By Michael Citron
Summer is coming to an end! Here in Parkland, we had a favorable Summer Selling Season. In July, we had 53 homes close, which was 51% higher than a year ago.
Cash sales were consistent, with 34% of all July sales being cash purchases. Currently, there are a little over 100 homes on the market with a 25-day median time to contract, which shows that the market is still strong.
Currently, there is a little less than a three-month supply of available homes for sale. Homes are selling close to the asking prices at an almost 97% list-to-sales price ratio, according to stats from rworld.com and floridarealtors.com.
Is It A Good Idea To Sell During The Fall/Winter Market & What Does This Buyer Look Like?
The still record-low inventory in our city is propelling high sale prices. Although more homes are for sale than back in late 2021, we still have nearly half of pre-pandemic available homes for sale.
We still see multiple city dwellers selling condos and townhomes to transition to quieter and more family-friendly rural areas like Parkland and Coral Springs, expanding their living space and adapting to their lifestyle changes.
While many buyers are still on the fence, waiting for mortgage interest rates to possibly come down, typically, buyer activity is slow during this time of year, as families are engaged in their children going back to school and all of their extracurricular activities. But, during this time, relocation buyers are in the market. These buyers are very strong and want to move by the year’s end. There will also be less inventory on the market, where there won’t be as much competition.
According to MortgageNewsDaily.com, our current mortgage rates for a 30-year loan are about 7.07%, and for a 30-year jumbo, around 6.45%, which is what typical buyers are getting in the Parkland Market.
Once inflation is under control, the FED will stop raising rates, which will cause mortgage interest rates to hopefully come down to the low 6% range or less. In fact, once rates eventually drop to these levels, 5-6 million nationwide home buyers will qualify and be ready to purchase.
Let’s face it! Many people want to buy homes right now. If they are educated and understand the true advantages of making a move in this market, they will have their dream home and be ahead of the next curve.
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 directly by either calling me at 954-609-0591 or emailing email@example.com.
You can also visit our home value page at myparklandhomevalue.com 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