How do you know it is time to sell your Pinecrest House?
With so many market reports telling consumers that the Miami real estate market has peaked and that the market is seeing a moderation of prices many home owners might ask themselves: “Has it peaked, and how do I know if its time to sell”?
Whether a market has peaked certainly depends on the market’s conditions, but its not just market factors that matter here. It also depends on the type of Pinecrest house you own, and the ‘price’ sector that the home sits in.
Here is how you can tell if its time to sell your home in Coconut Grove.
There are a few indicators that will tell you whether the market and your Pinecrest house have reached it maximum. If this is the case you might consider selling.
Inventory is rising or and likely to continue to rise above 12 months
If the number of sales within your sector has dropped in the last 2 quarters.
If the price per SF you want or think you can achieve is at the highest point in your sector
As always we provide the above for different price ranges to better differentiate the different market sectors.
Months of Inventory in Pinecrest
The months of inventory of Pincrest houses below $2M is showing low numbers of 15 months or less. The $500K – $1M market is experiencing a neutral to a seller’s market (a sellers market is a market in which inventory is below 6 months and thus shows a higher demand than supply) while the $1M- $2M market is experiencing a light buyer’s market (a buyers market is a market in which inventory is above 9 months and thus shows a higher supply than demand).
The $2M+ market is showing higher numbers for months of inventory which is quite common is the luxury segment. The months of inventory increased significantly in the first quarter of 2016 and then decreased again in the second quarter. The second quarter of 2016 is now showing 17 months of inventory which is actually a healthy sign for a luxury market.
The Number of Sales in Pinecrest
While the last quarter of 2015 and the first of 2016 remained steady regarding the amount of Pinecrest houses sold, the second quarter of 2016 is showing a significant increase.
Highest Achievable Price per SF
This is an estimation of our market experience and data analysis. There are always properties that might get more than the indicated maximum price. Please contact the David Siddons Group for more information +1.305.508.0899
Badly finished or dated property: a property that would sell for land value or a property that hasn’t been updated for at least 10 years or more. The property might not be in good state or does not comply with what modern day buyers are looking for. Think also of dated kitchens and bathrooms or old roofs.The new owner would have to remodel the house or do severe work to make it compete with other properties in the area.
Well finished property: A property that is move-in ready with up to date floors, roof, bathrooms and kitchen. Unless the new owner likes another style there wouldn’t be a reason to update right away. The property is well maintained.
A very well finished property: A just remodeled or rebuilt property that offers the latest in luxury finishes. A property that has been finished with great detail.
David Siddons’ Conclusions Has your Pinecrest home reached its maximum price?
$500 – $1M Market is showing low months of inventory (well balanced market) and an increasing amount of sales. As many investors are still looking for older homes to update and remodel the older or more affordable home might be very attractive for investors or builders. With Pinecrest becoming more and more exclusive there is no rush to sell your property right now unless you want to profit from the favorable sellers market.
The $1M – $2M Market is showing a well balanced to a light buyers market with an increase in sales. With Pinecrest still being more affordable than Coral Gables or the Grove, many buyers are looking at Pinecrest to find that large home on a large lot in an excellent school district. If your house is approaching the $350 per SF you might want to sell now during the high of the market. If your house is priced below that, there is no rush to sell in the upcoming months.
The $2M + market shows increasing sales and a considerably lower amount of months of inventory (17) than the last three quarters. There are a lot of brand new Pinecrest homes for sale which are multi-million dollar properties with a listing price per SF that reaches far beyond the prices of the original Pinecrest homes. If your house is approaching the $400 – $450 per SF you might want to consider selling as the inventory of brand new homes is still increasing. The more dated or original multi-dollar mansions often don’t sell as fast as the brand new homes, therefore competitive pricing is a must in this market
Do you think your house might be at its peak and you think you can still get top dollar for it? Are you not sure what these market data mean for you and what your house might be worth?
Contact me today for a personalized chat.
I do a lot of deals in Pinecrest and I love talking Miami Real Estate. Ill be giving you an honest and transparent opinion on why you should hold your Pinecrest house or sell it
David Siddons | email@example.com | +1.305.508.0899
2. What is the best New Construction Condo in Fort Lauderdale?
In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.
3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami?
Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!
WHY WORK WITH DAVID? THINGS YOU SHOULD KNOW...
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