Page 3 - Palm City Spotlight - March '23

Palm City Spotlight, Page 3

Real estate

Treasure Coast Real Estate These decreases are These buyers are claiming that their realtors

Report happening despite much more advised them to waive common sense things like home
inventory for sale. A year ago,
inspections. They now realize that they paid too much
The Decline In Home Sales Continues In there was less than a month’s and are having buyer’s remorse. When that happens, they
supply of homes for sale. This
want somebody to blame, besides themselves.
January, Sellers Will Need To Respond By January there is a 3.3-month Interestingly enough the average sales price paid in
Adjusting Asking Prices supply of homes. In other January 2023 dropped from $1,034,061 to $654,988.
By Jim Weix words, there are plenty of What I’m seeing is that buyers are buying lower-priced
Statewide, home sales were down 32.5 percent compared homes to choose from. real estate. Homes in the $300K to $500K price range
to January 2022. Pending sales, which is when a property So what is happening? Is sell quickly. Many of these buyers are people that are
goes under contract but hasn’t closed yet, were down 19.4 the real estate market crashing? downsizing.
percent. That would seem to indicate that the hoped-for No, the real estate As home sellers begin to realize that the crazy prices
“snowbird buying spree” won’t happen. market is not crashing. Simply put, buyers no longer act in the first half of 2022 are over, they will begin to adjust
However, Martin County fared better, with only a 20.4 like toilet paper buyers during COVID. In fact, some their asking price to something closer to reality. Those
percent decrease compared to January 2022. Condos and of those buyers are now suing their Realtors in court. that don’t, won’t sell their home, because buyers are
townhomes took a beating though with a 43.8 percent Victor Insurance Managers reports that they are seeing a getting smarter.
decrease. 9 percent increase in lawsuits against realtors. Feel free to call me if you would like to discuss your
options. I can be reached at (772) 341-2941 or jimweix@
jimweix.com.
EVERY SUNDAY Jim Weix is a broker associate with The Keyes
9AM-2PM estate full-time. If you have questions or want the services
Company. Jim has 25 years of experience selling real
of an experienced expert, you can reach Jim at (772)
FLAGLER PARK 341-2941 or jimweix@jimweix.com.

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