Home Buying in Boynton Beach>Question Details

Curiousbuyer, Home Buyer in Virginia

I plan to buy a winter home in Florida in '11. What is the best time of year to buy? I'm in no rush & am a cash buyer. Should I wait?

Asked by Curiousbuyer, Virginia Fri Jan 7, 2011

I'll be looking on the East Coast: Delray, Boynton, Boca . I will not need to occupy the home until next fall. I am wondering if inventory goes up after the rental season ends and if Sellers become more motivated to unload homes that may otherwise sit vacant for 9 months. I have cash, so rising interest rates won't affect me: I can afford to wait for the optimum time of year to buy.

If you were advising me as a Buyer's agent, 1) would you suggest I buy now or make a trip South in May or June to get a deal? 2) when does inventory normally peak? 3) where do you anticipate pricing going this year? 4) How much below asking price are properties typically closing for in that area?

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Answers

17
Curious,
I'm an agent on the east coast, in New Smyrna Beach. I've been selling here for 19 years, and find that there's a certain cycle to our market. Because this is a resort area, our busiest season is right now--the winter season.

This is the time of year when the largest number of Buyers are looking (and buying). It's also the time of year when a lot of Sellers put properties on the market, probably because they know it's when a lot of folks are looking.

That doesn't mean that other times aren't good times to look, though. Although inventory is high right now, those Sellers who don't sell during the winter season may be more motivated in May.

Once June starts, and the kids are out of school, our second wave of Buyers arrives in large numbers, and then tapers off when September comes, and school has begun.

Then a new cycle begins with he first snowbirds (usually from Canada) arriving in October and November, and everybody else arriving after the first of the new year.

So, you have a choice. Shop during the busy times (winter and summer), when the competition and inventory are highest, or shop in the off months of May and September, when the competition is lower and the Sellers are more motivated.

Good luck in your home search. If you think you might be interested in New Smyrna Beach, I'd be happy to help you.

Warm regards,
Maggie Hawk, REALTOR
Watson Realty Corp.
1 vote Thank Flag Link Sun Jan 9, 2011
Those are all great questions for a normal market, but of course this is NOT a normal market. The inventory of bank owned homes has NOTHING to do with the time of year. That inventory is based on the banks feeding the market at an even pace so as not to drive down the value of their assets. The perfect property could be put on the market today, next week, next month, next summer. The only way you know is to get an auto search program set up and take a took every day or two. When you see one you like, then jump.

Good luck, Mark
1 vote Thank Flag Link Sun Jan 9, 2011
Curious..

There is no good or bad time to make a good decision. Generally, you will get what you pay for. I've noticed recently (in the past few days) a tremndous amonut of ne bank owned property hitting the market. From the pricing- I estimate that 80% of this new inventory will be sold within 45 days.

Good deals hit the maket at any and all times. If you are making a serious and substsantial investment. It is a good idea to know what and where you want to buy AND have an agent in that area put you on an automated new inventory report.

When the right deal appears...jump on it.

WATERWAY REALTY, REALTORS®
Aventura | Bal Harbour | Sunny Isles Beach
1 vote Thank Flag Link Fri Jan 7, 2011
Curious Buyer,


Houses...better inventory in the Summer
Condos... better inventory in the Winter

Prices are going up every year. 95% of my sales are still cash buyers
The longer you wait, the less you'll get for your money.
I live in the areas your looking at, they are hot locations and very competitive markets.
Even as a Cash buyer chances are you will be up against multiple offers.

If you like my answer please give me a thumbs up.

Jacquie Yekmalian
Lic. Real Estate Broker
Blue to Green Realty...we sell from the sea to the 18th tee
561-868-0591
http://www.isellflahomes.com
isellflahomes@gmail.com

Commissions as low as 2%, Ask me how
0 votes Thank Flag Link Mon Mar 2, 2015
I see that all of the answers are from brokers or Agents. We have a 4/2 manufactured home, built in 2007, in a community in Boynton Beach near Congress Avenue. We are also not in a rush, but we want to sell in the next year. The price is outstanding, less than 80K, the only catch is a $600 monthly HOA, which includes water, sewer and trash/recycling. Only 2 miles from the beach, 1 mile from I-95. I can send pics if you think this might be something you want.
Sincerely,
Dorothy
Fairlassie1@yahoo.com
0 votes Thank Flag Link Sat Feb 28, 2015
Just curious....lol.... if you bought home in Delray/Boynton area yet? When you asked this question, the market was at the bottom and there was large inventory of homes available in this area. Now there are very few homes, prices are going up and you really cannot negotiate as many properties sell over the list price in a first few hours after being listed.
0 votes Thank Flag Link Fri Sep 28, 2012
I would suggest you wait until the spring, just before hurricane season. Many sellers are very motivated in the summer months. Although, many sellers feel they will get a better price in the winter, and they might. So, inventory is probably higher in the winter, but you might find better prices in the summer. Regardless of season, it's a great time to buy. Most properties are about 50% off their peak.

Please call Liz Vanino with Givoni Realty Corp. at 561-779-9950 or email her at lizsellsfloridahomes@comcast.net. She would be happy to send you a list of properties currently available for you. In addition, she can set you up to receive email alerts when something new comes on the market that meets your criteria. If you would like to receive the email alerts, please email her your price range, town preference, number of bedrooms desired and any other information that is important to you.

Thank you.
0 votes Thank Flag Link Tue Jan 25, 2011
Buyer,

To answer your question specifically, inventory is typically at its peak during the summer months.

However, you seem to be looking for the perfect storm playing out on the perfect property. Tough to approach home buying in that manner. I recommend a "passive aggressive" approach. First, I would recommend that you come down to Florida at your earliest convenience to interview and decide on a buyer's agent to represent you. You need a local specialist who is going to devote their time, energy, and local expertise to keep their eyes and ears peeled for the deals while you are away. Second, once you pick an agent you need to have that agent take you around for a tour of neighborhoods in the cities you are interested that have property types which fit your specifications.

Once you narrow down your search to neighborhoods and home types you then have your agent keep you up to date on properties that come to the market and price changes on listed homes as they occur. When you are choosing an agent, make sure that they are not only willing to show you short sale properties but also that they have experience in representing buyers in short sale transactions. Many agents will avoid short sales at all costs and thus do not have the knowledge or experience in not only doing the deal but more importantly asking the right questions before they introduce you to the home. An agent with experience in short sale transactions will know which short sales will get to the closing table and which ones never will. You are fortunate that you have the gift of time to be choosey so you need an agent who has the patience to meet your needs.

However, you also have to have the trust in your agent that if he/she says "This is the one" to be ready on a moments notice to put a deal together.

Just remember that every home buying experience is unique and do not approach the situation with a "formula" in mind. You very well may walk into the first place you go to and it can be the one. Too many times I hear buyers pass or wait on a house they like because they want to be sure of "the deal", only to later regret losing it to another buyer because they delayed. Even in this market, good homes and good prices are selling and they do sell fast often times with multiple offers.

I'd like to offer you my knowledge and experience as a buyers agent and I encourage you to read my blog articles on "Making Low Ball Offers" "Buying Foreclosures" and "Buying a Short Sale" (short sale article coming soon)

Feel free to contact me anytime markdoringpa@gmail.com or 561-929-0428

Mark Doring
West Real Estate, Inc.
561-929-0428
0 votes Thank Flag Link Sun Jan 16, 2011
Dear Curious,

The best time to start is now and the best place to start is with a clear definition of your goals. Working with a professional agent who can notify you of matching opportunities is critical to successfully finding the best property and negotiating the best pricing and terms. Your best bet is most probably going to be a bank owned foreclosure but then your targeted developments will all have different levels of foreclosure activity and the Realtor you are working with should be able to provide you data of what will be upcoming in those neighborhoods. Patience has it's virtues and at times the "hunt" can be lengthy for locating the perfect match so better to start early so you do not miss an opportunity that may pas you by down the road. That being said you are also not in a hurry since you are paying cash and under no scenario will we see any significant price increases over the next 10 to 12 months. The key for you is finding the right opportunity and you just never know when it might present itself.

Inventory levels will be different depending on location but last year in most areas we saw the highest levels of inventory during the first quarter. Most of my market areas have lower inventory levels at this time than they have for quite a while so it really is not something that you can time on a seasonal basis. Prices again will depend on what type of property you are looking for; many market segments, typically on the lower end of the scale appear to have hit bottom and it is hard to imagine any scenario that would drive prices any lower. Other segments, luxury homes for example, there are incredibly high inventories and we should see continued downward pricing pressure. Each property is unique to itself and a careful analysis of the market directly surrounding that property is very, very important.

If you look across the board, most purchase prices are in the 95% of list price neighborhood but it is very hard to generalize. Again, each property must be analyzed individually to determine what it's current market value is today. A professional Realtor will be very good at this and be a great help in negotiating the right price.

Your best bet at this point is to start working with a professional Realtor to help you along this path. A few recommendations I would make; I would tell you to not sign a buyer's broker agreement with anyone. This is a form an agent will use to tie you up and ensure any transaction you make will only be through them. Find an agent who is happy to perform their services with the knowledge that if they do not properly meet your expectations they will lose your business. Second, never call a listing agent about a home they have listed as their initial relationship with the seller will prevent you from working out the best deal. Finally, I would recommend that you interview at least three qualified agents to assist you and select one who you feel will have your best interests as their primary goal. I work almost entirely as a buyers agent and certainly would be honored to be on your list.

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.


Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Sun Jan 9, 2011
Hello, Curious Buyer. There is a lot of inventory. I think the best time to buy is when you are eager to find something. Great homes are coming on the market daily and great homes are being sold daily. You could miss out on finding your dream home if you wait or you may not find it for a few months.

I think that prices of homes are still dropping, but not significantly (in general). Some sellers have reduced the price of their home because they started out much too high and now they are ready to sell.

My suggestion to you is to find a local Realtor that you trust and like. Have him/her send you listings based on your criteria and see if there are any homes that you like. If you see some homes that interest you make a trip to FL and take a look. I always tell my buyers that looking is free. Since you're not forced to buy a home immediately I recommend finding a patient Realtor who doesn't pressure you to buy anything quickly. I tell my buyers that they are spending a lot of money and they should by a home that they love.

If I can be of further help to you please call me at 561-445-8743 or email me at Nicole@buysellboca.com. You may also look at homes on website - http://www.buysellboca.com.

I hope this helped you. I wish you the best of luck.

Sincerely,
Nicole Marks Mason, Realtor
Web Reference: http://www.buysellboca.com
0 votes Thank Flag Link Sat Jan 8, 2011
Dear Curious Buyer,

I'm an agent that specializes in the area you mentioned about. The answers to your questions:

1. May and June is usually the selling season in our area. Families are relocating for the new schools year and season will be coming to an end. So you will see more move-in ready, better condition homes on the market than our current inventory.
2. The banks have a lot to do with inventory peaking. I do agree with Mott, there has been a lot more bank owned properties hitting the market.
3. Pricing is what a buyer is willing to pay for a property. Obviously with more bank owned properties creates more inventory and will drive down pricing, however I believe we are at bottom in the Boynton, Delray, Boca Raton areas. If a home shows well, in good condition and priced right, it will move quickly off the market.
4. It comes down to the recent comps...of what has sold, pending and properties that are active. Typically bank owned properties are priced very aggressively to create multiple offers situations. Short sales are a good bargain, however there is nothing "short" about a short sale. Builders will generally add upgrades as opposed to coming down on their asking price.

It basically comes down to what you are looking for in the area. Buyers have a lot to choose from in this market, however finding that diamond in the rough can be challenging.

Feel free to contact me when you feel you are ready to begin your search. I have also included a link below to our Palm Beach County Real Estate page on Facebook. There you can stay updated with local inventory, receive FREE reports and great information about our area.

Best Regards,

Todd Rettkowski, P.A., e-PRO®
Certified New Home Specialist
Residential Construction Certified
Certified Distressed Property Expert

Keller Williams Realty
Direct Line: 561-735-7993
Mobile: 561-891-1621
Fax: 561-736-625
ToddRettkowski@bellsouth.net
http://www.ToddRettkowski.com
0 votes Thank Flag Link Sat Jan 8, 2011
Gary Goldberg
Broker/Associate
Boca Raton, FL




Hello Potential Buyer;

First, let me say that anytime that you get a great deal is the best time to purchase.

South Florida is producing great deals daily, more particular, my buyers. I do not believe that prices will go much lower as the cost to build has decreased to less than $100.00/sq. ft.

Builders are still building, thats a good sign that the housing market will rise again, shortly.

If you find an aggressive Realtor, one who is NOT afraid of making an offer, then you should be able to purchase below appraisal value.
If I can help, please don't hesitate to call, email, or text me.

Thank you much,

Gary Goldberg, P.A.
Lang Realty
(561) 929-7177 cell
GarySoldMyHouse@aol.com
0 votes Thank Flag Link Sat Jan 8, 2011
Spring is the best time, you must purchase at this time. The prices are rather low in Florida
0 votes Thank Flag Link Sat Jan 8, 2011
Hi Curious
Yes, I am from NJ, not Fl, but I think half of the people in my area either already own in Fl or are planning to do so.
I agree, and certainly defer to the FL agents, that late spring , early summer is the best time to begin your search.

Since you will be an all cash buyer - you will be an agent's dream !! (sure you wouldn't prefer buying a house in NJ??? haha :)

OK, well, I tried!!

You are considering some very popular towns, If you're willing to go a bit further north, I happen to love the Palm Beach Gardens area, too
.
Just adding my 2 cents!!!

Good luck with your move!
0 votes Thank Flag Link Fri Jan 7, 2011
Dear Curious,

The current state of the real estate market has inventory in a state of flux. It's hard to say just when the largest amount of inventory will be on the market.

If you're not in a rush to occupy the property May or June would be a good time to visit. There are many people who will likely put their homes on the market after the winter snowbird season is over. There are currently many foreclosures and short sales on the market in lovely neighborhoods.

Let me know a little more about the type of place you are looking for and what you would like to spend. Would you like a single family house or condo? How close to the beach do you wish to be? Will a 55+ community meet your needs? Do you have any pets?

I look forward to hearing from you.

Nadine Mauro
Realty Hub, Inc.
561-414-0864
NadineMauroRE@yahoo.com
http://www.floridahouseseller.com/
0 votes Thank Flag Link Fri Jan 7, 2011
Inventory is always in flux in South Florida. A lot people look during our
0 votes Thank Flag Link Fri Jan 7, 2011
I think a May-June trip sounds great. If you buy now & furnish it you can rent it out. We are very short of rentals -seasonal and annual. It's a great time to buy -now!! Prices are very local.

I cover West Palm Beach, Palm Beach Gardens, Jupiter, and Tequesta.
Happy to help!!

Susanna Grubb
Illustrated Properties
(561) 827-2952 susannagrubb@gmail.com
0 votes Thank Flag Link Fri Jan 7, 2011
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