Is Now a Good Time to Buy a House in Boca Raton

By
Real Estate Agent with Best Connections Realty, Inc. 3087750

Is Now a Good Time to Buy a House in Boca Raton

 

is now a good time to buy a home in boca raton

Is now a good time to buy a house?  The answer is yes, it is a good time to buy a house or a condo or whatever you're looking for.  

Let me explain.

The past 18 months have been tough on buyers.  They were dealing with multiple offers, short showing periods on weekends, offers due by Sunday night.  Highest and best.  Buyers were being forced to waive contingencies they normally wouldn't.   It was really rough on them.

As a result, many buyers had had enough.  You can push a buyer just so far.  Some buyers left Boca Raton and the surrounding areas for other areas, while others took a break.

 

MORE INVENTORY

However, the tables are turning.   We now have more inventory than we've seen in a long time.  Not in every community, but in many communities.

There is one community I can think of where there were no homes for sale and now there are seven. 

That levels the playing field between buyers and sellers a bit, don't you think?  I do!

Now buyers have choices.  They don't have to take the only house that's available, because there are more homes available.  More inventory.

 

PRICE REDUCTIONS

For the first time in a long time, I'm also seeing price reductions in Boca, Delray, Boynton and Highland Beach.   

Prices are starting to come down, and some newer listings are being priced correctly.   Sellers are starting to see the harm in overpricing their homes.

Sellers are starting to get the message:  I'm not going to get what my neighbor got three or four months ago.  This new reality is sinking in with many sellers.  Of course, there are always the naysayers, but you have to pick and choose wisely who you deal with.

Six months ago - even three months ago - no one would have thought we would see price drops.  No way!  Well, that has certainly changed.  And, it has changed in favor of buyers.

 

GOOD TIME TO BUY A HOUSE

It's a very good time to buy a house.  Interest rates, although higher than they've been, are still historically low.  A house is a place you live  in.  Its a home.   You're not at the mercy of a landlord who may raise your rent some ridiculous amount next year.  

When I say "house," I am including condos, townhouses, 55+ villas, whatever.  Especially in the 55+ communities.

 

FINAL THOUGHTS

Of course, it also depends on your personal circumstances. 

Are you planning to downsize?  Have you always wanted to live in an oceanfront condo?  Then it's a good time.  What are you waiting for?

Or perhaps you've outgrown your house and need a larger home for the kids?  Or a move for schools? 

It's a good time to buy a house if you need one.   A very good time.

The opinions expressed in this post are simply my own opinions.

 

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Comments (12)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Elyse Berman, PA with home prices continuing to go up as well as interest rates, waiting to purchase could prove to be a costly decision.

Jul 16, 2022 04:23 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Elyse- now's as good a time as any!  But if someone is interested in Boca, Delray, or Boynton, they should contact you first!

Jul 16, 2022 05:25 PM
June Piper-Brandon
Coldwell Banker Residential Brokerage - Ellicott City, MD
Piecing Dreams One Home at a Time

Buyers in Boca Raton should take your words of wisdom to heart and call you to buy a home.

Jul 16, 2022 07:06 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Elyse - it certainly has been changing mostly everywhere with more listings.  Buyers who stopping looking should come out now.

Jul 17, 2022 04:48 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

You give a very good explanation and I would agree!  My advice is always that the best time to buy is when you are ready to buy.

Jul 17, 2022 04:56 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

I'm seeing the same things in my area - it's a better time to buy than it has been for the last few years.

Jul 17, 2022 05:01 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Elyse... you've got me convinced that now would be a terrific time to buying a home in Boca Raton!

Jul 17, 2022 05:21 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Elyse,

I agree resoundingly now is a great time to buy a home in Boca Raton and buyers should call you for representation. Buyers have a chance with more choices right now more than ever!

Jul 17, 2022 05:43 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Elyse, hope buyers see your post and give you a call!   Our market has slowed, and finally easier for buyers.

Jul 17, 2022 07:48 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Elyse and Thank You for sharing this great information with us here in the Rain.  Make it a great week!

Jul 17, 2022 08:21 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Elyse - with more inventory and if by in Boca is your goal don't wait.  The Lyft driver who picked us up yesterday at PBI said he takes many of the rides to Delray and Boca.

Jul 26, 2022 06:30 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Elyse Berman, PA - when the tables turn, sellers change their tune. I wish you the best in Boca sales. You wrote a great post with lots to think about!

Aug 09, 2022 04:27 AM