The U.S. real estate market is still super-hot, especially in the Sunshine State. And perhaps no Florida market is hotter than Palm Beach County. The largest county by size in the state, Palm Beach County is home to the most golf courses in the state, numerous unique retail experiences and hip restaurants, and over 46 miles of the most beautiful white sand beaches in America.
While Palm Beach County has long been the preferred destination for wintering snowbirds, a new group of people is flocking there too, attracted by the sunny year-round climate and beach access, as well as the state’s lack of income tax.
But all that demand means a limited supply of quality, affordable homes. With listings selling for thousands over asking within days of going on the market, it takes a little effort and skill to snag a great deal on your Florida dream home, but it can be done. Here are a few tips.
New listings get snapped up quickly, so as soon as you see a home that piques your interest, contact the realtor or builder, and make a viewing appointment. Some Palm Beach County homes are on the market less than 24 hours, so you need to book a viewing immediately. Take advantage of home-finding apps so you can search properties on the go.
Take Advantage of Virtual Open Houses
Because of social distancing, many real estate agencies offer virtual tours, which are perfect if you don’t live in or near Palm Beach County and can’t get there quickly. If there is no video accompanying a listing, ask the agent if they could give you a virtual walkthrough via their phone or tablet.
Look for a Temporary Home
If you intend to live in Palm Springs for a while, there’s nothing wrong with renting an apartment, condo, or home while you continue shopping for your forever abode. This will give you more time to look around without the pressure of relocating immediately and gives you a chance to get any necessary financing squared away.
Expand Your Search
Do you have to be right on the beach? Consider an outlying area or neighborhood that might not be as sought after and therefore less pricey. Check out surrounding areas like Flamingo Park, Old Northwood, or Southend. Each has its own unique vibe, which more than makes up for not being right downtown or walking distance from the beach.
Make an Offer Quickly
Remember, listings go fast, so you won’t have a lot of time to think it over. Since the beginning of the year, single-family homes were going under contract after a median average of 13 days, a 57% decrease from the 30-day timeframe during the same month in 2021. When you find the right home put in an offer as quickly as you can and know that you might have to go over asking to secure that dream home. An experienced real estate agent can guide you through this process and make suggestions for ways you can sweeten the deal.
Timing is Everything
Home sales usually undergo a slump in the fall, as families with young children head back to school and postpone house-hunting. Florida is no different. Data shows that October is the worst month for sellers in West Palm Beach, who reportedly get 8.47% less for their home during this time of year. Lessened demand can make for desperate sellers, which is a great time for you to swoop in and make a good offer without twelve other people vying for the same property.
Face facts. The market is crazy right now and it will be tough to find a suitable home. But you will succeed. Just understand the challenges going in and know what you will do in the case of a bidding war or other hurdles. This is where an experienced, knowledgeable real estate agent can help you navigate the rough patches.
Don’t Get Discouraged
In this hot market it’s easy to get frustrated but be patient. The right home will come along. Understand going in that you are going to be outbid by people who go thousands of dollars over asking and don’t want any contingencies. Keep browsing new listings for potential properties. Your dream home is just one click away.
Contact Florida Bar Board-Certified Attorneys David E. Klein, Esq. and Guy Rabideau at Rabideauklein.com. They have the expertise and experience you need to ensure that your interests are protected throughout your real estate transactions in the Town of Palm Beach, across the Palm Beaches and throughout Florida. Contact Rabideau Klein today to discuss the legal implications of your Florida property transactions.