Jupiter home prices close in on record highs

The median price of a single family home in the Northern Palm Beaches continues to climb. We have to go back to 2005, before the bubble burst, for the record high price of $488,250. We aren’t there yet but as of July 1st we are back to $460,000 and within 6% of that all time plateau. With prices rising almost 8%, in just the past 5 months, can a new record be headed our way?

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Sales will continue to slow in the coming weeks. Inventory is not anything to get excited about and frankly there is a lot of junk out there. Many sellers still happy to price a bit above the market as buyers have been pushing sales prices skyward. So far this year demand has been strong enough to keep prices moving higher. Sales will hardly be robust in the weeks ahead so the question is how much are buyers going to pay for what they have to choose from. Jupiter home prices seemed poised to cool a bit but time will tell.

Homeowners seem more content in their existing homes, many younger buyers are strapped with record levels of student debt, seasonal buying trends; there are a number of reasons this summer’s market isn’t sizzling hot. Interest rates, to date, have not yet been affected by the Federal Reserve increases but are up today for the 4th straight week and sit at the highest levels we have seen for a couple months. Janet Yellen and her team over at the Fed appear positioned to keep increasing with the “policymakers” expecting one more increase this year and three more bumps in 2018. Extremely hard for home prices to keep climbing if the cost of a 30 year mortgage is moving higher. Keep your eyes on inflation. Keep your eyes on rising taxes in other states like Illinois driving more people to the sunshine state. Keep a watch on the political divide in this country.

Certainly not a market for the faint of heart. Certainly is a market any buyer or seller should understand the home price data for their particular neighborhood as each one is different. Some are strong, some are looking sick. Know the signs and use them to your advantage. If Paradise Sharks can ever be of assistance please feel free to contact us at tom@paradisesharks.com of 561.308.0175 for a complimentary consultation.

 

Fins up…..

 

 

#jupiterhomeprices

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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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