Is Coral Gables a Buyer's Market or a Seller's Market?
The Absorption Rate, the amount of time it would take to sell all of the current listings at the current selling rate if no additional homes were listed for sale, is the key indicator for answering the question - "Is it a Buyer's Market or a Seller's Market?"
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 Coral Gables by price bands and demonstrates how the different price segments of the market 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 Coral Gables is currently an Extreme Buyer's Market with 11.6 months of inventory.
Expect a flat market for homes under $1M, slight depreciation for homes in the $1-$1.5M mark, and moderate to high depreciation for homes above the $1.5M mark.
Homes under $1.5M are showing the greatest demand, accounting for 74% of all Coral Gables single-family home sales in the last six months.
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), 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 15% 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 to help you navigate these sometimes treacherous waters can mean the difference between securing your dream home or insulting and alienating a seller with a "low-ball" offer.
Tips For Sellers
The cat is out of the bag. It's a Buyer's Market.
That means it's important 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 3 steps with the help of an experienced team of marketers and agents results in a successful home selling experience.
ARE YOU WORRIED ABOUT "LEAVING MONEY ON THE TABLE" WHEN SELLING YOUR HOME?
What your home needs is exposure - When you work with us to sell, your home will be seen, discovered, and understood in the marketplace.
With the proven Maven Marketing Plan, your home will have high-definition photography, interactive 3D tours, professional short films, StoryBrand copywriting, targeted social media advertising, and more.
When you match the right images with the right words and showcase them to the right people in the right places, more qualified buyers discover your home and you sell for more faster.