Re Market conditions in PB County:
Some places are selling like hotcakes and other areas more like pancakes - just a little flat.
If you are a buyer in PB county using cash or conventional financing and will be using the property as a primary residence, there is a good amount of inventory in all price ranges available to you. If you are an FHA or VA buyer, less inventory is available due to the poor condition of many properties. Although most foreclosures are sold "As-is", many have been spruced up/appliances replaced by the banks to sell.
If you are a seller and want to sell fast, you really need to make sure your home can be financed - sales price and condition. No one is going to pay over appraisal anymore. Do not be afraid of the FHA-VA buyer. It only takes a little longer to finance and your agent can help you identify conditions in your home to avoid FHA-VA appraisal issues. Ask your agent for the most recent sales within the last year - your offers will be within the range of highs and low in your community.
As you can see from my answer and others, we can only give generalizations on the market conditions. It will likely require more specific information from you to give you the answer to your question. If you would like a free-no obligation comparable market report for the area you live in or want to live in, please sent me an email and I will forward a report from the market report back to you.
Liz Voehringer, Broker
Northstar Realty of the Palm Beaches
Some areas are seeing a rise in prices, while other areas are stagnant or still dropping. Much has to do with the condition of the property and it's surrounding area. You could have the most upgraded house in the neighborhood, but if all the other houses look disheveled or are in foreclosure it will lower the value of your house.
If you're interested in buying or selling, please contact me directly.
properties under foreclosure procedure in the courts and when they will get back on the market,
it is hard to estimate how much further damage that will do.
With the present low interest rates, however, this is after all a great time to buy.
Overall the market in Palm Beach County is very, very strong but segmented. A well priced single family home in good condition priced under $400,000 will sell almost immediately. Investor grade properties hit the market and attract 10-20 offers within 48 hours with sales prices much higher than list prices. Inventories are low but have been slightly on the rise.
Real estate is very localized and some segments of the market have a ways to go; for example most private golf communities. Sales in the luxury market have been stronger but still plenty of inventory in most areas. There are many sellers still asking too much for their properties and there is inventory of poor conditioned homes that nobody will pull the plug on until prices on them go down further.
Throw in interest rates that have been on the rise and projected higher foreclosure numbers it certainly is not all wine and roses. However, for buyers looking to match both the lowest interest rates and lowest purchase price I think that train has already left the station.
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