Homeowner • June 13, 2025

Confused About Your “Home Equity”?

by Annette Dammeyer

Your Home Equity: What Every SE Florida Homeowner Needs to Know

Understanding Home Equity in Simple Terms

Home equity is the portion of your home that you truly own—think of it as the difference between your home’s current market value and what you still owe on your mortgage. For example, if your home is worth $500,000 and you owe $300,000, you have $200,000 in equity.

Equity builds over time as you pay down your mortgage and as your home’s value appreciates. In SE Florida, where property values can fluctuate based on demand, location, and local market conditions, understanding your equity is crucial for making smart financial decisions.

Factors That Impact Your Home Equity

Several key factors influence equity:

Home Value – Your property’s worth is determined by market trends, location, and home improvements. Regularly monitoring your home’s value helps you understand how much equity you have.
Mortgage Payments – Each monthly payment increases your equity by reducing the outstanding loan balance.
APR (Annual Percentage Rate) – APR refers to the total cost of your mortgage, including interest rates and fees. A lower APR means you’re paying less over time, helping you build equity faster.
Market Conditions – SE Florida’s real estate market can see rapid changes, influenced by local demand, tourism, and economic shifts. These conditions directly affect your home’s value.
Home Improvements – Strategic upgrades like kitchen renovations or landscaping can boost your home’s value, increasing equity.

Why Home Equity Matters

Your home equity gives you financial leverage. Whether you’re considering selling, refinancing, or borrowing against it, knowing where you stand can help you make informed decisions.

Get Your Personalized Home Equity Analysis

Want to know exactly how much equity you have in your home? I offer comparative market analyses to give you a clear picture of your home’s value in today’s SE Florida market. Reach out today to get your personalized report and expert insights on maximizing your investment!

CONTACT ANNETTE

Let’s start working together!

Annette Dammeyer, REALTOR^®, ABR^®, AHWD^®

Coldwell Banker Realty

901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301

808.747.3686

Annette.Dammeyer@cbrealty.com

www.AnnetteDammeyer.com

SL 3535792

Florida Real Estate Market Trends • June 9, 2025

Fort Lauderdale May 2025 Area Report

by Annette Dammeyer

Fort Lauderdale May 2025 real estate statistics have been released.

Fort Lauderdale Area Reports

Single Family Homes

Condominium & Townhouses

Fort Lauderdale Real Estate Market Overview

The Fort Lauderdale real estate market has experienced significant changes in sales activity and pricing trends over the past year. Both single-family homes and condo/townhouse markets show a decline in sales volume, while prices have generally increased.

Summary:

Single Family Homes Sales Activity

Sales of single-family homes in Fort Lauderdale have decreased significantly compared to last year. The median sales price has risen, indicating a shift towards higher-value properties.

Number of sales decreased from 212 in May ’24 to 139 in May ’25, a drop of 34.43%.
New listings fell from 375 in May ’24 to 288 in May ’25, a decrease of 23.2%.
Median sales price increased by 23.95%, from $536,500 to $665,000.
Average sales price rose by 14.83%, from $1,091,613 to $1,253,547.
Average days on market increased from 61 to 72 days, an 18.03% rise.

Condo/Townhouse Market Trends

The condo/townhouse market in Fort Lauderdale has also seen a decline in sales, with a slight increase in median prices. This indicates a competitive market despite fewer transactions.

Number of sales decreased from 187 in May ’24 to 134 in May ’25, a decline of 28.34%.
New listings dropped from 456 in May ’24 to 321 in May ’25, a decrease of 29.61%.
Median sales price increased by 7.42%, from $465,000 to $499,500.
Average sales price decreased by 6.19%, from $679,928 to $637,825.
Average days on market increased from 73 to 99 days, a rise of 35.62%.

Market Summary and Key Statistics

The overall market summary highlights the trends in listings, sales, and pricing for both single-family homes and condos/townhouses. The data reflects a tightening inventory and rising prices.

Total new listings for single-family homes year-to-date: 1,898, down 3.27% from last year.
Total sold listings for single-family homes year-to-date: 794, down 13.98% from last year.
Total new listings for condos/townhouses year-to-date: 2,612, down 9.15% from last year.
Total sold listings for condos/townhouses year-to-date: 789, down 5.32% from last year.
The list/sold price ratio for single-family homes is 95.7%, while for condos/townhouses it is 94.1%.

Commonly asked questions while reviewing the reports:

What is the difference between “Median Sales Price” and “Average Sales Price”?

Median Sales Price | Price of the “”middle”” property sold -an equal number of sales were above and below this price.

Average Sales Price | Average sales price for all properties sold.

What does “Absorption Rate” mean?

Absorption Rate | Looks at the past year’s monthly supply of inventory. In a normal market there should be a 6 month supply. The higher the rate above 6 the more aggressive a seller has to be with the competition; price and having a picture perfect property.

Single Family Home Area Report listed first, Condo/Townhouses listed second:

We are entering a new real estate market in SE Florida. This is the time to work with an experienced and knowledgeable real estate professional. Please contact me if you would like to be sent updated market reports for Fort Lauderdale, or another SE Florida city. We can discuss the market, current trends and how we can work together to accomplish your real estate goals. I am here to help.

CONTACT ANNETTE

Let’s start working together!

Annette Dammeyer, REALTOR^®, ABR^®, AHWD^®

Coldwell Banker Realty

901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301

808.747.3686

Annette.Dammeyer@cbrealty.com

www.AnnetteDammeyer.com

SL 3535792

Home Buyers • Home Sellers and Buyers • Homeowner • June 5, 2025

Guide for Boaters Buying SE Florida Waterfront Homes with Docks

by Annette Dammeyer

Navigating Waterfront Home Purchases in Southeast Florida: A Comprehensive Guide for Boating Enthusiasts

As a seasoned real estate professional specializing in waterfront properties in Southeast Florida, I understand the unique considerations that boating enthusiasts must address when purchasing a home. Beyond the allure of scenic views, it’s essential to ensure that the property meets your specific boating needs. Here’s a list of considerations to help you make an informed decision.

1. Assess Dock Dimensions and Setbacks

Before finalizing a purchase, verify that the property’s dock can accommodate your vessel’s length and beam. Florida regulations often mandate setbacks from neighboring property lines to ensure safety and environmental compliance. It’s crucial to consult local zoning laws to determine specific setback requirements for the area you’re considering. The linear length of the waterfront must be able to accommodate the total length of the vessel plus the setback requirement.

In Broward County, specifically Fort Lauderdale, boat docking setbacks are typically measured from the property line and can vary. Common setbacks are 5 feet or 10 feet from each end of a vessel. The canal width also plays a role, with a 30% rule in place where a docked vessel can’t be more than 30% as wide as the channel.

Setbacks:

Docks are generally setback 5 feet from the property line, but in some cases, 10 feet is required. This setback is calculated from the property line at the bow and stern sides of the vessel.

2. Evaluate Waterway Accessibility

Determine the property’s proximity to open waters, inlets, and the ocean. Consider the presence of fixed bridges along your intended route. Most fixed bridges over the Atlantic Intracoastal Waterway in Florida offer a vertical clearance of 65 feet above mean high water, except for the Julia Tuttle Causeway in Miami, which has a 56-foot clearance. Ensure that your vessel’s height, especially with antennas or towers, can safely pass under these structures at high tide.

3. Check Water Depth and Draft Compatibility

Assess the water depth at the property’s dock during both high and low tides. Ensure that the depth accommodates your boat’s draft to prevent grounding. A minimum depth of 3 feet at mean low water is often required for single-family docks. Consult tide charts and, if possible, conduct a depth survey to confirm suitability. In my experience, it is smart to ask the current property owner if the waterway has been previously dredged. This may indicate a need for dredging in the future.

4. Inspect Seawall Integrity

A sturdy seawall is vital for protecting your property from erosion and storm surges. Regular inspections are recommended, with experts advising annual checks in areas prone to severe weather. Look for signs of wear, such as cracks, rust stains, or soil erosion. Engage a professional to assess the seawall’s condition and determine if repairs or replacements are necessary. Click link for: Broward County Regional Standards for Seawalls & Flood Barriers

The new Miami-Dade County regional seawall ordinance mandates that all new seawalls must be constructed to a minimum elevation of 5.7 feet NAVD, or 4 feet NAVD if designed to support a future elevation of 5.7 NAVD, according to the City of Miami Beach – Rising Above. It also codifies that seawalls must be upgraded if the property undergoes new construction or substantial improvements, and establishes overtopping as a trigger for seawall elevation and maintenance requirements.

5. Verify Shore Power Availability

Ensure the dock is equipped with adequate shore power to meet your vessel’s electrical needs. This includes checking for appropriate voltage, amperage, and the condition of power pedestals. Proper shore power is essential for charging batteries, running onboard systems, and ensuring comfort during docked periods.

6. Confirm Channel Width and Navigability

The waterway leading to your dock should be wide enough to allow safe maneuvering without encroaching on neighboring properties. In Broward County, Florida, a 30% rule limits the width of a docked vessel to 30% of the canal’s width, measured from the recorded property line. Also, in canals or waterways 50 feet or less wide, fixed or floating docks can extend a maximum of 5 feet from the measurement reference line. Boats cannot be moored to or tied to a seawall or other mooring structure without the owner’s permission, except in cases of distress. Ensure that the channel’s width and depth are sufficient for your vessel’s size and handling characteristics.

7. Evaluate Dock Condition and Boat Lift Feasibility

Inspect the existing dock for structural integrity and maintenance. If you plan to install a boat lift, determine whether the current dock can support it or if extensive repairs are needed. Consult with marine contractors to assess feasibility and compliance with local regulations.

Permitting:

Constructing or installing docks, boat lifts, and other structures in waterways requires permits from the city engineer and building official.

8. Understand Wake Zone Regulations

If the property is located on the Intracoastal Waterway, be aware of designated wake zones. These areas require vessels to operate at idle speed to minimize wake, protecting both the shoreline and other vessels. Understanding these regulations is crucial for planning your boating activities. It is very common for waterfront home owners on the ICW to have boatlifts due to the waterway’s fluctuating water levels and potential for damage from weather and tides. A boat lift elevates the vessel above the waterline, protecting it from corrosion, algae buildup, and accidental impacts.

9. Know Flood Insurance Requirements

When purchasing a waterfront property in Southeast Florida, particularly in Broward and Miami-Dade Counties, it’s crucial to understand the implications of flood insurance:

Mandatory for High-Risk Zones: If your property is located in a Special Flood Hazard Area (SFHA) and you have a mortgage from a federally regulated or insured lender, flood insurance is required.
Recommended for All: Even if your property is outside of designated high-risk zones, flood insurance is strongly recommended. Flooding can occur due to heavy rains, storm surges, or infrastructure failures, and standard homeowners’ insurance policies typically do not cover flood damage.
30-Day Waiting Period: Be aware that there is typically a 30-day waiting period after purchasing flood insurance before the policy becomes effective.
Assessing Flood Risk: Use local resources to determine your property’s flood zone designation. Miami-Dade County provides flood zone maps, and Broward County offers an interactive flood map viewer.

Understanding and securing appropriate flood insurance is essential to protect your investment and ensure peace of mind in your waterfront home.

10. Familiarize Yourself with Local and State Regulations

Waterfront properties are subject to various local and state regulations. The Florida Department of Environmental Protection (FDEP) oversees environmental compliance, including dock construction and maintenance. Ensure that any modifications or additions to the property comply with FDEP guidelines and obtain necessary permits.

To find zoning information for a dock on a canal in Broward County, Florida, you’ll need to check with the county’s planning and zoning department or the specific municipality where the property is located. Determine if your property is in the Broward Management Services District (BMSD) or within a city/town:

If your property is within the BMSD (unincorporated area), you’ll need to contact the Broward County Zoning department directly. You can find their contact information and meeting schedule on their website.
If your property is within a city or town (like Fort Lauderdale, Pompano Beach, etc.), you’ll need to contact the city or town’s zoning department.

Links to Consult Local Resources for Additional Information:

Florida Department of Environmental Protection (FDEP)
Broward County Zoning
Miami-Dade County Zoning
Dock Permitting in Florida
Broward Safe Boating Guide (a VERY comprehensive guide on boating!)

Purchasing a waterfront home in Southeast Florida is a significant investment, especially for boating enthusiasts. By thoroughly evaluating dock specifications, waterway access, and structural integrity, you can ensure that your new home aligns with your maritime lifestyle. Partnering with a knowledgeable real estate professional can provide invaluable insights and guidance throughout this process.

Feel free to reach out if you have any questions or need assistance in finding the perfect waterfront property tailored to your boating needs.

CONTACT ANNETTE

Let’s start working together!

Annette Dammeyer, REALTOR^®, ABR^®, AHWD^®

Coldwell Banker Realty

901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301

808.747.3686

Annette.Dammeyer@cbrealty.com

www.AnnetteDammeyer.com

SL 3535792

Florida Real Estate Market Trends • June 1, 2025

SE Florida Market Snapshot – May 2025

by Annette Dammeyer

Market Trends in SE Florida

The real estate market is adjusting. The most obvious trends are fewer number of properties sold and the increase in months of supply of inventory, leaning towards a “buyer’s market”. Seller’s are now reassessing their asking price on their properties for sale. This is a great time to consider a decrease in asking price if the property has been on the market without active offers. I welcome any discussions you may want to have regarding your neighborhood or some of the headlines that have affected the real estate market. Please reach out to chat, even if you are not ready to buy or sell, but just would like to discuss current trends and updates. Here are the Market Snapshots reflecting the last month (compared to the same month last year) for the following areas:

Fort Lauderdale
Wilton Manors
Hollywood
Dania Beach
Hallandale Beach

These take into account all property types (Single Family Homes/Condos/Townhomes).

With the rapidly changing real estate market, now is the time to make informed decisions. Contact me today to discuss the current market trends and how we can work together to accomplish your real estate goals. Please call or email me if you would like to be automatically sent detailed market reports for Fort Lauderdale, another SE Florida city, or your specific neighborhood. I am here to help.

CONTACT ANNETTE

Let’s start working together!

Annette Dammeyer, REALTOR^®, ABR^®, AHWD^®

Coldwell Banker Realty

901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301

808.747.3686

Annette.Dammeyer@cbrealty.com

www.AnnetteDammeyer.com

SL 3535792

Florida Real Estate Market Trends • Home Sellers and Buyers • Homeowner • May 30, 2025

South Florida Boaters – Does Your Marina Have Hurricane Protection?

by Annette Dammeyer

🌪️🚤 Hurricane Season is Here! Does Your Marina Have Hurricane Protection?? 🛥️🌴

🚨 South Florida Boaters — This One’s for You! 🚨
As your trusted real estate advisor (and sometimes crew on private yachts), I want to make sure you’re ready for hurricane season — especially if you store your boat at a local marina.

🌀 Step One: Is Your Marina Hurricane Rated?
Not all marinas are created equal. A hurricane “approved” marina is one that’s located in a protected zone (like the Miami River) or has reinforced infrastructure and hurricane-rated storage — think dry stack storage built to withstand Category 4–5 winds. “Hurricane-approved” isn’t a standardized certification.

📞 Call your marina NOW and ask:

Are you hurricane-rated or located in a designated hurricane safe zone?
What’s your official hurricane preparation protocol for boat owners?
Do you offer haul-out services before a storm?
Do you guarantee space if a storm is forecasted?
Is my insurance valid if the marina isn’t hurricane rated?

⚓ If your marina is not hurricane-certified, ask what their plan is when a storm is approaching. Some offer temporary haul-outs, trailer storage, or referrals to inland facilities. You may need to coordinate alternate storage or transport well in advance — space fills up FAST.

✅ Pro Tips:

📆 Don’t wait — get on a hurricane haul-out list now, not when a storm is named.
📝 Review your boat insurance policy to ensure you’re covered for named storms.
📍 Store key documents, marina contact info, and your boat’s GPS location in a waterproof container (and in the cloud).

I care about your home and your lifestyle, and that includes your time on the water. Let’s make sure your investment is protected from all angles this season. 🌦️

If you need a list of marinas near your neighborhood that offer strong structural integrity, just shoot me a message — I’m happy to help! 💬

Stay safe, stay prepared!

CONTACT ANNETTE

Let’s start working together!

Annette Dammeyer, REALTOR^®, ABR^®, AHWD^®

Coldwell Banker Realty

901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301

808.747.3686

Annette.Dammeyer@cbrealty.com

www.AnnetteDammeyer.com

SL 3535792

Holidays • May 23, 2025

10 Meaningful Ways to Honor Fallen Veterans on Memorial Day

by Annette Dammeyer

10 Meaningful Ways to Honor Fallen Veterans on Memorial Day 2025

Memorial Day 2025, observed on Monday, May 26, is more than the unofficial start of summer—it’s a sacred day to remember and honor the brave men and women who gave their lives in service to the United States. As we gather with family and friends, it’s important to take time to reflect on the sacrifices made for our freedom.

Whether you’re planning a quiet moment of remembrance or a community event, here are 10 meaningful ways you can honor fallen veterans this Memorial Day.

1. Attend a Local Memorial Day Ceremony

Check your local community calendar for Memorial Day parades, ceremonies, or dedications. These events often feature speeches from veterans, wreath-laying, and moments of silence that foster a sense of collective gratitude.

2. Visit a Veterans’ Cemetery

Take a moment to walk through a nearby veterans’ cemetery. Placing flowers or flags on graves is a respectful way to honor the fallen and reflect on their service. Many national cemeteries welcome volunteers for this purpose during Memorial Day weekend.

3. Pause for the National Moment of Remembrance

At 3:00 p.m. local time on Memorial Day, Americans are encouraged to pause in silence to remember those who died in military service. Set a reminder and take a minute to reflect, no matter where you are.

4. Display the American Flag Properly

Fly the U.S. flag at half-staff until noon, then raise it to full-staff until sunset. This tradition honors those who died while showing resilience and commitment to our country’s future.

5. Support Gold Star Families

Gold Star Families are those who have lost a loved one in military service. Reach out with a kind gesture—a card, flowers, or simply listening. Many organizations also accept donations to help these families year-round.

6. Donate to Veterans’ Organizations

Give back by donating to nonprofits that support veterans and their families. Organizations like the Wounded Warrior Project, TAPS (Tragedy Assistance Program for Survivors), and Fisher House Foundation provide vital services and support.

7. Share Their Stories

Use social media to share stories of fallen soldiers, whether from your own family or community. Use hashtags like #MemorialDay2025, #HonorTheFallen, or #RememberAndHonor to contribute to a collective tribute.

8. Create a Memorial Day Tribute at Home

Decorate your home or front yard with flags, wreaths, or a red, white, and blue display. A chalk mural or handmade sign can serve as a simple but powerful tribute.

9. Watch a Memorial Day Documentary or Movie

Spend the evening watching a film or documentary that honors military service and sacrifice. Options like Saving Private Ryan, The Vietnam War (PBS), or Band of Brothers provide historical context and emotional depth.

10. Educate the Next Generation

Teach your children or younger family members about the true meaning of Memorial Day. Share family stories, read books about military heroes, or visit a museum dedicated to U.S. military history.

Why Honoring Memorial Day Matters

Memorial Day is a poignant reminder that freedom comes at a cost. By actively participating in ways to honor fallen veterans, we show respect, preserve history, and pass on a legacy of gratitude to future generations.

This Memorial Day 2025, let’s each do our part to ensure that the sacrifices of our heroes are never forgotten.

CONTACT ANNETTE

Let’s start working together!

Annette Dammeyer, REALTOR^®, ABR^®, AHWD^®

Coldwell Banker Realty

901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301

808.747.3686

Annette.Dammeyer@cbrealty.com

www.AnnetteDammeyer.com

SL 3535792

Home Buyers • May 19, 2025

Florida Homebuyers: What You Need to Know About Closing Costs Before You Buy

by Annette Dammeyer

Breaking Down Closing Costs: What Buyers in Southeast Florida Need to Know

Buying a home in Southeast Florida is an exciting journey, but the financial side—especially closing costs—can catch some buyers off guard. Understanding all possible and hidden fees ensures that you’re fully prepared when it’s time to sign the dotted line.

What Are Closing Costs?

Closing costs are the expenses and fees paid at the final stage of the home-buying process—usually ranging from 2% to 5% of the home’s purchase price. While buyers focus on securing a mortgage, it’s crucial to budget for these additional costs to avoid surprises.

Standard Closing Costs for Buyers

1. Loan-Related Fees

Loan Origination Fee: Lenders charge this fee (typically 0.5%–1% of the loan amount) for processing and underwriting the mortgage.
Discount Points: Buyers can pay points upfront to lower their interest rate over time.
Application Fee: Some lenders charge an application fee to cover administrative costs.

2. Property-Related Fees

Appraisal Fee: Before approving a loan, lenders require an appraisal, usually costing $300–$600.
Home Inspection Fee: While not mandatory, inspections are essential and can cost $300–$500.
Survey Fee: In Southeast Florida, certain properties may require a land survey, ranging from $350–$700.

3. Title and Legal Fees

Title Search and Title Insurance: Protecting against ownership disputes, title search fees range from $200–$400, while title insurance can cost around 0.5% of the home’s price.
Attorney Fees: While Florida doesn’t mandate attorneys for closings, hiring one for review may cost between $500–$2,000.
Recording Fees: Florida counties charge a fee (usually around $50–$100) to officially record the deed and mortgage documents.

4. Prepaid Expenses

Homeowners Insurance: Southeast Florida homes often require comprehensive insurance, paid upfront for the first year ($1,000–$3,000).
Property Taxes: Buyers often need to prepay property taxes, which vary based on location and home value.
Escrow Fees: Lenders may require several months’ worth of taxes and insurance payments held in escrow.

5. Buyer’s Agent Commission

As of July 2024, Florida requires buyers to sign a Buyer Broker Agreement before working with a real estate agent. This contract outlines the agent’s responsibilities and how their commission will be paid. Buyers can negotiate this fee with their agent, and in some cases, request that the seller covers it as part of the purchase contract.

How Buyer’s Agent Commissions Work Now

Traditionally, the seller covered the commission for both their agent and the buyer’s agent. However, under the new rules:

Buyers must negotiate and agree on their agent’s commission upfront.
The commission may be paid directly by the buyer or negotiated as part of the purchase offer.
Sellers are no longer required to offer compensation to the buyer’s agent through MLS listings.

Hidden or Unexpected Fees Buyers Should Know

While the costs above are standard, buyers should also prepare for hidden fees that can add up quickly.

HOA Transfer Fee: If the home is in a community with a homeowners association, expect transfer fees between $200–$500.
Pest Inspection: In Florida’s humid climate, termite inspections are often required (~$100–$300).
Flood Zone Determination Fee: Southeast Florida homes may fall within flood-prone areas, requiring an additional assessment fee (~$50–$150).
Wire Transfer Fees: Sending funds for closing may incur bank fees (~$25–$50 per transaction).
Courier Fees: If physical document transfers are needed, courier services might charge $30–$100.

How Buyers Can Reduce Closing Costs

Negotiate with the Seller: In a buyer’s market, sellers may agree to cover certain fees.
Shop for Lenders: Different lenders have varying origination and application fees.
Check for First-Time Buyer Assistance: Florida offers programs that help cover closing costs for eligible buyers.

Understanding and preparing for closing costs is essential to avoid surprises and ensure a smooth homebuying experience in SE Florida. When you know what to expect, you can budget more effectively and move into your new home with confidence.

If you’re planning to buy a home in SE Florida and want expert guidance every step of the way, I’m here to help you navigate the process from start to finish—transparently and stress-free.

CONTACT ANNETTE

Let’s start working together!

Annette Dammeyer, REALTOR^®, ABR^®, AHWD^®

Coldwell Banker Realty

901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301

808.747.3686

Annette.Dammeyer@cbrealty.com

www.AnnetteDammeyer.com

SL 3535792

Florida Real Estate Market Trends • May 9, 2025

Fort Lauderdale April 2025 Area Report

by Annette Dammeyer

Fort Lauderdale April 2025 real estate statistics have been released.

Fort Lauderdale Area Reports

Single Family Homes

Condominium & Townhouses

This is the April 2025 Area Report providing a detailed analysis of residential real estate market trends in Fort Lauderdale. It includes data for single-family homes and condos/townhouses, comparing April 2025 to April 2024 and year-to-date statistics.

Key Highlights

Single-Family Homes:
• New Listings: Down 10.55% month-to-date and 1.12% year-to-date.
• Sold Listings: Decreased by 17.61% month-to-date and 8.59% year-to-date.
• Median Sold Price: Increased by 6.33% month-to-date and 13.92% year-to-date.
• Average Sold Price: Up 30.6% month-to-date and 21.5% year-to-date.
• Median Days on Market: Increased by 41.86% month-to-date and 8.33% year-to-date.
• List/Sold Price Ratio: Slight decrease (-0.18% month-to-date, -0.4% year-to-date).

Condos/Townhouses:
• New Listings: Down 24.47% month-to-date and 7.69% year-to-date.
• Sold Listings: Decreased by 9.89% month-to-date but remained flat year-to-date.
• Median Sold Price: Declined by 10.99% month-to-date and 10.34% year-to-date.
• Average Sold Price: Down 5.98% month-to-date and 7.3% year-to-date.
• Median Days on Market: Increased by 47.06% month-to-date and 35.29% year-to-date.
• List/Sold Price Ratio: Slight decrease (-1.28% month-to-date, -0.85% year-to-date).

Commonly asked questions while reviewing the reports:

What is the difference between “Median Sales Price” and “Average Sales Price”?

Median Sales Price | Price of the “”middle”” property sold -an equal number of sales were above and below this price.

Average Sales Price | Average sales price for all properties sold.

What does “Absorption Rate” mean?

Single Family Home Area Report listed first, Condo/Townhouses listed second:

We are entering a new real estate market in SE Florida. This is the time to work with an experienced and knowledgeable real estate professional. Please contact me if you would like to be sent updated market reports for Fort Lauderdale, or another SE Florida city. We can discuss the market, current trends and how we can work together to accomplish your real estate goals. I am here to help.

CONTACT ANNETTE

Let’s start working together!

Annette Dammeyer, REALTOR^®, ABR^®, AHWD^®

Coldwell Banker Realty

901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301

808.747.3686

Annette.Dammeyer@cbrealty.com

www.AnnetteDammeyer.com

SL 3535792

Home Sellers and Buyers • Homeowner • May 5, 2025

How to Avoid Going Over Budget in Your Home Renovation

by Annette Dammeyer

YOUR HOME RENOVATION

You are renovating your home? How exciting! Now is the time to carefully plan, research and create your budget. The high-impact home upgrades can deliver a substantial ROI (Return on Investment) – as long as you carefully manage the cost. ROI is calculated by dividing the net income from an investment by the original cost of the investment.

How to Avoid Going Over Budget in Your Home Renovation

Lessons from Homeowners Who Learned the Hard Way

Renovating a home can be exciting, but it’s easy for costs to spiral out of control if you’re not careful. As a real estate professional, I’ve seen firsthand how simple mistakes can lead to expensive surprises. Here’s how to stay on budget while still achieving the renovation results you want—plus real examples of costly mistakes homeowners have made.

1. Set a Realistic Budget—Then Add a Buffer
Many homeowners set their renovation budget based on best-case scenarios. The reality? Unexpected costs WILL pop up. Whether it’s hidden plumbing issues or delays in material deliveries, adding a 10–20% contingency fund to your budget can save you from financial headaches.
❌ Costly Mistake Example: A homeowner planned to renovate their kitchen for $25,000 but didn’t account for hidden electrical issues behind the walls. After hiring an electrician and bringing everything up to code, they ended up spending an additional $8,000—completely throwing their budget off track.
✅ Smart Move: Get a professional inspection of your home before finalizing your renovation budget. This way, you can anticipate potential structural, electrical, or plumbing surprises.

2. Don’t Over-Customize—Stick to Practical Upgrades
Personalizing your home is great, but going overboard with custom work can drain your budget quickly. Specialty designs, rare materials, and custom-built cabinetry or fixtures can easily cost double what standard options do.
❌ Costly Mistake Example: One homeowner insisted on custom tile work imported from Italy for their bathroom remodel. Between shipping fees, installation costs, and unexpected delays, the final bill exceeded their initial budget by 40%—all for a feature that didn’t significantly increase the home’s value.
✅ Smart Move: Focus on upgrades that balance aesthetics and resale value. Opt for high-quality but readily available materials that give a luxurious look without breaking the bank.

3. Choose the Right Contractor—Not Just the Cheapest
Hiring the lowest-bid contractor might seem like a way to save money, but it can be a costly mistake if the quality of work is poor. Cutting corners on labor can lead to more repairs and reworks down the line.
❌ Costly Mistake Example: A homeowner hired a contractor offering a kitchen remodel at half the price of competitors. Turns out, the contractor failed to get permits, used substandard materials, and left plumbing unsealed—causing leaks and damage weeks later. The homeowner ended up hiring another team to redo everything properly, doubling their initial budget.
✅ Smart Move: Get multiple quotes and check references before hiring a contractor. Look for professionals who are licensed, insured, and experienced in the type of work you need.

4. Avoid Scope Creep—Stick to the Original Plan
Many homeowners start with a simple project, only to get inspired mid-renovation and expand the scope of work. Adding extra features or changing materials mid-way can quickly inflate costs.
❌ Costly Mistake Example: A family planned a minor bathroom refresh but decided last-minute to expand the footprint by knocking down a wall. This required new flooring, plumbing adjustments, and structural reinforcements, turning what was supposed to be a $10,000 update into a $35,000 remodel.
✅ Smart Move: Set clear renovation goals upfront. If you want to make changes mid-project, assess the financial impact before moving forward.

5. Source Materials Wisely—Don’t Rush Purchases
Ordering materials on impulse or relying solely on one supplier can cost more than necessary. Many homeowners fail to shop around for better pricing, bulk deals, or alternative materials.
❌ Costly Mistake Example: A homeowner rushed to order custom countertops just before installation without comparing vendors. Later, they discovered another supplier offering the same quality for 30% less, but it was too late to cancel the original order.
✅ Smart Move: Research multiple suppliers before purchasing materials. Check for discounts, bulk deals, and seasonal promotions. Also, consider remnant sales for countertops, flooring, and other materials.

6. The Pitfalls of DIY Renovations—Know Your Limits
DIY renovations can be rewarding, but they can also lead to unexpected costs and complications if you lack the necessary skills or experience. While painting a room or updating fixtures may be manageable, major renovations require professional expertise.
❌ Costly Mistake Example: A homeowner attempted to install new flooring without professional help, mismeasuring materials and failing to level the subfloor properly. As a result, boards began warping and separating within months, requiring a full replacement—adding thousands to the overall budget.
✅ Smart Move: Be honest about your skill level and know when to hire a pro. Electrical work, plumbing updates, and structural changes should always be handled by licensed professionals to avoid safety risks and future repairs.

Home renovations don’t have to drain your savings. The key is to plan ahead, expect the unexpected, and make informed decisions along the way. By learning from common budgeting mistakes, you can ensure your renovation stays on track—without financial regrets.

If you are renovating in preparation to sell, I can introduce you to another way to control your upfront cost through RealVitalize^®, our program that provides home sellers with home improvement resources during the listing period, with no upfront costs or interest fees. Reach out today, I am here to help.