Home inventories in 55 plus (55+) communities are 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?” I say that it’s The Good, The Bad, and The Ugly.
Home prices have started their upward trend. Low Inventories are a major contributor. Other reasons for prices going up are low interest rates and Bank Owned properties that are slowly being put on the market (instead of flooding the market).
This has switched the Real Estate market from being a buyer’s market 6 months ago to being more of a seller’s market. Homes are not only getting higher prices but many are getting multiple offers and selling faster. Some are selling as quickly as 1 day. In many instances the sellers are requesting addendums to not make the sale contingent on
- 1. Inspections
- 2. Appraisals
- 3. Financing
The bad is that it’s very frustrating for buyers who are serious about or needing to find a home to buy. In Villaggio (where I live) there are only 5 homes for sale. Normally, we have between 18 and 22). This low inventory is consistant all over Palm Beach County not only on 55+ communities but in all communities. Many buyers call me inquiring about a property that they found on the internet and I find that it is 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.
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. The state of affairs that has caused the original prices being inflated (2005) and that also has caused the market to crash (2006 to 2012) is still an on-going process. Interest rates will go up (don’t know when) and there are still a ton of 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.
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 interest to work with only one realtor.
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.
Hope to hear from you