Absorption Rates can paint you a picture of how long it may take to sell your home. Therefore these rates are really important for you to know when you’re selling your home in Coral Springs or South Florida. Do you know what you’re Absorption Rate is for Coral Springs or better even still to know the rate for your neighborhood. These rates can be determined by neighborhood as we have some neighborhoods that are languishing while others are “hot” neighborhoods. (Call me or email me if you want to know the absorption rate for your neighborhood) Okay, back to our discussion on Absorption Rates.

Absorption Rates will tell you about the inventory of homes; what is the supply of homes and how long is it taking to get the homes sold.

There are basic guidelines when determining Absorption Rates in an area and they can range from a Seller’s Market, Stable Market to a Buyer’s Market. Obviously depending on your position in the home process, you’re going to be routing for one market or another.

Seller’s Market: is when there is a high demand for homes in your area with less than 6 months of available homes for sale (inventory)

Stable Market: is when we’re smack dab in the middle with the market being in between  a high and low demand with  the market equal to 6 months of available homes for sale (inventory)

Buyer’s Market: is when there’s a lower demand for homes in your area with more than 6 months of available homes for sale (inventory)

Be sure to find out about these rates when selling your home or buying your home here in Coral Springs and South Florida.  Customers always find the Absorption rates to be very telling and not all REALTORS® talk about them.

Remember to give me a call or email me if you want to talk Absorption Rates. Happy Selling. Happy Buying.

Coral Springs single family home sales Increased this month by over 66% to 89 homes sold – WOW – we love seeing a bustling homes sales market when you’re trying to sell your home.

Of these Coral Springs homes listed for sale below, Sellers who completed a short sale were at almost  25% which is below last months Short Sales of 32%. We did see a large drop of REO/Bank owned sales down to less than 12% which is a large decrease from last month’s 22%. The pattern of up and down is hard to predict the Bank’s  strategy. Maybe they will consider Short Sales as a better alternative. Time will tell as we see how we go through summer into the fall. This month has concluded in an overall drop in Distressed property sales totaling roughly 36%; down from last months total of 54%; those homes that have been foreclosed on and those homes which are trying to avoid being foreclosed upon. If you’re selling your home in Coral Springs, any decrease in the presence of distressed properties is welcomed as distressed properties keep prices depressed.

To compete with the distressed market, there are many things that a Coral Springs Seller can do to make their home stand out from the competition. Check out: Selling your home in Coral Springs – what it takes.

More homes for Buyers to select from will keep prices down for Sellers and less homes available for Buyers will let home prices rise.

During March, the Absorption Rate fell again to 3.57 which is a drop from February’s rate of 4.83. This shouts out Good news again if you’re selling your home! This indicates that based on the current available homes for sale, it will take 3.57 months to get them sold; it will take less time to get your home sold. Sellers want a lower Absorption Rate like this, indicating a greater demand for homes as this shows that there are less homes available for Buyers. Typically, whenever you see a supply of  homes that is less than 5 months, it’s a “Sellers Market”. Continued lower Absorption rates can affect future increases in home prices.

Buyers will always beg for a higher Absorption Rate as this means they have more to select from providing Buyers with an
increase in opportunities for reduced prices.

What neighborhoods in Coral Springs Florida had the most sales?

If you’re selling your home in Coral Springs or considering selling your home, take a look below to see what sold in the Coral Springs Neighborhoods.

Pine Ridge rocked it out this month with 9 homes sold!

 For those of you selling your home in Coral Springs, you’ll see below that homes  that were sold during March had sales this month increasing from last months with the concentration of even more home sales jumping back up to the often popular price point of $200,000 to $249,999.

More good news for Coral Springs home Sellers is that the median price increased to $258,000 up from Februarys’ median price of $220,500; an increase in prices over 17%! The median price reflects 50% of homes
sold below this price and 50% sold above this price.

Keep in mind, when pricing your home for sale, these price points can tell you where there are a lot of Buyers looking in a particular range and are willing to pay that price thereby increasing the chance of your home being sold.

The usually heavily populated range of $200,000 – $249,999 was continued this month and included some breakout into higher price ranges. Where do you think your home’s value is? If you want to know, please contact me for a complimentary valuation of your home.

Price
Range                   Quantity

$149,999 or under               6

$150,000 -$199,999            13

$200,000 -$249,999            24

$250,000 -$299,999            19

$300,000 -$349,999            15

$350,000 -$399,999             6

$400,000 -$449,999             2

$450,000 -$499,999             1

$500,000 -$549,999             1

$550,000 -$599,999             0

$600,000 -$699,999             1

$700,000 -$799,999              1

$800,000 -$899,999             0

$900,000 -$999,999             0

$1,000,000 or over                0

Total                                    89

I love this chart below as it really can shed some light on the importance of getting your home priced right to sell quickly.

Days on The Market before Selling

0-30 Days  Days   31-60 Days      61-90 Days      91-120 Days     120+ Days

No. of Listings        39                           14                          9                         10                   17

Breakdown %      43.82%                   15.73%               10.11%             11.24%            19.1%

*Avg % SP/LP       98.36%                 96.7%             94.69%             95.82%            97.95%

* This row indicates what percentage of the list price that the home sold for during March 2012. Listing a home to sell at the right price to begin with can bring a quicker sale as shown in days 0 – 30. If you don’t have the luxury of time, make sure you get your home priced right.

This month shows that the majority of homes were priced right as a large percentage sold within
0-30 days; a Sellers goal as almost 44% sold at 98.36% of their list price.

As your local Coral Springs REALTOR®, I’d be glad to help you determine the best price to help you sell your home here in Coral Springs. Or if you simply have questions about the selling process, please feel free to call me or email. Or if you want to know your home’s value, just call me or email me. Call me at 954-464-1100 or email me at LynnP@ImagineYourHouse.com. Talk to you soon.

What are you doing Saturday, April 28th from 9:00 a.m. to 1:00 p.m.? The City would love your help cleaning up Coral Springs Drive between Riverside Drive and Atlantic Blvd and Cypress Park to Royal Palm Blvd. If you know anything about the city of Coral Springs, they’re always focusing it’s efforts on keeping the city looking beautiful – one of just many reasons why so many love living in Coral Springs. They’re looking to remove trash and dead vegetation and once everything has been spruced up, it’s up to the homeowners association to keep it that way to avoid any code violations from the City’s Code Enforcement Division. Keep in mind, this is always a great opportunity for students to be a part of keeping Coral Springs beautiful and the added bonus of earning community service hours for their high school graduation requirements. If you’re interested, please email: Cleanup@CoralSprings.org or you can also leave a message at 954-340-5020 to let them know you’re interested in helping. You’ll be provided with all the details about the cleanup.

Coral Springs single family home sales Increased this month by over 11% to 59  homes sold; always a welcome sign when you’re trying to sell your home.

Of these Coral Springs homes listed for  sale below, we’re seeing another month of increases in Sellers who  completed a short sell. Over 32% of homes sold were sold as a Short  Sale which is an increase from last month Short sales of 27%. Whereas, over 22% of the homes sold were REO/Bank owned which is a large increase going back  up from last month’s 8%. Does this mean Banks have started to move homes that  have been hanging in foreclosure limbo for so long now due to  the onslaught of robo signing foreclosures. Have all of the “I”‘s and “T”‘s now  been dotted and crossed? As I noted in last months market report, that foreclosures are likely to increase again – it has begun.

Increasing this month and up again from last months 42%, 54% of  homes sold in Coral Springs were distressed properties during February 2012;  those homes that have been foreclosed on and those homes
which are trying to avoid being  foreclosed upon. If you’re selling your home in Coral  Springs, you can continue to expect to be competing with the distressed property  reflecting on home selling prices.

To compete with the distressed market, there are many things that a Coral Springs Seller can do to make their home stand out from the  competition. Check out: Selling your home in Coral Springs – what it takes.

More homes for Buyers to select from will keep prices down for Sellers  and less homes available for Buyers will let home prices rise. During February,  the Absorption Rate fell  to 4.83 which is a drop from January’s rate of 5.77. Good news is you’re selling your home! This indicates that based on the current available homes for sale, it  will take 4.83 months to get them sold; it will take less time to get your home sold. Sellers want a lower Absorption Rate like this indicating a  greater demand for homes as this shows that there are less homes available for
Buyers. Continued lower Absorption rates can affect future increases in home prices. Buyers will always beg for a higher Absorption Rate as this means they have more to select from providing Buyers with an increase in opportunities for
reduced prices.

What neighborhoods in Coral Springs Florida had the most sales?

If you’re selling your home in Coral Springs or considering selling your home, take a look at what  neighborhoods had home sales during February 2012:

Ramblewood rocked it this month with 7 homes sold in their neighborhoods.

The neighborhoods  of the Coral Springs Country club area sold 4 homes this month, Coral Springs University
and Cypress Run sold 3 homes each.  Eagle Trace communities of Georgetown and Hamptons had 2 home sales along with the neighborhoods of Cypress Glen, Forest Hills, Glenwood, Hidden Hammocks  - Estates & Oakbook, Shadow wood, West Glen – Manor & Village and lastly, Woodside Estates/Preserve, There were other neighborhoods in Coral Springs that had 1 home sold each.

For those of you selling your home in Coral Springs, you’ll see below that homes that were sold during February had sales this month increasing from last months with the concentration of home sales jumping back up to the often popular
price point of $200,000 to $249,999. However, the median price $220,500 is down again slightly (about 1%) from last month’s $222,500. The median price reflects 50% of homes sold below this price and 50% sold above this price.

Keep in mind, when pricing your home for sale, these price points can tell you where there are a lot of Buyers looking in a particular range and are willing to pay that price thereby increasing the chance of your home being sold. The usually heavily populated range of $200,000 – $249,999 was continued this month and included some breakout into higher price ranges.

Where do you think your home’s value is? If you want to know, please contact me for a complimentary valuation of your home.

Price  Range                      Quantity

$149,999 or under                10

$150,000 -$199,999             12

$200,000 -$249,999             16

$250,000 -$299,999             11

$300,000 -$349,999              6

$350,000 -$399,999              3

$400,000 -$449,999              0

$450,000 -$499,999              1

$500,000 -$549,999             0

$550,000 -$599,999              0

$600,000 -$699,999             0

$700,000 -$799,999              0

$800,000 -$899,999              0

$900,000 -$999,999              0

$1,000,000 or over                0

Total                                    59

I love this chart below as it really can  shed some light on the importance of getting your home priced right to sell  quickly.

Days on The Market before  Selling

0-30 Days  31-60 Days  61-90 Days   91-120 Days  120+ Day

No. of Listings           26                        8                  5                       4                    16

Breakdown %           44.07%            13.56%         8.47%             6.78%           27.12%

Avg % SP/LP            97.55%             90.9%         92.44%         90.93%           98.09%

* This row indicates what percentage of  the list price that the home sold for during February 2012. Listing a home to sell at the right price to begin with can bring a quicker sale as shown in days 0 – 30.  If you don’t have the luxury of time, make sure you get your home priced right.

This month shows that homes must have been priced right as a large percentage sold within 0-30 days; a Sellers goal as over 44% sold at 97.55% of their list price.

As your local Coral Springs REALTOR®, I’d be glad to help you determine
the best price to help you sell your home here in Coral Springs. Or if you
simply have questions about the selling process, please feel free to call me or
email. Or if you want to know your home’s value, just call me or email me. Call
me at 954-464-1100 or email me at LynnP@ImagineYourHouse.com. Talk to
you soon.

The summer months also allow homeowners the opportunity to spruce up their homes to get them ready to sell as a spruced up home will sell better than one not spruced up as the garden blooms during summer. Even though Floridians will have year round warmth, believe it or not, the summer does allow for the greens to be greener and the flowers to bloom brighter which is an added value when you’re trying to sell your Coral Springs home or any South Florida home.

With this in mind, as more homeowners will put their home on the market during the summer this also means you’ve just increased your competition as the neighbor down the street may have the exact plan in mind as you.

So to answer your question? The best time to sell your home isn’t really cast in stone as the best time is when there are Buyers knocking on your door to consider buying your home. Right now, with interest rates below 4%, I’d say now is a pretty good time to sell your home if selling your home is in your plans

Selling a home in Coral Springs? Did you hear what sold at the beginning of the new year in January 2012?

Coral Springs single family home sales Decreased this month by almost 33% to 53 homes sold; quite a decrease yet in line from a year ago 2011 as January typically is not a strong month for home sales. Of these Coral Springs homes listed for sale below, almost 27% of them sold as a Short Sale, which is a increase from last month Short sales of 23%. Whereas, about 8% of the homes sold were REO/Bank owned which is another decrease from last month’s 13% which signifies the impact the onslaught of robo signing foreclosures had on the current distressed property owner as Lenders are now making sure their I’s are dotted and their T”s are crossed due to the fraudulent foreclosing of the past. This has decreased REO/Bank owned homes on the market for sale thus affecting number of sales. However, I don’t expect this to be the case for months on end as the inventory levels of REO/Bank owned will likely increase again as Lenders ramp up foreclosures over this year.

Increasing this month, almost 42% of homes sold in Coral Springs were distressed properties during January 2012; those homes that have been foreclosed on and those homes which are trying to avoid being foreclosed upon. If you’re selling a home in Coral Springs, you can continue to expect to be competing with the distressed property reflecting on home selling prices.

To compete with the distressed market, there are many things that a Coral Springs Seller can do to make their home stand out from the competition. Check out: Selling your home in Coral Springs – what it takes.

More homes for Buyers to select from will keep prices down for Sellers and less homes available for Buyers will let home prices rise. This month, Sellers will be pleased with a stable January Absorption Rate at 5.77.  This indicates that based on the current available homes for sale, it will take 5.77 months to get them sold. Sellers want a lower Absorption Rate like this indicating a greater demand for homes as this shows that there are less homes available for Buyers. Buyers will always beg for a higher Absorption Rate as this means they have more to select from providing Buyers with an increase in opportunities for reduced prices.

What neighborhoods in Coral Springs Florida had the most sales?

If you’re selling your home in Coral Springs or considering selling your home, take a look at what neighborhoods had home sales. The neighborhoods of Heron Bay sold 4 homes this month, Eagle Trace communities of Fairways, Georgetown, and Hamptons had 3 home sales along with the neighborhoods of Ramblewood South, The Crossings and The Preserve/Woodside Estates. Lastly,  Cypress Glen, Cypress Run, Kensington, Pine Ridge and Turtle Run all sold 2 homes. There were other neighborhoods in Coral Springs that had 1 home sold each.

For those of you selling a home in Coral Springs, you’ll see below that homes that were sold during January had sales this month decreasing from last months however and the concentration of home sales fell to the lower price points of $150,000 – $190,999 not showing any breakout points this month. Next month, perhaps!

The median price is $222,500 which is down from last month’s $250,000. The median price reflects 50% of homes sold below this price and 50% sold above this price.

Keep in mind, when pricing your home for sale, these price points can tell you where there are a lot of Buyers looking in a particular range and are willing to pay that price thereby increasing the chance of your home being sold.  The usually heavily populated range of $200,000 – $249,999 was continued this month and included a high selling concentration in the $150,000-$199,999 range. Where do you think your home’s value is? If you want to know, please contact me for a complimentary valuation of your home.

Price Range               Quantity

$149,999 or under        7

$150,000 -$199,999    14

$200,000 -$249,999    9

$250,000 -$299,999    12

$300,000 -$349,999    4

$350,000 -$399,999    3

$400,000 -$449,999    2

$450,000 -$499,999    1

$500,000 -$549,999    0

$550,000 -$599,999    0

$600,000 -$699,999    0

$700,000 -$799,999    0

$800,000 -$899,999    0

$900,000 -$999,999    1

$1,000,000 or over      0

Total                           53

Days on the Market

            0-30 Days     31-60 Days    61-90 Days   91-120 Days   120+ Days

No. of Listings  17                   9                    8                      5                  14

Breakdown % 32.08%        16.98%           15.09%           9.43%         26.42%

Avg % SP/LP* 97.14%       95.58%          96.86%           93.42%          94.66%

* This row indicates what percentage of the list price that the home sold for during January. Listing a home to sell at the right price to begin with can bring a quicker sale as shown in days 0 – 30. Do you have the luxury of time?

This month shows that homes must have been priced right as a large percentage sold within 0-30 days; a Sellers goal as almost 33% sold at 97.14% of their list price.

As your local Coral Springs REALTOR®, I’d be glad to help you determine the best price to help you sell your home here in Coral Springs. Or if you simply have questions about the selling process, please feel free to call me or email.

Pay attention to the Warning Lights when selling your South Florida home?

When a homeowner decides to sell their home here in Coral Springs and South Florida, they’re going to have a lot of expectations. I too, as a South Florida Coral Springs REALTOR®, will have expectations in getting the homeowners home sold.

To set the stage up front when selling a home, here’s what Sellers can expect to happen:

1. The Seller will have no showings
2. The Seller will have showings, but no offers
3. The Seller’s home sells fast and for top dollar.

All Sellers are going to expect #3, right?! So what are the Warning Lights when #3 doesn’t happen? Warning Lights can come from Buyer’s feedback after they’ve viewed the Seller’s home such as;

1. The Buyer thought the Seller’s home was too small means they found larger homes for the same price
2. The Buyer liked the Seller’s home but bought another means they found another home for a better value
3. The Buyer did not like the carpet in the home means the carpet is likely worn, wrong color and should consider replacing.
4. The Buyer thought the yard was too small and the street was just too busy means they found homes with larger yards on more peaceful streets
5. The Buyer thought the Seller’s home needed some work means the Seller should consider doing repairs or neutralizing home

These Warning lights can suggest that the Sellers home is not priced at the right price point to be the best value in their price range.

Well-priced properties generate immediate interest among Buyers and if the price is too high, that interest and excitement will never happen. Plus, if you later decide to reduce the price, the level of excitement is not the same as what a newly listed home will generate.

Warning Lights most often mean the price is not right. Let’s look a bit closer at some well known facts about finding a Buyer for a Seller’s home:

• Grab Buyer’s attention right away. Buyers and their Agents have seen all the Listing currently on the market and they’re just waiting for a new Listing to come to market to get them excited. The highest level of activity on a new listing will occur during the first 30 days. The best offers will come during this time period as any new interest will only come when a new Buyer starts looking to buy a home and will enter the market.
• Find Qualified Buyers. When the Seller’s home is not priced right they won’t be receiving qualified Buyers interest as they’ll be looking at homes that are within their price range; what they’re approved to buy. The Seller’s home is priced out of their range and they won’t even get a chance to notice the Sellers over priced home as they’re not looking in the higher price range. Make sense?
• Don’t sell the Competition’s homes. Overpricing of a Seller’s home only helps the competition by pointing out the good value of the competition’s homes. They’ll say, “Hey, Buyer look at our home price less than {your} home…our home is comparable for a much better value”
• Buyer’s will ask; How long has this home been on the market? They’ll wonder if something is wrong with the Seller’s home for having been on the market for so long even after later when the Seller has reduced the price. It is often too late, as the reputation of this Seller’s home is now cast in stone. The Seller also loses on having an upper hand in negotiating.

So what does it all mean in a nutshell? If you’re selling your home and you want to receive top dollar and fast, make sure you work together with your REALTOR® to get your home priced right from day one and who knows it may even spark a bidding war which can be common place in a home priced right to sell. Happy Selling!