Jupiter Florida is in very high demand. There are MANY reasons!!
Have you ever visited the Trulia Local Crime Maps? Well if or when you do, you will see green areas on the map, orange areas on the map and bright red areas. I am sure you can guess which ones a safer than others. The nice thing about Trulia Local Crime Map for Jupiter is that it tells you what type of crime – noise, domestic, theft or dangerous, etc.
The North Palm Beach County schools have great ratings. In Palm Beach County, Boca Raton, Wellington and Jupiter are best ranked. If you are on the border or further north, most Martin County schools are ranked very high as well.
Most people in this area are self-employed. There is no real big business besides Florida Power and Light (FPL), a subsidiary of NextEra Energy, in Juno Beach. The opening of Florida Atlantic University (FAU) honors campus in Jupiter focusing on the medical field and Max Planck and Scripps Institute opening up next door invited endless subsidiary medical businesses.
In Jupiter, many major league and minor league baseball teams practice at the Roger Dean Stadium in Abacoa. Fans come from all over the country to follow the Saint Louis Cardinals and others. With corals reefs off the coast, diving is a huge draw. Also surfing, windsurfing, kite surfing, paddle boarding and fishing are very big. With the Professional Golfers Association of America (PGA) in Palm Beach Gardens, the area is flooded with international golfers and wanna-be golfers alike.
If you ask me, I may have a few more reasons to live here… I moved here for 1 year and have stayed 14 years so far…
What’s a Seller’s Market?
A Seller’s Market is a real estate market where there’s Low Supply. The opposite would be a Buyer’s Market when there is High Supply of properties to purchase.
Low Mortgage Rates
For Florida Sellers, who have been Upside-Down and contemplated whether to Upgrade or Downgrade – now is an opportune time!!
WHY do I say this? Well, buyers can afford to buy 10% more home today than in 2014 due to Low Mortgage Rates. The Sellers will get Top Dollar on their current home IF they sell AND be able to purchase a new property for very low interest or cash if they have enough equity, savings or investments.
In June 2015, real estate prices reached record highs as buyers saw a shortage of inventory.
The National Association of Realtors said sales of existing homes climbed 3.2 percent last month. Home sales increased 9.6 percent the past 12 months while number of active listings increased by 0.4%.
Median home prices climbed 6.5 percent over the past 12 months to $236,400, the highest level reported by the Realtors not adjusted for inflation.
Home-buying has recently surged as more buyers are flooding into the real estate market. High demand has not attracted more sellers into the market, causing tight inventories and increasing prices.
Only 5 months’ supply of homes were for sale in June, compared to 5.5 months a year ago and 6 months in a healthy market. Some areas are barely adding any new real estate listings.
Average properties sold in only 34 days in June. Limited supplies could slow sales in the next few months.
Rising home values are stretching the budgets of first-time buyers and owners looking to upgrade. As homes become less affordable, the current demand will likely taper off.
The job market was thriving in 2014 when 3.1 million jobs were added and on pace to add 2.5 million jobs in 2015.
Average 30-year fixed rates were 4.09 percent last week, according to the mortgage giant Freddie Mac. The average has risen from a 52-week low of 3.59 percent.
*Sources NAR and Associated Press (AP)
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.