To make sure we provide information you are interested in, when you're interested in it, if there are stretches of
updates you don't open, we'll automatically decrease the frequency of the updates you receive. If you like the updates,
you just need to open them to keep receiving them.
You already have a saved search with that name. If you save, you will overwrite the existing saved search. Are you sure?
Market Update: How Roofs Are Having an Impact
February 11, 2020 at 3:40pm | Kelly Fischer
I admit it’s been a while since I came to you via video. We were swamped with business around the holidays (and then preoccupied with a lovely vacation to Nashville) but now we’re getting back on track today and bringing you some brief internal
news, an update on Florida's market, and important insights on our roofing situation.
As you may have heard, we have some exciting news here at Sotheby’s: After being acquired by an amazing, forward-thinking Sotheby’s group from the Miami area, we are now ONE Sotheby’s, so we are no longer Treasure Coast Cove Sotheby’s. This move is fantastic for our customers!
Moving on to the market: There are more than 2,000 properties for sale now, giving buyers a lot of choices—and giving sellers a lot of competition. Last month, only 248 properties sold MLS-wide, meaning the absorption rate is about 12%. This means
sellers are pricing too high relative to the number of options buyers have in the current market. With as many properties as we have on the market, buyers
can enjoy significant negotiating room.
In 2004, we had the back-to-back “Twin Sister” hurricanes. Damages were pervasive, and many homeowners got new roofs as a result. Now, it seems nearly everyone’s roof is 16 years old and it’s impacting transactions, insurance rates, and more. A
lot of issues have to do with permitting or how people’s roofs were installed.
After the storms, if you were lucky enough to find shingles and a roofer to put them on your home, you probably did so without much hesitation. Now, that rush to repair roofs is coming back to bite people, especially if you didn’t open and close a
permit. Here in Florida, with our potential for extreme weather, your average 20-year to 30-year shingle probably isn’t going to pass an insurance inspection in 2020 for a new owner, as insurers tighten up their guidelines.
It’s time to reinvest in your roof. Doing so now will ensure that you’re not hindered later on in any kind of real estate transaction. Plus, you won’t have to worry about it if you’re insurance shopping.
If you have any questions about the market, the roofing situation, or anything else, please feel free to contact me via phone or email. I’m always here to help.