West Palm Beach real estate is now enjoying the limelight of property acquisition -- both foreign and local investors looking to acquire a home in this high-income locale used as a permanent residence, vacation home, or as income or profit. But before you proceed with the purchase, it would be more advantageous on your end to first check out the trend of the market to time your purchase that would be most profitable on your end. Also, checking out the values of homes beforehand can benefit sellers as well, biding their time until the time is right to sell to yield considerable profits from your home.
Home Prices This 2010
Many real estate experts are seeing a lot of improvements in the West Palm Beach real estate market compared to a few years back when the prices are going down. Today, the stead rise of home values indicates that the city is enjoying a recovery that no other cities in Florida can hope to match, though Boca Raton is also going for the spot as well.
Real estate figures online reported that previously-owned properties in the city has increase by 2.8%. This closed the average prices of homes at $150,000. There is an approximate of 4,500 homes under this listing.
Foreclosed properties, on the other hand, have also seen an improvement in the market compared to a few months back. Experts reported that prices on foreclosed homes in West Palm Beach real estate skyrocketed by 14.9% that closed the figures at $142,000. There are an approximate number of 3,500 foreclosed homes in West Palm Beach, including bank-owned and short-sales.
New homes are still considered to be expensive in West Palm Beach at the moment. Real estate and construction firms are still holding on to their investments waiting for the market to yield a positive favor to new homes. Basic prices of modern homes, fresh construction, in the city should be at an average of $500,000.
Conclusion:
Despite the high-income demographics of West Palm Beach real estate, the past real estate decline have made it possible for first-time home buyers to acquire the perfect home in the city at reasonable prices. Smart homebuyers are taking advantage of cheap homes in the foreclosure listing in the city, and using the savings to improve the property to fit their specifications.
Sellers, on the other hand, might want to hold on to their properties for a few more months if you're aiming for a tidy profit after the purchase. Considering the improvements of the current real estate market, a few months time should give you a good price for you home to merit a sizable profit coming your way.
William W. Teho, Jr.
West Palm Beach Real Estate
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