What do Homes and Hot Peppers have in common?
The popularity of hot foods such as, Hot Peppers, shows great consumer demand for Hot Peppers and many that are aesthetically pleasing are willing to demand higher market prices.
Like the ever popular Hot Pepper, homes in South Florida and many cities nationwide are seeing an increase in consumer demand for homes. Many are seeing homes that are so hot that multiple offers are being placed by Buyers who desperately want to purchase a home. Many Buyers have been going round and round trying to purchase a home and by the time they’re on their 2nd or 3rd time, they’re ready to increase their offering price coming in at the Seller’s list price or even above.
Here in my community of Coral Springs Florida we’re seeing absorption rates of between 2%-3%; meaning that the currently inventory supply will only last 2 to 3 months. That’s a fast moving South Florida Real Estate Market: that’s a hot, hot pepper, South Florida Real Estate Market!
Back to peppers; did you know that the colored bell peppers, compared to green bell peppers, are often more difficult and expensive to produce because a longer time to maturity is required. This timeline/scenario can apply to price points of homes also. Whereas, homes priced under $500,000 (the green peppers of homes) tend to sell quicker than the luxury market (colored bell peppers) above $500,000 to $1million and above, as I guess you could say they take longer to mature or in the Real Estate Market, they take longer to find a Buyer at that higher price point. Keep this in mind when you’ve got a Hot Pepper home to sell in South Florida.
Because we’re talking Hot Peppers, I’ll leave you with a great Hot Pepper sauce recipe in honor of National Sauce Month this month of March. Enjoy.