Shortage of Rentals Creates More Buyers
In South Florida in general and North Palm Beach County in particular, the shortage of annual and seasonal rentals creates more buyers. The local real estate market is in a state of “buyer-seller price equilibrium” where the properties are sold and purchased for fair market price agreed by both buyer and seller as a win-win situation without a win-loose or loose-win.
When prospective tenants search for months and months without success due to low supply and high demand of rental listings they are increasingly interested in buying a property. Many buyers are cash buyers but the mortgage rates are also remaining at historical lows. This is a very special time in the real estate cycle where both buyers and sellers can close a deal and both parties feel good about having made the right decision.