The Coral Springs/Parkland real estate market is experiencing an extraordinarily strong seller’s market for single-family homes. Our community has never experienced a seller’s market like this. Most of our listings receive multiple offers and go under contract within days. Record breaking price points are being set, the inventory is low, and the low-interest rates are making this a great time to sell a home. Buyers want to buy in our area and current residents do not want to leave. For more real estate information and guidance visit https://reali.com/trade-in/.
In addition to what we are experiencing in our community, Dr. Brad O’Connor, the Florida Realtors Association Chief Economist, announced Florida’s inventory of single-family homes was 2.8 months during the second quarter of 2020. To put this in perspective, many economists believe a six-month inventory to be a balanced inventory between buyers and sellers. Therefore, the 2.8 figure is extremely low, and it is very favorable for sellers. It is so advantageous; the Florida Realtor’s Associations recently announced the following:
“Florida homeowners: There’s never been higher demand for your home.
You might be scratching your head as to why, during this time of uncertainty, people are choosing to make such a large investment. A publication by the Florida Realtors Association entitled “VIRUS MAY HAVE ACTUALLY BOOSTED THE HOUSING MARKET”, suggests Americans value a single-family home more than ever. Specifically, the pandemic has created a fierce desire for space. Buyers want indoor, outdoor, private and personal space. A survey of home buyers mentioned in the article revealed the following:
- 21% of respondents want a designated area to work from home
- 21% want more outdoor space
- 10% want a bigger home
- 7% want a designated space for children to learn from home
The above-mentioned findings are what the Bill Sohl Luxury Homes Team is experiencing within the Coral Springs/Parkland market. Through our representation of buyers and conducting open houses at our listings, we have had opportunities to speak with numerous buyers. As a result, we learned people of all walks of life, of all stages of life, and from all over the country want a home with private and personal space. Not only do they want space within the home, they want a home in a beautiful low-density area.
If you recall in my June 2020 article, I hinted to witnessing a trend which could favorably impact the Coral Springs/Parkland market in the long term. That trend was the need for “Space.” Since then, space has evolved into the number one amenity buyers want. My team and I are even seeing empty nesters, who previously down sized to a condominium or a smaller home, now wanting to purchase a larger home with a pool, a room for an office and space for a gym.
No doubt this market is difficult for buyers. If you are seeking to purchase a home, it is important to work with a realtor who has the experience and resources to help you successfully purchase a home. As always, I am available to assist you with your real estate needs. Please feel free to contact me at any time at 954-655-5097. Thank you for allowing me the opportunity to share my real estate knowledge with you.
Bill Sohl & Associates • www.BillSohlSellsParkland.com • 954-655-5097