In October 2017, Americans purchased homes at the fastest pace in a decade- a 6.2% monthly increase nationally, and a 16% monthly increase in Palm Beach County, according to the Florida Realtors Association.
Why are people buying?
One contributing factor could be the result of the national interest rate on 30-year fixed mortgages continuing to drop. Last week mortgage rates dropped from 3.95% to 3.92% in comparison to 4.03% in 2016 (National Association of Realtors). Historically, lower mortgage rates have helped drive home sales and those looking to refinance the market.
A healthy job market and low national unemployment rate of 4.1% could also be driving people to purchase homes. Palm Beach County currently has a strong economy with areas like Jupiter and Boca Raton averaging even lower unemployment rates of 3.4% and 3.5% respectively. Palm Beach County has a great local economy not only for its job opportunities in new industries, but also factors in $6.8 billion in tourism annually for its picturesque beaches, world-class shopping and dining, golf, weather, sports, and much more. The county is the golf-capitol of the state, has 11 colleges and universities, an international airport, and of course, luxury real estate.
With 47 miles of beautiful blue Atlantic coastline, some of the world's top luxury oceanfront homes and condos are found here. Singer Island and Billionaire's Row are diamonds in the real estate world, attracting high-net-worth individuals and celebrities like Microsoft founder Bill Gates and Miami Dolphins owner Stephen Ross.
Additionally, the state of Florida is appealing to those looking to buy from out of state because of the lack of income tax. Nationally, over half of all taxes collected by the IRS comes from income taxes, which was close to 2 trillion dollars total last year. Florida is one of only seven states not paying federal income taxes.
There are numerous reasons to consider buying here including the economy, atmosphere, activities, and opportunities. With Palm Beach County having more than 13,000 active listings in the MLS, buyers can start the journey to a true luxury lifestyle. Search Waterfront Properties' listings here.