Palm Beach County Real Estate is on the Move
Two years ago I became the proud owner of my very first home. Purchasing it was a dream come true, and the buying market was at an incredible, all-time low. I purchased a 1400 square-foot CBS constructed home (imperative when you live in a state prone to hurricanes) with 3 bedrooms, 1 bath, an in-ground swimming pool, central heat/air, carport, and a nice, albeit very small yard. The home was an older one, built in 1964, but it was in fantastic condition. The neighborhood was quiet and well kept and had a nice mix of both younger families and older residents who had lived there for many years. I paid $110, 500. Upon getting married and deciding to relocate out of state due to my husband’s job, I decided to put my home up for sale, but what to ask for a selling price? My friends and family encouraged me to go high, all suggesting $200, 000 minimum. $200, 000?? Surely the equity value had not increased that much in merely a two-year period, I thought. It was then that I started my research into the value of homes in my Palm Beach County neighborhood and sure enough, there was not much worth buying under the two hundred thousand dollar mark, even for homes that were older and had only one bathroom, like mine. Wishing to move quickly, I decided to ‘go low’ and put the house up for sale for $185, 000. The very first day, yes, the very first day, that I put the house up for sale I was immediately offered three bids for full price. I accepted the first offer and the home was set for an inspection date. While waiting for the inspection to go through, I received a minimum of 5-10 visitors each day, wishing to see the home, with the majority of them making an offer of full price. I was astounded.
Once the potential buyers received their inspection report back, it was discovered that my home needed a new roof. Evidently the three hurricanes we had suffered through that season had put more of a toll on my roof than either I or the insurance company inspector who’d come after the storms realized. The county would not allow the sale to go through until the replacement was made. It was then that I began to worry for I did not have the $6,000 needed to make this crucial repair, nor did I have a way to readily get it without refinancing the home, which obviously was not a viable option for me at this point in time, since my goal was to sell. Not to worry, the selling price was considered so reasonable that the potential buyers offered to pay for the repairs themselves to be done prior to the sale going through, and still pay the $185,000 asking price in addition to it; they did not want to stand a chance of losing a home that was going at that rate. The roof was replaced and the sale easily went through, but I was still standing in astonishment at how incredibly fast my house sold. My case is not a unique one; the demand for houses in Palm Beach County right now is simply amazing, there is no other word for it. So, if you are looking to sell your home, and you currently live in Palm Beach County, or anywhere in south Florida for that matter, now could quite possibly be the best time in the world for you to do so. Good luck, and happy selling.
