What can an Absorption rate tell you when selling your home?
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 your south Florida city 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.