Tis’ the season to go House Hunting
Warmer days also warm the housing market in Palm Beach County. With fewer residents and more houses for sale, the prices tend to go down between April and October. Researchers have found that the seasonal shifts can lead to properties with “seasonally adjusted prices”. With more houses for sale, buyers tend to find their ideal place quicker and pay a better price. During winter time, with fewer options, people tend to settle for what they can get and often pay a higher price.
The housing market fluctuates with the population between the ages of 34 to 55 tending to purchase their homes between mid-spring and summer. This is probably related to school vacation and relocation costs. The Population over 55 prefers to take their time looking for the ideal home and usually reach a verdict by the end of summer or beginning of fall.
Families who move into new houses throughout the summer are often more satisfied with their acquisitions. They tend to live in those places longer and spend a lot less money on home improvements.
(Ngai, L. Rachel and Tenreyro, Silvana: Hot and Cold Seasons in the Housing Market)
For Palm Beach residents now it is the ideal time to buy. The National Association of Realtors published on their February Market Report a high demand for homes in the $300,000 to $600,000 range, and in some areas of the county, an upsurge of buyers looking for real estate priced above $1 million.
The luxury market is no exception to this seasonal housing trend. Meanwhile, many think that the high-end housing market depends on snowbirds money, a 2015 report for Palm Beach County shows that the majority of the luxury homes are being sold to permanent residents.
Palm Beach Housing Market
Locally and regionally the Real Estate market has come a long way since the crisis in 2008. To start looking for your dream home in Palm Beach County contact Scott Gordon Realty for exclusive listings of luxury waterfront properties.