Whether you're looking to buy or sell, you'd like to know what the market is like to set your expectations as to the price you might be able to get (or pay) and how much of that might be negotiable. Knowing whether it's a buyers' or a sellers' market is the key to your negotiations.
So where are we in SWFL right now? How about none of the above? Uncertainty about the future of inflation, the economy, mortgage rates, and more have seized up the market—and wrenched power away from buyers and sellers alike.
At the moment, real estate is nobody’s market. As the graphic below shows, inventory is double what it was this time last year, and time on the market is almost double. Closed sales, on the other hand, are down by almost half.
Although mortgage rates for a 30-year fixed-rate home loan have fallen from October’s 20-year high of 7.08%, they’re still high enough to leave a whole lot of potential buyers cautious about committing to buying. Meanwhile, median listing prices are still up 14% from this time last year, which indicates it's still somewhat of a sellers' market from that point of view.
On the other hand, home price trends over the last two years have created expectations in the minds of potential sellers. As a result, many homeowners simply do not want to sell their homes as of late, preferring to wait for the market to resume its upward climb. New listings were down by 12% from one year ago as of the most recent statistics.
High costs and mortgage rates can significantly up the ante for homeowners hoping to trade up and remain in their current area. Many are deciding to just stay put for now. Plus, this continuing lull in new listings means home buyers might not be all that excited by the idea of sifting through stale, steeply priced properties. With new listings declining, the growing number of homes for sale reflects still-low buyer interest amid high costs.
The bottom line is that if you want to move to or within the SWFL area, there are still deals to be had, and getting a good price for selling your home could just be a matter of finding that one buyer who loves it. Good deals are still there to be had for both buyers and sellers, but it may take a little more work at this time. Talk to a realtor. We know how to help you find the best deal available.
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