Is it time to sell your Coral Gables House?
How do you know it is time to sell your Coral Gables House?
With so many reports on Miami reaching its peak and Coral Gables prices showing high numbers: “How do you know if its time to sell your Coral Gables house”?
If you are conscious that real estate is an investment and have made considerable gains in the value of your home in the last 5 years or less, you will know that much like stock real estate has its own peaks and troughs too. Know how to apply the golden rule of: ‘buy low and sell high!’
Here is how you can tell if its time to sell your Coral Gables house
There are a few indicators that will tell you whether the market and your Coral Gables 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 segments
Inventory of Coral Gables houses below $2M is showing low numbers of 12 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 neutral to a 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 levels of inventory decreased significantly since 2015, although quarter 2 of 2016 showed a slight increase again.
The number of sales
In the last three quarters we saw a significant rise in the number of sales for the $1M+ properties. The range of $500K – $1M properties saw a slight decrease in sales in the second quarter of 2016.
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.
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