Jupiter Real Estate
As summer approaches buyers tend to think about other happenings in their life other then Florida real estate but it may be a good opportunity for buyer's to pick up that right property at a reasonable price. Most seller's want to sell and as their summer showings decline many seller's become more receptive to entertain offers that they wouldn't have accepted in the past. So buyer's keep a watch out for properties that may interest you. Start a search for Jupiter real estate and Jupiter Fl homes for sale with our help.
Buyer's even with summer here please don't think you are going to steal a property. You will get a better deal than during the season in most cases but you're not going to steal it. Look at recent comps and make your offer based on very recent sales. Don't look at sales that are older than 3 months they are most likely irrelevant by now. If the most recent sale was $250,000 your most likely going to pay $250,000 or more. This is especially true in the lower priced homes. I have seen 10% jumps over similar sales in the $250,000 condo market. Tequesta Oaks had been selling at $275,000 all day long and the last sale was over $300,000 for the same property in similar condition. This is now the new market price. Every sale since than has been $300,000 plus. This is more prevalent in the entry level market.
Lack of quality inventory still seems to be the biggest hurdle pushing upward pressure on Jupiter home prices. We are seeing a rise in inventory but many places are in original condition and need $50,000 or more just to make the home livable by today's standards. Many buyers can afford the mortgage but don't have the extra cash to do the remodeling. Prices continue to rise for many properties with different areas accelerating at greater rates than others. Even with higher interest rates we are still seeing strong buyer demand and upward pressure on home prices. The experts are saying not until the rates rise another percentage point we will not see an effect on real estate prices. Demand is just overwhelming the supply and many areas have no land to build on. We are seeing more full time people coming to Florida and not just snowbirds.
We are in a unique area here in South Florida and many retirees have the mentality it's their last home. Some buyers will pay more than the recent sales have been if it's the right property. What's $10,000 on a $250,000 property if you are going to live there for the next 15+ years. You're not worrying about resale value when your in your eighties.
If you finance your property the monthly payment for each $10,000 is $50/month. This is why buyers are scooping up the remodeled properties. That extra $50,000 which many buyer's don't have can be purchased for $250/month. Many buyers also don't want the aggravation of dealing with contractors while living in their home state.
Your choices for condos below $300,000 are quickly disappearing and single family homes under $500,000 tend to be in need of a $100,000 or more of upgrades. Jupiter has had very few homes built after 2010 and even homes built in 2000 are soon needing roofs and other major updates. They are quickly approaching 20 years of age.
I'm watched the non-seasonal condo market pick up dramatically in the last month or so. Even though you need a 20% down payment on condos, single family homes are becoming unobtainable for many buyers. Places like Tequesta Trace and Tequesta Cay are popular townhome style condos that can be purchased in the lower $200,000 range. In the last month condos in these communities are selling in days. Buyers look for HOA communities where you can do non conventional financing. Many townhomes are governed by HOA's and not condo bylaws.
Right now in Tequesta there are only 11 properties for sale under $275,000 and seven of them are in Riverbend which is an older golf community with monthly condo fees of $700 to $760 per month. This leaves just four properties under $275,000 for sale in Tequesta that have affordable condo fees. See some beautiful Jupiter waterfront homes for sale.
Jupiter Real Estate - Selling your Home
Most Jupiter sellers are sitting in a better position than buyers. The biggest problem I see is many sellers are overpricing their properties. I recently saw an ocean condo in Ocean Club finally go under contract. It was originally listed at $499,000 and had been reduced to $329,000 before it had an offer. It was in original condition, no ocean view and a $1,000/month condo fee. Proper pricing is important for sellers. As time drags on buyers lose interest and properties get stigmatized for being listed for so long. There are a few Jupiter real estate sayings that always tend to be true. Your first offer is your best and many sellers can attest to that. I can almost bet that seller turned down several offers way above $329,000.
Sellers price your property based on recent sales and not what your neighbor is asking or what the agent says it's worth. See recent comps and go look at your competition as well.
Many communities still have no properties for sale while others have a minimal number of properties to choose from. There are motivated sellers and unmotivated sellers. Always a good question to ask, why are they selling or do they have to sell? I'm also seeing what I call the Domino effect. A community has several properties for sale and they sit and sit. Once that first property sells it seems there is a domino effect where other properties sell right after that first one. I'm not sure if it's buyers that are making low offers or waiting to see seller's reduce their prices. It's a cat and mouse game but once the first property goes the others tend to soon follow.
Today I checked the new listings and of the 24 new listings only two were priced under $300,000. You can see that is the reason for such a surge in that entry level market. The total cost of owning a Florida home continues to rise and we are seeing it here in Jupiter and the surrounding areas. Affordable housing is quickly becoming a problem in Florida and many other communities as well.
No matter if you are looking for condos, single family homes or townhomes we can assist you in your search for the best properties in Jupiter.
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