By all accounts 2017 proved to be another year of strong growth in the residential real estate market throughout most of the country, including here in Florida. According to Zillow.com the median price of a home throughout the United States rose by 6.5%. The increase was even greater in Florida: 7.3%. Delray Beach, 7.4%
In their 2018 predictions article Zillow – historically low inventories will continue to drive the residential real estate market. Consensus of experts tells Zillow that they expect home prices around the United States expected to grow at 4.1% in 2018. Below last year’s growth of 6.9%, but still ahead of what is considered normal growth of 3% historically.
Zillow’s forecast is for an increase of 2.5% in Florida, below the average for the rest of the country. Data just released from the United States Census Bureau from 2016 offers a reason that Zillow’s forecast for 2018 could be lower than what actually happens again. Why? Because according to the Census numbers Florida continues to show one of the largest percentage increases in state population of any state in the country.
In fact, Florida ranks #2 in terms of percentage population growth in the 2016 U.S. Census data. Only Texas saw a larger population growth. Experts outside of Zillow combine this continued inflow of people with low inventories and see the potential for continued stronger than average growth in Florida, particularly for homes in the starter and mid-level ranges (homes priced at or below $500,000).
Therefore, when someone asks Glenn Lukas for his opinion if now is a good time to purchase residential real estate in West Delray Beach, he says yes – as long as you understand the market, and do not let your emotions cause you to overpay for your dream home.
As an experienced realtor I am here to help you purchase the best home for you and your family. I believe it is important to help every one of my home buying clients to be as knowledgeable about the process as possible. That way you can find and successfully purchase the right home for you.
Come to our Facebook page https://www.facebook.com/westdelrayrealestate/ or call me, Glenn Lukas, directly at (561) 789-2251 to have all of your questions regarding real estate in West Delray Beach answered.
I look forward to helping you find your dream home in West Delray Beach!
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