A new year. A fresh outlook. Interest rates down for two straight weeks. The annual arrival of snowbirds and what that means for real estate sales in the Northern Palm Beaches. There is more good news about the economy than we have had in a very long time. The stock market is on fire early in 2018 after the Dow jumped 25% in 2017.
The board is set for a strong real estate season here in the Jupiter area. Buyers of condominiums get started first with the strongest single family buying starting about 4 weeks later. What we do know is the strength of the market over the next 5 to 6 months is going to be as good as it gets. And right now things are looking pretty darn good.
The median single family home price in the Jupiter area increased slightly as of January 1st. That median price is now $439,550, up from the $436,160 we sat at on December 1st, and just slightly higher than the year ago number of $435,000.
So buying season is here. Median home prices are near 12 month lows and well down from the 2017 high of $479,000 reached back in September. Interest rates remain near historical lows with continued “promises” of how they are going up. Inventory levels aren’t exactly good and if demand gets stronger with limited supply, prices tend to move higher.
It looks to be a great time to find that home today, because odds are as time marches on, this year prices should be climbing higher. The biggest risk right now is interest rates actually going higher and that could take steam out of upward pressure on prices. It still looks like single family homes in the Jupiter area should be getting more expensive in the months ahead.
If you are looking, the game is not easy, and you will need a plan and a good coach to succeed. It starts with a detailed analysis of what characteristics, condition and location your target property requires. It takes patience and it takes lightning quick speed. You need a good analysis of value and condition. It’s a process that can make, or break, what you ultimately pay for your home and how happy you are going to be living there, which is the ultimate goal.
Please interview at least 3 professionals before deciding on a real estate broker to team with. As always, Paradise Sharks would be honored to be included, and you can always reach us at 561.308.0175 or firstname.lastname@example.org. It’s a fun game, if you play it right.