Do you plan to move this year to Palm Beach? Finding a home is one of the firsts step to take. This is why you need to research Palm Beach real estate trends first before you buy or rent a home there. Especially if you want to invest money or start a business there, it is a big step. Unfortunately, 2020 did not start well because of the coronavirus pandemic. Not only that many people in the USA are sick, but the pandemic also had an influence on the real estate market too and the economy in the country because everything stopped.
Things to know about Palm Beach before moving there
Before moving to Florida and before investing in Florida real estate, you should also research this city ad see what it can offer to its residents. What to expect after moving there? Why people move here and what are the benefits of living in Palm Beach?
- Palm Beach is a county in Florida and West Palm Beach is the biggest city of this county, located north from Miami. Palm Beach city is a small city in Palm Beach County, as well as Boca Raton, Jupiter, Delray Beach, etc.
- The job market is friendly, and that is one of the biggest reasons why people move here and why they research Palm Beach real estate trends and want to invest here. A growing job market and the economy are why many people want to start a business here.
- There are no income taxes, not only in Palm Beach but also in any other city in Florida.
- If moving to Palm Beach with kids, don’t worry about their education, because the schools are excellent and highly rated. Also, this place is kids-friendly and they will love it here.
- Palm Beach is serious about public events, not currently because of the coronavirus pandemic, but when the pandemic is over, life will be back in this city.
- Beaches are amazing, clear water, white sand, it is like a vacation every day. It is one of the main reasons why people want to invest in Florida real estate. Plus the weather is amazing, and many snowbirds are coming here because of the warm weather.
Palm Beach can offer a lot, to residents and tourists too and that is why so many people want to be here. Beaches, restaurants, bars, parks, beautiful homes, it has it all – a little paradise on Earth.
Moving to Palm Beach with ease
The simplest and easiest way to move to this part of Florida is to hire a moving company with experience such as City Movers. But, before hiring any moving company, first, make sure that the company is reliable, licensed, and insured. Do the research and spend some time reading online moving reviews from past clients but make sure to recognize the fae ones.
You can choose between different moving services. If hiring a full-service moving company, the crew will pack, move, and unpack your items. Also, there are companies that can offer you storage services too, so your items will be safe during moving and after moving. Check the experience when searching for quality moving crew – the longer experience, the better.
Palm Beach real estate trends in 2020
To move to a new address with ease you should first choose a home and then you can start with moving preparations. Palm Beach County has different types of homes, from small cheap homes to luxurious mansions on the beach. Here are some Palm Beach real estate trends for this year.
- Palm Beach County’s total home sales increased beside the current pandemic. February and March were strong when it comes to the real estate market. South Florida area did not have a big problem with the economy and real estate market. Home sales rise 12.4% in this area.
- Distressed sales stay low and only 2.5% of all closed residential sales here in Palm Beach were distressed in February 2020.
- Most homes are priced between $400,000 and $600,000 and most investors are millennials. This is a trend in the entire USA, not only in Florida. It becomes one of the millennial real estate trends to invest in properties.
- When it comes to luxury homes that are above 1 million dollars, the market rose 16%.
- The average days of how long homes are on sale is 61 days. This was the case in the last year too, so there are no changes.
As you can see, the pandemic didn’t affect the real estate market in Palm Beach negatively. Here is a totally opposite situation. People are buying houses more than the last year in this period and prices are also higher a little bit. This reminds us that life cannot stop, including the economy, and business.
The Palm Beach real estate trends in 2020 are changing because of the COVID-19 pandemic, but hopefully, it will be ended soon. Real estate agents are finding ways to keep their business by using virtual tours and other online benefits. Investing in real estate takes time and money, of course. So, think twice and determine is it now the best time for you to purchase a property in Palm Beach or you should wait a little bit.