Is It a Good Time to Buy or Sell a Home in Jacksonville, FL?
If you are considering buying or selling a home in Jacksonville, there are several important factors that you should consider. One of these factors, and arguably the most important one, is the timing of your sale or purchase. Is Jacksonville a buyer’s or seller’s market?
A successful real estate venture is all about timing, and it is important to find out if your current market favors buyers or sellers.
Sometimes you need to sell or buy a home quickly, so you may not have time to worry about the current state of the real estate market. If, however, you are moving up to a bigger home or even downsizing, you may be able to delay your entrance into the market until it turns into a more favorable one for your circumstances.
When you meet with a realtor, be to ask “is Jacksonville a buyer’s or seller’s market.” Depending on the answer, you can make a determination if now is the right time to buy or sell.
Over the last few years, the real estate market of the United States has been very hot, and inventory has been selling very quickly. Home buyers had to act fast if they wanted to have an offer accepted by home sellers. As of 2022, the real estate market is starting to soften. In fact, the National Association of Realtors has shown that pending home sales around the country dropped in the last few months.
So, how does that factor into your home buying or selling endeavor in Jacksonville? First, let us discuss what exactly the difference is between a buyer’s market and a seller’s market.
What’s the Difference Between a Buyer’s Market and a Seller’s Market?
It is a good idea to have some basic knowledge about the real estate market, and that includes the difference between a buyer’s and seller’s market. One important factor to keep in mind when thinking about the difference between these two is supply and demand – basic economics.
In a buyer’s market, the conditions of the overall real estate market are more favorable for a home buyer. The primary indication of this is the fact that the supply of homes outweighs the demand for these houses. Home buyers who are searching for a dream home in a buyer’s market may be able to find a home quickly and make an offer that is actually lower than the asking price.
As you might expect, then, a seller’s market favors home sellers. Again, it comes down to supply and demand. In this situation, supply is low and demand is extremely high. During this time period, home sellers will likely have lots of offers and get the upper hand in negotiations.
Understanding the difference and finding out if the current state of the market favors buyers or sellers is critical before you enter into any real estate transactions.
So, now we can answer the question: Is Jacksonville a buyer’s or seller’s market?
Is Jacksonville, FL, a Buyer’s or Seller’s Market?
Even though the state of the economy in the United States as a whole can be considered volatile, the housing market in Jacksonville, FL, has remained clearly in favor of sellers at the moment. Supply of homes in Jacksonville has decreased. According to the Northeast Florida Association of Realtors, inventory of available homes in Jacksonville has decreased by 30% and the median sale price has increased 22.4% over the past year.
Rocket Homes indicates that over 50% of homes on the real estate market were able to sell in under 30 days, so home buyers need to act quickly. Even with mortgage rates getting increased by the Fed as much as 7%, the prices for homes remain higher than the national average and sales are happening very quickly. Home buyers can expect to usually pay above asking price when making an offer on a home for sale in Jacksonville.
Like much of the country, supply in Jacksonville is growing and demand is decreasing. But the whole economy is currently quite volatile. Market conditions have changed quickly in just the last few months.
Are You Looking to Buy a Home in Jacksonville?
Since Jacksonville is a seller’s market, those home buyers who are hoping to make a solid real estate investment need to act fast. Homes are in limited supply and are selling very quickly! If you are hoping to buy a home in Jacksonville, give us a call at Your Home Sold Guaranteed Realty – The Phil Aitken Team to get every advantage possible.
With our realtors on your side, you may even be able to find a great deal on a home that has not even been listed on the MLS because we have access to off-market, exclusive properties. To learn more about the current real estate market in Jacksonville or to talk to Phil about your home buying needs, give us a call at (904) 544-5252 or fill out the form below with the requested information.
We look forward to talking with you!