Buying or selling a home in the 33146 zip code of Coral Gables this summer?
Real estate is a hyper-local phenomenon.
Having a clear understanding of the latest market trends in the 33146 zip code of Coral Gables equips you with the knowledge necessary to make informed decisions that keep you from overpaying for a home or having your home sit on the market indefinitely.
Our easy-to-understand Coral Gables market reports break down the most important information at a city and zip code level, so you know exactly how YOUR market is doing.
For market reports in other zip codes of Coral Gables CLICK HERE.
Is it a Buyer's Market
or a Seller's Market?
The Absorption Rate is the key indicator for knowing if it's a Buyer's Market or a Seller's Market.
The Absorption Rate is the amount of time it would take to sell all of the current listings at the current selling rate if no more homes were listed for sale.
It is calculated by dividing the average number of homes sold over the last six months by the total number of homes listed for sale at the end of the month.
The graph below breaks down the absorption rates for all single-family homes in the 33146 zip code of Coral Gables by price bands and demonstrates how the different price segments of the single-family homes market in the 33146 zip code of Coral Gables have performed over the last six months.
Typically, a Seller's Market has less than six months of supply, while more than six months indicates a Buyer's Market.
The market for single-family homes in the 33146 zip code of Coral Gables is currently a Normal Buyer's Market with 7 months of inventory.
That means that, generally-speaking, buyers have more negotiating leverage than sellers at this time.
A buyer who is aware that it's a Buyer's Market not only has more homes to choose from, she may also be in a position to offer less for a home or request additional items in her offer, such as seller concessions or repairs completed by the seller.
A seller who is aware that it's a Buyer's Market may price her home slightly below the recent comparable sales to avoid having her home sit on the market indefinitely and ultimately sell for less than what she could have sold for.
Tips For Buyers
If you're in the market to buy a single-family home in Coral Gables (or any other area for that matter), it's important to know and understand the hyper-local market statistics for the type of home you're interested in.
An agent (or a team of agents) who specializes in your area of interest can gather and help you break down the information you need to gain insight on a particular area.
Knowing what type of market you're in allows you to develop an effective negotiation strategy that leads to results.
Should you offer 10% less than the list price or 3% above asking price? Should you request that the seller pay for all of your closing costs, a portion, or none at all? Should you offer to close in 60 days or 30?
Working with an experienced team of agents that can help you navigate these sometimes treacherous waters can mean the difference between securing your dream home or insulting and alienating a seller with a "lowball" offer.
Tips For Sellers
No matter what kind of market you're selling in (Buyer's or Seller's), it's important that you do ALL of the things necessary to get the highest price possible in the shortest amount of time with the least amount of worry and inconvenience:
2. Price your home correctly from the get go.
Executing these 4 steps with the help of an experienced team of marketers and agents results in a successful home selling experience.