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We all have heard through local and national news media reports that Florida was among the hardest hit states during the aftermath of the unprecedented real estate market crash in 2007-2008. And as we watched, and waited – and waited and waited more, it has not been an easy process. But this month marks a turn for the better and I am very excited to report that after being in a primarily buyer-controlled market for a long time, we are finally seeing things tip toward sellers.
Palm Beach County Seeing a More Balanced Market
The definition of a balanced market is when there is six months of inventory on the market – or in other words, inventory that would take six months to sell. When we see anything below that six-month mark it signifies a sellers market.
To give you an idea of the improvement we are seeing in our marketplace, consider the number of months worth of inventory we had at the same time last year – it was 13.6 months! That means it would take over a year to sell all the existing homes on the market at the time. Fast-forward to today and you will be happy to hear that we are currently at an average of 6.3 months of inventory as reported in February of this year. Moving ahead we expect to see inventory levels continue to drop, adding even more incentive to get in on real estate action right now.
When we see an improvement like this, we know that buyers will witness increased competition and sellers will receive more offers as well as experience a greater likelihood of achieving an at or near asking price on their home.
More Hope for Sellers As Market Improves
As the market shifts over from being buyer-centric, sellers have more hope to sell their home successfully. We strive to provide our clients with the highest quality marketing techniques that get them the best prices on their homes and get their properties sold.
If you are among the many buyers that have waited a long time to buy a home, your wait is over because this is the best time to buy ever. In the history of our real estate market, Americans have never seen such unprecedented low interest rates. Just a few decades ago the rates were so high it is as if people were buying homes on a credit card. When you combine these low rates with historically low home prices – buying now makes perfect sense. But it will not necessarily last forever. In fact, with inventory dropping, prices starting to climb upward again and interest rates hovering at a new rate that is slightly higher than what we have seen the past year – I urge you to seize the current opportunity before it becomes too late!
As always, it is a pleasure serving the Palm Beach County community and I look forward to assisting you with all your real estate needs.