If this week’s sales vs listings in just one of EWM’s offices is any indication, the market is changing. Our Coral Gables office had 37 residential sales versus 10 new listings and 27 leases vs 8 new rentals. Our total for this week, which include the sale of a commercial property was almost $35,000,000. This market change doesn’t mean that prices are going up yet, but it does mean we are clearing our inventory. We are seeing an increase in rental rates, however, as more people decide to rent and the inventory decreases.
If you need to sell, now is the time to do it since inventory is decreasing and there is demand. Remember to price it right, however, since pricing is everything in this market. If you don’t need to sell, but want to take advantage of the current market, use it to move up, downsize, while you rent out your current home. Alternatively, stay in your home and buy a rental property.
If you are planning to buy, now is definitely the time to buy due to a combination of low interest rates and low prices. If you don’t buy soon, you may find yourself priced out of the market or with even more limited choices.