ANNUAL REAL ESTATE TRENDS

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In an increasingly volatile market, it can be easy to get swept up in the hype. Many people remain focused on the numerous foreclosures and bad loans that have affected this nation’s homeowners. As the drama unfolds, it can be easy to lose sight of a key piece of information – the real estate market in Palm Beach and the rest of the country has weathered the storm before, and will most likely survive and continue to prosper down the line. Here’s why.

Supply and demand – it’s the essential foundation for any business. To successfully track annual real estate trends, it’s essential to understand this basic principle – when there are few homes on the market prices go up. When there is a surplus of available homes, prices go down. Typically, the market will always be playing catch up to meet consumer demands.

Value appreciation – smart buyers know that a home for most people is for the long term, and that in general the value of a home appreciates every year. Those who have planned carefully and are in it for the long run will always benefit from investing in a home. Short term buying and reselling can be risky, as you may be looking to sell when the demand for homes is low.

It’s area specific – the real estate market in not one big market – it’s an amalgam of smaller markets all around the country. Each city and state will have its own ups and downs based on the local economy – granted, the national economy does have an overall impact, but one should always look at their local real estate market on its own and not try to apply real estate trends occurring in a different area.

Your individual investment should be your focus – no matter what the annual real estate trends seem to be, you are in control of where and how much you invest. The many neighborhoods in the area, including Boca Raton, Ft. Lauderdale, Ocean Ridge, and Delray Beach each follow different patterns, which your Palm Beach realtor can explain to you. The big picture may look scary, but careful planning and well-informed choices can help you buck any real estate trend or use it to your advantage.

Annual Real Estate Trends | Be Aware of Extra Costs | Buying Your First Home | Buying vs. Renting | First Time Homebuyer Incentives | Home Buying Mistakes | Home Ownership Benefits | Home Purchase Pitfalls | How Much Home Can You Afford | Identifying Undervalued Homes | New Homes vs. Resale Property