Decrease in Buyer Demands for Luxury Housing in Boca Raton

Posted by Jean-Luc Andriot on Monday, March 25th, 2019 at 3:37pm.

Market statistics for Jean-Luc Andriot blog 032519

Sell Your Property Now to Maximize Profit

According to Realtor.com data, there was a price cut in the month of January for housing. By the same token, the city of Boca Raton and Palm Beach County are experiencing a slight decrease in the market compared with last year. Even though there is more inventory for 2019 in the luxury sector, there’s still a slow pace for new homeowners. On the contrary to being slower, Boca Raton properties can still benefit selling now to maximize profit.

The Value of Ownership for Boca Ratonians

While there was a 1% share in price reductions from West Palm Beach to Miami, we can see many of the home sellers were able to recover a decent profit. Seasonal shifts are ordinary at best and the spring rush is here. Besides the housing market being seasonal, there’s not much change even though it may seem slower. Moreover, when you can live in a beautiful area such as Boca Raton, there’s value in owning property. Many of the buyers can see the benefits of investment here due to things like the weather, outdoor recreational spaces, and superior architecture and construction. Characteristics such as these, increase the level of value and ownership for Boca Ratonians remains strong.

Get Excited About Selling Your Home Now

Agents are excited about selling luxurious properties here and who wouldn’t be? The demands for ownership on coastal and beachfront properties hasn’t decreased a ton and may always include deep desire. Regardless of what the rest of the market entails, South Florida will continue to have an influx of home buyers because of the possibilities. However, if you’ve been considering selling a home, NOW is the time to get on board with a local agency.

Here are some reasons why you should consider listing now as opposed to the near future.

Stable Economy

Besides having the least amount of unemployment in years, real estate provides an essential role in our economic growth. In some cases, real estate is a way of measuring wealth and stability. Not to mention, when you’re selling a home, you’re providing an opportunity for your agency’s team to be employed. Also, Boca Raton’s Gross Domestic Product increased tremendously in the 3rd quarter for 2018.

Excellent Employment Opportunity

Equally important, income and wages continue to be on the higher side with pay increase making Boca Raton a highly desired area for homeowners. Regardless, a stable economy has its benefits and selling your property during the next few months may be wise as the market can sometimes be unpredictable and fluctuating. In other words, sell now while the getting is good.

Rising Interest Rates

Interest rates have been on a steady incline for over the last 3-years except for December 2018 where there was a sharp drop due to tension on Capitol Hill and other economic factors. No matter what industry, we see the interest rates moving higher including auto loans and credit cards. However, since we’re more concerned with the full picture, housing rates are also going to rise if you’re on an adjustable rate. Besides current homeowners experiencing an increase if they’re on a 2-year adjustable or some other fluctuating interest rate, new home buyers are anticipating an upward tick. That being the case, helps push the housing investors toward shopping a lot sooner than waiting till the end of summer per se.

Boca Raton Housing Availability and Inventory

Inventory and housing availability may be a little hefty. Some predictions for the abundance of housing would be due to the selling while the rates are still low, and some homeowners are looking to unload. Instead of being at 18% the rates are less than 5%, and sellers may be anticipating an increase or decline either way. Moreover, uncertainty in the market is causing a spike in inventory due to unpredictability with new house representatives taking office. Nonetheless, the promise of Spring could mean people are wanting to make a change while there’s still some stability making sellers at an advantage.

The Real Estate Buzz Entails Selling Before 2020

With the economy being stable, rising interest rates and an overabundance of housing availability, there’s a buzz where homeowners are swarming to sell before another housing bubble bursts. As the ‘crash’ of 2008 is long past us, sellers closely monitor what’s happening today. Even though most oceanfront mansion owners are rarely affected those who are looking to sell a luxury condo or their second country club home, may want to list sooner than later. Because condo prices will drop faster than an estate, it’s only wise to begin selling your home now rather than wait for an unpredictable future. Predictions for the next recession are to be in 2020. While that’s only a speculation, many of our home sellers aren’t waiting till the last minute to gather their equity and move.

Snow Birds Buying During Springtime in Florida

Besides, the urgency to sell before next year, Springtime is an excellent time to list your Boca Raton property. There are still a few snowbirds visiting the area, and they make up a significant section of homeowners throughout the Southern Florida region. Sellers can anticipate interest in visitors wanting to invest in the city as a winter getaway. While the season typically ends for Florida part-timers by the end of April, you can predict anyone looking to buy here may be enticed to go into escrow sooner than later. “Get them while they’re hot” is the motto for selling to this specific market since they are likely anxious to buy after their visit. Your selling agent will probably have a list of people in this category they are looking to serve and find their dream vacation hot spots.

Nonetheless, your agent will help guide you for your optimum time to list your home. However, selling now may be more profitable for you to maximize your selling price with the uncertainty of the housing market. Increased buyer demand means people are looking to land their ideal escape now before any significant change happens. Talk with your real estate professional today to get more details.

If you’re looking to sell your luxury property and have concerns or questions, our experienced staff will be happy to guide you. Our licensed professionals have laser-sharp insight into the Boca Raton market and surrounding areas, not to mention we have a stellar record for serving many homeowners with excellent care. Call today.

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