notes USA Today. As one economist told the publication, “The housing market isn’t crashing, but it is experiencing a hangover . . . “

If you’re a homeowner, have you missed your shot to cash out during the height of the heated market?

Absolutely not.

Other numbers continue in Florida homesellers’ favor. A near-record number of people and businesses continue to relocate to greater Fort Lauderdale. This is leading them to hunt for homes in Pompano Beach, Coral Ridge Isles, Wilton Manors, Oakland Park and other desirable neighborhoods.

The state’s low taxes, relatively low cost of living, and high quality of life is keeping residents here.

So some market economics are softening, but macroeconomic fundamentals remain sound.

Here are some of the hidden or little known practices that can boost your chances of selling in a challenging market.

Treat “sell-ready” as a constant event. Don’t put off upkeep, maintenance, yard work or even roof cleaning or touch-up paint. These aren’t one-off events to be done the week before a for-sale sign goes on the yard. Especially if you live in a highly desirable neighborhood, you never know when an offer comes along that you can’t refuse. Keeping your home in sell-ready condition boosts curb appeal for passersby. It also will boost your own pride of ownership and please your neighbors, who have the same pride in the neighborhood.

Continually declutter. “Upkeep” includes removing clutter that’s been accumulated along the way. Recent empty-nesters know this burden. Removing a lifetime of stuff shouldn’t be relegated to a few weeks before a sale, especially when countless other details will be competing for your time and attention. Don’t forget the garage, attic and yard shed; those can become home to particularly dated clutter that time and the mind forgot.

Partner with the right realtor . Your real estate agent should do more than hang a sign and post your listing to the MLS. They should be a holistic partner in your home-sale process. This includes research into comparable home valuations; staging of the home’s interior, which hopefully has been decluttered; professional interior and exterior digital photography, including drone footage of the home, property and surrounding neighborhood; listing across all MLS and social listing platforms; and marketing across social media, personal networks and other outlets.

As more inventory hits the market, competition will rise. The right realtor also can help with home improvements and renovations – with no out of pocket costs to you. Coldwell Banker agents utilize a program called RealVitalize, which allows you to use OPM [other people’s money]. Your realtor can guide you on which upgrades will increase your likelihood of a quick sale and at the highest price.

More than anything, stay calm. Real estate rolls in cycles; what is soft will become strong again. Waterfront homes and those in highly desirable neighborhoods often will hold their value and invite competitive bids, over those in less exclusive areas. As inventory rises, so will competition.

While the market has softened, you probably haven’t missed your chance to sell. Those who know the South Florida market know patience prevails.

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

At Home with Gary: Selling your home? Don’t fear a changing market

Thu, 07 Jul 2022 16:03:21 GMT

What a difference a few months make for Fort Lauderdale home sales.

This winter, homes were flying off the market at record sale prices and at a fevered pace. Now, rising interest rates have some prospective buyers delaying their decisions, so homes are staying on the market longer than before.

Truth is, if you’re considering selling your home, the changing market should make little difference to you.

Let’s look at the realities on the ground. Listings lasting “longer than before” means most homes in desirable neighborhoods like Pompano Beach, Fort Lauderdale, Coral Ridge Isles, Wilton Manors, Oakland Park, and other areas, are selling in weeks, not days. This is a more “normal” time period than what we’ve seen since the pandemic. Experienced Realtors knew the fast contracts at thousands over the listing price were the anomaly.

Nationwide, a correction is occurring. As sales slow, more homes are being added to the inventory of available listings. This is good for a stable market, giving prospective buyers more homes to consider and taking the “frenzy” out of the equation. Frankly, that’s not a healthy condition for any market, but especially something that’s likely to be a consumer’s largest transaction they’ll ever be a part of. Yet one reality remains. Greater Fort Lauderdale, and South Florida as a whole, remains among the nation’s most enviable places to live. A higher quality of life at a lower cost of living than most metro areas – in a state with no personal or corporate income taxes – still tip the scales for many weighing where they want to spend their futures. For those nonetheless nervous about higher interest rates, we’re also seeing homeowners and buyers exploring various options to make home buying – or staying in place – a viable option.

As we discussed earlier this year with Donn Rubin with Fairway Mortgage, one option is the home equity conversion mortgage for purchase [HECM]. This program, designed for those 62 or older and living in their primary home, provides the possibility of refinancing your existing property or buying a high-end home – with no required mortgage payment.

It also lets homeowners with a HECM for purchase to preserve their retirement portfolio and allows the homeowner to use the equity in their home to make a deeper investment in the market.

We also see “2-1 buydowns” returning to the market. Instead of lowering the price of their home, sellers can offer the buydown to help the buyer qualify for the property. The buyer receives an interest rate usually two points off for the first year of the loan, which then rises a point for the second year. In the third year, it rises to the full rate.

Some market followers are anticipating interest rates will stabilize once inflation cools. Home buyers concerned about higher rates could find the opportunity to refinance when that happens.

As we look at the broader picture, we’re seeing a shifting and evolving real estate market. Again, continued low home and condominium inventory combined with inflation means that prices could remain high for the foreseeable future, especially in communities like Coral Ridge Isles, Deerfield Beach, and coastal neighborhoods with abundant single-family homes and condominiums, especially Greater Fort Lauderdale’s desirable east side. Despite high home prices and rising mortgage rates, demand is still strong.

If you’re interested in selling your home and buying another quickly, a knowledgeable real estate expert is critical to helping guide you navigate this landscape. This is a market rich with opportunities for those who take the time to study the conditions.

Truth be told, opportunities like this don’t come along often. What was a seller’s market a few months ago has become more balanced. Some prospective buyers are taking their time. Maybe you should, too.

Take the time to have an appraisal performed to see your home’s worth in the current market. Do some upgrades – from a fresh coat of paint inside or out, to landscaping upgrades, to other renovations to boost the home’s appeal. This will prepare you to act – no matter the market.

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