OPTIMISTIC HOUSING MARKET
After five grueling years, Americans are feeling optimistic about the housing market and rightly so! “National home prices have been on the uptick for eight straight months and jumped 6.3 percent year over year in October – the largest increase since June 2006” according to CoreLogic. CoreLogic is a North American corporation providing financial, property and consumer information, analytics and business intelligence. The company analyzes data and information to clients and government with analytics and customized data services.
Bidding wars are making a comeback here in South Florida, and many properties located here on the desirable waterfront in Jupiter, Tequesta and surrounding areas are seeing multiple offers. Buyers need to prepare themselves financially for the home purchase. While offering the most money might seem like the best way to win a bidding war, sellers do not always choose the highest offer. Instead they may choose the most likely to go through and meet certain conditions. Be competitive in today’s real estate market, speak with a Waterfront Properties real estate professional, and let them help you.
Will this pattern hold? Only time will tell. Realtor.com released data on the U.S. housing market showing growing optimism and confidence amongst sellers and citing a “bullish” recovery with prices “rising at a sustainable pace”.
There is a slow pace of new home construction in the Jupiter/Tequesta and surrounding areas due to limitations of vast waterways and that will drive home prices up. It is no secret that in this area, a residence situated near the clear Atlantic Ocean to the east, on the serene Intracoastal Waterway or on the wild Loxahatchee River is highly sought after.
Mortgage Rates are very favorable now. Current mortgage rate trends have been at historic lows this year. The National Association of Realtors predicts that the rates will gradually rise to average 4 percent next year.
To discuss promising market trends in the Jupiter/Tequesta and surrounding waterfront please email the RiverTeam@wfpcc.com.
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