It’s time to take action in Coral Springs real estate

Coral Springs, Florida – As the top realtor in Parkland and #3 in Broward County, I’ve had the honor of guiding many buyers and sellers through the dynamic real estate market. Whether you’re considering purchasing your first house, upgrading, or selling to take advantage of the market, there are some interesting things going on right now that you should be aware of. What you should know is as follows:

As rates slightly down, mortgage applications are increasing, according to the most recent information from Mortgage News Daily. Mortgage rates have dropped by more than half a percent over the last six weeks, and they are now at their lowest points since February 2023. However, buyers remain cautious despite the improved rates.

Why? A lack of available properties combined with high property prices has left many potential purchasers waiting for more rate reductions. Approximately 80% of current homeowners have locked-in rates below 5%, per a Zillow poll. What will spur you to sell, then, if you’re one of those homeowners? Reduced loan rates on your next house are the solution.

We’re witnessing a notable rise in inventories locally. With the exception of condos and townhouses, we offer 287 single-family homes for sale in Coral Springs. Out of those, 133—or over 46% of the available homes—have lowered their asking price. This presents chances for purchasers who are prepared to take action. The average time that a home is listed is 63 days, and as the holiday season draws near, it is anticipated that this trend will continue.

Thirty-one new listings, 38 price decreases, 34 contracts signed, and twenty sales occurred in the last week. This indicates to me that although the market is somewhat cooling off, serious buyers and sellers are still able to locate openings.

This might be your finest opportunity as a buyer to outperform the competition. Mortgage rates are steadily falling, despite the large inventory levels. More options and stronger bargaining power could be at your disposal, particularly if you’re searching for your ideal house. But by spring of the next year, rates may drop even lower, into the 5% area, and competition may pick up considerably, making it more difficult to get the house you really want.

This is a critical moment for sellers to consider their choices. Price reductions suggest that a lot of homeowners are lowering their standards in order to satisfy the demands of buyers. If you’re considering selling, getting your house in the best possible position will be essential to drawing in serious purchasers, particularly before the holidays slow down the market.

Although the local real estate market is changing, there are still opportunities available. Being knowledgeable and taking calculated risks are crucial when purchasing or selling. As usual, I’m available to offer professional advice, address your concerns, and assist you in reaching the greatest choice for the future of your family.

Let’s connect at Parrot Realty Group if you’re prepared to advance in your real estate career. I would be honored to gain your trust and business, along with my staff.