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

Is Now a Good Time to Buy a House 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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