Palm Beach County Real Estate Market News 

By Lilianna

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Jan. 2, 2020

2020 Housing Market Predictions

2020 Housing Market Predictions – by Realtor.com

– Home price growth will flatten, with a forecasted increase of 0.8 percent

– Inventory will remain constrained, especially at the entry-level price segment

– Mortgage rates are likely to bump up to 3.88 percent by the end of the year

– Tight inventory and rising mortgage rates will lead to dropping sales

– Buyers will continue to move to affordability, benefiting mid-sized markets

What will 2020 be like for buyers?

Buying a home in 2020 will offer opportunities for some buyers, as the supply of new homes relieves some of the inventory pressures, and prices moderate. While the inventory of new homes in 2019 remained focused on the high-end, as the luxury market cools, builders signaled their intent to increase offerings in the mid-price segment, a much-needed shift in market dynamics. First-time buyers will continue to struggle with affordability, even with mortgage rates in an approachable range, as entry-level inventory is expected to remain constrained. The broad price moderation will continue to offer opportunities in mid-sized markets in the Midwest and South.

What will 2020 be like for sellers?

Sellers in 2020 will contend with flattening price growth and slowing activity, requiring more patience and a thoughtful approach to pricing. Sellers of homes priced for entry-level buyers can expect the market to remain competitive and prices to stay firm. At the upper end of the price range, however, properties will take longer to sell, and incentives will be needed to close deals. As the market moves toward a more balanced scenario, sellers who adjust to local market conditions can expect to benefit from continuing demand.

Conclusion

Sales of existing homes declined in 2018 and through the first half of 2019, as tightening inventory squeezed first-time buyers. While sales experienced a slight rebound in the third quarter of this year, elevated by declining mortgage rates, the annual pace is likely to be flat at best. Demand for homes remains solid, with younger buyers continuing to vote with their dollars. However, as consumers indicated that they expect a moderation in economic activity in 2020, the housing market is likely to reflect the economic headwinds. Sales of existing homes are expected to decline 1.8 percent in 2020, as the continuing supply shortage and moderating price growth will hamper buyers and tamp down sellers’ expectations.

The decline in sales is projected to be accompanied by a flattening in price growth. With the supply of available homes continuing to balance on a tightrope, and the entry-level demand expected to remain strong, prices are estimated to tick up 0.8 percent in 2020.

Dec. 11, 2019

Why Have a Buyer's Agent When Purchasing a House?

Buying a house is one of the biggest purchase in your entire life. It's not easy test finding the right home for you and your family as well as making the right financial decision on a long-term basis.

This is not DO-YOU-SELF project. There are a tons of reasons you should turn to a buyer's agent. Here is why:

The service is FREE to you 

One of the first things you need to know about hiring a buyer's agent is that it's not going to cost you anything. A buyer's agent will be paid by the home seller once the home is sold. Not only is it free, but a buyer's agent will be saving you both time and money, but make sure you find one that you feel comfortable working with.

Going directly to the Listing Agent Isn't Smart idea

Lots of buyers think they'll get a better deal if they go to the seller's agent. This is one of the biggest myths in real estate and could cost you considerable money in the long run. Quite often, buyers think if they go to the seller's agent, they'll give them back some of the commission. Not true!  The seller agent works in the best interests of the seller, not you! Even if the agent gave up a couple thousand commission, most likely you will overpay on the home.

Professional Experience

Finding the right property is a time-consuming process, and it's easy to find yourself spending hours viewing properties that are not right for you and located in not desirable for you area.

It's crucial to have a bit of help, especially if you're a first-time buyer or a very busy person. Having an agent screening the properties for you can save you lots of time. 

A buyer's agent who has been in the business for a long time will pick up on common problems, such as a damp basement, roofing problems and leaks. They'll also know the popular neighborhoods that are appealing to most buyers and those that aren't. Also, an agent will make sure the amenities that are important to you are close by. Schools and leisure facilities are often on the top of most homebuyers' agenda.

Valuation and Finance

Valuing a property is not easy when you don't have a lot of experience. When you're buying your first or second home, you'll need all of the help that you can get. One of the best skills of a buyer's agent is to be able to evaluate the right purchase price for the home. Financing can be a nightmare You must have your mortgage pre-approval, but when it comes to buying a home and financing it, there's often a mountain of paperwork to work through. A buyer's agent will help you to do so, and make sure the process stays on track. 

 Preparation an Offer 

Don’t underestimate the importance of the offer if it comes to buying a home. A buyer's agent will make sure you follow through with any necessary required terms under of the contract. 

A good agent will keep you informed and on track so that you don't lose any of your escrow funds. 

Negotiator

Many of us don't like to negotiate. The home inspection can pick up a slight problem. Ask yourself if you have the skill, and confidence, to renegotiate the price of the property, cost of repairs or closing credits if needed. This is defiantly something that your buyer's agent can do for you.

Bottom line

The good buyer’s agent will have your back at all times. Once it's all over, you'll be glad that you decided to ask for the help of a buyer's agent instead of going through the buying process on your own! Contact experienced buyer agent and work with Homesellerse Realty.

 

Dec. 2, 2019

4 Things You Need to Consider Buying a Home if You Pet Lover

If you have dogs, cats, or other pets in your family, you need to know several important facts when you're looking to buy a home. Some communities are more pet-friendly than others.

(On the end of this post we listed several Pet Friendly gated neighborhoods in West Palm Beach Metro area with links to their home listings).

Here are six questions to ask the realtor.

1. What are the local pet restrictions?

Buying piece of property, it's not guaranteed that your pets will be welcome there. Very often there are HOA or condo regulation restricting the pet size and bread.

Some developments restrict the number or type of pets you can have and rules how your pet must be restrained in common areas.

In condo developments, there is often a limit on the number of dogs allowed per unit, or even per floor. If you have a breed that tends to bark a lot find out if your HOA or city enforces any noise ordinances.

2. Do you need to have big yard and fencing?

Having a yard where pets can roam is amazing, but if you want to keep your pets out without the leash you need to have a fence—or build one. I’ve seen covenants that only allow underground electric fencing, restrictions on the size or materials allowed to install the fences. Most neighborhood covenants outlaw animals running, so if you’re looking for a country setting where you dog can run free, you need to look for community with no HOA restrictions or read them carefully.

3. Is the neighborhood have designated walking area?

For dogs, finding a location that's good for walks is important. That might mean being close to a dog park, dog run, trail, other green space and community with streets having sidewalks need to be considered. Cat owners should also think about the local wildlife. In some areas, proximity to a green space means being closer to coyotes and foxes.

4. Does the house have a pet-friendly floor plan?

If you're looking at a multilevel home, consider whether your dogs will be OK with the stairs, particularly as they age. When dogs get older, they can get joint problems that make it difficult for them to do steps. Open floor plan and tiled floors will be the best option for easy run and easy clean.

There are several pet friendly gated communities of single family homes in price range up to $400,000 in West Palm Beach metro area and one of the best are Capistara (no wait and number of pets limit), Andros Isle, Lakes of Laguna, Briar Bay, Nautica Isles, Olympia, River Bridge, Riverwalk, Terracina, Smith Dairy, Stoneheaven, Victoria Woods, Wellington Edge and Winston Trail.

Nov. 25, 2019

5 reason to sell your home during holidays

When it comes to real estate, many people say, the ideal time to sell your home is in the spring months. Not in Florida, the winter months are the most attractive time to sell a house. The fact is that people are too busy with the holidays to think about purchasing a new home. But putting your house up for sale around the holidays has its benefits.

First, there’s less inventory. Most people won’t put their houses up for sale when the holidays are coming up. In the spring, inventory usually picks up because many sellers want to start a new year with new challenge. However, during the holidays, there will be limited choices of homes which means a homeowner can have a higher asking price.

Second, the buyers are more serious. It is obvious that buyer who is shopping for a new home around Thanksgiving, Christmas or New Year’s is going to be a serious buyer. If your house is up for sale in the holidays and someone is looking at it, chances are that person is serious and is ready to pull the trigger. That can often result in a quicker sales process.

Third, this is the best time for transfers. The end of the year is typically the time when people get notified that they will be moving because of a job transfer. Those people are going to need a house sooner rather than later, and as a result, will be hunting for a new home during the holidays. These buyers can’t wait for the spring, which is why listing during the holidays can get the home sold and sold quickly.

Fourth, the end-of-year tax breaks. Reducing the tax bill could be the reason serious buyers make a move during the holidays. That’s because if the home sales that close on or before Dec. 31, buyers can deduct the mortgage interest, property taxes and interest costs of the loan. The tax deductions can be significant and could prompt a home buyer to move during the holidays instead of waiting until the spring.

Fifth, your community may look more appealing with the Christmas decorations. Most local communities where lit-up snowflakes and wreaths can be found on lamp poles and up and down the main streets. People purchasing a home during that time may see the neighborhood in a different light and may be more willing to consider it.

When you sell your home during the holidays, you will face less competition, more serious buyers and a quicker sales process. It also presents a unique opportunity to create a warm and cozy environment that you can’t have in the spring or summer months.

For selling or buying free advice contact 561 512 0459 Homesellers Experts.

Nov. 15, 2019

Buying home in Holidays season!

The months of November and December are great months for buying your next home....

Why you ask?

The holidays are hectic. And while off the bat, it might not seem like the best season – both money- or time-wise, to buy a home, there are actually quite a few serious benefits to entering the market during this colder time of year.

Most buyers are occupied and distracted with the holidays, which means less offers are being made to sellers looking to make their next move. With less offers on the table, the sellers may be more motivated to accept a deal.

In addition to stronger negotiating power, the interest rates for your future loan are very low and closing before end of the year ensures you can still take advantage of the tax savings afforded to you for 2020. In Florida you must own your home as of Jan 1 to be granted homestead exemption for your property taxes. The difference between buying now and 2 months from now equates to thousands of dollars in savings!

Contact Homesellers expert for additional advise. 561 512 0459

Oct. 30, 2019

There are Several Things to Avoid Before Buying a Home to watch for!

Many first-time home buyers are surprised to discover just how many ways you can mess up a home purchase. There are several things to avoid before you close the transaction. If you working with experienced mortgage broker or real estate agent, more than likely a few of these things have already been mentioned to you.

Making mistakes is easy when you have never bought a home before. Avoid these home buying mistakes to keep the stress out of your life!

The first and most important is - Don’t miss loan payments

You must keep your payments current on all your loan accounts, including credit cards and car loans. The lender will look at your credit again before finalizing your mortgage, and if you have missed any payments, the credit scores may get lower. Lenders have the power to revoke a loan just before the closing.

Second - Avoid changing jobs

Changing jobs is not something you should do in the middle of purchasing a home! One of the things lenders look closely at is your employment history. They want to be sure that you are financially stable and capable of making your loan payments. The word stability is something lenders love.

Third - Don’t change a bank

Just like the job and the finances, your banking history and status is part of the equation that leads to you getting pre-approved. Change your bank, and you may not get final approval.

Fourth - Avoid buying a car

Buying a car while purchasing a home is a common mistake. Doing so is also at the top of the list of what you shouldn’t do before buying a home.Unfortunately, purchasing a car can change you expenses ratio and credit scores. Your loan pre-approval was based on the state of your credit and your debt load at the time of pre-approval before you bought a car. Adding the debt for the car may make you unable to get the loan for your home.

Fifth - Don’t buy furniture or household goods on credit

Another mistake many home buyers make is using credit to start preparing for their new living arrangements. You may want to start buying furniture and appliances before closing on your which will change the state of your credit and may throw up a red flag for the lender that leads to the loss of your loan approval.

Sixth - Avoid making large deposits into your bank account or making cash deposits

Money that appears suddenly in your bank account makes lenders suspicious. Lenders refer to the two month period as “seasoning,” and consider it a demonstration of stability and your ability to cover the loan payments. If you make a significant deposit or start doing unusual or unexpected things with your finances before the home purchase, the lender may might back out the loan.

Seventh - Don’t let anyone make inquiries into your credit

Any time you apply for a credit card, a loan or even try to sign up for a new service, like a cell phone service, the company you are working with will check your credit. They do this to determine if you are a safe risk, much as the mortgage lender does.

Eight - Avoid being a co-signer for anyone

When you co-sign a loan, you are obligating yourself financially. No matter how badly you may want to help out a friend or family member, try to postpone co-signing until you have the money for your home purchase.

 

Oct. 22, 2019

Removing Hard Water Stains from Stucco

The most common type of stucco stain comes from something clear that's also used to treat stains: water. In Florida many homes have hard, mineral-rich water running through their pipes that stains their porcelain tubs, toilets and sinks. This same water can stain stucco, which has a porous texture similar to hard surfaces used for kitchen and bathroom fixtures.

One of the most effective ways to clean hard water (yellow) stains is also ironic: gentle water pressure can remove hard water stains. Pressure-washing with too much pressure, on the other hand, can damage stucco surfaces by removing too much of the outer layer and creating more rough and porous areas where stains can set in and build up.

Other sources of stucco stains, ranging from mold, soot and paint to vining plants, grasses and shrubs, can be removed with one or a combination of several methods:

chemically -- with specialized cleaning agents for stone, lime, cement and stucco or with diluted bleach (if tolerated in a sample test of the area to be cleaned)

with water pressure -- using even spraying with a home garden hose and attachment or with a higher-pressure spray system

mechanically -- with brushes and sandpaper or other abrasives and muscle power, detergents and sponges

Whether using a wet or dry method, stucco cleaning should most often be a gentle process. Saturating or pre-wetting stained areas with water will help to draw stains to the surface, and once the pores are full and discoloration is closer to the top, removing problem areas usually won't involve getting rough with the stucco and damaging the surface.

Oct. 13, 2019

Why are there a million For Sale signs on your street?

Have you noticed recent market changes and while driving around your neighborhood there are more for sale signs? asking yourself, what is going on?

People tend to move into areas at certain times of their life for many different reasons. They may just got married, getting divorced, changing a jobs or retiring. People changing their home and location statistically every 6 to 10 years. Sizing down or up and all depend stage of their life. In current market conditions when the market got saturated with new homes listings the average moving time may takes much longer then you have expected.

If you are thinking about moving, odds are others in your neighborhood are too. Your community may tend to mature with it's residents.  Before you know it, there are several other homes listed for sale on your street because your neighbors are in same life stage as you are. They've either outgrown their current home having more children or they become empty nested and children moved out recently and they don't need the 4 bedrooms home  anymore. This is how it usually happens though.  

Since I am a licensed local Realtor with over 20 years experience selling homes in your area and having access to Multiple Listing Services (MLS) I can be very helpful to you and sort homes for sale by neighborhoods and your customize preferences. The market have changed recently to "buyer's market" and what that means to you? 

If you are looking to buy? that's great news. The mortgage rates are still very low and the inventory of homes are saturated. I know how to organize and set up the search for you so you can have the best experience in looking for the dream home. 

If you thinking of selling? Don't panic. Homesellers Realty is one of the primer company to do the job for you.         

Here is why. We will work for 4% listing fee! (not 6 or even 5% including the buyer's agent commission) and we will provide full professional support from contract to closing supporting your listing with First Class Marketing and Advertising. On top of all we will sign unconditional listing agreement that you can cancel at any time with no fees to you and we promise to talk to you personally during the listing period at least once a week with updates and answer our phone when you call or return your call within 30 minutes.

To provide the unique Personal Service we work with small numbers of great clients at a time.

Hopefully now you understand why and how certain neighborhoods have many homes for sale at one time and others don't.  It's usually a function of the age of their residents and community itself. 

Let me help you with any or all real estate related transaction. 

 

 

Sept. 27, 2019

How to choose a Realtor?

The real estate market is not in its best shape, and we can see the consequences of this everywhere. Apart from the growing prices and the hardship of finding the perfect and affordable home, you also have to deal with the difficulties of finding an experienced and trustful real estate agent.

 Due to the current slowing real estate market, many agents no longer have the possibility to support themselves from commission check alone. This means they have to find another source of income, which means a part/full –time job, or another additional business.

With 24 years of experience in this field, I have the chance to see more and more real estate agents that do not have the time and interest to represent their clients properly having another job. They can’t give the 100% attention to close the deal. In respond the clients lose their trust in real estate agents and going straight to the internet for help.

It is a cycle difficult to break, but not impossible.

In this situation, the public have to deal with agents that are non-reponsive or simply they do not care enough about closing the deal having paycheck from another job.

The use of technology also plays its part; with everyone having access to the Internet, there is no wonder that people prefer to look for real estate property online, without getting an agent to represent them.

Even with all this, there are still many real estate agents out there who love their job and understand what difference they can make in someone’s life helping them with smooth and troubles closing.

 Finding the right property is not easy task, especially considering the current market changes, but it is possible.

A full-time experienced agent will take the time to search for the perfect home, negotiate the price to give you the best option and guide you every step of the way. Contact full time Homesellers specialist to work with at 561 512 0459

Sept. 9, 2019

The Home Feature Millennials Love Most

What would you guess is the most important feature millennials look for when buying a home? 

A fabulous kitchen? 

Smart home technology? 

Lots of storage space? 

Wrong!

According to recent research from the National Association of Landscape Professionals, a nice-sized lawn is the No. 1 priority among millennials, even beating out an updated kitchen. A whopping 82% of millennials report that having a outdoor space is the most important feature when buying a home. “While some may assume that trends toward urbanization or the increased use of electronics and technology have resulted in a decreased interest in outdoors lifestyle in younger Americans, the results of our research found just the opposite,” says Missy Henriksen, vice president of public affairs for NALP. “Overall, the results confirm ... Americans have a great appreciation for the value that healthy outdoor environment bring to their lives."

"You can always redo your kitchen, but you can't change the size of your yard." 

"Millennials wants room for a garden, where we can grow our own vegetables, and room for pets and solar panels," "They also wanted a place where everyone can stretch out and enjoy each other, and where their kids can learn the value of hard work. They don't want kids inside playing computer games all the time."

Despite the growing popularity of city life and dense urban housing, the survey found that 81% of Americans surveyed have a lawn, and a vast majority of those surveyed—79%—said a lawn is an important feature when buying a home. Older generations like Gen Xers and baby boomers also deemed bigger yard as one of the most important home features, falling behind only a renovated kitchen and well above other popular features, including updated bathrooms, lots of storage space, and the ever-popular hardwood floors.

Posted in Buying Home Advise