Coral Gables luxury homes are turning up the heat even before the summer season officially begins! Economists are predicting this summer may outpace the traditionally busy spring selling season and homes for sale in Coral Gables and other cities across the country may enjoy an exceptionally hot summer home selling season.
Coral Gables Luxury Homes Ripe for Buyers and Sellers
Historically low-interest rates and steady job growth along with a new initiative from millennials who are finally deciding to make the move toward homeownership are helping the Coral Gables real estate market and others remain active. Real estate economists don’t expect the strong demand for housing that was experienced this spring to slow down anytime soon.
According to Ken Johnson, Ph.D., a professor of finance and associate dean at Florida Atlantic University’s College of Business, buyers are finally seeing more choices in the marketplace, including the Coral Gables luxury homes listings. The increase in homes for sale in Coral Gables is bringing in more competition from buyers as well.
Homeowners are feeling more confident about the real estate market and are choosing to list their Coral Gables real estate. With more homes for sale in Coral Gables available to choose from, more and more buyers are entering the marketplace. This competition between buyers and sellers may remain throughout one of the hottest seasons experienced in years as sellers try to get their properties sold before school starts again in mid-August.
Coral Gables Luxury Homes is Only One of the Regions Expected to Do Well
South Florida is on the upswing, but it is not alone. There are other cities across the country that are doing quite well. Johnson points to the Midwest where homes prices have a lot of room to grow. He notes areas like Chicago, Cincinnati, and Cleveland as just three where there are some really great buys available.
Even in areas where the real estate market has been selling well and prices have been steadily rising, like Denver, Houston, and Dallas, predictions are for these regions to continue to hold relatively steady without any dramatic downturns.
Johnson cites rising personal incomes that seem to be remaining strong to continue to support the housing market. Fundamental factors like this are reason enough for real estate market watchers to remain optimistic about the future summer sales in real estate markets like Coral Gables luxury homes.
Rises in Home Pricing May Level Off
As the real estate market has continued to improve, the fastest recovery areas like Seattle, Portland, and South Florida, may gradual flatten in pricing and require a longer period of time to sale. However, real estate experts do not expect any big dents in pricing.
Because the South Florida real estate market is competitive for both buyers and sellers, Johnson recommends buyers get prequalified for a mortgage and sellers make necessary home improvements if they want to stay in the game.
To see the latest listing in the Coral Gables luxury homes market and other real estate areas in Florida, visit the Berkshire Hathaway HomeServices Florida Realty website. See what’s available for you to buy or what the competition is like. And don’t forget to enjoy summer!
