Scott Gordon

Regardless of what kind of buyer you are, the Palm Beach real estate market has tons of unique property available, from luxury condos to mid priced single family homes and more. Despite the prevalence of all these property types, it’s the luxury condos that are seeing the least amount of buying activity.

During the South Florida real estate building boom, numerous developers created a wealth of impressive Palm Beach condos that today are not being looked at by buyers as much as their more reasonably priced siblings. A good portion of the buyers who are snapping up these luxury condos are generally comprised of people who don’t live in the United States.

This might make it sound as if there is a shortage of attractive luxury condos to choose from in Palm Beach but that is hardly the case. Because of the reduced prices for condominiums across South Florida, people may simply be purchasing high end units that simply do not fall under the “luxury” umbrella. The key is to do your own research and explore the wealth of varied property available. Whether or not it’s a luxury condo, there is likely a property available for every need and budget.

It’s not unusual to see homeowners looking to modify the terms of their Palm Beach real estate mortgage loan. Loan modification has had huge demand, leading to a backlog that has slowed down the process for some. This might be interpreted as though applying for a modification is difficult but it’s not quite as complicated as it may seem.

If you’ve become unemployed, you can still apply for a loan modification contrary to what you might think. The catch is that you must be able to provide evidence of being able to make the monthly payments at the reduced amount, usually a reduction of twenty or thirty percent. If you’re looking for a very low monthly payment, your lender may have to extend the mortgage a few years so be aware of that.

Another misconception is the timeframe available to apply for a Palm Beach real estate loan modification. Even if your home has gone into foreclosure and will be auctioned off a week from now, you can still contact your lender and request a modification. Just make sure that when this happens, your lender has canceled the sale of the home.

Open houses are nearly as old as the Palm Beach real estate market itself and have been around long before the internet started to become the average person’s first stop when buying a new home. Since so many studies point out that the majority of buyers start their home search on the internet, some buyers are taking their realtor’s questionable advice and forgoing the open house altogether.

It’s true that with the advent of interactive slideshows and video, it’s easy to get a glimpse of any Palm Beach real estate even if you’re in another state. Yet despite these figures of increased internet home buying, studies also show that a good portion of buyers are still purchasing their homes after doing their own personal walkthrough at an open house.

At the end of the day, tried and true methods like an open house can still be the deciding factor in getting your home sold. Considering the current Palm Beach real estate market circumstances, you’d only be shooting yourself in the foot by not utilizing all the marketing venues available to you.

For most people, choosing the Palm Beach homes they ultimately settle on is a matter of ensuring that its size, design and its price tag all satisfy that particular buyer’s needs and financial situation. However, any reputable Palm Beach realtor will tell you that there are several additional factors you should take into account before making that final decision.

What’s the neighborhood like? Just because you visited during the day and found the neighborhood serene and quiet does not mean that will necessarily be the case during the evening. Make sure you’re fully aware of the neighborhood and whatever quirks it may have.

What potential problems should I know about? Usually a seller will be forthcoming about possible flaws in and around the home as it builds trust but there is no law stipulating such. Before you end up finding out after it’s too late, make sure you know exactly what you’re purchasing.

What are the home utility bills? Air conditioning is pretty much mandatory in Palm Beach homes unless you want to endure the oftentimes sweltering South Florida heat. Cooling costs can be especially pricey during the summer when temperatures are firmly within the 90s and this could translate to a hefty electric bill. This may not work with your other monthly expenses so make sure you take utilities into consideration.

For many people, turning off emotions is easier than it sounds and that’s certainly the case for first time buyers exploring the Palm Beach real estate market. Once you become too emotionally attached to a home, there are added risks that could lead to disappointment or problems down the road. Make sure to avoid these common mistakes.

Getting yourself attached to an unaffordable home. Gorgeous stainless steel appliances, marble bathrooms, stunning views, it’s easy to find Palm Beach homes that instantly draw you in but if the price is beyond your means, it’s not doing you any favors. Stick to a certain price and start near the lower end as you make your way up.

Not taking into account flaws. Most reputable sellers will detail whatever problems the home might have but that’s not always the case. If you purchase a home completely overlooking some major flaws, that could lead to major dissatisfaction and additional money out of your pocket.

Believing a particular home is the only one suitable for you. Unless you’re going to build a home from scratch, there will likely always be something you’ll either need to sacrifice or simply won’t get. Insisting that there are no other Palm Beach homes that can match what you need is almost like buying a more expensive home for no good reason.