Is it a buyer's or seller's market? The market has shifted slightly. We are seeing price reductions and an increase in inventory. However, we are in the midst of the selling season when homeowners are faced with decisions about changing schools, seniors graduating, and parents left with a bigger home than they need. However, seasonality does not necessarily mean that the bubble is "bursting". We take the position that the current real estate market is shifting toward a more stable and historically normal condition. That said, we will not see homes selling as fast. Sellers have enjoyed, and I would say spoiled by, a selling trend of 30 - 60 days.
We predict that the "old" normal of a 6 months supply is returning. However, homes in better condition, staged properly, and priced right, will continue to enjoy faster selling times. This is a fact that has always held true in any market. As we navigate through the shift, it is critically important to hire a real estate professional fully aware of these changes in order to advise their clients and position them in the best manner possible.
Same holds true with buyers seeking help with their purchase; it is as important to hire a realtor who understands true market value.
Here are 10 homes that have recently dropped their price 10% or more.
Facts about Coral Gables, Florida - one of the oldest cities in South Florida. Pioneer George Merrick founded "City Beautiful" as it is referred to back in 1925. Here, you will encounter tree-lined avenues, monumental buildings, winding roadways, green spaces, ornate plazas, and fountains. Architecturally, the city boasts pristine examples of the Mediterranean Revival style and city planners were inspired by landscape architect Frederick Law Olmstead, who designed New York’s Central Park when considering its horticulture and cityscapes.
The Biltmore Hotel, world famous and designated a National Historic Landmark, is located in Coral Gables as well. With its tournament grade golf courses and 5-star hotel rating, it attracts guests from around the world which helps make the area one of the most affluent communities in Dade County. It has become an international city as well, home to 20 consulate and foreign government offices and over 140 multinational corporations. It is also home to the University of Miami; a research university and ranked 50th among the nations top-tier institutions in the U.S. News & World Report ratings of "America's Best Colleges."
As as publication, the median home price in Coral Gables for a single family home is $874,000.
If you would like to see any of the homes featured, or would like to learn more about City Beautiful, please contact me HERE.
Is it the right time to sell my home or what is it worth in TODAY's market? Let's explore!