One of the factors to consider when getting into the real estate market is the current condition of the market. Knowing the difference is important before you make a deal. So, is Ponte Vedra a buyer’s or seller’s market?
Making sure that your decisions are based on the most accurate information is critical because it will be the reason that your transaction will be as profitable as possible for you. With our realtors by your side, we will ensure that you are making the best choices for you and your family when making a real estate transaction. This includes keeping you abreast of all trends, including those reported by the National Association of Realtors. Did you know that the NAR recently reported that pending home sales have dropped? This is important information that all home buyers and home sellers should be aware of.
Ready to buy or sell a home in Ponte Vedra, FL? Be sure to contact the expert realtors at Your Home Sold Guaranteed Realty – Phil Aitken Home Team who will guarantee that your real estate needs will be met and the experience will be as stress-free and enjoyable as possible. Whether you have bought and sold homes before or this is your first time, it is critical that you have all the resources available, and our team will ensure you do.
Essential Differences 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 Ponte Vedra.
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 Ponte Vedra a Buyer’s or Seller’s Market?
Now that you are familiar with the differences between a buyer’s market and a seller’s market, we can move on to discussing a specific location and its current market status. So, is Ponte Vedra a buyer’s or seller’s market?
According to the latest reports from September 2022, Ponte Vedra is experiencing a change from a seller’s market to a buyer’s market. So, currently it is more of a neutral real estate market. This means that the supply and demand are close to equilibrium, and the prices are beginning to even out and head in the buyer’s direction.
While the needle is still pointing close to the seller’s favor, as demonstrated by the fact that homes are selling for 23.7% more than they did last year at this time, it does not look like it will be staying that way. From August to September of 2022, homes available for sale dropped by 5.9% and the number of homes sold reduced by 41.2%, according to Rocket Homes. And, best of all for home buyers, the selling price of 65% of homes was below the asking price.
One of the primary reasons that this trend is changing is largely due to the hike in interest rates spurred by the Fed’s increase in rates. In fact, mortgage rates have been pushed as high as 7% in recent months. This is clearly making things more difficult for home buyers and more stressful on home sellers looking to get the highest possible price for their homes.
Successfully Buy or Sell a House in Ponte Vedra, FL, with Our Realtors
If you are interested in selling a home in Ponte Vedra 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!