Since 2012, home values have been going up in 55 + Communities and home inventories have been going down, down down. That seems to be the story all over Palm Beach County, Florida. When I’m asked, “How’s the Real Estate Market?” my answer is simple. I tell that it’s The Good, The Bad, and The Ugly.
The Good: As mentioned above, home prices have been going up. Low Inventories are a major contributor. Other reasons for prices going up are low interest rates (which I think will be going up soon) plus the new home construction is major factor as their pricing is high, high, high.
The Real Estate market has changed from being a buyer’s market to being a seller’s market. Homes are not only getting higher prices but some are getting multiple offers and selling faster. Some are selling as quickly as 1 day. In some instances, there are addendums to exclude.
The Bad The bad is that for buyers who are serious about or needing to find a home to buy. In Villaggio (where I live) there are only 6 homes for sale. In the past, we have had between 18 and 22 homes for sale. This low inventory is consistant all over Palm Beach County not only on 55+ communities but in most communities. Many buyers call me inquiring about a property that they found on the internet by using Realtor.com, Trulia.com, or any the many other real estate web sites. Those sights are not up the the minute. I find that some of those homes are either Contingent (Has an offer and waiting for a condition to be met) or Pending (All conditions met), just waiting for the closing date. The internet is the way in which more than 90% of home buyers shop.
The Ugly Is this a good time to buy. In my humble opinion, YES. Prices are going up and interest rates are low. Let ‘s look 5 or 10 years down the road. As always, we don’t know how to predict. Interest rates will go up (don’t know when) and there are still several foreclosures that have not hit the market yet. Those are called “Shadow Inventory”. What the banks decide to do in future months and years is anybody’s guess. I don’t even think they know.
The Summary My advice to any buyer is that if you find an available home that you Love or that is a Home Run, buy it. To me, that’s the most important thing. After all, you’re going to be living in it for a long time.
I advise all buyers to find a realtor that they like and work with that realtor only. It works to any buyers advantage to work with one realtor only.
Candace and I (The Harelik Team) sell in all of Palm Beach County, We sell
- All Age Communities
- 55 plus (55+) Communities
- Ocean and Intracoastal Properties
Need help in finding a home or putting your home on the market? Call or email Candace or I, we’d love the opportunity to present ourselves to you.
The Harelik Team.
Hope to hear from you