Is Yulee a buyer’s or seller’s market?

According to the National Association of Realtors, their recent report indicates that pending home sales have dropped in the last few months. This may be problematic for home sellers who are hoping to list their homes and sell them very quickly. Whether you are a home seller or buyer, our experienced realtors will make sure that you understand the impact of this report when it comes to your upcoming real estate transaction in Yulee, FL. 

If you are ready to buy or sell a home in Yulee, contact Your Home Sold Guaranteed Realty – Phil Aitken Home Team to begin your real estate journey. We are excited to assist you and we strive to make sure you have a stress-free and enjoyable experience when buying or selling your home. 

How to Know If You Have a Buyer’s Market or 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 Yulee. 

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 Yulee a Buyer’s or Seller’s Market?

After learning all about the difference between a buyer’s and a seller’s market as well as the reasons why this information is important, we are now ready to answer the all-important question to individuals considering buying or selling a home right now: is Yulee a buyer’s or seller’s market?

As of September 2022, data collected by Rocket Homes indicates that the current market is a seller’s market, but it may not remain that way for much longer. Homes are priced higher right now and are selling more quickly than the same time last year (2021). Specifically, homes have sold for 28.9% more than they did one year ago, and homes have been selling in under 30 days in 61% of cases compared to August 2022. 

However, other data shows that there is a change occurring in the market trends. The number of homes sold in the last month has reduced by 42.9% between August and September 2022, and 58% of homes were sold below asking price. They have also been spending 40.3% more time on the market than in August. 

With this change in the market, the advantage may be changing from home sellers to home buyers in the coming months. At the very least, it will become a more neutral market where individuals will be on more equal footing. 

It is also important to note that interest rates have been increasingly rising which may be a result of the Fed’s increase in mortgage rates. They have pushed these rates as high as 7%, and this may be detrimental to both home buyers and sellers, especially if the rates continue to rise as a method of reigning in the current inflation issue.

Our Expert Realtors Can Help You Buy or Sell a Home in Yulee, FL

If you are interested in selling a home in Yulee 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!