It's an interesting real estate market these days. Home prices have bounced back after the COVID dip in March and April, new developments are on the rise and home sellers are getting more for their home than ever before. However, it is a unique environment in that lenders are still pretty strict, competition is high and homebuyers don't want to overpay for a property.
2020 is actually a great time to buy a property as values are increasing yet rates remain historically low. If you're planning on refinancing or buying a new home, you can get a great rate and by more home for less money.
If you're considering buying a home in Palm Beach County in 2020 here are some important skills to have in order to get the home you want at the price you need.
#1. Million-dollar true value validation.
Million-dollar homes are everywhere these days, depending on the market. In the Palm Beach County market, a million-dollar home is no big deal. These types of prices are commonplace and a lot of developments and gated communities throughout Palm Beach Gardens and Jupiter. However, it's important that buyers know that this price increase has not been earned by home improvements or construction quality; it truly is simply the market. "Paying more for less is the really significant aspect of the price inflation trend." [Source] Buyers need to be impressed by true value such as location, quality of materials, and construction. The more the buyers understand that a million-dollar valuation isn't necessarily all it's cracked up to be, they can make a better-informed decision on the right home.
#2. Educated decision-making.
Understanding "days on the market", taxes, insurance, and all the details that go into buying a property help buyers be more educated and understand what they're buying and how much the really be paying each month. Talk to your real estate agent about the logistics of a particular property. Has the home been listed for a long time? Has the home come off the market and then relisted three months later? Has there been price increases or decreases? How long has the seller owned the property? Why are they selling? Is it truly a good value or is it the most expensive home in the neighborhood? All of these are valuable details to know before making an informed decision and a well-thought-out offer.
#3. Go beyond the price and look at value.
Just as we discussed in the first skill, understanding true validation, it's important for buyers to understand that the purchase price is only one feature of an offer in order to purchase the property. Closing dates, conditions, contingency and financial ability to close all play into a tight offer and a well-thought-out transaction. Understand what the most important factors are when it comes to the seller including their emotions and their ability to sell. Make your offer stand out by understanding the seller better and speaking to your real estate agent about options and incentives in order to get the home you really want.
If you didn't already figure it out education is really the ongoing theme of today's homebuying skills. Understanding the seller, the market, the neighborhood, and the valuation of each individual property will help you make a better decision so that you don't overpay for the wrong home.
In order to get started contact my office today, we could talk about preapproval, closing dates, or sign up to schedule a showing or consultation for any home on the market.
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