Home values rely on different factors like location, renovations, and more.

What should you think about our housing market? The intricacies of today’s current real estate market can be compared to Al Roker’s weather reports. You need to understand that each neighborhood has unique dynamics, much like the weather in your own “neck of the woods.”

Communities, despite their close proximity, can vary significantly in terms of home values. Factors that contribute to the diversity of an area include the age of homes, community amenities, and the quality of local schools.

So, keep in mind that when somebody calls and asks, “What’s my home worth?” we cannot just give you an estimate depending only on your zip code. We have to consider multiple variables and information to accurately determine the value of your home.

For the past 22 years, I’ve been doing a lot of business in over 55 communities, and I see a tremendous amount of variation in price from one community to another. Some of the houses have deflated in value due to aging, which requires renovations like roof replacements. For active aging communities, updated roofs and impact windows often determine home prices. These enhancements can lead to a $100,000 price difference.

“You need to understand that each neighborhood has unique dynamics, much like the weather in your own neck of the woods”

Conversely, in luxury markets exceeding $1 million, homes are in high demand, often going under contract within days. Looking at the month over month statistics in Palm Beach County, it is important to remember that price is a big factor in how quickly a house sells. Understanding the local market dynamics should also be studied for informed decision-making.

In general, properties priced under $500,000 sell the fastest, with only 2.4 months of inventory on the market. Houses in the $500,000 to $1 million category sit on the market for roughly 4 months, $1 million to $2 million, averaging around 5 months, and $2 million to $3 million, which formerly sat on the market for nearly 9 months, but is now selling a little faster at around 5.5 months

Again, understanding neighborhood-specific trends is important in determining the worth of your home. Do not heavily rely on generic online valuations or Zestimates. Reach out to real estate experts if you want an accurate and customized valuation for your home, as we consider factors like property condition and recent renovations.

We'd love the opportunity to work with you with no strings attached, so feel free to contact us via phone, text, or email. We’re here to assist you!