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Palm Beach County housing market sees dip

Posted at 5:04 PM, Feb 26, 2019
and last updated 2019-02-26 18:48:52-05

The Palm Beach County housing market has seen a recent dip.

The Realtors of the Palm Beaches show there was a 23% drop in single family homes sold in their January 2019 numbers compared to 2018.

The dip in the numbers is actually a good sign that the market is leveling said Ben Schachter.

Schachter owns Signature Real Estate Companies. He said there are fewer homes for sale that are a bargain price or for the flipper market.

“Today we are looking at properties that are priced at an appropriate level for our current economic position,” said Schachter.

He said sellers are renovating their homes and are realizing about the price of their home’s price based on comparable ones in the neighborhood.

“Now is still a great time to buy, you are just going to buy a better house versus a lesser quality house and you won't buy a home with less repair and TLC,” he said.

Schachter also said the mortgage rates are higher right now but he feels that is a way for the market to correct itself from the economy 12 months ago.