What Are the Benefits of Foreclosure Properties Here in Palm Beach?

Buying a home? Click here to perform full home search 
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (561) 352-3056 for a FREE home buying or selling consultation

One question we have been getting a lot lately from home buyers is: Should I consider purchasing a foreclosure?

Well, there are some really great deals associated with foreclosures, but some people are under the impression that foreclosures only exist as beat-up, old homes. This couldn't be further from the truth. In fact, there are great deals in every price range when it comes to foreclosures.


Our video today takes place in one of our luxury foreclosures here in Palm Beach County. As you can see, the property is in great condition, and has even been professionally staged. However, it isn't uncommon to find a foreclosure that doesn't have a kitchen, or any appliances. This is why it's important to be clear with your team on how much work you are willing to do and what kind of foreclosure you are looking to buy.

 
You can't assume you have an out for your foreclosure. With your inspections, you will need to make sure you are OK with this property. If they find something that the bank is willing to fix, you want to go ahead and proceed with that deal.

One more important thing to remember with foreclosures is that sometimes liens attached to the property stay with the property after you close. This is why it's always a great idea to have your home's title policy reviewed, to make sure you have clear title.

We have access to all the foreclosures on the market here in Palm Beach County, and we want to help you get the best deal possible. If we can be of any help to you, don't hesitate to reach out and give us a call or send us an email!

What's Going on with the Latest Market Statistics?




Buying a home? Click here to perform full home search 
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (561) 352-3056 for a FREE home buying or selling consultation

Today we wanted to take a moment to address some of your concerns regarding the Palm Beach County real estate market. When the latest statistics came out, many people called me, worried about the numbers. So I wanted to take a moment to walk you through them.

The biggest concern was over the median sales price, where we saw a decrease of 8.8% year over year. If you just hear the figure out loud and don't understand why it dropped, you may think our market is shifting to a buyer's market. 
However, if you look at the numbers more in depth, you will find that 1/3 of closings last month were distressed properties, foreclosures, and short sales. Distressed homes always impact our median sales price in a negative way. When you take these properties out of the equation, our market is much more calm. 

Now we did have some good news as well. The median number of days on market is down by 10%, meaning that homes are selling faster. The other important piece of news has to do with our supply of inventory. Right now, we are down 3.2% in inventory from last year, but there were 33% more closings this year than there were a year ago. Pending sales were also up 29.8%.

The real estate market in Palm Beach County is still looking good. If you have any questions, or want to know how your neighborhood is doing, give us a call or send us an email. We look forward to hearing from you soon!

Click here to see February 2015 Market Stats!