There is a lot of buzz in the media about the real estate market, but it’s important to remember that real estate is always local. What happens in New York and California doesn’t always equate to what is happening in Jacksonville, Florida.
After years of steep demand, we are seeing a leveling in the market. In fact, a healthy real estate market is considered 4-6 months of inventory, but we haven’t had close to that in a long while.
With higher interest rates, we see fewer buyers choosing to upgrade, but there are still buyers! Buyers and sellers who need a home.
It’s not all about interest rates and multiple offers. It’s about need. This could be someone who hasn’t owned in a while, a work move, or another situation demanding a housing change.
Lawrence Yun is a Chief Economist and oversees the Research group of the National Association of Realtors. In an interview with Brian Buffini and Dermot Buffini, “Yun [noted] there are now fewer buyers due to mortgage rates rising, yet there is still high demand for housing from qualified applicants. Even though sales are coming down because the buyer pool is shrinking, those who are still in the market are looking for fresh inventory,’ he adds. ‘So when it shows up, they are ready to sign a contract immediately.” (https://www.globenewswire.com/en/news-release/2022/06/27/2469865/0/en/Brian-Buffini-s-Bold-Predictions-2022-Mid-Year-Real-Estate-Market-Outlook-Reveals-How-to-Recession-Proof-Your-Business-Life.html)”
The graphs below (NEFAR States, June 2022) show both the “number of listings” and “listing prices” of residential homes specific to the First Coast. What we see is an increase in both inventory and pricing. Both of these are positive trends.
If you would like to know more about your specific neighborhood or area, let’s talk. I’m here to answer all of your questions.