We are gearing up for a strong Coronado real estate market in 2016.
Whether you are a buyer or a seller, now is a good time to either start your search or list your home. With the transition into a seller’s market, we are seeing more “new construction” homes on the market. The healthy economy is bringing more buyers out, increasing confidence in purchasing a home, and making it easier to secure financing.
These are all signs of a healthy 2016 for real estate. Here are our predictions for the 2016 Coronado market:
Increasing Interest at the Beginning of the Year
We are anticipating that 2016 will follow in the footsteps of last year with a heightened interest from buyers at the start of the year.
This is unique to the Southern California market. Typical markets see the strongest season during the summer months. Coronado is far from typical. We don’t have to worry about snow and other challenging weather conditions to make home shopping more challenging.
When was the last time you heard about Snowmageddon in SoCal? That doesn’t sound like pleasant home shopping conditions.
No, our buyers in Coronado enjoy a yearlong buying and selling season, which usually means peaks in purchasing during non-traditional times during the year. This includes Q1 and Q3.
One of the factors that might contribute to the beginning of a 2016 rise in active buyers is fluctuating interest rates. We are starting to see rates increase a quarter of a percent to a half of a percent. While these are still phenomenal rates historically, we are anticipating the movement to encourage buyers who have been sitting on the fence.
New Construction
Continuing the increase from last year, we have a lot of new construction hitting the market.
The different homes styles offer a healthy variety of different island living home styles. We have condominiums, front homes, back homes, and even high-end luxury spec homes. Having such a variety of different home styles come to the market this year accentuates a healthier market. We have buyers in all home price ranges searching to adopt Coronado as their new island paradise.
Check out our outline of new construction to anticipate in 2016.
Increased Inventory
Last year, we didn’t see the influx of homes hit the market as predicted. Rather we saw a steady consistent rate of inventory throughout the year.
For 2016, we are expecting to see that spike in inventory. Buyer and seller confidence is higher with a stronger economy. Home prices have been steadily climbing for the last four to five years. With a strong 2015 in the books, sellers who remain wary about listing their home will be more confident in this market. More confidence equals more listings.
Local Experts Matter
Bottom line: Coronado is one of the most unique markets for real estate. A variety of island specific factors influence pricing here. How close is the lot to the ocean, Orange Avenue, and the schools? What potential does the lot have in terms of remodeling? What are the zoning regulations?
This was just as true in 2015 as it will be in 2016. Coronado’s real estate market is as unique as the island is itself. For individuals and families looking to live here, you need to partner with a local expert to ensure you find the best property for your family’s needs.
The upside: Coronado is the most incredible slice of paradise you will ever find.
If you are looking to make our island your home, or even to upgrade your current Coronado residence, partner with our incredible team at ParkLife. We offer the experience and excellence in service to make your home searching process as enjoyable as possible.
For those of you who have been debating on selling, the first quarter is a great time to list. We can help you price your home competitively and position it to do well in this Coronado seller’s market.
When you choose to partner with ParkLife, know you are choosing the largest local boutique real estate brokerage on the island.
