Palm Beach County Real Estate Market Report – August 2024

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Palm Beach County Market Report – August 2024

The past month has brought significant changes to the real estate industry nationwide. With the implementation of the new “settlement agreement” regulations, buyers are now required to sign a Buyer’s Broker Agreement before viewing any properties. Additionally, agents can no longer advertise the compensation offered to a buyer’s broker in the MLS. While these changes haven’t been as disruptive as initially anticipated, I believe they are just the beginning of a broader transformation in how we conduct our business. 

Personally, I have strong opinions about the settlement’s impact on both sellers and buyers, and I believe it has introduced challenges for everyone involved. However, one positive outcome is the heightened emphasis on a Realtor’s knowledge, professionalism, and expertise. Over the past decade, we’ve seen a surge in individuals obtaining real estate licenses, yet only a smaller, dedicated group has managed to turn it into a full-time career. 

Given these developments, it’s no surprise that local agents have mixed opinions about the current market’s strength. Some feel it’s a feast or famine situation. Those who anticipated these changes stayed consistent with their marketing efforts, budgeted wisely to invest in their listings, and continually educated themselves and have positioned themselves well for both the present and future. 

In our local Palm Beach market, price sensitivity is at an all-time high, regardless of the price point. Many sellers still believe in listing high with the expectation that someone will make an offer, leading to negotiations. However, with inventory rising across all categories, there is increased competition, and buyers simply won’t engage if they perceive a property to be overpriced. 

Inventory levels have risen in nearly every price bracket, with the luxury market now seeing almost two additional months of inventory, tipping it back to a buyer’s market. Strategic pricing is crucial to attracting buyers. Equally important is ensuring your home shows well, your agent effectively highlights its attributes and everyone involved is performing at their best during showings and open houses. 

Whether you are a buyer or a seller your real estate partner matters more than ever. For those of us who understood what was coming we are ready! 

Amy Snook