Will Irma wipe the smile off the faces of Jupiter home sellers
Down here in South Florida everyone’s mind is on Irma. Her size, her strength, her direction, her fury. Prayers for safety out to anyone and everyone in her path. As the enormity of what Harvey did to Houston just starting to come into focus, we pray that the force of Irma slows down as this morning she is still a strong Category 5 bearing down on Puerto Rico. Only three Category 5 storms have ever hit anywhere in the United States and it has been 25 years since the last one. We would love for this not to end up being number four.
If you know us, you understand real estate is never far from our minds. It’s what we live and breathe. Our passion is educating our clients so they are able to make fully informed decisions. The price of real estate is almost always a top consideration in any real estate transaction. Buyers would love to buy low and sellers would love to sell high. Right now, Jupiter home sellers are happy as median prices are up again for the 7th straight month.
Up for seven straight months and the increases have been substantial. Back on February 1st, Jupiter home sellers would have received $426,500 for a median priced single family home. Today they would get $478,725. That is an amazing increase of well over 12%. So far in September inventory levels have dropped and pending home sales have moved higher. If you are one of those Jupiter home sellers there is probably a big smile on your face right about now. In fact, it may be a great time to consider selling for a number of reasons.
One thing that has the potential to wipe that grin away is Irma. The effects on real estate, especially where so makes landfall can me dramatic. To early to tell but already we are thinking about potential property damage, what will happen to the cost of insurance, the looming expiration of the National Flood Insurance Program, real estate closings that will be delayed or cancelled, people affected by storm unable to make mortgage payments, damaged homes further reduces inventory. The list goes on, and on and on. It’s too early to do anything but pray that come Sunday there is still a big smile on the faces of Jupiter home sellers.
Many will have decisions to make next week and if Paradise Sharks can be of help in any way just let us know. God willing we will be here and easy to reach at 561.308.0175 or firstname.lastname@example.org.