The public relations folks at PRNewswire recently summarized the collected wisdom of a panel of housing experts in a recent press release that made for interesting reading—especially for today’s Palm Beach home sellers or anyone thinking they will fit that category eventually. The experts’ final analysis could prompt a reappraisal of the last group’s timetable.
Experts to Palm Beach Home Sellers
Some key points:
- By the end of 2023, “rent growth and inflation” should outpace rises in home prices and the stock market.
- Affordability factors are already pushing many buyers out of the market—most dramatically in expensive metropolitan areas.
- Even though home price rises have slowed, the market still exceeds pre-pandemic norms.
- The U.S. as a whole is becoming a calmer market, but still one with positive attributes:
• For sellers, the Days on Market figure is rising—but remains 11 days shorter than in 2019.
• The inventory shortage is lessening—but is still down more than 41% compared with 2019.
• Buyers who are still able to afford homeownership are “quickly regaining the leverage” they’d lost.
Ultimately, for area homeowners who are contemplating joining the ranks of Palm Beach home sellers, the current sellers’ market is showing unmistakable signs that it is on the wane. “Expect a buyer’s market before the end of 2023” is the most common opinion (43%), although 24% didn’t expect it to begin until 2024, and 21% believe it will hold off for another year or two more.
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Although only 12% believe buyers will get the upper hand by the end of this year, the drift of the panel’s projections is clear. If they are correct (and if the national trends are validated in Palm Beach), the benefits of listing sooner rather than later may become evident as this “calmer” market shifts in favor of buyers. Give me a call at (561) 316-6800 to discuss what we are now seeing in our local results—and whether your own plans would benefit from a reappraisal.
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