When you want to accomplish your real estate goals, it is critical that you know how the state of the market will affect you. If you happen to find out that the market does not currently favor your role as a homebuyer or home seller, you may want to consider waiting until it changes. So, is Neptune Beach a buyer’s or seller’s market? 

No matter what your circumstances may be, our realtors at Your Home Sold Guaranteed Realty – Phil Aitken Home Team will work diligently to help you accomplish your goals. We are happy to provide you with all of the essential information, resources, and tools you need to make the best decision for you and your family. This includes reports from the National Association of Realtors such as their most recent one which indicates that the market is changing – pending home sales have dropped!

So, how does this information impact your upcoming real estate transaction in Neptune Beach? Read on to find out.

What’s 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 Neptune 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. 

Buyer’s Market

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.

Seller’s 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 Neptune 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 Neptune Beach a buyer’s or seller’s market?

According to the latest reports from Rocket Homes and Realtor.com as of September 2022, the real estate market in Neptune Beach is currently in favor of home sellers. This means that homes are in low supply, are selling quickly, and have higher prices. Compared to home sales from September 2021, homes sold in September 2022 were 32.7% higher. The available homes were also down 8.6% from the previous month.

However, the trend of the market may in fact be changing in Neptune Beach because the number of homes sold in September 2022 decreased by 12.5% from August, and 85.7% of those homes sold under asking price and none sold over asking. This may be an indication that home buyers looking to get into the real estate market should wait a bit longer to see if the market continues to turn toward their favor.

Some of this change may be due in part to the rising interest rates spurred on by the Fed’s recent mortgage rate hikes. The Fed recently pushed mortgage rates as high as 7%, and this is causing home buyers to feel less confident in their ability to buy a home and afford the monthly mortgage payments. 

Our Neptune Beach Realtors Are Here to Help You Sell a House 

If you are interested in selling a home in Neptune Beach 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.

If you are looking to become a home seller, our realtors are ready to provide you the assistance and resources you need.

We look forward to hearing from you!