Well, I have to admit – I’m pretty surprised at this month’s report. Why? It not only confirms what we predicted last month, but does so at an alarming rate!
In this video, you will see how Lender-Mediated Properties impact our market.
What are ‘Lender-Mediated” Properties?
Short sales and bank foreclosure sales – as opposed to ‘traditional’ home sales by a seller who is not in trouble! And the supply of Lender-Mediated Properties has fallen DRAMATICALLY this year. Why?
- Prices have fallen to levels locals can afford to pay
- Historic low interest rates means locals can afford to borrow
- Historic low value of the US dollar attracts foreign investors
How much have inventory levels of Palm Beach County foreclosure and short sale listings fallen? Almost 60% in the past year!
Will prices continue to decline? Once the inventory levels off we’ll know better, but these are very good signs that the market is stabilizing.
Remember the old saying “Sell when others are buying, and buy when others are selling”?
I advised our investor clients to sell at the peak of the boom back in January of 2005. Those who sold then were glad they did! In the six years since then, I’ve been watching the Florida Real Estate market correct itself, and waiting for signs that we’re hitting bottom before advising people to buy real estate again. Six years is a long time to wait – and I’m glad I did! I like being able to eat a restaurant and having people THANK me for good advice instead of the alternative!
The signs I’ve been waiting for are finally here
After six years of renting, I’m buying a home this month. I’m also making offers on income property again for the first time in years. I’m buying carefully, with a thorough knowledge of not only Palm Beach County values, but values in each area. Why? As the last chart in the video shows, some cities are better than others, and it pays to know that information BEFORE you buy.
If you’d like to learn more about price trends in a specific area from Boca Raton to Jupiter/Tequesta and all points in between? Contact our office now. My hand picked staff of professionally trained agents and property managers will help you make the right choices today.
Todd Breen
Broker/Owner
Home Property Management
broker@624home.com
561-624-4663 ext 309
