Is Now the Right Time to Buy Delray Beach Real Estate?

The housing crisis hit Florida with the force of a category 5 hurricane. There was no escape. Nearly every county in the state (there are 67) reported significant declines in home sales and values. It was the perfect storm. The Sunshine State was growing and builders were putting up new homes at a record pace. When the economy faltered, they were left with a glut of unsold homes. Five years after the fall, the housing market in Florida is still recovering, or should we say that it is languishing?

In a recent survey completed by the LendingTree, Florida had the second-worst or most unhealthy housing market in the nation (Nevada was the worst). In some part of the state, home values plunged by more than 60 percent! Most of the hardest-hit areas are resort towns. This makes perfect sense, of course, since people don’t buy vacation homes when the economy tanks. They also are less likely to retire early.

All across the Sunshine State, cities and towns that cater to snowbirds and retirees have experienced precipitous declines in home values and spikes in foreclosures. Because supply is far greater than demand, now may be the perfect time to buy Delray Beach real estate.

Why Delray Beach properties?

Florida is home to hundreds of popular resort towns. Most have unhealthy housing markets, which means there are plenty of properties to be found at depressed prices. Delray Beach is a medium-size resort town in Palm Beach County that most locals consider quiet and welcoming. The median age is 44, which is a few years higher than the state average. Not surprising, considering the fact that it is a resort town and home to a large number of retirees.

Does it make sense to buy Delray Beach properties? Well, it depends. We don’t have a crystal ball, so we cannot say for certain if the housing market in Florida will improve. As a result, it might not make much sense to purchase properties for investment purposes. Real estate wildcatters beware. Countless investors who sought to buy Delray Beach properties and sell them for more (also known as flipping) lost their shirts during the recession. What does make sense, however, is buying a home, i.e., somewhere to live.

On the other side of the equation is the seller, who may be anxious if he owns a home in Florida. The market is lousy and unloading a property can take years. The best advice we can offer is to utilize new services and technologies. Most first-time homebuyers start their searches online.

Where to go?

There are many online listing services that specialize in Delray Beach properties and offer a flat-fee! They provide all of the advantages of a full brokerage at affordable rates. Their programs are designed to help homeowners reach qualified buyers quickly, without wasting time and money on agents that offer no guarantee. These companies make this simple promise—if your home does not sell, you do not pay!