Jupiter Homes: 5 times as many new listings as sales
January 26, 2016 | Richard Sites
The dynamic Jupiter real estate market is making moves towards becoming a buyers market. Over the weekend, nearly 5 times as many new houses came on the market vs. the number that sold. The number of homes for sale in Jupiter and Tequesta is now 885 up from near 700 just a couple of months ago.
On the other hand, only 8 homes closed and 5 came back on the market. What is interesting though is that there were 30 price reductions. The median price is $365, 000 for these new listings but the average was $555,000.
The prices tell you that if you are thinking of spending less that about $600,000, you will have to buy a resale. All the new homes under construction in this area start around $600,000 and go to over a million.
Sellers are beginning to realize there is more competition out there now. If you are selling, make sure that you follow the advice of a good, professional Realtor to give yourself the best chance for a quick and secure sale. This would include:
- Professional cleaning
- Landscape updates
- Professional photography
- Qualifying buyers
If you have been trying to sell without success, it might make sense to have a conversation about what is keeping your Jupiter home from selling. Usually, it takes just a 1% improvement in your value proposition to get buyers interested. If you need to talk, use the form below or call me directly at 561-762-4073.
The implementation of the CFPB regulations in October changed the environment for selling. Now, more than ever you need a team of experienced professionals working with you to make sure your deal gets closed…and on time.
In addition to the CFPB mentioned above, Dodd-Frank put more pressure on lenders to make secure and realistic loans. Getting your financing in order is mission critical. And certainly use a local lender, not an online one. You should get your financing in order before you even start looking at homes.
If you are local, you should be able to handle this step yourself. If you are coming from out of town, pick your real estate agent first, then ask for recommendations on lenders. After that, make sure you take care of your financing before jumping in a car and heading out.
If you “put the cart before the horse”, that is looking first, you run a chance to the deal blowing up, at the least, and putting your deposit at risk, at the worst. If a real estate agent fails to properly qualify you for a purchase before jumping in the car, you may have chosen the wrong agent.
Would you want a doctor to start surgery on your without going through proper qualifications? Of course not. They call it “pre-op” and all manner of your health (and ability to pay) and checked and measured. Because you want a successful outcome without surprises, you willingly comply.
You should treat your real estate transaction the same way.
If you need a little guidance or just want to talk real estate, please feel free to contact me. Also, if you know someone thinking of buying or selling in our market, please forward this to them. It might help them make some good choices. You can reach me at 561.762.4073.