TODAY'S TOP STORY: "CHALLENGES PERSIST FOR FIRST-TIME HOME BUYERS DESPITE COOLING REAL ESTATE PRICES"

Hi everybody, Joe Hillner with Your Home Sold Guaranteed Realty, where we guarantee the sale of your home or I'll buy it!

Every week, I share market data to keep you informed about the local real estate market.

Here is this week’s Boca Market Watch.
 

Single Family Homes

This past week, 71 new listings, thats more like it , and ranging in price from $440K to $23.5M! 13 homes back on the market, while 51 homes listed took a price decrease, and 5 sellers raised their asking price. And another poor week, with 38 different properties under contract, and 20 going pending. 19 homes were unsuccessful in selling and were taken off the market or the listing expired outright. And a new average week with 42 homes sold, ranging from $460K to $10.5M!

Condos and Townhomes

68 new listings, not bad, and ranging from $130 Grand to $5.2 Million! 17 units came back on the market, 55 properties with a price decrease, and 7 sellers with an increase. And a so so week with 50 different properties under contract, and 33 going pending! Just 12 condos or townhomes were unsuccessful in selling and were taken off the market or the listing expired. 70 closed sales this week, also down from last week, and ranging in price from $100K to $3.1M.
 

Here's what's making news right now

As you already know, the housing market has been on a tear for the past few years. Prices have been rising at a rapid pace, and inventory has been very low. This has made it especially difficult for first-time homebuyers, who are often looking for more affordable options. We had been expecting that as the market cooled off, more inventory would come on board, thus making it easier for first-time buyer to find a home. Well, it just hasn't happened.

According to a new report from Zillow, the price of so-called “bottom-tier” homes increased 8% year over year, while bottom-tier inventory increased just 1%. This means that competition for entry-level homes is fierce, and buyers are having to pay more than ever before.

The low inventory of entry-level homes is due to a number of factors, including The pandemic, which caused a surge in demand for housing, as people were looking for more space to work and live. This led to a bidding war for homes, and many entry-level homes were snapped up quickly.
The economy is doing well, and people are feeling more confident about their finances. This is leading to more people buying homes, which is driving up demand and prices.

Same with the stock market, which has rallied somewhat and many people are feeling more comfortable now that their portfolio has stabilized. And as we've already talked about, interest rates have been rising, which has trapped many sellers in their current homes.

The combination of high prices and low inventory continues to make it very difficult for first-time homebuyers to find a home. In order to be successful, buyers need to be prepared to make competitive offers and be willing to act quickly.
 

If you're a first-time homebuyer, there are a few things you can do to increase your chances of success in this tough market:

Get pre-approved for a mortgage. This will show sellers that you're a serious buyer and that you're financially qualified to purchase a home.

Be prepared to make a competitive offer. This may mean offering above the asking price or waiving certain contingencies.

Be willing to act quickly. The best homes are selling quickly in this market, so you need to be ready to make an offer as soon as you find a home you love.

Be flexible with your location and your needs. If you're willing to consider homes in a less desirable neighborhood or with fewer bedrooms and bathrooms, you'll have a better chance of finding a home that fits your budget.

The housing market is tough right now, but it's not impossible to buy a home. If you're a first-time homebuyer, be prepared to work hard and be patient. With a little bit of effort, you'll be able to find your dream home.