Palm Beach County Property Values Reach Record Highs
An unprecedented housing shortage in Palm Beach County has caused property values to break records and prompted a feeding frenzy among buyers. Residents have been bombarded by thousands of cold calls, mailers, and text messages inquiring about their interest in selling their homes. Property values have soared, the median home value for single-family homes in Palm Beach County recently reached a record-breaking high of $450,000. That represents a 25% increase from 2020. However, while property values are rising, hardly anyone is selling. Realtors say the resistance to listing homes is primarily due to the Covid-19 pandemic. According to realtors, many people are not comfortable showing their properties and are concerned about uprooting and making a major change during such an uncertain time.
The Time to Sell is Now
With skyrocketing house prices (and commission potential) realtors are upping the ante in their efforts to find houses to list. One real estate agency has increased monthly digital and mail ads from 2,000 to 10,000 in a bid to get some houses on the market. However, they are still struggling to get people to sell. Realtors warn that if you are considering selling this is the best time to take advantage of the high property values, as they are likely to peak soon if they haven’t already. “These prices won’t last forever” has become almost a mantra on the weekly mailers, however, there’s a seed of truth. Real estate experts have recently predicted that the Palm Beach real estate market was likely to soon peak and correct. Some experts are now wondering if the record-breaking property values are a sign that we have reached the peak. For sellers that have been peeking out every couple of months to check property values, trying to gauge when to sell, they recommend listing now while the market is hot. It is likely that once the market begins to correct, more people will begin listing in an attempt not to miss out on a profit, particularly with the pandemic concerns being a bit more tempered due to the increased accessibility of the vaccine.
How a Lawyer Can Help
Selling a home is a complex process that generally requires knowledge of state and local laws and regulations. An attorney can assist throughout the entire selling process, including with negotiations, drafting of the sales contract, and handling the closing. A lawyer can greatly streamline this process and help avoid costly errors.
It’s important to understand that the majority of buyers in the Florida market right now are not private buyers, but rather equity firms purchasing for the purpose of investment. These high-power corporations have lawyers handling all of their transactions. As a general rule of thumb, if one party to a transaction has a lawyer, the other one should too. Having a lawyer representing your interests is really the only way to ensure a level playing field in a property sale transaction.
Schedule a Consultation
If you are considering selling your property, the West Palm Beach real estate attorneys at the Law Offices of Larry E. Bray can help you navigate the process and ensure the best possible outcome. Call today to schedule a free consultation.