Is It Turning Into A Seller's Market in Boca Raton Florida?
With inventory low in Boca Raton, Delray Beach, Highland Beach and the surrounding areas of Palm Beach and Broward counties, is it turning into a seller's market? It appears so to me. In the last couple of weeks, I have had sellers dig their heels in and ultimately get close to asking prices simply due to low inventory.
In certain neighborhoods, there are only one or two homes for sale. This makes it very difficult on the buyer who wants to be in that neighborhood, the buyer who has their heart set on a particular neighborhood. If inventory were high and there were more homes for sale, as in the past, the buyer could easily move on to the next property. There was more competition for the sellers. This is no longer the case. The tables seem to have turned.
I, personally, have encountered this on three separate occasions, in three separate communities, in the past two weeks. I hear my fellow agents talk about it. In certain communities, there is a shortage of properties to show. There just aren't any. To me, this is showing signs of a seller's market.
There are exceptions. For example. inventory is still high in country clubs with mandatory equity. You can do very well on a home in a country club in Boca Raton today. If golf and tennis are your thing, there is high inventory and record low pricing in country clubs today. Please realize that the home you buy in a country club comes with a mandatory equity fee along with additional fees and dues of the club as well as possible assessments.
However, if you are looking at a regular home (not in a country club) and find very few for sale in the neighborhood you are looking in, this is not the time to go in with a low-ball offer (unless you don't want the home.) This is a time to be realistic if you want that home in that certain community. Have your real estate agent run the comparables and come in with a fair offer. Prices in Boca Raton, Delray Beach, Highland Beach and Boynton Beach are back to 2002. Be realistic and you'll get the home you're looking for.
For more information on the Boca Raton Real Estate Market or to buy or sell a home in the Boca Raton area, please contact me a Boca Raton Real Estate Agent. I can be reached at or by email at Elyse@ElyseBerman.com.
All information deemed accurate but not guaranteed or warranted.
By Email: Elyse@ElyseBerman.com
By Text - 561-716-7824
Cell - 561-716-7824
Elyse Berman, PA, CRS, ABR, GRI, e-PRO of Best Connections Realty, Inc. serving Boca Raton FL and the surrounding cities of Highland Beach, Delray Beach, Boynton Beach, Lake Worth, Wellington, Deerfield Beach, Hillsboro Beach, Lighthouse Point, Fort Lauderdale, Hollywood Beach and Hallandale Beach.
style="margin-top: 15px;">Disclaimer: The information contained in this blog should not be solely relied upon and should be independently verified by professional sources. The opinions expressed herein are solely mine.
All information is deemed accurate but not guaranteed. All statistical information was obtained from BMLS. Many articles may be time and date sensitive. Please be sure to look at the date it was posted.
No reproduction is permitted without the author's express permission.