First, prices have been rising. Rapidly. As of this morning, median prices on single family homes in the Jupiter area are up for 5 straight months. And the increase in value has been significant. The median priced home back on February 1st was $426,500. Today it is $459,450. Selling high is the goal if you are trying to sell a home and over the past 11 years prices have never been higher.
Inventory sucks. Buyers of single family homes in the $500,000+/- range and under have little to choose from. Condition is often an issue and many homes are over priced. Sales are starting to slow. June is the month where we almost always see the highest number of sales of single family homes in the Jupiter area. We still have another week or so before final numbers are available but right now it looks like sales totals this year will lag behind what we had close in 2014, 2015 and 2016. Pending home sales have been down for 3 straight months and the odds are they will continue dropping over the next 4 months. Buyers need quality inventory and frankly right now it’s not out there. The market needs your home.
Interest rates are starting to move higher. As of this morning, the interest rate on a conforming fixed 30 year loan is up again for the 3rd straight week. The Fed has raised their rates three times since December and the mortgage market has not heard the message as home loan rates have declined since then. They may be catching up and with so many questions hovering about the overall economy anything can happen. If rates go up much, home prices will be hurt.
Back in 2005, we told anybody who would listen that it was a great time to sell a home. We certainly do not see the run away enthusiasm we had leading up to that warning but affordability is a key issue and prices just cannot keep rising. Could we see another strong year or two of prices. Maybe. But there are signs out there and we are watching. Closely.
Prices are up, supply is down and affecting demand. Buyers are out there but finding the right home to meet their needs is tough in many cases. With few choices and rising prices sales are starting to sputter. The market needs your home.
Paradise Sharks badly needs quality listings and through the end of July we are doing everything we can to find good homes for a market that badly needs them. We want to make it easier for sellers to sell and are offering total commissions that top out at 4.5% to anyone who lists a home with our brokerage through July 31, 2017. Same world class marketing with a professional high resolution photo shoot, unequalled internet presence, detailed market updates. Our service is never discounted and our goal in this market is to set a new price record in your neighborhood. If your home is anywhere in Martin or Palm Beach County and you want to look at what your home is worth and the possibility of selling there may not be a better time. To schedule a complimentary consultation with Paradise Sharks feel free to contact us anytime at 561.308.0175 or firstname.lastname@example.org.