It is a difficult dilemma for homeowners in Palm Beach Gardens, West Palm Beach and throughout Palm Beach County to decide whether to sell now or wait until market prices increase.
Some have been waiting for three years for prices to stop falling and during that period they have lost thousand of dollars of equity in their homes.
And while no one knows what the future will bring, most Palm Beach Gardens real estate practioners do not see a bottoming of the housing market in the coming year.
There is still an abundance of homes on the market in Palm Beach Gardens in the moderate price range -- that is in the $400,000 to $700,000 range -- in golf course communities and in purely residential communities. And there are still many homes for sale in the upper and lower price levels.
We don't really see that a leveling of housing prices will occur until the glut of homes on the market is either purchased or taken off the market.
Communities such as Steeplechase, Ironhorse Country Club, Ibis Country Club, Mirasol, BallenIsles, PGA National and many more have seen significant erosion in home values over the past few years. And while it is a buyers' market, homeowners are wretching over their lost value.
So to return to the initial question: sell now or wait?
If your motivation is to sell your current home and buy another home, it is probably as good a time as any to move forward. You will likely sell at a price lower than you might want, but you will also buy another home at a lower price. What matters here is the margin between the two prices ... sell low and buy low ....
If you are looking to get a fixed amount of money out of your house that puts the selling price above market price, you are wasting your time and adding to the glut of home for sale. We've seen home on the market for one, two and three years, holding the same sales prices as values decline. Buyers are more savvy than that and will buy today if they are convinced they are getting a good deal. In this instance, it is not wise to place your home for sale in this market.
If you just want out and are willing to get the same amount of money for your house that you paid for it, or even a little less, it is probably wise to move forward today. Prices will likely be less tomorrow.
The Weiss-Clawson Team is experienced in selling homes throughout Palm Beach Gardens and northern Palm Beach County. We are available to consult with you about the sale of your home. You can contact us directly. We will provide a comprehensive market analysis of your home in our initial consultation. We have successfully marketed and sold homes throughout the area.
We look forward to hearing from you and to working with you.
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