Buying a house in a hot market like Boynton Beach requires savvy preparation and strategies. A low housing inventory and high competition characterize an overheated housing market. This makes it more challenging, but getting the home of your dreams in America’s Gateway to the Gulfstream is possible.
The City of Boynton Beach appeals to a wide demographic because of its dynamic lifestyle – from the great outdoors to the year-round warm climate and its thriving art district. It also boasts excellent neighborhoods and communities, premier shopping options, superb dining, and a wide array of recreational activities.
THREE TIPS FOR BUYING A HOUSE IN A HOT MARKET
As of January 2023, Homes in Boynton Beach have been sold at a median price of $410,000 –higher than the median listing price of $400,000. However, the market here is slowly transforming into a buyer’s market, with more homes now available to cater to the demand. Still, Boynton Beach homes took around 70 days in the market before getting sold in January. While more windows of opportunity are now open to potential home buyers, the length of time that homes stay in the market could indicate a lot of back and forth going on between buyers and sellers, as well as sellers still sifting through multiple offers.
Given this development in Boynton Beach’s housing market, here’s a guide on how to navigate this market so you can easily snag that beautiful house you’ve been eyeing here.
Get Your Finances in Order
Before starting your search, check your credit scores and credit report for accuracy. It’s also best to have at least 20% saved up for a down payment to avoid paying private mortgage insurance. Also, make sure to get a mortgage pre-approval. This pre-approval helps reduce time and makes you more attractive to a seller.
Be Selective
Don’t feel pressured to buy the first home you like. In Boynton Beach’s market, sellers can afford to wait for the right buyer. Nevertheless, be selective and go for homes selling within your budget and time frame.
Buying a house in a hot market doesn’t mean settling. Instead, be patient and keep looking for a home that ticks off all the non-negotiables on your list. It’s better to be patient and find the right property than make a quick, pressured decision that you’ll later regret.
Make Sure to Have an Experienced Realtor as Your Guide
You’ll need all the help you can get in a hot market. By working with an experienced agent, you’ll get guidance from someone who understands what you’re looking for, knows the area, and takes the burden of searching for a home from your shoulders. Their skills put you in a better position to get the price closer to your preferred number.
Moreover, buying a home in Florida has specific maintenance needs, from hurricane and flood insurance to salt preventive checks. Your agent should ideally have a network of colleagues and trusted professionals from affiliated industries who can see to these needs from the time you get to the final details of the real estate transaction to after-sales maintenance needs.
Navigating the hot Boynton Beach housing market becomes easy when you have us – Brian Scharick and the rest of Florida Exclusive Living – as your real estate guide. Let us help you in your real estate journey. Call 954.644.9118 or send me an email here.