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Today's real estate market in Palm Beach Gardens, West Palm Beach, Jupiter, Juno Beach and North Palm Beach is as volatile as a spectacular fireworks display on the Fourth of July. There are just as many "oos" and "aahs" in the sale prices of homes throughout the region as there are when the night sky lights up with bright and beautiful colors.
It is a buyers' market and will remain so for the foreseeable future. The Weiss-Clawson Team is working successfully with both buyers and sellers in this market, but obviously, the challenge for sellers is much greater.
Realistically, you should not have your home on the market if you really do not have to sell or if you are not willing to accept today's market price for your property. And surely, if you list your home for sale well above the market rate for similar homes, it will just sit, adding to the glut of properties waiting to be sold. There are still more homes coming on the market than going off the market because overpriced homes simply are not selling. Our basic laws of supply and demand dictate that prices will continue to decline until a better equilibrium is reached.
Yet there are homes being bought and sold every day. There are buyers ready to buy! They are sophisticated and savvy, and they are achieving wonderful deals. Foreclosures and short sales are complicating the process and driving prices down even further.
** We have a buyer who purchased a bank foreclosed condo in Flagler Pointe - a modern building on the Intracoastal in West Palm Beach - for $117,900. The prior owner paid $266,770 for the condo in 2006. It is in fine condition and has an Intracoastal view.
** Another of our buyers purchased a four bedroom, 2514 square foot home for $319,000 - also in foreclosure. The original owner closed on the newly constructed home in September, 2005, paying $314,820. That owner flipped the property in October, 2005, selling it for $505,000. The second owner didn't pay the mortgage, so the lender foreclosed on the property. Our buyer picked up this property, in excellent condition, for $319,000.
In most of these instances the buyer paid a premium price for his home, and then borrowed more money on the property thinking prices would continue to increase at double digit rates of appreciation. Today that homeowner cannot pay the mortgage(s) and cannot sell his home for more than he owes on it. With luck, he can achieve a short sale - that is a sale of the property for less than the homeowner owes the lender. The seller must try to negotiate with the lender to have the lender forgive the shortfall. Alternatively, the seller must bring cash to the closing to cover the shortfall. It is a difficult transaction with extended price negotiations between the lenders and the Realtors representing the seller and the buyer. If these negotiations are not successful, the property may go into foreclosure.
Today's real estate market requires agility, knowledge and resourcefulness. The Weiss-Clawson Team is experienced in many types of specialized real estate transactions, including short sales and foreclosures. We are successfully concluding contracts for our buyers and sellers.
You can search for homes on our website then call us to discuss and property that interests you. We will make appointments for you to see the homes you want to see.
Information about life and real estate in Palm Beach Gardens and throughout Palm Beach County I am Carol Clawson of the WEISS-CLAWSON TEAM and we look forward to working with you. We provide our clients an unrivaled real estate experience.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.