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Market Update | Blog

Tuesday, April 09, 2019   /   by Andy Mandel

Is Our Market Crashing?

What’s really going on in the market? It’s not a crash, but there’s definitely a shift occurring.

Want to sell your home? Get a FREE home value report.Want to buy a home? Search all homes for sale. 
Though you may be hearing from various news outlets and other sources that the market is crashing, it’s simply not true. Negative headlines attract more attention than positive ones, so it’s easy for the media to skew the truth.

However, it’s true that there are some changes occurring in our Coral Springs market.

For single-family homes, we saw 8% more listings in 2018 compared to 2017. This is the first increase we’ve seen in the last five years. At the same time, we had 3% fewer sales. If you look at supply and demand, the combination of more homes on the market and fewer home sales creates downward pressure on the market.

At the beginning of 2018, people were fearing a market crash due to unsustainable grow ...

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Thursday, October 11, 2018   /   by Andy Mandel

What’s the Latest in Coral Springs Real Estate?

Want to sell your home? Get a FREE home value report.Want to buy a home? Search all homes for sale.

It’s time for another market update for the third quarter of 2018. For the purpose of this blog, we’re only going to be talking about single-family homes in the city of Coral Springs today.

When compared to the third quarter of 2017, the number of homes we saw come on the market in the third quarter of 2018 is up 9.2%. At the same time, the number of closed sales is down by 3.7% during that time frame.

The median price now sits at $410,000, which is up 5.81% from the $387,500 mark it was at during third quarter of 2017. The average days on market is down to 24 days. Homes are still selling quickly, there are just fewer of them selling overall.

In a balanced market, we will see about six months’ worth of inventory. This means that if no more homes hit the market, it would take six months for all the homes on the market to sell. ...

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  market update

Tuesday, March 27, 2018   /   by Andy Mandel

Buyer Demand Still Outpacing the Supply of Homes for Sale

The price of any item is determined by the supply of that item, as well as market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).

Buyer Demand
The map below was created after asking the question: “How would you rate buyer traffic in your area?”
The darker the blue, the stronger the demand for homes in that area. Only four states had a ‘stable’ demand level.

Seller Supply
The index also asked: “How would you rate seller traffic in your area?”
As you can see from the map below, 25 states reported ‘weak’ seller traffic, 21 states reported ‘stable’ seller traffic, 3 states and Washin ...

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  buyer, seller, home value, market update

Thursday, March 22, 2018   /   by Andy Mandel

Freddie Mac: Rising Mortgage Rates DO NOT Lead to Falling Home Prices

Recently, Freddie Mac published an Insight Report titled Nowhere to go but up? How increasing mortgage rates could affect housing. The report focused on the impact the projected rise in mortgage rates might have on the housing market this year.
Many believe that an increase in mortgage rates will cause a slowdown in purchases which would, in turn, lead to a fall in house values. Ultimately, however, prices are determined by supply and demand and while rising mortgage rates may slow demand, they also affect supply. From the report:

“For current homeowners, the decision to buy a new home is typically linked to their decision to sell their current home… Because of this link, the financing costs of the existing mortgage are part of the homeowner’s decision of whether and when to move. Once financing costs for a new mortgage rise above the rate borrowers are paying for their current mortgage, borrowers would have to give up below-ma ...

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  buy, buyer, market update

Tuesday, March 13, 2018   /   by Andy Mandel

Home Prices: The Difference 5 Years Makes

The economists at CoreLogic recently released a special report entitled, Evaluating the Housing Market Since the Great Recession. The goal of the report was to look at economic recovery since the Great Recession of December 2007 through June 2009.

One of the key indicators used in the report to determine the health of the housing market was home price appreciation. CoreLogic focused on appreciation from December 2012 to December 2017 to show how prices over the last five years have fared.

Frank Nothaft, Chief Economist at CoreLogic, commented on the importance of breaking out the data by state,

“Homeowners in the United States experienced a run-up in prices from the early 2000s to 2006, and then saw the trend reverse with steady declines through 2011. After finally reaching bottom in 2011, home prices began a slow rise back to where we are now.

Greater demand and lower supply – as well as booming job ...

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  buy, buyer, seller, home value, rent, market update