Home buyers in the Northern Palm Beaches have fewer choices than they have been accustomed to at this time of the year. The number of homes available for buyers to select from remain over 10% lower than year ago numbers.
If there is any good news, it’s that inventory levels are up slightly over the past 30 days, after 6 straight months of decline. The monthly increase was 1.6%, which is far below the 5% increase we saw over the same time period last year. When you dig further into the numbers, you will find that there is very little selection at the lower price points.
Interest rates have moved a bit higher this week, but still remain near historically low levels. Buying of luxury homes, with price points above the $1 million dollar threshold, remains very strong. Even with this record strength at the top end of the market, pending home sales over the past 30 days are down again for the 6th straight month. We expect further drops over the next three months before seasonal home buying kicks into gear about the middle of January.
With poor selection for many buyers, and the slower sales months, prices have been pulling back, but signs show that this trend may soon be reversing. Paradise Sharks will be reporting the latest condo prices in the Jupiter area next week. We fully expect they will be down again to the lowest prices we have seen in 6 months. However, new FHA financing rules go into effect for the condo market today and that should help push demand, and prices, for condos higher in the months ahead.
If you are thinking about selling your home, be very careful when selecting a real estate broker. Interview and ask a lot of questions about the service you will receive, and the cost of those services, as they can vary widely. In Jupiter, we still see about 1 in 4 single family home sellers paying a 6% commission and to us the big question is why?
Paradise Sharks has been doing nothing but real estate for decades. We started our boutique real estate brokerage years ago with the mission to make sure high quality real estate services are available to everyone at prices that won’t break the bank. Our “let’s set a record sales price” marketing packages are available at full commissions to our clients that start as low as 4%. Our buyer clients receive significant credits at closing. Because we do not have franchise fees to pay, a broker taking a portion of our commissions, or other middlemen expense we simply can do more, for less than most of our competition. It’s something we are very proud of and if we do not do exactly as we promise we insist you fire us. We have never been fired.
If Paradise Sharks can ever be of help, in any way, please feel free to reach out to us anytime for a complimentary consultation. You will find us very easy to reach at 561.308.0175 or firstname.lastname@example.org. Paradise Sharks would LOVE the opportunity to earn your trust and your business.