First Increase in Jupiter Home Inventory Since March 1st
Home buyers in the Northern Palm Beaches are frustrated. Frustrated that there is little quality inventory to choose from and buying a home is not an easy task in many market segments. Each client we have that comes to town seems bewildered when we tell them that we are at the mercy of what hits the market while they are here. In most price ranges and neighborhoods the inventory tends to be overpriced, in poor condition, has locational issues or a combination of factors. Especially homes that have been on the market for over 2 or 3 weeks. We saw one overpriced home in Jupiter lower their asking price for the 35th time and it is still sitting there after being on the market for almost 2 years. Banks have tended to overprice their foreclosures above market value and are countering many short sales with the same high prices. But the best new opportunities still are attracting lots of activity and quick sales. The problem is there just aren't enough "best new opportunities". Buyers for the most part remain "price" cautious. Sellers for the most part are pricing "ahead of the market". And the market has stalled.