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.
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