One factor that is common to both home buyers and home sellers is the current condition of the real estate market. It is critical for those entering the market to know what conditions are. Is Ponte Vedra Beach a buyer’s or seller’s market?
This information will ensure that you are set for the best possible experience when buying or selling a home. To make sure that you have the most accurate and up-to-date knowledge of the market, it is advisable to work with experienced realtors such as ours at Your Home Sold Guaranteed Realty – Phil Aitken Home Team.
According to the National Association of Realtors, the latest trend in the real estate market shows that pending home sales have dropped in recent months. With our realtors, you will have this information and understand exactly what it means for your forthcoming real estate transaction.
If you are ready to buy or sell a home in Ponte Vedra Beach, contact the skilled real estate team at Your Home Sold Guaranteed Realty – Phil Aitken Home Team. We take the time to truly listen to your real estate needs and ensure that the process of buying or selling is as easy and stress-free as possible.
Know the 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 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.
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 Beach a Buyer’s or Seller’s Market?
With this information in mind, we can now discuss the state of the current real estate market in your area. We will now answer the question: is Ponte Vedra Beach a buyer’s or seller’s market?
After gathering the latest data from September 2022, Rocket Homes reports that the current real estate market in Ponte Vedra Beach, FL, is neutral. This means that the supply and demand for homes in the region are about equal. The number of homes for sale reflects the prices being asked, and home buyers and home sellers are on approximately equal standing during negotiations.
More specifically, homes in Ponte Vedra Beach are selling for 17.3% more than they did during the same time period last year (2021), and the number of homes available for sale has decreased 6.5% from August to September 2022. However, the number of homes sold within the month-long time frame decreased 41.8%, and 69.2% of homes sold below asking price. Home sellers are dealing with 55.3% increase in the time spent on the market, but 62% are able to sell under 30 days
The movement from a seller’s market to the neutral state could be due, in part, to the increase in interest rates over the last several months. The Fed has increased mortgage rates as high as 7%, so this is making home buying and selling more difficult.
If you are thinking about buying or selling a home in Ponte Vedra Beach, FL, be sure to contact the expert realtors at Your Home Sold Guaranteed Realty – Phil Aitken Home Team to learn more about the current market and how to make the right decision for you and your family.
Jump into the Real Estate Market in Ponte Vedra Beach, FL, with Our Realtors
If you are interested in selling a home in Ponte Vedra 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!