How is the Palm Beach Real Estate market?
Posted by Ruben Salazar on Sun, Jun 12, 2011 @ 01:22 PM
By Ruben Salazar
Anytime I wear my CENTURY 21 Tenace Realty polo I get asked the same question, How is the Real Estate Market? I answer, “The market is burning HOT!” Truth is, compared to last years’ sales; it may appear as if my outlook is flawed. However, last year we had an artificial spike due to the tax incentive being in full swing. So why do I think the market is so hot? Simple, inventory is moving and homes that are priced to sell are selling faster than ever. In fact, anytime I place an offer on an REO (Bank owned foreclosure) we end up competing with three or four buyers. To me, that’s a HOT market!
I decided to write this blog today because lately I have been cold-calling FSBOs and Expired listings, a practice that I abandoned when the market bombed. While speaking with FSBOs (for sale by owners), I noticed a trend in attitudes towards the market. Some home owners think we are still in 2008 when sales just fell off completely and rents were still very affordable. Remember, the real estate market is as local as the weather. You never hear a weatherman say “It’s going to rain in the USA today” or “Iowa needs to prepare for the big hurricane.” Real Estate is local in nature and South Florida offers unparalleled value to anyone looking for a second home, or even a new career. My answer to the distressed home sellers out there is “there is always an option and you are NOT stuck in your home.” With interest rates as low as ever and banks willing to short-sale homes with mortgages that exceed todays’ values, selling or buying a home today is a possibility for anyone who is motivated. Furthermore, with the hottest rental market in decades, investors are buying rental homes as quickly as possible and the cap rates are astronomical. The next time your neighbor grumbles about the market, let them know about my services and how I can help them no matter how bad the situation may appear. In my five years of Real Estate experience I’ve learned how to shepherd buyers and sellers through these tough times to help them improve their standard of living. This is a "Pros-market" because it takes experience and know-how to sell and buy in today’s environment.