CORPUS CHRISTI, Texas — The spring and summer is the real estates best season, as more neighbors are making all kinds of moves: downsizing, a growing family, a second home, vacation home, etc.
The real estate market in Corpus Christi currently favors buyers overall, but specific neighborhoods and price points tell a different story, according to local experts.
With an absorption rate of seven months for the entire city, Corpus Christi is generally considered a buyer's market.
"Anything below six indicates a seller's market. Anything above six indicates a buyer's market," said David Garcia, a Corpus Christi realtor.
The absorption rate measures how long it would take to sell all current inventory at the present sales pace, with six months being the equilibrium point between buyer and seller advantage.
For home seekers in Corpus Christi, this buyer's market brings several advantages.
"You're less likely to have multiple offers, less likely to have to pay over asking price, more to choose from and you may be able to get some seller concessions out of it," Garcia said.
However, the market varies significantly by location. The Southside of Corpus Christi, where Veterans Memorial High School is located, currently operates as a seller's market, along with Calallen and London ISD areas.
"The Southside is a little more active. It’s at 4.9,” Garcia said.
Garcia believes the primary driver behind these neighborhood-specific seller's markets is school quality.
"The schools. If you have a family and a kid and you want them to excel in academics and sports then these three areas are going to work for you," Garcia said.
Price point also plays a crucial role in determining market conditions.
"The hottest price point right now in the Corpus Christi area are homes selling between 2-3 hundred thousand," Garcia said.
The main things to remember are supply and demand, location and price point.
Garcia encourages prospective buyers to research safety and crime statistics for specific neighborhoods by visiting the state’s Department of Public Safety's website.
For those interested in buying or selling their home, feel free to reach out to David Garcia and his team. Just contact 361-248-1234 or go to Davidsellshomes.com. Garcia and his team cover the entire Coastal Bend, like Corpus Christi, Alice, Rockport, Kingsville, etc.
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