Buying a house in Boca Raton, what should you know?
Most people would like to own a house. However, purchasing a property is a huge decision. You will spend a lot of time and money trying to find your new house, especially if you plan to live in Boca Raton. Since Boca Raton is a coastal city, it attracts thousands and thousands of tourists every year. This means that its real estate market is highly competitive. Other reasons why Boca Raton is such a popular place would be because of its favorable weather, great schools, and universities, luxurious gated communities, etc. Before you start searching for moving companies Boca Raton, here is everything you need to know about buying a house in Boca Raton.
Buying a house in Boca Raton – Define your goals
First of all, before buying a house in Boca Raton, you need to do a little bit of research. You should check out a couple of houses listed in Boca Raton. Pay attention to the prices of the property, size, additional features such as pool, etc. Then, you should see how much you can spend. You should aim to have a budget that is not three to five times bigger than your annual household income. It is extremely important not to overspend as this can cause problems later. After this, you should get pre-qualified and pre-approved for a mortgage. You should get this done before you actually start looking for your house. Since the housing market can be highly competitive, you should be able to buy a house on short notice. The same thing applies when organizing your move.
You should find your moving and storage Florida services a couple of weeks before you purchase the house. Also, find a real estate agent. A real estate agent can focus on the homes within your budget with all the features you want. When you are shopping for your home, take note of the following things:
- Neighborhood – you should make sure that your new neighborhood is safe, friendly, close to your work, has good schools, and so on.
- Lifestyle – based on your lifestyle, see what kind of house will work best for you.
- Inspection – you should get a home inspection done. Inspector should check the overall condition of the home to see if there are some major problems with the house.
The Best Neighborhoods in Boca Raton
Before buying a house in Boca Raton, you need to pick a neighborhood. And living in any one of these neighborhoods in Boca Raton provides residents with a blend of tranquility, luxury, and convenience. From the picturesque waterfront views at Royal Palm Yacht & Country Club and Boca Bay Colony to the urban vibrancy of Mizner Park, each locale offers a unique blend of lifestyle benefits. Whether you’re an avid golfer, a yachting enthusiast, a family seeking a safe community, or someone who enjoys the vibrancy of downtown living, Boca Raton’s diverse neighborhoods cater to a wide array of preferences and lifestyles. Embrace the rich, diverse culture of Boca Raton and discover a lifestyle that’s perfectly tailored to your tastes. Here are some of the best neighborhoods in Boca Raton according to some of the best Palm Beach County movers:
Royal Palm Yacht & Country Club
Experience the epitome of luxury living at the Royal Palm Yacht & Country Club, an illustrious community known for its opulent homes and private yacht club. Local movers in Florida recommend this neighborhood, famed for its remarkable waterfront properties and unrivaled amenities, this sanctuary offers world-class services. From premium sporting facilities to elegant dining options, each aspect of this esteemed enclave is meticulously designed for an indulgent lifestyle. Experience the privilege of living in an environment that blends natural beauty with the pinnacle of sophistication.
Discover the allure of tranquility at The Sanctuary, a secure gated community nestled on the edge of the Intracoastal Waterway. Majestic estate homes and astounding water views define this serene haven, ensuring an unmatched level of privacy and security. Its striking panoramas and serene atmosphere make it a picture-perfect destination for those seeking a peaceful retreat from bustling city life. Long distance movers in Florida will help you immerse yourself in the calming ambiance of The Sanctuary, where luxury and comfort meet.
Old Floresta, nestled in East Boca Raton, offers a captivating blend of charming architecture and verdant, tree-lined streets. Boasting an enchanting mix of historic homes and contemporary residences, this neighborhood embodies the timeless elegance of Old Florida. If you are moving to Florida, this is the best place to experience a unique fusion of tradition and modernity, surrounded by the irresistible charm of Old Floresta.
Woodfield Country Club
The Woodfield Country Club stands as a symbol of prestige in the realm of golf and country club communities. Offering an array of luxurious homes and superior amenities, this distinguished enclave fosters an environment of exclusivity and camaraderie. Enjoy a variety of recreational activities, including championship golf, tennis, spa treatments, and a range of social events. Interstate movers in Miami invite you to revel in the vibrant spirit of community that Woodfield Country Club presents.
Mizner Park, the heartbeat of downtown Boca Raton, offers a dazzling array of upscale shopping, dining, entertainment, and cultural venues. While not a residential neighborhood, proximity to Mizner Park guarantees a dynamic lifestyle. Residential movers in Miami recommend this because of its eclectic blend of vibrant boutiques, gourmet eateries, and diverse entertainment options that bring an urban flair to the laid-back vibe of Boca Raton.
Boca Bay Colony
Boca Bay Colony, nestled along the Intracoastal Waterway, offers a blend of exquisite waterfront estates and magnificent views. Known for its private docks and easy access to the Atlantic Ocean, this community boasts unparalleled charm. Use packing services in Miami, pack your boxes, and experience a lifestyle of privilege and convenience where waterway access is just moments away from your doorstep.
St. Andrews Country Club
The St. Andrews Country Club is an oasis of opulence nestled within a gated community. Housing luxury estates and a world-class golf course, this premier enclave exudes an aura of distinction. With offerings such as a rejuvenating spa, top-tier tennis courts, gourmet dining options, and engaging social events, the St. Andrews Country Club is the epitome of luxury living.
Embrace a harmonious lifestyle in Boca Isles, a community located in West Boca Raton. This family-friendly neighborhood offers stunning homes, plentiful amenities, and an inviting atmosphere. From a comprehensive clubhouse and sparkling pool to tennis courts and scenic lakes, Boca Isles promises a wholesome living experience for the entire family.
Boca Harbour, positioned along the canals leading to the Intracoastal Waterway, offers a diverse mix of waterfront homes and non-waterfront properties. Perfect for boating enthusiasts and those yearning for a waterfront lifestyle, this community delivers unmatched aesthetic beauty and comfort.
The Oaks at Boca Raton
Indulge in the grandeur of The Oaks at Boca Raton, an upscale gated community featuring large estate homes with luxurious amenities. The community’s offerings include a welcoming clubhouse, sparkling pool, state-of-the-art fitness center, and well-maintained tennis courts. Experience a myriad of social activities in this community that seamlessly blends tranquility and vibrancy. Live a fulfilling, active lifestyle within the secure perimeters of The Oaks at Boca Raton.
Lifestyle in Boca Raton
Before you start asking for moving quotes Miami moving companies offer, you need to learn a little bit about the lifestyle in Boca Raton. First, know that this is a city that is synonymous with upscale living. Known for its pristine beaches, world-class golf courses, and diverse mix of gated communities, Boca Raton delivers an unparalleled lifestyle. It’s an oasis of tranquility and elegance, boasting tree-lined streets, historic homes, and a vibrant downtown area. Residents can enjoy high-end shopping at Mizner Park, fine dining at diverse eateries, and cultural venues like museums and art galleries.
Outdoor enthusiasts relish the beautiful parks, nature trails, and waterways perfect for boating or fishing. Boca Raton is not only a destination for relaxation but also for community and family, with top-rated schools and family-friendly neighborhoods like Boca Isles. From waterfront luxury estates to cozy suburban homes, this city offers a unique blend of lifestyle options that cater to a multitude of tastes, truly making Boca Raton a gem of South Florida.
A home inspection is a vital step before buying a house in Boca Raton, helping uncover any underlying issues that could impact the property’s value or pose safety risks. In Boca Raton, with its diverse housing stock ranging from historic homes to waterfront properties, particular attention should be paid to structural integrity, plumbing, electrical systems, HVAC units, roofs, and potential water damage due to the city’s coastal location. Inspecting for signs of pests, particularly termites, is also crucial, given Florida’s humid climate. Engaging reputable home inspection companies can ensure a thorough and professional evaluation.
Firms such as Florida Premier Inspectors, Atlantic Home Inspections LLC, Home Shield Inspections, and Truview Inspections are among the best in Boca Raton. Their experienced teams provide comprehensive services, offering invaluable insights to make an informed home-buying decision. Remember, a quality home inspection is an investment that can save you from future costly repairs and provide peace of mind in your new home.
Current Snapshot of the Housing Market
If you are thinking about buying a house in Boca Raton, you should know that the housing market here is a vibrant realm, teetering between competitive and accessible. Homes in this Floridian gem receive, on average, three offers before they find their new owners. The selling process generally culminates in approximately 60 days, a small increase from the previous year’s average of 40 days. This trend reflects the steady demand for properties in this coveted area.
In the past month, the median sale price of homes in Boca Raton stood at a robust $630K, indicating a substantial 11.4% surge from last year’s prices. The price per square foot also saw an upward trend, now standing at $352, showing a growth of 4.4% from last year.
Housing Market Trends: A Comparative Study
In April 2023, the Boca Raton real estate market displayed an upward trajectory in home prices, which were up by 11.4% compared to the previous year. This price hike resulted in a median selling price of $630K for homes. Although homes spent more time on the market this year, with an average of 60 days, compared to 40 days the previous year, the market still saw a steady flow of transactions.
The total number of homes sold in April this year was 257, a slight decrease from the 309 homes sold in the same period last year. This minor contraction signifies a 16.8% drop in sales year-over-year. As for the time a property spends on the market, the median days increased by 20 days year-over-year, highlighting the evolving dynamics of the local real estate market.
Gauging the Temperature of the Boca Raton Housing Market
Boca Raton’s real estate market can be categorized as ‘somewhat competitive.’ With homes generally selling in around 60 days, buyers often have a reasonable window to explore their options. However, it’s not uncommon for homes to receive multiple offers, suggesting that certain properties spark intense interest among buyers. On average, homes in Boca Raton sell for about 5% below their listed price and reach the ‘pending’ status in around 60 days. The more sought-after homes – referred to as ‘hot homes’ – can sell for around the list price and go pending in approximately 31 days, illustrating the market’s competitive side.
Regarding the sale-to-list price ratio, it stood at 95.9% for the past year, showing a slight 4.0-point decrease from the previous year. On the brighter side, only 9.3% of homes sold above the list price, a significant drop of 31.8 points year-over-year. Interestingly, 22.3% of homes in Boca Raton experienced price drops, marking an increase of 9.4 points from last year.
Migration & Relocation Trends: Where are People Moving?
Between March and May 2023, 24% of Boca Raton homebuyers showed interest in moving out of the city, while a whopping 76% preferred to stay within the metropolitan area, underscoring Boca Raton’s enduring appeal. When looking at interstate relocation trends, 3% of homebuyers across the nation showed interest in moving to Boca Raton from outside metropolitan areas. Homebuyers from New York were at the top of this list, closely followed by those from Washington and Boston.
As for Boca Raton residents, a significant majority of 76% preferred to remain within the Boca Raton metropolitan area when searching for a new home. For those who opted for a change of scenery, Denver emerged as the most popular destination, followed by Orlando and Cape Coral.
Be smart about your decision
You should find a great balance between your expectations and reality. Find a house within your budget that has almost all the requirements. You will probably have to sacrifice some of them. Therefore, see what is more important for you, for example, a big yard or a shorter commute time. Then, make an offer and close the sale. When buying a house in Boca Raton, you will need to gather a lot of documents. For this reason, get one binder and keep all the important documents inside.