No matter what your circumstances may be, one of the factors to consider when making the decision to buy or sell a home is the market. So, is Atlantic Beach a buyer’s or seller’s market?
As you may be aware, the last few years have seen a surge in real estate sales. Inventory was quite low because homes were selling fast. This, however, has begun to change in 2022 because markets are softening all across the country. According to the National Association of Realtors, a recent report shows that pending home sales have dropped everywhere in the last few months. So, how does this impact you and your choice to buy or sell a home in Atlantic Beach?
The Difference Between a Buyer’s Market and a Seller’s Market
In order to answer this question, you must first understand the difference between a buyer’s market and a seller’s market. Once you have a first grasp on those concepts, then you will be able to make a well-informed decision about buying or selling a home in Atlantic Beach.
The primary factor to consider when determining if it is a buyer’s market or a seller’s market is the basic economic concept of supply and demand.
When the condition of the current real estate market is in favor of home buyers, it means that the supply of homes is greater than the demand. In a buyer’s market, home buyers will generally be able to buy a home and get a great deal on it because home sellers will be desperate to finally take their homes off the market.
When the real estate market favors home sellers, it means that the demand for homes is greater than the supply. Home sellers will likely get many offers from prospective home buyers and will most certainly have the upper hand during negotiations.
Having a clear understanding of the current real estate market will be the best way to determine whether or not you should buy or sell a home.
Is Atlantic Beach a Buyer’s or Seller’s Market?
Now that you are aware of the differences between a buyer’s and seller’s market, it is time to answer the question: is Atlantic Beach a buyer’s or seller’s market?
As of September 2022, the real estate market of Atlantic Beach can be considered in favor of home buyers. This means that there are more homes available on the market than there are buyers to purchase them. In this buyer’s market, prices tend to be lower and homes will likely stay on the market longer than expected.
One of the reasons that many parts of the country are experiencing a home buyer’s market is due to the rising interest rates caused by the Fed’s recent hikes. Recently, the Fed has pushed mortgage rates as high as 7%. With the rising interest rates, homes have become more difficult to afford for most average home buyers. You can see this reflected in the median selling prices for homes in Atlantic Beach being up 13.3% than the same time in 2021.
Even with these factors in mind, Rocket Homes places Atlantic Beach firmly in favor of home buyers. The number of homes sold in September compared to August 2022 is down 72.2%, and 80% of available homes that were sold came in under asking price and none were above. Homes are still selling quite quickly, but that is largely due to the lower prices.
Home buyers should act fast in order to buy their dream homes in Atlantic Beach, but it is good to know that supply is good and prices are even better!
Ready to Buy or Sell a House?
If you are interested in buying or selling a home in Atlantic Beach, be sure to give our realtors at Your Home Sold Guaranteed Realty – Phil Aitken Home Team a call at (904) 544-5252.
Our team can offer you access to exclusive off-market homes that you won’t find on the MLS, and this will make your house hunting experience much easier and more fun. Take advantage of this buyer’s market – our realtors are ready to provide you the assistance and resources you need!
We look forward to hearing from you!