We all know for a fact that homes in Boca Raton real estate can be expensive due to the city's location and high-income demographics. Despite this fact, quite a lot of local and foreign investors and homebuyers are showing a lot of interest in the potential acquisition of a quality residential property in the city. A successful purchase of a home -- meaning that you get a great property at an affordable price -- means that you have to utilize the current market trend to your favor.
Using Home Prices to Guess the Timing of the Purchase
Timing is everything if you're aiming to successfully acquire a home in Boca Raton real estate. Keep in mind that prices of residential properties go up and down without a moment's notice. Even if the prices of homes today are cheap, you can never guess if its value will rise or fall the next month. Such is the case; it would be prudent to first check out the current value of homes in Boca Raton and see if it is the perfect time to proceed with the acquisition.
As of March 2010, there are roughly 6,000 homes for sale in the city. Previously-owned properties play the majority on these offers -- around 4,000 homes sold by their respective owners while 2,000 goes to foreclosures. Current prices of homes for sale rose by 1.2% compared to last month's figures, closing the numbers at $330,000 in average. Foreclosed properties, on the other hand, are somewhat cheaper even if the prices rose by 5.6% that closed the market price at an average of $210,000.
Newly-developed properties are rare in Boca Raton real estate as construction firms and real estate companies are still putting a hold on their future home projects until the number of available homes for sale goes down. At the moment, new homes are priced at an average of $750,000.
Price Speculation and Budget Planning
The best way to acquire a home in expensive Boca Raton real estate is to speculate with the market and to take full control over the budget of your acquisition. First-time homebuyers might want to let a realtor handle this part of the project; or you can do it on your own by paying attention to the details.
The first thing you need to look at is the median prices of properties in the city. At current, the prices stand in $330,000. Buyers need to go up and down this value while checking out properties in the city. For example, within the $330,000 mark, it is best if you look for properties from $280,000 to $350,000 to give you quite a few selections for comparison. Don’t just stick to the actual price since it is only in figure and might not reflect on most properties in the city. Setting a minimum and maximum price range gives you more control over selections and comparison later on.
You might also want to look into possible financing options in Boca Raton real estate to fund your acquisition. Though interest rates of most loans in the city have gone up, it is still low enough for average homebuyers to get the right financing option to get the home of your dreams without putting your finances in the red.
William W. Teho, Jr.
Boca Raton Real Estate