Jupiter real estate struggles as the economy remains strong
We live in interesting times with so much instant information available to anyone who has a cell phone in their hand. We are told the economy is booming yet the Dow Jones is down about 2,000 points from the 12 month highs. We are told our votes are important yet 9 days have passed since the election and they still don’t have them counted. It’s a topsy, turvy world and it’s not going to change so get used to it.
With a home purchase being the largest financial transaction most Americans will ever face, it would seem that today’s age of instant information would make things simple. It doesn’t, and as we watch organizations like Zillow forge ahead with new strategies to buy homes directly from the owner and resell at a profit, it is critical that anyone doing real estate is getting honest advice. You truly need a broker, who not only knows about construction and real estate, but also is focused on your unique goals and not theirs. With the largest financial commitment one will ever make, your goal is to be educated and not sold. It’s impossible to sell a home to someone who intends to sell it immediately for a profit if you are seeking the full story.
As we are halfway through the 11th month of the year, it has been an up and down roller coaster for the real estate market here in the Northern Palm Beaches. Pending homes sales are at the lowest levels we have seen in over 6 years. Interest rates are at the highest levels we have seen in 7 years and yes there is a strong correlation between the two metrics.
As of today, pending home sales in the Jupiter area are down about 7% from month ago numbers but have shown some unexpected strength over the past two weeks. The strongest sales, so far in November, have come in Hobe Sound and Tequesta as many buyers try to get away from all the growth by buying into a little slower pace. Historically, we are looking for further declines in pending home sales through the end of January so the strength we have seen so far in November is a good sign.
Perhaps the perceived threat of higher interest rates, and prices that have pulled back from recent highs has lit a fire under buyers who have been sitting on the fence. Perhaps the high number of sellers who have reduced their list prices have made a purchase more appealing. Perhaps inventory levels that have reversed course and started to rise are giving buyers the choices they needed. The number of homes for sale in the Jupiter area is up almost 6% over the past month and buyers have more choices than they have had since May.
Single family home prices appear to be heading higher for the 2nd straight month and seasonal buying is just around the corner. So the Jupiter real estate market has been struggling, but over the past couple weeks the struggle has disappeared a bit. It is indeed a topsy, turvy world and it’s not going to change.
Paradise Sharks loves to add value to every transaction that we touch and because of our three decades of experience and unique boutique culture we can provide more service for less money than anyone we know. Always interview when doing anything real estate and Paradise Sharks would be honored to be on your interview list. Set yours up today at either 561.308.0175 or firstname.lastname@example.org.