We are in the throes of the busiest months selling real estate in Palm Beach County. I am meeting with Buyers from California, New York, Chicago, Maryland, and, of course, Boston and New Jersey. And as I'm touring properties with these Buyers, I find commonality with one question -- is now a good time to buy? The answer is a resounding 'yes' and let me share why I feel this way.
While it is still overall a Seller's Market, a trend we have seen now for years, some local communities and cities are leaning more into balance. Although interest rates are holding slightly lower than they were even 6 months ago, many Buyers are still waiting for them to come down further. We are seeing predictions of the Fed lowering rates over the course of the year by about 1%, maybe as early as this summer, which may be enough to trigger those Buyers currently on hold. When interest rates begin to come down, the numbers of Buyers who enter the marketplace will increase quickly and drastically. We have seen this before and can anticipate the outcome -- Buyers will outnumber homes available and a rising Seller's Market will trigger a new phase of rising prices.
As we sift through the market right now at various entrance points, it becomes clear exactly how important it is to work with a knowledgeable and experienced Buyer's agent. Many of the homes coming on the market today are statistically overpriced because the market is perceived by Sellers as overtly strong. A seasoned agent (on both sides, but today we're focusing on the Buyer) will know the current comps in the neighborhoods you're considering, guiding and providing insight to complete your purchase wisely.
My last words here as we venture out into the market is please remember your real estate agent is someone you can turn to well beyond Closing Day. So many homebuyers are making their purchases knowing an update is on the horizon. I live, work, and play here in Palm Beach County and have a running list of reputable licensed contractors who have done great work on my home, as well as referrals from clients with contractors they've successfully utilized and recommend. I know I've provided the best service experience possible when my clients reach out well after the ink dries on their sales contracts to discuss next steps and future plans for their purchases.
As always, if you have a question about the current market, your home, or a referral for a friend, let's chat!
Anita