June 2018 Market Update

 

People are getting mixed messages about whether the market favors buyers or sellers more, but the truth is that it’s more complicated than that. Let me explain.

Summer is here, and the year is almost half over. Since we’re cruising right along through 2018, a lot of people want to know what is happening in the real estate market. I look at the market every day, so I’ve made some notes of my observations that I’d like to share with you.

Does the market favor buyers or sellers? People are getting conflicting information about this topic, and the truth is that it’s all about supply and demand. The market is very hot in some areas at different price points. Some sellers are getting multiple offers, their homes are spending very few days on the market, and they’re getting more money than they thought they would. Some people, on the other hand, are struggling with stagnating listings, causing them to resort to price adjustments.

In the price range below $500,000 for residential single-family homes in St. Johns County and Duval Country, sellers are ruling because of the low inventory, which is 3.6 months’ worth in that price range.

Now take the exact same area at a different price point: Homes in the higher price point between $500,000 and $1 million are taking up to six months and several price adjustments to sell, and there are 6.8 months’ worth of homes available. In the price point above $1 million, we have 13.6 months of inventory.

Keep in mind that homes in all price points are selling very well, but those under $500,000 are selling like hotcakes with the lack of inventory. If you’re looking for homes in any of these price points, you have advantages and disadvantages to deal with. You’ll need an experienced agent to help you navigate the market—what your competition looks like, how many months the home has been on the market, whether the price is fair, and so on.

I happen to be such an agent, so If you’re entering the market soon, please reach out to me. We will have a straightforward conversation about the market that you can use to your advantage when moving forward with your transaction.

Home Inspection

What Are the Benefits of Having an Inspection Before Listing Your Jacksonville Area Home?

Today, we want to briefly discuss a crucial step in any real estate transaction: the home inspection.

When people hear the word “inspection,” they often think of it as a way buyers protect themselves. While this is true, inspections also play an important role for sellers as well! Often, sellers have taken all the right steps to get their home sold. They have hired an agent to market their home, decluttered, added fresh paint, and spruced up the landscaping. The home is on the market and they are getting positive feedback; before long, they have an offer, and a contract is signed. Everything seems to be going great.

Within 10 days of the contract being signed, the buyer will schedule an inspection. As a seller, you may be shocked at what the inspector will find. You may have a water intrusion problem or a gas leak that you were completely unaware of. All of a sudden, all the repairs found in a home inspection start to add up. Wouldn’t it have been better to do the home inspection before you put the home on the market?

That way, if there were any deal breakers, you could have made those repairs or at least been aware of them so that no one would be taken off guard.

We recommend getting an inspection ahead of time and addressing repairs before there is a buyer in the picture. This will save you a lot of stress down the road!

If you have questions about this topic, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!