In terms of the Palm Beach County real estate market, April has proven to be the best month of 2019! The year-over-year figures of both sales and median price have improved in comparison to the same stats at this time last year.
This increase and positive direction was seen across most of the state of Florida – and it’s especially pronounced in Palm Beach County.
Homes are moving once again –but understanding the market in your specific sale or purchase price point is essential. Our analysis shows:
Homes under $400,000 are in a seller’s market.
So, buyers: you must have your ducks in a row before you walk in to preview a home! This means being prepared with either proof of funds or a mortgage pre-approval letter, so you can quickly make an offer if you love a home.
Remember – one mortgage pre-approval is not the same as another. It is critical that the lender with whom you work has gone deep enough into the preapproval process so they can answer the questions of a savvy listing agent.
When serving as listing agents, we always call the lender before we recommend to our sellers to accept a buyer’s finance offer. Why do we call? We want to understand exactly what the lender has done to be able to issue a pre-approval (e.g. credit report, tax returns) and how strong the buyer is from a lending perspective. For our buyers, we work with several lender whom we can recommend. These thorough professionals will ensure you are truly ready – and will likely be able to close – before making an offer.
Homes between $400K and $999,999K continue to experience a balanced market.
This is where salesmanship and professionalism really make a difference. Agent to Agent relationships – and the ability to get the deal done – are even more essential.
The market for homes over $1,000,000 remains a buyer’s market.
In Palm Beach County we have a larger inventory of homes in this price point – over 14 months of inventory. (Reminder: A balanced market is generally 6 to 9 months of inventory).
However… (and Sellers, really listen to this!):
When your home is priced properly, and staged and marketed properly, your home WILL sell. Your selection of a listing agent is critical here. Because an experienced and savvy guide will be essential, but your home can absolutely sell with the right team on board.
Contact us at (561) 571-2289 – or via firstname.lastname@example.org – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.