After slumping sales for months on end, January & February of this year saw sales spike sharply upward. For the 2 month period, sales were up over 30% in Palm Beach County according to the Regional MLS. Several factors are contributing to this: Very low interest rates with many coupled to first time homebuyer incentive plans (including money from the Gov't), anxious & willing sellers who are finally realizing that they are not in the driver's seat any more, heavy inventory and distressed properties. We will probably continue to see sales hold steady through May as families continue to relocate for the upcoming school year and take more time this year since the number of possible choice of homes is so great. If you are planning on investing in distressed properties, remember that patience is a virtue. That said, there are many great values out there! You can search the Palm Beach MLS directly from my website: http://CoastalFloridaRealEstate.net
When buying a condo, particularly one in a distressed area or where there was a lot of speculation, remember to check the finances of the association. Many unit owners in trouble may have stopped paying their monthly dues and as a result the Association may be facing a shortfall.
If you are a seller facing a possible short sale, you may have substantially more leverage with your lender if you employ an attorney who specializes in handling short sales. Of particular note is the fact that even though you may find a buyer for your house, you signed a personal note for the amount of the loan and it is still due! An attorney can help negotiate this with the lender for you.
Sales of homes and condominiums in Palm Beach County are reaching new highs. For Jan & Feb sales were up over 30% from 2008. Have you started looking for that new home so you can be in it by the time school starts?
wow...the market keeps setting new highs. If you are looking for a home, now may be the best time to start the process. Dealing in the distressed property market can be time consuming, frustrating and more but the payoff can be buying a home at a tremendous value. If you haven't checked out the inventory lately, there are plenty to choose from. And many people are already getting aboard the value train. Sales in the first two months of this year are up over 30% from a year ago.