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!

Oct. 13, 2020

How to Buy a Home Without 20% Down Payment

The golden rule of real estate says that you need to have a 20% down payment when you purchase a home. It's a principle and a great idea , but in practice, it can be very difficult for buyers (first-time homebuyers) to put forth 20% of a home's asking price on top of it the buyers need to remember they'll be responsible for some if not all of the closing costs, meaning even more money is required upfront to get the keys to a home.

The 20% down payment is not a magic number any more… because more and more lenders offering many great programs with only 5% conventional loans or even 0% down 100% financing FHA programs.

However, in the seller’s real estate market where there may be competing offers, a buyer with a larger down payment may be more attractive to the seller since it demonstrates a stronger offer with better ability to secure the final mortgage. On the other side, people putting down less money having more cash on hand for other home improvement or even repairs.

The 20% is still the accepted golden rule but with today’s average home prices is a pretty high bar, especially if the buyer isn’t rolling over proceeds from a previous home sale into the new home purchase or using all saved funds to get the financing.

But what about PMI?

When buyers use a down payment of less than 20%, then PMI (which many buyers perceive as very expensive) must be placed on the home loan to insure the lender in the event of a foreclosure. If a borrower is using a 15% down payment with a 760 credit score, the monthly PMI could be quite small relative to the loan amount and over the past 10 years, private mortgage insurance companies have worked to reduce what are called PMI risk factors (the higher the factors, the higher the PMI) and change things for the better and more affordable. If PMI is the main thing to consider, buyers are better off working to improve their credit scores .

So how much should you put down?

There is still the best option have the 20% down but there are still other variables that factor in to how much you should put down. That's where the type of loan you're eligible for will come into play.

For homebuyers who are active duty or honorably discharged veterans, the Veterans Administration offers mortgages with a zero percent down payment only available to a select subset of the population, but the VA home loan is the best in the United States.

There are many programs that provides loan with down payments ranging from zero to 3%. Homebuyers who qualify for Federal Housing Administration (FHA) loans can put down as little as 3.5%, as well as Freddie Mac and Fannie Mae offer conventional mortgages with 3% down payments.

It's best to meet with a loan officer and discuss the best option for your situation and shop around for the most competitive interest rates and lowest origination fees.



Sept. 28, 2020

Low-interest rates boost Florida home sales, prices, but foreclosure crisis looms

The fact is that 10.5%, of Florida’s 3.7 million mortgage-holders were delinquent on loan payments in late May and June predicting what some fear could be an foreclosure crisis as bad if not worse than the one that followed the 2008 housing crash.

In the U.S. overall, 4.3 million homeowners were past due or in active foreclosure in May, pushing the national delinquency rate to 7.8 percent, its highest level in almost nine years. Florida’s 14.5 percent May unemployment rate is among significant contributors to increased loan delinquencies and a big supply of new properties being posted on the market. Within a 12 to 18 months, this fact could trigger up to 20% decline in housing prices, according Florida Atlantic University professor and real estate economist Ken H. Johnson. However, so far with interest rates for a 30-year fixed-rate mortgage loan averaging 3% in July, pending sales are increasing and real estate values rising across the state.

Statewide, new pending sales of single-family homes were up 23.2 percent this June compared to last June and new pending sales of condo-townhouse units are up 19.8 percent this year over last, according to Florida Realtors. Several factors are playing into this renewed demand for housing but, by far, the most important factors are record-low mortgage interest rates and the release of all the pent-up demand from our derailed spring buying season, according Florida Realtors Chief Economist Dr. Brad O'Connor.

Florida’s June 27,650 existing single-family homes sales was 1.3 percent more than those closed in June 2019. According to Florida Realtors, the statewide median sales price for single-family existing homes was $282,000, up 4.4 percent from last June.


Sept. 25, 2020

Selling Your house AS-IS via Making offer AS-IS

The term AS-IS means the homeowner is selling the property in its current condition and will not make any repairs or improvements, or provide any buyer credits to cover these expenses. Legally speaking, it also releases the seller from any responsibility or liability for the home’s condition. “What you see is what you get”

In a most percentage of cases, a buyer will make an offer to purchase property AS-IS which means the buyer is accepting the property in its then current condition, inclusive of all defects. A seller will not be obligated to make any repair and the buyer accepts any problems with the property if purchased as is. However, most AS-IS purchasers utilize a contract form that gives them the right to inspect and terminate the contract within a specified period of time if they are unhappy about its condition.

Those contracts are generally known as AS-IS with right to inspect. Most of these forms grant the buyer a limited period of time within which to terminate the contract for any reason or no reason. The buyer can use that time to inspect, contemplate or simply change his or her mind. Many sellers mistakenly believe that a contract with the words “as is” in the title means exactly that and are often disappointed to find the contract really gave the buyer an option to terminate and a free look for the period stated in the contract.

Again, what it means to sell your home AS-IS?

 For sellers: AS-IS sales are easily the most convenient option, because it does not require you to make any changes to your property, whatsoever. You can pack up your things, leave the key in the door and never go back. For this reason, as-is sales are ideal if you are facing a financial hardship (because you don’t have the money to pay for costly repairs or updates) or if you need to relocate quickly. Typically, as-is properties are dramatically riskier investments for buyers, meaning most buyers will offer much less money for them. Thus, if your broken A/C is causing you to list your home as-is, you should expect a notable drop in value. However, the AS-IS marker is a red flag telling buyers to stay away. An AS-IS house would require significant work, which meant delays, which lowered the buyers’ interest.

Before you decide whether to list your house AS-IS, you should do some research into your local real estate market, perhaps talking with a real estate professional with Homesellers Realty to better understand your options.

It is sometimes much better to prepare and fix the house to get the expected top dollar value for your property.

For buyer: AS-IS offer giving you opportunity to inspect the property and walk from the deal during the inspection/rejection time or accept the property without requesting repairs.

July 16, 2020

How the coronavirus is changing the real estate market

How the coronavirus is changing the real estate market in Palm Beach County

Welcome to the reality of selling a home in the era of the coronavirus. Anxieties abound, not only about catching the virus that causes COVID-19, but also the volatile stock market, the shaky economy, and general fears of a coming recession—all of which could plunge the U.S. real estate market into a forced hibernation right when it's supposed to leap into overdrive this summer.

real estate market coronavirusWhile Florida state may be coronavirus ground zero with the number of cases, and the highest levels of infection in the U.S., the panic is being felt nationwide by real estate agents who've noticed a drop-off in the number of home buyers and sellers willing to mingle and make a deal.

The coronavirus is leading to fewer home buyers searching in the real estate marketplace and the stock market crash is no doubt raising economic anxieties.

Ironically, this downturn comes at a time when buying a home is more affordable than ever. Just last week, Freddie Mac reported that interest rates hit a near 50-year low, at 3% for a 30-year fix-rated mortgage.

The dramatic fall in interest rates may induce some potential buyers to take advantage of the better affordability conditions and they will keep looking to buy a home.

However, the home sales will drop by around 10%, compared to 2019, due to the spread of coronavirus.

Has COVID-19 changed your plans to sell your home in Palm Beach County?

If the current coronavirus crisis has made you rethink selling your home, you may think again. Homesellers Realty agents has experience help sellers and buyers in previous recession and they educated and experienced to help you too. The private and complimentary appointment is available via phone call, Zoom or in person. 

June 12, 2020

When Considering Selling Your Home?

Article based on REALTOR magazine research and National Association Of Realtors data

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location or you are empty nester and need to size down. If you answer yes to most of the questions, you may be ready to move.

Have you built substantial equity in your current home? Check your annual mortgage statement or call your lender to find out how much you’ve paid down. Usually you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest. But if you’ve owned your home for five or more years, you may have significant, unrealized gains.

Has your income or financial situation changed?  If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving. If your income has decreased, you may want to consider downsizing.

Have your children started a new life somewhere else? left you with way too much living space?  If your home has 5 bedrooms, 3 cars garages and you and your wife need to make a call to find you? Your home is too big and you may want to consider downsizing.

Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same one in which you want to settle down for good. You may have realized that you’d like to be closer to your job or live in a better school district. 

Are there reasons why you can’t remodel or add on?  Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

Are you comfortable moving in the current housing market?  If your market is hot, your home may sell quickly and for top dollar, but the home you buy will also be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home. Ask your real estate professional what they see happening locally.

Are interest rates attractive? Low rates help you buy “more” home, and also make it easier to find a buyer for your current place.

Is the effort and cost of maintaining your current home becoming difficult to manage? It is great reason to consider downsizing as well.

Homesellers Realty can help you decide whether a smaller or bigger house, condo, or rental would be appropriate.



Jan. 2, 2020

2020 Housing Market Predictions

2020 Housing Market Predictions – by

– 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.


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. 


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