The total active single family home inventory in Coral Gables is at 479 totaling: $1,077,233,446. While there are approximately 83 pending contracts totaling $89, 296,426.
Home loan applications increased last week even with the increase in interest rates. I have seen this market demand on a daily basis with my listings as they have been shown non-stop over the past few weeks.
We are seeing this increase in activity as buyers rush to take advantage of the tax credit and as many feel prices have fallen enough for them to make a decision. Many buyers are still looking to short-sales and foreclosures as the first avenue in an attempt to make the best buy however there may be homes that are not short sales or foreclosures in which sellers will negotiate a competitive price.
In financial news: Fears still loom over a double dip recession as economist sort through the data and work stabilize the European debt crisis. However, some economists feel that the chances of this “double dip” are fading and a “U” shaped recovery is more likely. The Euro has dropped to 1.35 from its highs in December of 1.50+.
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