Homebuyers have been asking when the best time will be to buy Delray Beach real estate… and the answer is, right now.
I didn’t say in October or next January. I said, and mean, right now.
As August nears its end, peak hurricane season arrives in about two weeks. Just look at the chart below.
This is the time of year I beg my customers to get on planes and come look at properties they’ve been looking at online. But year after year I get the same response, “We’ll be down there this winter.”
It’ll be too late, then. That’s when buying competition is fierce. That’s when the Delray Beach real estate market comes alive.
This is frustrating. You see, part of my value is to find you good deals. Another part is to listen intently so I can understand what you’re thinking and feeling. Having been in real estate 28 years, I know emotions are a much stronger buying trait than the analytical side. But if you are analytical seeking to buy at a “perfect” time, this is your moment. This is the Delray Beach real estate market in low buying season.
Regular readers may recall my essay on June 12th that prime buying season was here. Back then I wrote, “The next 3.5 months is your sweet spot to buy. It’s when you’ll have less competition in the Delray Beach real estate market. It’s when most folks won’t bear our summer heat and will be scared away with all the hurricane talk in the news. And at the same time, price drops are ramping up, not slowing down.”
Since then, it’s gotten even better for buyers:
* Mortgage rates were 6.99%. Today they’re down 8% and hovering near 6.43%
* Days on Market was 76. Today it’s 80.8
* The number of listings remains flat since then – and still up 78% from a year ago
* The average price drop for active listings was 8.8%. Today it’s 8.6%
Like clockwork, demand has fallen a lot. At the same time, our local housing supply it still up 78% over one year ago.
That’s the data. But there’s another data set I’ve yet to share: what I see around town and hear from sellers, buyers and agents.
When I speak with realtors, I hear frustration about how long their Delray Beach real estate listings are stagnating… how their sellers are unwilling to come down on their price… and how difficult this market has become.
Delray Beach Real Estate Will Be Come Alive Soon
Data shows we’re currently in a “balanced market”, meaning there’s enough inventory to last almost 6 months. But this year, it doesn’t feel that way. It feels like supply is lingering forever.
With that I’ll say it again – you’d be better served coming down now if you’ve been preparing yourself to dive into the Delray Beach real estate market and buy a property. And while you’re here you can get a preview of what’s to come this winter.
To get a glimpse, watch my latest video about Delray’s New Restaurants. It’s fun to watch, be it’ll be more impactful when you see what’s going on first hand. Cuz’ right now Delray Beach is as slow as it gets all year.
This is THE time customer should consider the Delray Beach real estate purchases… before the crowds and higher prices return.
(Main Photo: a gorgeous Delray Beach real estate luxury home backyard)
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*** If you’re thinking about selling your home and want to get its current value, no fluff, so we create the best selling strategy possible… Call me at 561-777-4089. I’ll answer. Or click here. Note: I just closed on a million dollar downtown Delray condo. It was only on the market 4 days. How’d we sell it so fast? It was priced right.
*** We’re 10 days into our new real estate world full of Buyer Broker Agreements (you have a few options), and the way we negotiate. It’s still wonky, but one customer after another we’re getting through it quite well. I’ve written 8 essays on this topic that are on my blog if you want to get caught up.
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*** South Florida’s Surging Supply Update ***
* This morning’s Inventory is 48,119 *
* Last week supply was 47,543 *
That’s a 576 unit Increase in one week
Since August 1, 2023, supply is up 72%
