Written by Michael Citron
My daily goals as a real estate professional are: parrot realty You need to stay closely connected to what’s going on in the local housing market. It’s an ever-evolving market, and every change is important, especially in a fast-growing community like Parkland. This market update provides an insider’s perspective on the key trends and key takeaways currently impacting the local real estate scene, and as the third quarter comes to a close, we highlight the changes that have impacted the market since the beginning of the year. Provides some important statistics. .
One of the most notable recent trends has been the year-to-date change in sales, which is down 10% year-over-year and has increased even more in other nearby cities. This is a clear sign that the dynamics of the real estate market are evolving. But what’s especially noteworthy is how long homes are currently on the market, with the average time it takes to go under contract at 49 days. This represents a significant 45% increase in time to market compared to the previous year of just 27 days. This is a clear indicator that buyers are taking the time to make informed decisions and are becoming more discerning.
The Parkland real estate market has shown remarkable resilience as contract terms lengthen. Year-to-date, the median sales price has increased steadily by 2% since 2022, and is now $1,170,000 year-to-date. This trend demonstrates the city’s enduring appeal as a luxury residential destination. Despite economic fluctuations and rising interest rates, buyers are still willing to invest in Parkland for their families and are attracted to its exceptional service. Last year, major business and real estate leaders made pessimistic predictions, predicting a market crash and falling home values.according to keep things currentexperts seem to be telling a different story for 2023-2024.
Pricing for Success: The takeaway here is that pricing your home correctly from the beginning is extremely important.
Remaining on the market not only affects the final sale price of the property, but also poses additional challenges for both buyers and sellers. It’s important to realize that today’s buyers are primarily concerned about their monthly home payments, which are affected by rising mortgage and homeowner’s insurance rates. Therefore, my advice to both sellers is to take these financial considerations into account and take advantage of buyout programs that present a new path for buyers to acquire their dream home at affordable payments. It’s about making real estate more attractive.
Homes in Parkland are currently selling for 4% less than the original asking price. Imagine how many buyers would be in the market if they could pay a higher price but still receive some assistance in the form of a closing cost credit that would help lower the seller’s mortgage rate and closing costs. please. as a result. Sellers can use the 4% to their advantage to attract more buyers and close deals by offering to buy out the loan. Finding the sweet spot where a property’s value matches a buyer’s budget is the key to success in this evolving market.Sellers can also use our unique features marketing This is to ensure that we can accommodate the maximum number of buyers.
Parkland’s real estate market remains vibrant and growing. We look forward to seeing how these trends evolve as we continue to navigate the real estate market through the remainder of this year. My mission is to provide you with the knowledge and guidance to navigate this changing landscape. Even if you don’t, we can make informed decisions together. buy your dream home or sale An asset that has been cherished for many years. Stay tuned for further updates. If you have any questions or would like personalized real estate advice, please feel free to contact us. Also, stay updated.
If you would like to speak with me directly, click here to set up. discovery calland we can help navigate your real estate journey.
For a free consultation to learn how much your home is worth, or for guidance on best practices for purchasing a home in the coming months, feel free to call us at 954-609-0591 or contact us directly. Please contact me.send email michael@parklandparrot.com.
You can also visit our home value page. myparklandhomevalue.com You can evaluate it immediately. We will contact you later to schedule a more detailed discussion.
Buy and sell with confidence!
Michael Citron – Owner and Realtor of Parrot Realty
