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BOCA RATON, Florida. – If you want to buy a house in South Florida, real estate agents tell you that the time has come to do it. Experts believe that a change is occurring that makes it more desirable for home buyers.
"The market is starting to change, we are starting to change the wholesale market," said Palm Beaches and Greater Fort real estate agents. Lauderdale President Jeffrey Levine.
However, finding the perfect home can take time.
"I would say we have been looking for two years," said Thomas English.
English says that he and his family have examined more than 40 homes.
"Many of these homes need a lot of work," said English.
Unlike in recent years, real estate agents in Palm Beach County say buyers are unwilling to deposit thousands of dollars for renovations in addition to the asking price.
"They do not necessarily have the necessary cash to be able to completely renovate a house. They can make improvements like everyone else, but they can not redo a kitchen, two bathrooms and a roof, "said real estate agent Stephan Meyer.
Levine says for the moment that buyers are favoring low interest rates and a slight drop in average home prices in Palm Beach and Martin counties for the first time since 2015.
"Today, between $ 200,000 and $ 250,000 in housing, when you look at the main interest rate, taxes and insurance, the range is between $ 1,700 and $ 2,000 a month. You can not rent a property in Palm Beach County. price, "said Levine.
However, finding what you want to buy in this price range can be tricky.
"Less than 500,000 US dollars, there are fewer stocks, so people have to fight to find the right house in good condition," said buyer agent Bernard Boni.
Experts recommend taking it early in the process so it is best if your finances are online.
"Because if we see the good, we must act very quickly because if we do not do it, someone else will do it," Boni said.
English says that thanks to this advice, he has greatly accelerated the process.
"The process lasted only two weeks and we are ready to close," said English.
Levine said the latest information shows that median sales prices for single-family homes in Martin County have dropped 7.9% over the same period last year.
"We have historically low interest rates and we have many more stocks to choose from. That's one of the reasons why the median home price is going down a bit, "said Levine.
However, if you live in St. Lucia County, prices have risen compared to 2018.
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