By Michael Citron
As a real estate professional, my daily goal at Parrot Realty is to stay deeply connected and have my pulse on the local and national housing markets. In Coral Springs, over the past year, we’ve witnessed an 18% decline in sales compared to the previous year, while homes now spend an average of 41 days on the market, which is a 50% increase in time on the market since 2022. These statistics highlight the evolving nature of our local real estate environment.
What’s truly intriguing is the unexpected 3.5% rise in the median sales price, reaching an impressive $662,000. This surge challenges the prevailing notion of declining property values and shows the resilience of our local market. I also emphasize the pivotal role of mortgage interest rates in shaping buyer behavior. Sellers can attract a broader range of eager buyers by offering small credits towards buyers’ closing costs in order to lower payment plans through rate adjustments. The key takeaway here is that collaboration between lenders & real estate professionals is vital as we navigate these shifting market conditions.
Last year, the pessimistic predictions by major economic and real estate industry leaders were foreseeing the market crash and for housing values to diminish. According to Keeping Current Matters, it seems experts are telling a different story now and into 2024.
For buyers, the focus should be on capitalizing on the potential for lower mortgage interest rates. While mortgage interest rates have increased, there’s room for negotiation. Teaming up with experienced agents and proactive lenders can secure more favorable terms, reducing monthly payments significantly and allowing buyers to enter the market or move up to purchase dream homes while keeping their housing budgets in check.
On the seller’s front, adaptability is key. Homes are spending more time on the market, but there’s no need for drastic price reductions. A modest adjustment of around 2% to 2.5% can maintain a competitive edge, resulting in a win-win situation. Sellers can achieve higher-than-average sales prices, and buyers are more likely to act swiftly with a lower mortgage payment or assistance in lowering their closing costs.
Coral Springs presents exciting opportunities for those ready to seize them, whether you’re looking to buy or sell. As a seller, you can also use our unique marketing to ensure you get the most buyers through your door. As we continue our journey through the rest of the year, I’m excited to see how these trends evolve. My commitment is to provide you with the knowledge and guidance to navigate this shifting landscape successfully. Together, we can make informed decisions, whether you’re buying your dream home or selling a property you’ve cherished for years. Stay tuned for more updates, and feel free to reach out if you have any questions or need personalized advice on your real estate journey. If you would like to speak with me directly, just click here to set up a discovery call so we can navigate your real estate journey.
If you’d like a free consultation on getting your home’s value or to get guidance on best practices for purchasing a home in the coming months, then please feel free to reach out to me at Parrot Realty directly by either calling me at 954-609-0591 or emailing 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 schedule an appointment to talk further.
Buy & Sell With Confidence!
Michael Citron – Owner & Realtor of Parrot Realty
