Buying in Southern Florida? The market is saturated. Buyers should know their market WELL before jumping in. Here's what to know and why.
We've talked a lot about buyers jumping on the right property or even multiple offers and how to outbid your closest competition but right now, the southern Florida real estate market, particularly the areas around Palm Beach County are saturated with a lot of homes and new homes being built every day. So what can buyers do to really make sure they get a good home at a great price?
The thing that buyers need to do is understand the local market. Markets can change from Jupiter to Palm Beach Gardens, from the ocean to inland. Buyers need to understand the micromarkets and how to appeal to particular sellers. They need to do a little bit of research and find out why particular homes are not selling and others are. Sometimes buyers can get a great deal if they find a home that's been on the market for some time and then offer a lower price. It really comes down to understanding the market and not overpaying for homes.
Some of the newer homes that hit the market, especially in a good location and at a great price will create a buying frenzy, multiple offers and a bidding war, which is something that buyers may regret later on. Make sure you know your budget and how much you're willing to pay over the sales price if you really love the home. Don't just go after your closest competition because it's a competition. Go after the home because you've done your research and you love the property.
Find out what is creating a higher value and little book for homes that may be in up-and-coming neighborhoods. Homes that are near Whole Foods Markets, Trader Joe's and Starbucks may bring a higher resell value so look for up-and-coming neighborhoods or new developments that may have these types of stores on the horizon. You may increase your homes value dramatically simply by being a block or two away from the closest Starbucks.
Read more: How to Compete with Cash Buyers
Because there are a lot of options and choices, home buyers need to be diligent and cautious about buying, doing the research and having the right buyers agent that is also familiar with the individual markets and communities around Palm Beach County. Finding quality and not rushing into by can really vet you a great house.
For more information contact me any time. I'm here to answer your real estate questions and because I know Palm Beach County and the specific communities, developments and neighborhoods around the area we can make a strong negotiating tactic and find you the right home at the right price.