College sports shut down, colleges shut down, professional sports shut down, air traffic halted, cruise lines shut down and it appears we are only getting started. If you are heavily invested in equities and you are worried about your homes value, you have every right to be.
The Jupiter real estate market has been held up by the top end of the market for a couple years now. Sales of homes that sell in excess of a million dollars have been off the charts. That probably is going to change, and the length and depth of this virus will have a great effect on future sales and home values. In January, homes that sold at these prices in the Northern Palm Beaches soared past all records. The number of million dollar resale homes has closed higher every year since 2015. They were up 17% in 2016. Up 7% in 2017. Up 10% in 2018. Up 12% in 2019. Guess what they did this year from last years all time record high? They shot up 43%.
This, my friends, is not what we consider normal appreciation. Nor was the Dow Jones knocking on the door of 30,000. What goes up, must come down. Nothing goes straight up forever. Median single family home prices have now been up in the Jupiter area for 8 straight years. The negative consequences of the economic effects of the coronavirus shut down will be deep if they last for very long. It will be devastating to everyone.
Look at the long faces at the country club bar as portfolio values are discussed. Look at the uncertainty in the eyes of those who live pay check to pay check. Look at the political climate and hatred in this country. If it doesn’t concern you, it probably should. It concerns me.
The reality is, nobody knows what happens from here. I do know the odds of your home’s value going down in the near future are pretty good. I do know there is little inventory to meet current demand under the $600,000 price point. I know it’s probably a very good time to sell if you are so inclined.
At Paradise Sharks we are going to be watching million dollar sales and distressed properties like a hawk in the weeks ahead. The number of short sales and bank owned single family homes on the market in the Northern Palm Beaches has jumped 60% over the past month. Pay attention if your home’s value is important. Pay very close attention.
Do not be afraid but do be educated. Ask questions if you are concerned. Paradise Sharks is here to help you however we can. We can list almost any home in the Northern Palm Beaches for a total commission of 4%. We can educate you and that education is complimentary. Contact us anytime and we would be honored to sit down with you and discuss your particular situation. You can reach Paradise Sharks at firstname.lastname@example.org or 561.308.0175 and we love helping people. It’s what we do.
Stay safe, keep positive and seek education. The future is more uncertain than ever and we need to work together.