Lang Realty Releases Palm Beach County Real Estate Update
The housing market has faced serious difficulties since the wake of the recession, but it seems that the storm has finally begun to clear. And if there’s anything to be learned from nature, its that destruction breeds creation, and the cycle of life begins anew.
What does this mean for a prospective home buyer? The post-recession recovery is leading to a boom, in which buying up foreclosed properties has become a valuable investment opportunity.
Today’s home buyers in Palm Beach County are seeing inventory tightening up and demand becoming higher. “For six years we have seen no new building in our area and essentially the demand caught up. Any foreclosures are being scooped by investors and there is more demand than supply” remarks Lang Realty President, Scott Agran.
Lang Realty is a local South Florida real estate based in Palm Beach county that monitors real-time real estate market data and home pricing and selling trends.
With inventory shrinking, the early adapters which represent 20 to 25% of the market understand now is a time to buy a home. The fact that mortgage rates are at their lowest in years is also helping to fuel this upward trend among this group. State data shows that Palm Beach County’s median sales price for an existing single-family home lifted to $197,000 in March, a 6 percent increase from February driven in part by depleted inventory and voracious investors.
Benefits of Home Investing in Today’s Market
Unlike buyers of the last few decades, today’s new homeowner does not have to succumb to purchasing a property during an age of dwindling property values.
The buyer’s market is now significantly more optimistic then it has been in years. Appraisals match the decided upon purchase rate and interest rates for mortgages are affordably low. Even existing homeowners currently bogged down by a pre-existing mortgage now have the opportunity to sell without having to accept a loss.
The struggling homeowners who managed to bear through the worst and hold off on foreclosure or a short sale during the peak of the recession, now is the best opportunity to sell their current place and free themselves of “unsustainable mortgage obligations.”
Buying a House in Palm Beach County?
Are you in the market for a new property in Palm Beach county? Consider Lang Realty for all your real estate needs! Lang Realty offers a thorough, comprehensive approach to buying or selling luxury real estate in Palm Beach, Broward, and St. Lucie county. Their featured listings include properties in Jupiter, Port Saint Lucie, Highland Beach, Wellington, and West Palm.
This guest post has been provided courtesy of Lang Realty. Lang Realty has eight office locations throughout Palm Beach County and the Treasure Coast. Please visit LangRealty.com for more information.