Palm Beach Housing Inventory Continues Decline
Palm Beach Housing Inventory Continues Decline
Signs of recovery in the Palm Beach real estate market are making headlines; however, as a result of an increase in demand for South Florida homes, there is an increasing shortage of properties on the market.
In part, this is due to the slowdown of foreclosure filings this year. More people are able to opt for Palm Beach short sales instead of foreclosures, and they are taking advantage of the fact that thanks to the improving economy, many banks are willing to avoid foreclosure on properties that are currently underwater. A backlog of foreclosed properties in the Palm Beach housing market is also diminishing, which is another factor that contributes to the record-low inventory in the wake of the housing crisis.
Buyers are more likely to purchase homes on account of low mortgage rates, which has led to an increase in the volume of mortgages throughout Palm Beach County. For instance. there were 4,017 mortgages record in Palm Beach County in September, according to a county clerk of courts. The trend of increased mortgage volume has been going on for the last four months this year, and many experts believe it's likely to continue as long as mortgage rates stay below 4%.
The low mortgage rates are also ushering in a wave of refinancing across Palm Beach County. People can easily justify refinancing on account of the attractive lending rates, and this is helping more people be able to maintain home ownership in spite of facing financial struggles.
Bargains on the Palm Beach real estate market are quickly disappearing, and competition is fierce for distressed sales such as Palm beach short sales since prices are likely to continue their upward trajectory. First-time buyers are becoming forced out of the market, although the influx of foreign investors has contributed to the overall recovery of the housing market since home values are increasing. Consequently, recent reports revealed that the inventory of Palm Beach real estate has dropped to less than a five month supply.
Please don't hesitate to contact us if you have any questions about Palm Beach real estate. We'd love to help you find out more about the Palm Beach housing market so that you can make an informed decision when it comes to purchasing your home
[cc_author style="bumber-b" author="gia"]
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