                                  Jupiter Homes For Sale
WE continue to see more good news for real estate here in Jupiter and Juno Beach. The Palm Beach Post had three articles this week showing increased sales over last year by 8%, home prices up 12% and inventory levels down to 5 months, the lowest level in years. Six months is considered a neutral buyers/sellers market so now it seems that the sellers are gaining an edge on the buyers.
I have seen it first hand in the past few months on offers by buyers looking to steal a property. After finding out the sellers are not so easy to neogiate with and holding firm on their prices the buyers are questioning the market. The people who are just reading the paper and not actually looking for a home is Monday morning quarterbacking at its best. Unless you are actively out looking for homes you really don't have an understanding of what is going on in the Jupiter home market. Gone are the so called "deals", there are a few out there but not many. The first time home buyer is getting wacked by cash investors fighting for the last few remaining deals out there. Many of the lower priced homes are getting multiply offers above asking price on the first day.
I reference the Bluffs in Jupiter a Divosta built community built in the mid 80's quite often. The last three homes in there that came on the market were sold in a day and one was $10,000 over asking price by a cash buyer. Call me crazy but that doesn't sound like a distressed market. The key factor to each one was a good location, remodeled property that showed well. There is a bunch of junk out there that needs thousands of dollars of rehab work and as many of you know it costs much more than you think it does to remodel that kitchen or bath.
If you are a serious buyer don't only watch the new listings coming to market but you need to watch the sales and the timeframe in which they sold. What is causing this switch in market conditions. I attribute it to several factors. Low interest rates that will never been seen again. BUyers who are still a few years away from retirement are pulling the trigger due to low interest rates and housing prices are beginning to climb. The money you save on interest alone will be 10 times the amount over the life of a loan than the few thousand dollars you may have to pay above what you really wanted to pay for a home. Demand for the Jupiter area continues to increase as you see other areas South of us having crime issues , congestion and low quality of life. Strong demand for Jupiter schools is causing inventory to shrink and prices to rise. Many buyers had been sitting on the fence trying to time the market, well now that they are reading positive real estate articles they are jumping in. Many were waiting on the sidelines to see when the market would stabilize. Just like stocks you have a difficult time timing the market. Cash investors having been parking money in real estate for several years now. Earning 10% plus on their investment plus appreciation that they will see in the next few years has caused a huge price spike in lower priced homes and condos.
If i can help you find a Jupiter property or you just need some local knowledge, feel free to contact me. You can also search my websites without giving away your first child and do some home work before you start your search for real estate here in Jupiter.
Looking for oceanfront condos check out the new site for Singer Island Real Estate. The site has every condo and waterfront home for sale including the newest listings for sale each day. Just South of Juno Beach, Singer Island has gone through a transformation with many new luxury condos being built in the past few years including The Ritz Carlton Singer Island.
Posted by Jim McLane on
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