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.