Jupiter Real Estate
It seems to be an interesting market here in the South Florida area including Jupiter. Instead of the usual buzz of buyers we are seeing far less action this season in the
Jupiter real estate market. I think we are seeing more inquisitive lookers than buyers this season. Many have watched the escalating prices over the past few years and it seems there is some skepticism about the escalated prices we have. Is there going to be a pullback in the real estate market?
As you can see our sales are down from last year and inventory levels are increasing. The largest change is the number of price reductions we are seeing each week that seem to far outnumber new listings or recent sales for the week. Monday we saw 34 new listings and 47 price drops. Our selling season for beachfront properties is soon coming to an end with just 5 weeks left in the prime selling season. We should start to see more price changes hit the market soon. I think there are still some sellers and agents that believe the market has slowed. As more inventory hits the market we should see some pressure on price reductions as competition increases to sell your home. I think April/May we may see a rise in sales as buyers come down and bargain shop for Jupiter properties.
Jupiter Homes for Sale
I have a few suggestions if you are starting a search for Jupiter homes for sale. Read a few quick tips below.
My suggestion, if you are a buyer you need to watch the price changes very carefully and know exactly what you are looking for. The mentality of when I’m ready I will just come down and find a property is not feasible in this market right now. If you see a really well priced property come to market or a substantial price change you have to be ready to act quickly. You have to know what you are looking for. Limited inventory, poor choices and the lack of new Jupiter homes makes this a very challenging market. The high cost of new construction and renovations are also playing into this scenario.
The average new Jupiter home being built in Jupiter is starting near the $600,000 price range and you can easily put in an additional $50,000 to $100,000 in upgrades. New beach condos are non existent and resales are in limited supply as well. You would think with such low inventory buyers would be scooping up the inventory yet it isn’t the case. The sub $300,000 market still remains the strongest segment we see.
Here is a quick example of some of the overpricing of Jupiter properties by different agents and sellers. I had a customer call me last week looking for an appraiser for a condo he owned. Today he called me back and gave me the appraisal number. There is a similar condo with a less desirable view listed at 1.6 million. His appraisal came back at $1.25 million. There is a $350,000 difference in this recent appraisal and the asking price of a similar condo which has been on the market for quite some time.
If you have any questions feel free to email me or call me and we can discuss the real estate market today.
Buying or Selling Jupiter Real Estate
If you are looking to buy or sell feel free to call me and see what your home is worth today or what is available for sale here in the Jupiter area. The most important thing you should do when buying a home is to watch the new listings each day.
Call me and I will setup a search for new Jupiter real estate listings for you. If you see a property that interests you call me immediately. I will go over and preview the property and give you a detailed description of what the property may need including A/C age or bad sliders. The property may look great with pictures only to find out that new kitchen is just a reface and not a brand new kitchen.
Remember an As/Is contract allows you to purchase a property with a 10 day inspection period. During that inspection period you may cancel the contract at anytime without a penalty. This should give you enough time to fly down and see the property without the fear of losing the property. Imagine flying down to make an offer only to find out the property sold before you got here.
