There’s no need to delve too much into the various problems that continue to affect the real estate market, everyone knows about those. What a small percentage of people are unaware of are the unique Palm Beach real estate buying opportunities that, as some have said, represent genuine “once in a lifetime opportunities” for those who are willing to look. After all, just a few a years ago it was absurd to negotiate a $30,000+ discount for Palm Beach homes.
When looking at the broader picture, the situation remains uncertain and the bad news of plunging prices for Palm Beach homes is still making headlines almost daily. But in a refreshing change of pace, the surplus of Palm Beach real estate that has had many concerned is actually a bit smaller than it was earlier this year, an early indicator that the market along with South Florida might be approaching the “bottoming out” phase. The inventory is still substantial but it has gone down to where the majority of it will be purchased in a span of about two years as opposed to the former figure of three years.
Many people have been waiting for this moment when the market would bottom out and the values of Palm Beach homes would rise again…is this recent trend a sign? Not quite. Even as the Palm Beach real estate market slowly approaches what could be the potential bottom, the long awaited boost in prices and home values is not likely to happen in the short term and there remains the risk that the situation could get worse instead of improve.
Since there’s no way to tell what will happen exactly, realtors are welcoming the trend and predicting good things to come while taking into account the risks that might still happen. A little bit of optimism tempered with some discretion is always good, especially during a time when many are anticipating the worst is yet to come.