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Boca Raton and Palm Beach County Real Estate Market Update
Now that we have started the second quarter of 2014, let’s take a look at some of the monthly and quarterly trends that we’ve been experiencing, as well as the year-over-year changes. Most importantly, with approximately 5.8 months of inventory, the market is still favoring sellers. However, the market has softened somewhat as investors pull back on purchases and more sellers place their homes on the market.
Here are some highlights on what we’re seeing:
- There are still numerous cash buyers in the marketplace
- If your home is priced right, multiple offers are possible
- If your home is overpriced, expect price reductions
- Inventory has risen 16.5% over Q1 2013
- Hedge funds are being far more selective, both in terms of property type and location, which is a positive for first time buyers and move-up buyers
- Prices have risen over 6% versus March 2013, compared to last year where we saw more than 20% year-over-year increases
- Spring season has started in earnest and there is plenty of activity
- “Snowbird” season with residents from the Northeast and Canada, as well as overseas, has been strong
- Short sales are decreasing
- New construction activity is visible everywhere, with all the major builders playing catch-up
- Now is the time to get your home on the market before schools are out for the summer. Remember, families want to start their moving preparations early.
- Focus on curb appeal and creating a great first impression by taking care of any home improvement projects.
- Price your home where it will sell! If your home is priced correctly, you may receive multiple offers. Price it to sell, not price it to sit!
- Become pre-approved upfront. This crucial step will put your best foot forward when making an offer.
- The slowdown is actually quite healthy for the market and ensures that we won’t see another bubble. Keep in mind, well maintained homes, priced at fair market value, will sell within a few days or weeks.
Simply by taking a drive throughout Palm Beach County, you will notice the major national builders in action on new projects and developments. This is a strong indicator of renewed builder confidence and optimism.
Finally, I’d like to quickly mention the predictions for remainder of 2014 from the nation’s leading economists and some of the news articles. Bear in mind that although they are speaking in general terms, real estate is very much local in nature. With that being said, the consensus (if we can call it that) amongst economists is that real estate prices will flatten, or show modest gains, as inventories increase and as interest rates rise now that the Federal Reserve have begun to ease their stimulus efforts.
If you are thinking of getting your home on the market, or you just want a second opinion and have questions, please give us a call here at 561.395.8418 or email us at Info@PBPrealestate.com. As always, we look forward to speaking with you!
