Is the Market Starting to Turn to a Buyers' Market
In the past two months, but especially the past month, I have seen indications of my market turning more into a buyer's market. Not everyone may agree; this is my observation of Boca Raton Florida and the surrounding areas.
There is definitely more inventory, I recently listed a house in a neighborhood where there were 10 homes for sale at the time. We wouldn't have seen that 6 months ago. Houses were on fire over the summer, so to speak. List them and multiple offers were coming in. Now, there were 10.
In the past 30 days, 5 more houses came on the market. There were price drops in some. Several went under contract. I had one buyer's agent say to me, Can the seller decide fast because we have another house to look at and make an offer on?
Secondly, the number of price reductions on our hot sheet has increased daily across the board. We are in an area of communities, and it can vary by community, but I have seen price drops from the beach to houses out west and in between. I haven't seen this many price drops in years. That and more new listings coming on the market daily.
Prices are dropping. I have seen several drops in one community in one day or by one agent on their listings.
We are in "season" in south Florida. People tend to raise their prices in season as snowbirds fly south, especially at the beach. I don't see that happening this season. I am seeing prices dropping.
I've been in south Florida for 24 years and in real estate 15 years. This has the look and feel of a downturn to me, a downturn into a buyers' market. Of course, there are sellers who are holding steadfast hoping to get what their neighbor got last summer, but the ones who want to or need to sell are pricing their homes right or lowering the price. Even builders are lowering prices on their spec homes in our MLS.
I believe the market is turning into a buyer's market in Boca Raton and its surrounding areas. That is my market. Others may not agree. This is my observation and opinion.
This is great news for buyers who should get themselves a great buyer's agent, for new construction as well as for resales, and go looking. Now there are, once again, houses to look at.
What do you see in your market?
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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.
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