Weiss Clawson's Blog: Real Estate Market Updates

 Home sales a prices continue to decline throughout Palm Beach Gardens, West Palm Beach, Jupiter, Juno Beach, North Palm Beach and the entire Palm Beach County area as the real estate buyers market continues into the summer of 2007.

Sales of single family homes in Palm Beach County decreased 19 percent in June 2007 compared with June 2006.  The median price of a home in Palm Beach County decreased 7 percent in the same period, going from $405,500 down to $377,900.

The June figures come on the heels of a 25 percent decline in single family home sales in May and a 17 percent decline in April.  

This is a remarkable market for homebuyers as the inventory of property on the market increases and serious buyers are scarce.  Those interested in buying a home…

Interested in buying a home in Palm Beach Gardens' Steeplechase, the area's premiere estate community?

It might be a good time to begin that home search right now!

Home prices throughout the area have declined -- some as much as 25 percent  for the first six months of 2007 compared with the first six months of 2006.  But prices in Steeplechase are down just 6 percent from January through June 2007 indicating a firmer market in the community. 

It may mean that prices in Steeplechase are reaching bottom.

In 2006 there were eight homes sold during the first six months ranging in size from 3250 square feet under air to 6752 square feet under air and ranging in price from $850,000 to $3,495,000.  The all important criteria used in comparing the price of …

If you are interested in buying a home in Palm Beach Gardens'/West Palm Beach's Ironhorse Country Club, there are some very good values on the market today.

Both prices and the number of homes declined significantly when comparing the first six months of sales for 2007 versus 2006.

Between January and June 2006 a total of 10 homes were sold.  The measure we use to compare sales is "dollars per square foot."  During the first six months of 2006 the average dollar per square foot for the 10 homes sold was $231.

Comparing the same period in 2007, there were just four homes sold with the average dollar per square foot being $191.  That is about a 17 percent decline in average price in Ironhorse when comparing the first six months of 2007 with the same…

It remains a buyers market in Palm Beach Gardens, West Palm Beach, Jupiter, Juno Beach, North Palm Beach and throughout Palm Beach County as both sales and prices continue to decline.

Motivated sellers are lowering prices and buyers are able to obtain contracts on homes that are often below the original purchase price or under market value.  It is a wonderful time to buy a home in Palm Beach Gardens or throughout Palm Beach County.

While sales of single family homes declined 10 percent nationally in May 2007 compared with May 2006, statewide throughout Florida the decline was 34 percent and in Palm Beach County it was 25 percent for the same period.  Sales of condos in Palm Beach County were strong, increasing 11 percent in May 2007 compared with a year…

Mortgage interest rates dipped this week for the first time in more than a month.  So if you are interested in buying a home in the next couple of months, this may be the time to visit your mortgage broker and then start seriously looking for that home.

There are many very motivated home sellers in Palm Beach Gardens, West Palm Beach, Juno Beach Jupiter and North Palm Beach.

Across the nation the 30-year fixed rate morgage averaged 6.69 percent, down from 6.74 percent just a week ago.  In Palm Beach County 3o-year fixed rate mortgages range from 6.50 percent to 7 percent.

The 15-year fixed rate mortgage averaged 6.37 percent, doen from 6.43 percent nationally.  In Palm Beach County the 15-year rixed rate mortgage ranged from 6.13 percent to 6.75…

If you are thinking about buying a home in Palm Beach Gardens, West Palm Beach, Jupiter, Juno Beach, North Palm Beach or anywhere throughout Palm Beach County, you have looked at many costs associated with new homeownership, including the property tax bill. 

Florida legislators last week passed laws leading to sweeping changes in the amount of taxes that homeowners pay and in how the value of your home is determined for tax purposes.

The first part of tax reform relates to rolling back the amount of money local governments can collect from property taxes.  It is estimated that throughout the state, tax collections will be reduced by about 7 percent.  In Palm Beach County, that amount is estimated to be 9 percent.  That does not necessarily mean that…

With mortgage rages climbing for the fifth straight week, it might be time to lock in your interest rate now and go find that home you have been wanting in Palm Beach Gardens, West Palm Beach, Juno Beach, Jupiter, North Palm Beach or anywhere throughout Palm Beach County.

While rates are still under 7 percent, they are now at the highest level in almost a year.  And most economists are not predicting a rate decline until at least the fourth quarter of the year.

The national average for 30-year fixed rate mortgages ended the week at 6.74 percent, up from 6.53 percent just a week ago. 

The national average for 15-year fixed rate morgages was at 6.43 percent, up from 6.22 percent a week ago.

On adjustable rate mortgages the national average for the one…

If you are interested in buying a home in Palm Beach Gardens, West Palm Beach, Juno Beach, North Palm Beach, Jupiter or throughout Palm Beach County, you are likely watching with anticipation as lawmakers convene in Tallahassee to work on property tax relief for all Floridians.

The legislature will be in special session for the next 11 days solely to work on property tax relief.  Several proposals have been discussed and written about.  The most prominent of these would cut taxes an average of 7 percent, though it is expected to be closer to 9 percent in Palm Beach County, and would change the Save Our Homes provision that allows homesteaders a $25,000 exemption on property value and caps their tax increases at 3 percent a year.

Many of our clients, both…