The sunny city of Jupiter, Florida, is a highly sought-after locale due to its exceptional lifestyle. The area has seen an influx of new residents seeking a warmer climate and better quality of life. Couple this with the large discrepancy between housing supply and demand and you can see why Jupiter remains a strong seller’s market.
If you’re looking to put your Jupiter property on the market, you’re in for a rewarding outcome. Even with rising mortgage rates, bidding wars are pushing up asking prices by thousands of dollars and closings are happening more quickly than ever. Here’s everything to expect when selling your desirable Jupiter home.
Jupiter’s growing popularity
Located on South Florida’s gorgeous Treasure Coast, the vibrant city of Jupiter is a hot spot that is becoming increasingly desirable. The city has become a prime real estate area due to its enticing attractions, year-round temperate weather, and convenient amenities. Beautiful beaches abound and residents enjoy being active outdoors. Plus, the city touts upscale boutique shops, fine dining restaurants, and impressive art museums. Many Jupiter properties are extremely lavish as well and are located in coveted gated, golf, country club, and master-planned communities. There are even elegant townhomes, ultraluxe condos, and waterfront property, providing buyers with a range of residential opportunities to fit every lifestyle.
Jupiter’s favorable tax policies make it an idyllic location too. As such, many individuals from higher income-tax states are moving to this appealing city to buy property. Jupiter is also just an hour and a half from Miami, which is starting to become a new tech and financial hub. Additionally, a considerable number of startup and hedge fund companies are relocating their offices to Jupiter and employees are choosing to follow suit.
Housing supply is still lagging behind demand
The demand for luxury Jupiter estates continues to significantly exceed the available supply. The low interest rates and delays in construction over the past couple of years have been hard to catch up with. The influx of new residents seeking a sunnier climate and finer quality of life has furthered this supply and demand gap too.
As mortgage rates continue to rise over the next year and construction begins to speed up, Jupiter’s housing inventory should start to gradually build back up. For now, however, the inventory gap still exists and is greatly benefiting sellers as a result.
As mortgage rates continue to rise over the next year and construction begins to speed up, Jupiter’s housing inventory should start to gradually build back up. For now, however, the inventory gap still exists and is greatly benefiting sellers as a result.
Sellers hold power in real estate transactions
As mentioned, sellers still hold the power in Jupiter’s current real estate market. With an insufficient amount of properties available for those who wish to buy, sellers are in full control of real estate transactions and are setting record-breaking stats. Consequently, now is one of the best times to list your Jupiter home. You will be able to earn a hefty profit which could be thousands of dollars over your initial asking price and the number of days your property sits on the market is likely to be minimal, allowing you to enjoy the benefits of a swift and hassle-free sale.
Bidding wars are pushing up asking prices
Photo courtesy of Sourcing.com
The homebuying demand in Jupiter is still strong despite a lack of supply – a trend to take advantage of as a seller. Currently, there are around 514 active home listings and 78 new homes for sale in Jupiter. Hence, today’s market conditions have given sellers the luxury of pricing their Jupiter estates quite high. As of April 2022, properties in Jupiter were selling for a median price of $900,000. Compare this to a median price of $695,000 last year, and you can see why so many individuals are choosing to sell now to maximize their sales price. Housing prices are predicted to increase — but at a slower pace — these next few months, with the market possibly cooling further into 2022.
To snag a dream Jupiter property, buyers are trying to outdo each other with their bids. It’s not uncommon to see initial offers being made thousands of dollars over asking to beat out the competition. Some buyers are even making cash offers and down payments, and either minimizing or waiving certain closing contingencies. These fierce bidding wars will remain the norm in Jupiter for the time being, which will add a substantial percentage to your final sale price.
To snag a dream Jupiter property, buyers are trying to outdo each other with their bids. It’s not uncommon to see initial offers being made thousands of dollars over asking to beat out the competition. Some buyers are even making cash offers and down payments, and either minimizing or waiving certain closing contingencies. These fierce bidding wars will remain the norm in Jupiter for the time being, which will add a substantial percentage to your final sale price.
Closings are happening more quickly than ever
With so many buyers bidding on the same home at one time, individuals have been able to sell their Jupiter properties incredibly fast. Listed homes do not sit on the market for very long, which is an ideal situation for sellers. In June 2022, for example, Jupiter properties sold in an average of 40 days. There was also an average of 545 homes for sale in that month. It’s evident current market trends have led to closings and sales happening more quickly than ever.
Although sellers aim to get a home off the market as soon as possible so that they can cash in their checks, they’re not the only ones who are aiming for a quick sale. Buyers are also trying to seal the deal to beat out the competition and acquire a premier Jupiter estate. Usually, whichever buyer has the highest offer — along with the fewest contingencies — is the lucky winner of the home bidding war. As the availability of Jupiter properties for sale remains scarce, buyers will continue to try and secure homes with haste thereby keeping days on market at a minimum.
Although sellers aim to get a home off the market as soon as possible so that they can cash in their checks, they’re not the only ones who are aiming for a quick sale. Buyers are also trying to seal the deal to beat out the competition and acquire a premier Jupiter estate. Usually, whichever buyer has the highest offer — along with the fewest contingencies — is the lucky winner of the home bidding war. As the availability of Jupiter properties for sale remains scarce, buyers will continue to try and secure homes with haste thereby keeping days on market at a minimum.
Jupiter real estate
If you are interested in putting your Jupiter, Florida, home on the market, please don’t hesitate to reach out to The Ahee Group. Stacie Ahee and her team of experienced real estate professionals will seamlessly guide you through the entire selling process from start to finish. If you’re ready to earn top dollar for your Jupiter property, empower yourself with the experience and expertise of Stacie and The Ahee Group.