Weiss Clawson's Blog: Real Estate Market Updates

Palm Beach Gardens, West Palm Beach, North Palm Beach, Juno Beach and Jupiter homeowners, and those looking to buy homes in these communities and throughout Palm Beach County are all seeking lower home insurance bills.

We have found that a simple and inexpensive home inspection may save you hundreds or even thousands of dollars on your home insurance. 

The windstorm or hurricane premium portion of your home insurance coverage (the section that often comprises the largest component of the bill) may be eligible for major discounts.  If you do not have hurricane or windstorm coverage, these discounts are not applicable.  Discounts can be applied by your insurance company if your home was constructed to protect it from damage or destruction or if…

It may be time to lock in your mortgage interest rate in you are interested in buying a home in the next few months in Palm Beach Gardens, West Palm Beach, Jupiter, Juno Beach, West Palm Beach or throughout the Palm Beach County area.

Mortgage interest rates have increased for the fourth week in the row and now stand at 6.53 percent nationally for a 30-year fixed mortgage, up from 6.42 percent last week. 

For the increasingly popular 15-year fixed mortgage, rates are at 6.22 percent nationally, up from 6.12 percent last week.

In Palm Beach County, the 30-year fixed rate mortgage ranged from 5.97 per cent to 7 percent while the 15 year fixed rate mortgage ranges from 5.95 percent to 6.75 percent.

Most students of the economy are attributing the…

Are you getting frustrated because you put your home up for sale a few months ago and you still have not had even one offer?

Did you buy a home in Palm Beach Gardens, West Palm Beach, North Palm Beach, Jupiter, Juno Beach, or in many communities throughout Palm Beach County in the past two or three years and now want a huge profit on your investment?

The most likely reason your home is not selling is pricing.

One example we came across recently is a seller  wanting 50 percent profit on a home he bought about two and a half years ago.  He bought the home in December, 2004 for $439,000.  He now has it on the market for $660,000.  That kind of price appreciation was possible a few years ago, but it is not happening today.

Many interested buyers are…

The number of homes sold in Palm Beach Gardens, West Palm Beach, North Palm Beach, Juno Beach, Jupiter and through the Palm Beach County area continued to decline throughout the first quarter of 2007

Home prices throughout the Palm Beach Gardens area also declined for the period.

There was a 17 percent decline in the number of Palm Beach County homes sold, dropping from 804 in April 2006 down to 665 in April 2007.

Similarly, median home prices during the same period declined 3 percent, going from $386,500 in April 2006 down to $376,300 in April 2007.

One main reason for this ongoing decline in sales and median home prices is that sellers continue to overprice their homes.  Buyers are refusing to pay inflated prices in this market and many have decided…

As home sales and prices continue their decline in Palm Beach Gardens, West Palm Beach, Jupiter, Juno, North Palm Beach and throughout Palm Beach County, it remains an outstanding time to buy a new home.  It is a true buyer's market

Statistics reported by the Florida Association of Realtors reflect a 22 percent decline in the number of existing homes sold in March 2007 compared with March 2006. While the decline in sales in Palm Beach County was significantly less than the decline along the Treasure Coast and somewhat less then the decline statewide in Florida, it was still higher than the national decline in home sales.

Prices as well tumbled.  The median price for a home in Palm Beach County dropped about 5 percent, going from $393,700 in March 2006…

Home and condo sales and prices in Palm Beach Gardens, West Palm Beach, Juno Beach, Jupiter,  North Palm Beach and all of Palm Beach County continued to decline in February 2007 compared with February 2006.

Figures released by the Florida Association of Realtors show a decline of 21 percent in single family homes sales in February 2007 compared with February 2006. The number of condo sales declined 14 percent during the same period in Palm Beach County.

The median price of single family homes fell four percent in February 2007 compared with February 2006 .  Condos prices fell five percent in Palm Beach County during the same period.

The inventory of homes on the market has climbed to nearly 24,000 in Palm Beach County, about three times the number of…

Word from those watching the Florida State Legislature is that lawmakers are starting over again in crafting a plan to reduce property taxes for homeowners in Palm Beach Gardens, West Palm Beach, Juno, Jupiter, North Palm and throughout the state.

The first proposal given serious consideration involved rolling back tax bills to 2001 levels and then increasing them in proportion to specific economic indices, such as the Consumer Price Index.  That was coupled with a plan to abolish taxes for homesteaded properties and raise the sales tax by about 2.5 cents.  This was abandoned.

While it sounded good for homesteaded property owners, especially those with high end property, it met with strong opposition from municipal and county governments whose budgets…

Declining insurance rates coupled with anticipated property tax relief could provide a jumpstart to our sluggish real estate market in Palm Beach Gardens, Jupiter, Juno Beach, West Palm Beach and throughout Palm Beach County.

As the legislature works through proposals to reduce property tax bills, homeowner insurance companies are releasing information detailing lower costs for home insurance, as mandated by the State Legislature in January.

State Farm Insurance, the company with the largest number of policies in Palm Beach County, indicated it would reduce local rates from 8 percent to nearly 11 percent, somewhat less than the 24 percent expected after the legislative mandate. Citizens Property Insurance Corp. is proposing insurance reductions of up to…