Is St. Johns a buyer’s or seller’s market?

The most recent report from the NAR relates that pending home sales have dropped in recent months, and this could be problematic for home sellers, depending on the reason for the reduction in sales. Our team will make sure that you understand the impact this report may have on your forthcoming real estate transaction.  

Are you ready to buy or sell a home in St. Johns, FL? At Your Home Sold Guaranteed Realty – Phil Aitken Home Team, we keep you up-to-date on all of the most recent data and knowledge of the current real estate market so that you can make the right decisions for yourself and your family. We strive to make the buying and selling processes stress-free and easy so that you can actually enjoy the experience.

What Is 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. Johns. 

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 St. Johns a Buyer’s or Seller’s Market?

Our team at Your Home Sold Guaranteed Realty – Phil Aitken Home Team is ready to make sure that you understand the difference between the buyer’s and seller’s markets. We also want to now answer the question that is at the forefront of your mind: is St. Johns a buyer’s or seller’s market?

According to Rocket Homes, the current state of the real estate market in St. Johns, FL, as of September 2022 is in favor of home sellers. However, it is on the cusp of becoming a more neutral market as it moves toward the home buyer end of the spectrum. Since September 2021, home prices have increased 25% and 42% of homes sold within 30 days of listing. 

However, over the course of the month between August and September 2022, 8.4% fewer homes were available for sale on the market and the number of homes sold decreased by 37.1%. Likewise, 616.6% of homes were sold below the asking price and remained on the market 47.8% longer than last month. 

From this data, it is clear that the current real estate market trends are moving toward the buyer’s favor. It is also essential to note that interest rates have increased quite dramatically over the course of the last several months. Much of this rise is likely due to the Fed’s increase of mortgage rates as high as 7%. Home buyers and home sellers will all be negatively affected by these increases, so it is more important than ever to consult with an experienced professional in the real estate industry before making any investments. 

Find Out Everything You Need to Know about the St. Johns Real Estate Market with Our Expert Realtors 

If you are interested in selling a home in St. Johns 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!