If someone were to ask you the value of your Palm Beach homes, what would you tell them?  Every homeowner has a number they feel properly reflects the value of their home, the reasoning as to how they arrived at that number notwithstanding.  On the other hand, if you don’t have a clue as to what your home value is, there are a number of resources you can use at no cost to get a better idea.

Any homeowner who wishes to sell Palm Beach real estate has to take the time to find out what properties within their neighboring area have actually sold for.  It’s perhaps one of the most reliable methods of determining a realistic current value.  Alternatively you can look at expired listings, which are exactly what you think they are: properties that did not sell.  In most cases an expired listing fails to sell due to an unrealistic price so use that as a guideline of how not to price Palm Beach homes.

Another method is to think like both a seller and a buyer.  If someone were looking to purchase your home, how would it stack up against other Palm Beach condos or homes in the same location?   Consider what a buyer is looking for nowadays and what features sell.  On that note, adding features (without driving up the cost too much) or cosmetic improvements can significantly add value.  A Palm Beach realtor is very useful in making suggestions that will boost your property value.

For reasons that remain largely unknown to this day, the spring buying season tends to kick into gear after the Super Bowl has come and gone.  Because the springtime tends to be the busiest for markets like Palm Beach real estate, it’s also when homeowners decide to stick those For Sale signs out on their front lawn.  If you’ve never sold a home or haven’t done so recently, you may not want to wait too much longer.

With the upcoming spring season there is likely to be a huge wave of new Palm Beach homes appearing on the market, homes that will essentially be competing with yours to snag that much coveted buyer.  These include homes that were taken off the market during the fall to the latest foreclosures and short sales offering heavy discounts.  In other words the longer you wait, the more time can potentially work against you.

In such scenarios you may find that a Palm Beach realtor will strongly suggest taking a look at what other Palm Beach homes are actually asking for as opposed to relying on sales numbers.  These self determined asking prices by neighboring homeowners aren’t always the most accurate since most feel their homes are worth more than they actually are but they can be useful.  Take some time to devise a competitive but sensible price, just don’t take too much of it.

Leslie Evans, has tracked condominiums and single-family homes with his quarterly report, The Evans Report, for the last 11 years. His newly released third quarter residential real-estate report sees a gradual market strengthening.

The median sales prices of single-family homes has raised 29.47 percent from July to September, compared to the first six months of 2009 – he states this as a key indicator of an upward trend. “Though the meridian is still down from 2008 figure of $3.875 million, the $3.240 million meridian of the 59.33 percent increase in the average sales price in the third quarter of 2009 versus the first six months of the year are a good sign,” he said. The first half of 2009 the median price for a residential single-family property was $2.5 million. From January to June the average sales price was $2.92 million and it soared to $4.65 million in July to September. “We also had a skewed average sales price figure in 2008 due to the number of huge sales that took place before the financial market collapse in the fall,” Evans said.

Evans recorded 39 condominium unit sales and 23 single family homes sales during the third quarter of 2009. “The economic and political instability during the second half of 2008 greatly impacted the real-estate market at the beginning of 2009 and, obviously, concerns about the economy are still around, but third-quarter figures signal the beginnings of a renewal in market confidence, maybe even the beginning of a slow rebound,” Evans said. “The bulk of sales have been in the $10 million and under category, with big bumps especially in the under $5 million range,” he said. “More expensive properties seem to be slow to sell.” “The good news is that there is still very few foreclosure sales on the island, far below any other place in the state,” he said.

Often known as the “forward-looking” indicator, the Pending Home Sales Index rose 6.1 percent to from 103.8 percent in September to 110.1 percent in August. This is 21.2 percent higher than it was in September 2008.

The index is at its highest level since December 2006; the gain from a year ago is the largest annual increase on record.

NAR’s chief economist, Lawrence Yun said “What we are witnessing is a rush of first-time home buyers trying to beat the expiration of the tax credit at the end of this month. Home values will stabilize sooner rather than overcorrecting. That, in turn, will mean wealth-stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”

There are countless reasons why people choose Palm Beach homes over a residence in another city or community.  There is however certain key qualities that ultimately prove to be the deciding factors and they don’t actually involve how a city like Palm Beach is weathering the recession.

In keeping with the classic adage of “money doesn’t buy happiness”, most people who own Palm Beach homes say that they are attached to their communities because of the surroundings.  Exciting places to gather and socialize, gorgeous natural aesthetic and an atmosphere that’s pleasant and welcoming tend to be what attracts and keeps people emotionally attached to the neighborhood they call home.

Those qualities mentioned above weren’t the only things that contribute to the appeal of living in Palm Beach homes.  Studies also show that communities with good job opportunities for college graduates also go a long way towards keeping people satisfied and so do companies that have happy employees.

Speaking of companies, emotional attachment to a community works in the same manner.  History has shown that companies with employees that have an increased emotional connection tot their place of employment will yield better financial results.  Do these qualities reflect why you choose to stay in wherever it is you call home?

As unlikely as it may seem, you can move on and start fresh after foreclosure, it’s just important to make sure that you start moving forward if and when that initial notice from your bank/lender arrives.

Because you’ll probably be purchasing or renting new Palm Beach real estate, whatever money is not going towards the mortgage should be put aside and saved so that you can use it towards your next purchase or security deposit depending on what you ultimately decide.  If you do rent landlords will be able to see your credit history and your circumstances but it doesn’t necessarily mean they won’t give you a place to call home.  The tradeoff is you may need to put more towards the security deposit or have someone cosign.

A good way to also get back on your feet is to take some time and reflect on what lead to those circumstances in the first place and correct them.  You should also devise a budget and stick to it, particularly if you plan on purchasing Palm Beach homes at some point again in the future.  By simply paying off bills on time, applying for small loans and being financially responsible your credit score will eventually return to normalcy.

Make sure to regularly check your credit report to see how things are going.  Check it six months after the foreclosure and then check it again in another six months.  If you’ve been financially responsible between those two timeframes you should see an improvement and you’ll eventually be on your way to owning Palm Beach real estate once again.