Low Inventory + Low Interest Rates = Strong Demand
Patience may pay off for those who have postponed putting their homes up for sale.
Homebuyer activity is up and inventory is low. While prices are on the rise, interest rates remain low. If you’re thinking about putting your home on the market, now is a great time to sell.
“There is strong buyer interest but exceptionally low inventory in the current market, which is terrific news for those who are selling their homes,” said Berkshire Hathaway HomeServices Florida Network Realty Founder, President and CEO Linda Sherrer. “Competition among buyers is fierce for available listings and it’s driving prices up.”
The latest data from the Northeast Florida Association of Realtors shows there is not enough inventory on the market to fill the needs of buyers. The August 2017 real estate market report showed:
- Inventory levels plunged 19.9 percent more than inventory levels in August 2016
- The Months Supply of Inventory dropped 22.2 percent to 3.5 months
- Homes sold in an average of 63 days, 12.5 percent faster than 72 days a year ago
- Competitive bidding, as a result of the low inventory, resulted in 11.2 percent of properties being sold for more than their original listing price
“There are fewer homes for sale in every price point, but we are not seeing a shortage of serious buyers,” said Broker/Executive Vice President Christy Budnick. “The current market has created a sense of urgency among buyers and we are seeing bidding wars, many properties going to contract very quickly and some for well over the asking price. All in all, it is a good time for people to put their homes up for sale.”
The decision on when to sell your home isn’t solely based on market conditions. Before putting a ‘For Sale’ sign in your front yard, it is important to take into account your personal situation and wise to partner with a professional you trust to help you achieve your goals.
While it may be tempting to avoid commissions by considering for-sale-by-owner, it’s not in the best interest of the seller to do so for numerous reasons, including netting the highest profit. A real estate agent’s contributions are invaluable including marketing, arranging showings, negotiating offers with buyers and their agents and working through the numerous issues and requirements to ensure a smooth closing.
Berkshire Hathaway HomeServices Florida Network Realty offers the most comprehensive and expansive marketing program for its listings. The company’s Realtors have access to all-encompassing marketing plans, including global exposure and social media. In addition to the firm’s website, they are connected to the industry’s most advanced technology platforms.
Berkshire Hathaway HomeServices Florida Network Realty Realtors also have the knowledge and experience to help you price your home properly, review contracts and maneuver through regulatory changes, ensuring the proper paperwork is in place. The company’s agents receive the highest level of training and support, and they have a team of professionals to assist their clients in every aspect of the transaction.
Berkshire Hathaway HomeServices Florida Network Realty works with many serious buyers, both locally and those relocating to the area. Whether you are buying or selling, Berkshire Hathaway HomeServices Florida Network Realty can help you take advantage of the best opportunities in the market.
For more information, contact Berkshire Hathaway HomeServices Florida Network Realty at (904) 296-1906 or visit http://ift.tt/1fEO8HN.
- 112 Hawthorne Road in St. Augustine. Listed by Realtor Shelley Trela of the St. Augustine office. Realtor Stacey Scanlan of the St. Augustine office, represented the buyers. Scanlan made the first appointment within two hours of home’s listing on MLS. Buyers made an offer, which was which accepted within five hours on Day 1.Home sold for $278,000.
- 12337 Brady Manor Way in Jacksonville. Listed by Realtor Diane Farmer of the Ponte Vedra/Nocatee office. Went from MLS to contract within 72 hours. Sold for $396,000.
- 906 Greenridge Road in Jacksonville. Listed by Realtor Margee Michaelis of the Avondale/San Marco office. Went from MLS to contract in 27 days. Listed for $1,285,000.
- 1485 Melbourne Cove Court in Eagle Harbor in Fleming Island. Listed by Realtor Connie Owen of the Fleming Island office. Went from MLS to contract in one day. Sold for $275,000.
- 11297 Lake Mandarin Circle East in Jacksonville. Listed by Realtor Donna Hodges of the Mandarin/St. Johns office. Went from MLS to contract in one day. Received multiple offers and sold for $183,000, over list price of $179,000.