By Michael Citron
As the #3 Broward County Realtor & #1 Parkland Realtor, I’ve had the privilege of helping countless buyers and sellers navigate the ever-evolving real estate market. And right now, we’re seeing some interesting shifts that you should be aware of, whether you’re thinking of buying your first home, upgrading, or selling to take advantage of the market. Here’s what you need to know:
Mortgage Rates Are Moving, But Buyers Are Cautious
The latest news from Mortgage News Daily shows mortgage applications are on the rise as rates take a slight dip. Over the past six weeks, mortgage rates have decreased by more than half a percent, currently sitting at their lowest levels since February 2023. But even though rates are more favorable, buyers are still hesitant.
Why? High home prices and a shortage of available homes have kept many prospective buyers on the sidelines, waiting for further rate drops. According to a Zillow survey, about 80% of current homeowners have locked in rates below 5%. So, if you’re one of those homeowners, what’s going to motivate you to sell? The answer is lower interest rates on your next home.
Coral Springs’ Inventory is Growing, But Homes Are Taking Longer to Sell
Locally, we’re seeing a significant increase in inventory. In Coral Springs, we have 287 single-family homes for sale, excluding 55+ communities, condos, and townhouses. Of those, 133 have reduced their asking price—nearly 46% of available homes. This creates opportunities for buyers who are ready to act. Homes are sitting on the market for an average of 63 days, and this trend is expected to continue as we approach the holiday season.
Just last week, we saw 31 new listings, 38 price reductions, 34 homes go under contract, and 20 homes sold. This tells me that while the market is cooling slightly, serious buyers and sellers are still finding opportunities.
What Does This Mean For You?
If you’re a buyer, now may be your best chance to get ahead of the competition. While inventory is still high, mortgage rates are continuing to decline. You may have more choices and better negotiating power, especially if you’re looking for your dream home. However, come next spring, when rates could drop even further into the 5% range, competition could heat up significantly, making it harder to secure the home you truly want.
For sellers, this is a crucial time to evaluate your options. Price reductions indicate that many homeowners are adjusting their expectations to meet buyer demand. If you’re thinking about selling, positioning your home correctly in the market will be key to attracting serious buyers, especially before the holiday season slows things down.
Final Thoughts
The real estate market in our areas is shifting, but that doesn’t mean opportunities have disappeared. Whether buying or selling, staying informed and acting strategically is essential. As always, I’m here to provide expert guidance, answer your questions, and help you make the best decision for your family’s future.
If you’re ready to take the next step in your real estate journey, let’s connect at Parrot Realty Group. My team and I would love to earn your business and trust.
Michael Citron – Owner & Realtor of Parrot Realty
Michael Citron – Parrot Realty.
