Palm Beach is a beautiful easternmost town in the state of Florida. Strengthening of Greenback in recent times is going to be the single most influencing factor in the housing market in Palm Beach in near future. High value of US dollar has driven international buyers away from Pal Beach as well as other parts of Florida. Also, with prices having reached their peak, many homeowners in Palm Beach are considering selling their properties.
There are still available reasonably priced properties
If one looks at housing market in Palm Beach, he finds it dynamic with properties closer to the beach on the eastern side being steeply priced. On the other hand, homes situated away from the beach on the western side f the city are still pretty affordable. There are different neighborhoods with each one having its own price range of properties depending upon location and amenities. As buyers of real estate in Palm Beach are mostly foreigners, political events play an important role in deciding buying and selling trends in this area.
Housing market will continue to grow in 2017-18
Although predicting housing market trend for 2017-18 i9s difficult, especially after ascendency of Donald Trump as the President of the United States, indications are that it will continue to grow. There can be no two opinions about the fact that Palm Beach still remains one of the nicest places to live in the country. People will continue to buy real estate not just for enjoying the coastal living but also for the purpose of investment.
One trend that has been noticeable of late in Palm Beach is that older homeowners have shown an inclination to sell their properties. On the other hand, Millennials have been interested in buying homes in Palm Beach. Mortgage rates have increased only slightly and their increase has been offset by rising employment in the state of Florida on the whole. As far as availability of housing units on the market is concerned, most buyers will have to remain content with new construction in terms of condos and single family homes.
If you are planning to buy a condo in Palm Beach, be prepared to face new restrictions imposed by banks as they seem to be losing interest in supporting new housing projects containing condos. With limited quantity of land being available for housing development, buyers should be mentally prepared for low inventory in Palm Beach