No matter how experienced you are in dealing with the real estate market, ever-changing conditions will make every transaction unique. That is why it is critical to look at the larger picture before you buy or sell a home. So, is Orange Park a buyer’s or seller’s market?
If you are considering buying or selling a home in Orange Park, FL, be sure to contact us at Your Home Sold Guaranteed Realty – Phil Aitken Home Team. Our realtors offer you all of the essential information, resources, and tools you need to stay well-informed throughout the entire process. We will also show you reports from the National Association of Realtors that discuss trends in the real estate market, including their most recent one which demonstrates that pending home sales have dropped.
Want more information about the real estate market in Orange Park right now? We have everything you need to know.
Buyer’s Market and a Seller’s Market: The Difference Explained
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 Orange Park.
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 Orange Park a Buyer’s or Seller’s Market?
After understanding the difference between a home buyer’s and a home seller’s market, we can now address the question on your mind: is Orange Park a buyer’s or seller’s market?
The latest reports compiled by Redfin and Rocket Homes both indicate that the real estate market as of September 2022 is in favor of home sellers in Orange Park. As you know, this means that supply is low and demand is higher than usual. Compared to the same time last year, homes in the Orange Park area sold for 16.6% more. There are also 16.7% fewer homes available for sale than in August 2022.
However, there are also indications that the market may be starting to swing in favor of the home buyer (or at least heading in a more neutral direction) because the number of homes sold from August to September 2022 decreased by 43.8%, and 66.7% of homes were sold below asking price. This change may be partly due to the rising interest rates caused by the Fed’s rate hikes. Mortgage rates have been pushed as high as 7% in recent months, and this is making it more difficult for home buyers to consider themselves able to afford the mortgage on a new home.
If you are ready to buy or sell a home in Orange Park, be sure to consult with a skilled expert such as our realtors at Your Home Sold Guaranteed Realty – Phil Aitken Home Team. We are here to make sure you are making the right decision for you and your family by providing you with up-to-date and accurate information about the current real estate market.
Sell a House in Orange Park, FL, Fast with Our Realtors
If you are interested in selling a home in Orange Park 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!