Coral Gables seeing its market slow down
CORAL GABLES - With high-interest rates, and overpriced homes, housing trends are leading toward a buyers' market in South Florida.
"We should have 400 homes on a market in the spring we have 50 to 60 homes," said Coral Gables realtor, Jeannett Slesnick.
Slesnick says the South Florida housing market may start to stabilize.
With soaring interest rates--- currently around 7.24%, fewer people are looking for homes-- meaning, fewer people are putting their homes up for sale.
Slesnick says many homeowners who sell their homes are having a hard time finding a new place to stay.
"The last three homes that we've sold, they all have concessions in there that say they can rent their home out for two to three months," she says. "And we see, the homes that are staying on the market are overpriced, or way out of the regular person's price range."
In a chart provided by Facts and Trends, about 193 homes were for sale in the Gables, but only about 14 of them sold.
So what does that mean? Home prices are expected to go down across South Florida
"I do think prices in the rest of Dade County will drop a little bit to a fair price, because they were overpriced," says Slesnick.