Some would suggest that we are headed towards a Buyer’s market. Inventory is gradually rising which means homes, on average, in Jacksonville and other areas are sitting on the market longer than a year ago. But is it truly a buyer’s market? Some say yes and others say we are entering a market where both buyers and sellers win – somewhere in the proverbial middle.
Prices are at an all-time high. Price growth has also been slowing over the past several months. Another indicator is that we are seeing an increased in scheduled priced cuts which may indicate a softening of the market.
Mortgage rates are going up. We did have a rate decrease in December of 2018, but as of today, we are seeing 30-year fixed mortgage rates around 4.6%. We would need to go back to 2011 to see rates at this level. However, when I bought my first home, I would have loved to have an interest rate like that!
Affordability is declining. When you combine higher home prices, higher interest rates, and an increase in supply, it is logical to think that this will lower demand to some extent. I think the market will correct that which means home prices may start trending lower.Does this mean we are entering a buyer’s market? It is anyone’s guess, but I think we are entering a market that is somewhere in between a buyer’s and a seller’s market. Yes, the proverbial middle.
So, what does this mean for you? If you are thinking about selling your home, the time is now to maximize your home’s value. Markets don’t shift overnight and there is still a healthy demand for homes in Duval, St. John’s, and Nassau Counties.
If you are thinking about buying, the time is now. There is a good chance that interest rates will continue to rise as we start to see lower prices in the market. Use an experienced Realtor who understands the market and leverages good information to negotiate the best deal for you. Remember, it’s a win-win!
Author:Darren Pearson Phone: 904-517-7108 Dated: January 24th 2019 Views: 139 About Darren: Darren married his high school sweetheart, Julie, and they live in Southbank right on the St. Johns ...
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