It’s hard to believe that we are six months into the year. And just like time, the market moves fast.
Since we’ve reached the middle of the year, I thought now would be the perfect time for me to share some of my thoughts with you on how our market here in Florida is coming along.
Now as we’re going into July, it’s important to note that there is still a big lack of inventory—especially when it comes to homes under the $200,000 mark where many of you are shopping. Those homes are moving at a rapid pace—oftentimes fewer than 30 days on the market.
However, when it comes to homes priced from $350,000 and up, their time on the market jumps up slightly to about 45 days on average. A step further up to higher price points, though, shows much less consistency as luxury homes tend to follow different market trends.
So what does this mean for you as a buyer? First of all, it’s important to sort out your financing. Secondly, take a good but realistic look at your want list. Keeping your budget in perspective and listening to your Realtor can help immensely with not only this but the entire process as well.
If your Realtor advises you, for example, that they think the house you’re interested in is going to move quickly—don’t ignore their advice. Doing that could result in your future home slipping right through your fingers.
Particularly in our Southwest Florida market, things simply move too quickly for buyers to stall on their decisions. And if you don’t trust your Realtor, you may be working with the wrong one.
If you are a home seller, things are looking good. However, be careful not to become overzealous and price too high. If you do, the home will likely sit on the market for too long and go through days on market fatigue.
With the market moving quickly and homes going off the market on an average between 30 to 45 days, buyers will become wary if they see your home still sitting after much more than that.
Another final thing to keep in mind is to be prepared when interest rates go up. Be sure to keep an eye on this, as it can definitely influence the market.
That being said, buying a home now will certainly be less expensive than it will be next year. So if you’ve been thinking of buying, don’t wait. And remember, if you’d like to learn more or have any questions, feel free to get in touch with by dropping me an email or giving me a call. I look forward to hearing from you.