Allie and Steve Sinbine in their Lake Worth apartment on December 16, 2021.
Now, a year-and-a-half into record price growth and dwindling inventory, non-buyers are stuck in a precarious situation: they want to buy, but are facing higher prices than they did when they first started searching and are finding themselves at risk of being priced out of the real estate market.
Allie Sinbine and her husband, Steve, were among those who decided to try and wait out the real estate market after they started looking at homes in June of 2020.
They are looking for a three-bedroom, two-bathroom home in the $250,000-$300,000 range, but as prices have continued to climb, they’ve expanded their search beyond Palm Beach County, farther north to Port St.
Many were wary of buying in the spring or even last summer as they watched prices skyrocket, only to see them rise even more as the year comes to a close.
He decided to wait, but when he went back to the house in April, it was priced at $480,000.
In February of 2021, the median sale price of a home in Miami Dade County was $450,000, a 21% increase from the year before, according to numbers from the Broward, Palm Beach and St.
Flash forward to October of 2021, when median sale prices rose 19% from the year before in Palm Beach County to $500,000 in October.
She started looking in January for a home within her budget of $300,000-$350,000, but discovered that the properties were below the quality she was hoping for.
If you don’t have excess supply, it’s hard for the market to correct in a significant way.” In other words, he does not see a dramatic bust in our future.