Today we finished off the last day of the fall Litlle League Baseball season in North Palm Beach where I am an Assitant Coach for the 7 to 8 year old division of Coach Pitch Baseball. I have an older son who plays in the 11 to 12 year old division. After the games were over, all the parents and kids had a cookout and party to celebrate how imoroved all our boys had become during the season.
Of course, as has been the trend throughout the season eventually the conversation turned to the current real estate market in Jupiter and the North Palm Beach area. Many of the parents want to sell not becuase they have to sell but becuase they want to buy in better neighborhoods that had previously been out of there price range. Howevr, they were afraid to try and sell becuase they felt they would not get what they felt their current home is worth.
This really got me thinking. As the conversation continued I listened carefully to the dreams, hopes and desires as well as fears and concerns. I realized that no one had considered that if they sell their home in North Palm Beach they would make up any percieved loss when they bought a home in Jupiter or Juno Beach. I kind of threw that idea into the conversation and only one person understood what I was trying to relay. For those that couldn't wrap their minds around the concept I simply stated that the best strategy for them would be to wait it out. Either way, their North Palm Beach home will continue to reduce in value but so will the Jupiter and Juno Beach homes. So even if they waited it would still work out in the end.
For the one person that understood, we are meeting on Monday. He already knows what home he wants to buy in Juno Beach and has sufficient equity in the current North Palm Beach home to sell at a respectable price and walk into the new home without having to add funds out of his pocket. We are listing his home and making an offer on the new home. Both transactions will equate to a total of $1,000,000 in volume. Not bad for just trowing out an idea into a crowd.
I'll keep you posted on how things turn out.
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