Anyone who has ever bought or sold a home knows there are plenty of things to consider before making a deal. The initial decision to buy or sell a home takes time and research to ensure that you are choosing correctly for your family. With that in mind, is Fleming Island a buyer’s or seller’s market?
One of the most important factors to consider is the current condition of the real estate market. You should take the time to find out if the current market is a buyer’s market or a seller’s market. If the market turns out to be unfavorable to your status as a homebuyer or home seller, you may need to consider whether or not you can wait to make your real estate transaction.
For some individuals, making the decision to buy or sell is not one that can wait until the market becomes favorable. Time constraints may require you to buy or sell immediately. Such would be the case when you are starting a new job in a new city or have a new family member on the way.
Regardless of your unique circumstances, it is still important to find out if the market will be favorable to you. In the last few years, housing inventory was low and everyone wanted to buy. Recently, however, the market has begun to soften. A report from the National Association of Realtors explains that pending home sales have dropped everywhere in recent months.
The big question now: how does this impact your decision to buy or sell a home in Fleming Island?
Buyer’s Market and Seller’s Market: Know the Difference
In order to answer this real estate 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 Fleming Island.
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 Fleming Island 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 Fleming Island a buyer’s or seller’s market?
As of September 2022, the real estate market of Fleming Island 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 Fleming Island being up 13.3% than the same time in 2021.
Even with these factors in mind, Rocket Homes places Fleming Island 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 Fleming Island, but it is good to know that supply is good and prices are even better!
Our Fleming Island Realtors Can Help You Sell a House
If you are interested in selling a home in Fleming Island while the market is in favor of home sellers like you, 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 make sure that your home is listed correctly and is as attractive as possible to potential home buyers. With our team, we guarantee that your home will sell within a specific time frame and for a previously agreed-upon price that you approve. No matter what happens, our realtors will make sure that your home sells for the highest possible price.
Take advantage of this seller’s market – our realtors are ready to provide you the assistance and resources you need.
We look forward to hearing from you!