Buying and selling a home requires patience, time, and energy to achieve the goals you have set. One of the most important factors to consider is the current state of the real estate market. So, is St. Augustine a buyer’s or seller’s market?
One thing that you should be aware of is the latest trends report from the National Association of Realtors. It demonstrates that pending home sales have dropped in recent months, and we will help you understand the impact that this report may have on your forthcoming transaction in the real estate market.
If you want to buy or sell a home in St. Augustine, FL, work with the most skilled professionals in the real estate market. At Your Home Sold Guaranteed Realty – Phil Aitken Home Team, we ensure that you have all of the tools, resources, and knowledge of the current market to help you succeed in your real estate endeavors. We make the home buying and selling processes as easy and stress-free as possible.
Are You Aware of 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 St. Augustine.
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 St. Augustine a Buyer’s or Seller’s Market?
At Your Home Sold Guaranteed Realty – Phil Aitken Home Team, we hope that you now have a much clearer understanding of the difference between a buyer’s and a seller’s market. Now we can discuss the specifics for your area, so is St. Augustine a buyer’s or seller’s market?
From the latest data and information gathered by Rocket Homes from September 2022, the current state of the St. Augustine real estate market shows that it is firmly planted in the home buyer’s market. This means that the prices for homes tend to be lower, the supply of homes is higher, and homes often stay on the market longer than expected.
Although 26.2% more homes have sold in September 2022 compared to the same time last year and the number of homes available for sale from August to September has increased by a small percentage (2.3%), sales have decreased by 56% in the same month-long period. Likewise, 100% of homes sold for under asking price and in 13.3% fewer days.
It is also important to know that interest rates have increased dramatically in the last several months, mostly due to the Fed’s increase in mortgage rates. They have been pushed as high as 7%, and this is causing serious problems for both home buyers and home sellers.
Are you considering buying or selling a home in St. Augustine, FL? Be sure to discuss your real estate needs and goals with our experienced realtors at Your Home Sold Guaranteed Realty – Phil Aitken Home Team. We will ensure that you have the resources, information, and tools needed to make the best decisions for you and your family.
Get Expert Help From Our Top-Performing Realtors
If you are interested in selling a home in St. Augustine 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!