Just three years ago, if you put an offer in that was fifteen percent less than what the seller was asking for a Palm Beach home it would probably be followed by laughter. But times change and so do business markets. The current real estate market offers great opportunity for those looking to invest in real estate. Prices are thirty percent lower than they were three years ago and time-crunched sellers are eager to get their homes sold.
The real estate market has gone through a dramatic change the past several years and buyers now tend to have the upper-hand in negotiations. This doesn't mean that sellers can't adequately perform business in the market, but that they need to make concessions for market conditions. The era of inflated property values has come and gone, buyers and sellers are more interested in temperance and performing legitimate real estate transactions.
The future of Palm Beach real estate is fairly clear at this point. The demand for Palm Beach condos is low, but as property on the market is being sold to property investors and opportunistic potential homeowners the supply is shrinking. As soon as the supply of Palm Beach condos and homes reaches a specific low it will meet the demand and real estate market normalcy will resume. This is the pattern that Palm Beach real estate seems to be following at this time with the inventory of Palm Beach condos and homes slowly going off the market.
This is basically a waiting game, but the question on everyone's mind is…how long? Most economists believe we are reaching rock bottom prices right now, but that we'll probably need to wait around two years to see prices begin rising again. So if you're interested in owning Palm Beach real estate, now is the best time to invest as property values should linger around their current prices until their inevitable rise in value.
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