MikeInBoca Blog

  October 24, 2022 September 2022 Palm Beach County RE Update Let’s Talk Despite all of the news about increasing mortgage rates, slowing economies and doom and gloom in the real estate market, our area held up in September 2022.  According to the local Realtors Board, Palm Beach County median home prices for single family homes increased by 23.4% in September 2022, over the previous year.  One bright spot for home buyers is inventory levels for Palm Beach County single family homes increased by 107.1% in September 2022 over the previous year.  The months of inventory stood at 2.9 months in September 2022 versus 1.4 months the previous year in Palm Beach County.  The Board of Realtors noted, “With inventory rising, Realtors® and their buyers have the opportunity to comb through more listings to find that perfect home that's just right. Even with more competing listings, sellers are still receiving a median of 95.5 percent of their original listing price or highe...

  Mission Bay Community Boca Raton July 2022 The Mission Bay Boca Raton community offers wonderful amenities and many home styles.  I continue to monitor the Mission Bay community in order to offer my expertise to those looking to sell their home in Mission Bay.  I also help home buyers purchase homes in the Mission Bay Boca Raton community. I estimate year-over-year home prices rose about 34% in July 2022 to approximately $275 per square foot on average for the previous 12-month period ending July 2022.  There are many factors that go into these figures and those who are thinking of selling their Mission Bay home or are thinking of buying a home in Mission Bay should contact me to discuss.  You can schedule time on my calendar by CLICKING HERE There were four homes sold in the Reflection subdivision of Mission Bay; one in Harbour Springs; two homes sold in Ventura Mission Bay; one home sold in Sonata Mission Bay and one sale in Regatta Mission Bay.  These ...

  Buyers Undeterred by Cat 4 Hurricane What Could I Do For You? October 18, 2022 Ken Johnson, a Florida Atlantic University housing economist is quoted in a recent article in the Palm Beach Newspapers that he does not expect a negative effect related to Hurricane Ian because “people want to live near saltwater in a warm and business-friendly climate.” Many real estate professionals believe the lack of income taxes and warm weather will continue to attract buyers to the Florida market.  Indications are home buyers understand, and are willing to take on, the risk of being near the coast lines because of the allure of the lifestyle of living on the beach.  Bob Ashworth, a real estate agent with RE/Max Realty Team in Cape Coral, was quoted as saying, “I haven’t lost a single potential buyer because of the storm.  We still have strong demand. People still want to buy.” I just spoke with a customer today who has her home on the market for sale in Maryland and they are look...

  Many Boca Raton Florida Foreclosures? Call With Questions Recent media reports that focus on the real estate market discuss how it is changing.  The focus is about the rise in interest rates making housing more expensive.  The discussion centers around the potential for home prices to fall and the potential for a real estate market with crashing home prices.  I get calls from home buyers who have been waiting for a steep decline in home prices.  Others are potential real estate investors who believe they will now be able to scoop up cheap homes and foreclosures.  I have researched the topic for those who are curious about the foreclosure market in Boca Raton.  The chart and table shows the foreclosure activity in Boca Raton, Florida during October 2021 to September 2022.  As you can see, there is not much action in the foreclosure market in Boca Raton as of September 2022 with only five total listings and no foreclosure sales on the Multiple Li...

  October 4, 2022 FL Home Bidding War Continued? How Can I Help You? I recently listed a home and one of the seller’s first questions was regarding what the home buyers are still giving up in bidding wars.  Redfin, the real estate brokerage, put out information regarding home buying bidding wars.  Redfin reported the Miami area was near the national average with 44.2% of offers written having competition in August 2022 with the national average being 44.6%.  The information provided showed townhomes had competition in 44.1% of the offers by Redfin agents, followed by 42.1% of single family homes being competitive and only 37.0% for condos.  Despite increasing mortgage rates, the housing market remains competitive for home buyers.  However, the trends are showing it is less competitive for home buyers and if the trend continues, it won’t be long before it is a neutral landscape for home sellers and home buyers.  Selling and purchasing homes are expensiv...