The best way to determine if you are going to accomplish your real estate goal is to find out where the market pressure is. Depending on whether you’re buying or selling, the market could change your timeline. So, is Green Cove Springs a buyer’s or seller’s market?
Some people may have the luxury of being able to delay their transaction until the market turns more favorably to their side. However, those who are moving to a new city or a job or have a new family member on the way may not be so lucky. In these cases, it is still important to know what kind of market you are getting into so that you will not be surprised by the process or outcome.
At Your Home Sold Guaranteed Realty – Phil Aitken Home Team, we are happy to help you determine whether or not now is the best time to buy or sell your home in Green Cove Springs, FL. Our realtors have ample resources and all of the information you need to make the best decisions for you and your family. We can also let you know if changes have been occurring in recent months, as they have since September 2022. According to the National Association of Realtors, reports indicate that pending home sales have dropped so the market is clearly changing.
Now you must determine how this information impacts your real estate transaction in Green Cove Springs.
Understanding the Difference Between a Buyer’s Market and a Seller’s Market
In order to make this real estate determination, 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 Green Cove Springs.
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 Green Cove Springs 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 Green Cove Springs a buyer’s or seller’s market?
As of September 2022, the real estate market of Green Cove Springs can be considered in favor of home sellers, according to Rocket Homes. This means that prices for homes in the area are higher than usual and homes generally sell faster than expected. However, there are indications that this may change in the coming months.
Currently, homes have been selling for 29.8% more than the same time last year which indicates that demand remains higher than supply. However, home availability is slightly up by 3.1% and 57.1% of homes over the last month were sold below their asking price. This is why real estate professionals are predicting that Green Cove Springs will soon be changing to a buyer’s market.
Part of this change is likely due to the fact that interest rates are increasing because of the Fed’s recent rate hikes. They have pushed mortgage rates as high as 7%, and this will cause home sellers to reduce their prices in order to make the homes affordable for home buyers. If you are considering becoming a homebuyer or home seller, use this information about the current state of the real estate market to help determine whether or not now is the right time to start your journey.
Our realtors at Your Home Sold Guaranteed Realty – Phil Aitken Home Team will also happily help you make that decision using the most accurate and up-to-date information about the state of the market in Green Cove Springs.
Our Team Can Help You Buy or Sell a House
If you are interested in buying or selling a home in Green Cove Springs while the market is changing, be sure to give our realtors at Your Home Sold Guaranteed Realty – Phil Aitken Home Team a call at (904) 544-5252.
Our team will ensure that you are making the best decision for you and your family during this confusing time in the real estate industry. With our real estate guarantees, you can rest assured that we will always keep your best interest in mind and make sure you get the best possible deal.
Whether you are a homebuyer or home seller, our realtors are ready to provide you the assistance and resources you need.
We look forward to hearing from you!