Selling Your Home in Springtime is Trending in Boca Raton

Posted by Jean-Luc Andriot on Friday, February 23rd, 2018 at 4:58pm.

Spring home selling tips for Jean-Luc Andriot blog 022318

Should Sellers Hold Off on Listing Luxury Property?

While there have been many developments happening in Boca Raton in the first quarter, there’s also some lull moments too. Weather, tourist season, and tax season all play a significant role in how our economic growth is panning. If you’ve been thinking about selling your luxury, home or condominium, you may want to consider a few factors. This article will help you answer if you should sell or lay low until summer.

First, let’s ponder inventory for the area? Boca Raton offers incredible variety when it comes to the housing market. Prices range from modest to multi-million-dollar mansions and everything in between. Since this city is one of the most sought-after in Palm Beach County you can expect most of these estates include all the amenities imaginable and are in gorgeous communities. However, if you’ve been thinking about hiring a realtor to help you sell, it pays to know someone who is an expert in this specific zip code. Every month, there’s a nice amount of real estate bought and sold for this town, but not every buyer is right for every property. If you’ve wanted to sell, do your due diligence and research with your realtor if this is the right time for the type of inventory you want to unload.

Next, take into consideration, what is happening with mortgages and financing. The current trends may not be so hot next month or next year. Many of the indicators are pointing toward housing prices on an upward swing. However, a good majority of the buyers in the luxury markets, are aware of this and are looking to decide soon. In some cases, your property may have a higher chance of selling now as opposed to future pricing increases. But, when you’re working with experienced and knowledgeable representatives, they’ll help guide your determination.

Tax deductions is yet another reason why so many people are amid selling their dwellings. Since the tax filing for 2017 allows state and local property tax to be deducted from your taxes, there’s also talk of a total deduction of $10,000 which may affect some of the property owners in town. Also, Palm Beach County doesn’t have low property tax and is higher than most other counties. But, if you were thinking of selling, think of how the buyer perceives the investment and what the loss may entail. If the next buyer plans on keeping the property for extended periods, they may look toward buying now while they can take advantage of the lower rates and pricing.

Besides the interest rates and mortgages, as the Boca Raton population continues to grow, housing will be needed. With job growth opportunities predicted to be almost 40%, you can imagine the number of available places to live will be in high demand. Even in the high-end housing developments, there’s an influx of who is moving in and out. At one point, the market was highly saturated by retirees and snowbirds. But, with the millennials on the rise for top jobs, the young professionals also want to be in the lap of affluence. A lot of GenY is seeking expensive units where they can also use their property as additional income. In many instances, this generation is buying than renting to places such as Airbnb and multiple renters who want to live the good life. Nonetheless, housing will continue to be needed, but with the rise of housing prices, and mortgages, most likely people will want to take advantage before they are forced to wait. In this case, selling before the rate increases makes perfect sense.

On the other hand, if you’ve been wanting to sell your Boca Raton home and aren’t sure if you should wait, think again. Approximately, thirty-thousand people move to Florida each year. While the population continues to grow, the need for more single-family housing becomes higher as well.

On the flip side of things, the interest rate has remained low although it’s on the rise. This makes for favorable conditions for many people looking to buy and sell. Another point in favor for both buyer and seller are the lenders are creating more natural processes for people to obtain loans. These financial benefits are sure to make buying a home more attractive to the masses. Nonetheless, if you have been thinking about selling your South Florida estate, now may be the best time to do so.

According to CNN Money, housing will still be in high demand while inventory can’t keep up making this an ideal time for sellers. Mortgage experts are also predicting a fast return for those who are looking to sell as well making Spring 2018 even more attractive for homeowners. Since there seems to be a shortage of housing, there will be a high turnaround as buyers will be at the mercy of supply and demand.

Regardless, on the supply and demand issues, Florida continues to be a terrific place to buy real estate. Whether people are looking for second homes or a primary residence, Boca Raton offers tax benefits, ideal weather and some of the most beautiful architecture in the state. Also, people frequent the area even just to visit because of all the activity of this trend-setting town. We’re confident if Addison Mizner were still alive, he’s been bragging about building a coastal city, and full of promising surprises was his idea. While history repeats, Mizner’s theory and goal remains as "the world's most architecturally beautiful playground.” Perhaps this is one of the biggest reasons people love to buy housing here? Nonetheless, if you’ve been thinking about selling, this may be the best time in today’s housing market. Even with the Baby Boomers, looking to settle into a retirement home, will have a challenge finding but not deciding as they know how unpredictable the rates are becoming.

Although no one can foresee the future, it does seem selling now would be logical. With low-interest rates, a monopoly of inventory and living in much sought-after community buyers are most likely plentiful.

If you are thinking about selling your home, our luxury specialists are here to answer any questions you may have. Contact us today!

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