Nestled amidst the eastern shore of the Florida Panhandle, the city of West Palm Beach is a popular destination for both tourists and budding technology enterprises. With an influx of money entering the city from all over the world, the West Palm Beach economy has managed to outperform that of Florida and the nation. That said, the West Palm Beach housing market has the support of several prominent indicators. Housing prices remain affordable, and healthy income trends continue to favor local demographics. For all intents and purposes, the West Palm Beach housing market is heading in the right direction. Source: Fortune Builders
In a just under a year the median price for homes sold in West Palm Beach is up over $50,000. The area has really recovered from the housing collapse of 2008 where West Palm Beach was decimated. The retail market struggled to keep up over the last 7 years as the amount of foreclosures and opportunity to buy distressed properties outperformed traditional home sales. But since 2014 we’ve since double digit price increases, bidding wars and a desperate lack of inventory.
These gains have been wide spread throughout all of South Florida and the good news for sellers is they are still expected to lead many parts of the nation as new home construction struggles to keep up with demand and developers run low on build-able lots.
It’s a sellers market in South Florida but there is a quite rumbling building about another bubble and buyers are starting to get a little cautious. Many are taking their time and selecting the right house for their needs. So, what does this mean if you are a seller and need to sell your West Palm Beach home fast?
It means a few things:
1. Your home better be in good condition. In today’s market buyers don’t want homes that need work (unless they are real estate investors who buy homes for cash). I realize this is a bit of an overstatement but what I am trying to say is that buyers have choices. If they can spend a little more money and buy a fully renovated home that needs zero work compared to buying a home that needs work they will likely purchase the renovated home.
2. Regardless if it’s a sellers market or buyers market you should always be realistic with your price. If the market shifts you don’t want to be “caught with your pants down”. If your are truly motivated and serious about selling you should still be pricing aggressively to sell.
How do you sell your house fast in West Palm Beach? Price it at or below comparable homes in the neighborhood.
3. Be prepared to negotiate on home inspection items. Even though it’s a sellers market buyers will still attempt to leverage home inspection items to reduce the sales price. If you’d like, you can hire a home inspector prior to selling your South Florida home so you have an idea of what needs to repaired in your home. You can then decide to get those items fixed if you so choose. This will also give you time to get multiple competitive bids from contractors.
If you are still looking at other options to seller your house fast in West Palm Beach there are other alternatives to the standard traditional retail sale. One such way is to sell to a cash home buyer or real estate investor. When searching for a “We Buy Houses” company or companies that buy houses, there is no better choice then Florida Cash Home Buyers. As local South Florida home investors, we’ve bought hundreds of homes in West Palm Beach and the surround areas of South Florida, and have an outstanding customer satisfaction history – check out our reviews here.