Parrot Realty Coral Springs Update: Summer sales history and insights into the fall/winter market
By Michael Citron
Summer is coming to an end! Parrot Realty had a proper summer sale season. In July, Coral Springs had 79 foreclosed homes, down 15% from last year.
Cash sales were up, with 25.3% of total July sales being cash purchases. There are currently 133 homes on the market with an average time to contract of 20 days, showing that the market remains strong.
There is just under a two-month supply of homes available for sale. Homes are selling near asking prices for a 97% list price-to-sales ratio, according to statistics from rworld.com And floridarealtors.com.
Is it a good idea to sell during the fall/winter market and what does this buyer look like?
Inventory that remains at record lows in Coral Springs is driving up sale prices. Although the number of homes for sale is greater than in late 2021, we still have nearly half the homes available for sale before the pandemic.
Parrot Realty continues to see many city residents selling their apartments and townhomes to move to quieter, more family-friendly rural areas like Parkland and Coral Springs to expand their living space and adapt to lifestyle changes.
Many buyers are still on the fence, perhaps waiting for mortgage interest rates to drop. Jupiter activity is typically slow during this time of year as families engage with their children’s return to school and all of their extracurricular activities. However, during this time, mobile buyers are in the market. These buyers are strong and looking to make a move by the end of the year. There will also be less inventory in the market, as there will not be as much competition.
according to MortgageNewsDaily.comour current mortgage rates for a 30-year loan are about 7.07%, and for a 30-year jumbo loan, about 6.45%.
Once inflation is under control, the Fed will stop raising interest rates, which will cause mortgage interest rates to fall to the 6% range or lower. Once prices eventually fall to these levels, 5 to 6 million homebuyers nationwide will qualify and be ready to buy.
Let’s face it! Many people want to buy homes right now. If they are educated and understand the real advantages of making a move into this market, they will have the home of their dreams and be ahead of the next curve!
If you would like a free consultation on getting your home’s value or guidance on best practices for purchasing a home in the coming months, please feel free to contact me at Parrot Realty directly by calling me at 954-609 -0591 or email at michael@ParklandParrot.com.
You can also visit our home value page at MY Home Value for an instant valuation. I will follow up with you, and we can set up an appointment to talk further.
Buy and sell with confidence!
Michael Citron – Owner and real estate broker for Parrot Realty