Let me tell you why it is even more important than you realize...
The terms seller's market and buyer's market gets thrown around all too loosely, particular in a volatile real estate market like we have here in Jacksonville and North Florida in general.
So what makes the current market Jacksonville and North Florida are experiencing right now a seller's market, and why is that so important? Well, here are 3 good reasons:
1) Inventory - there is none! The average inventory of homes for sale in a balanced market should hover somewhere around 6 months of supply. The current inventory in Jacksonville right now? About 3 months. That is 22.7% lower than this time last year.
2) Buyers are everywhere! When you see low interest rates and a rebuilding economy, buyers will not be far behind. Combine record low home inventory with a high number of anxious buyers - a seller's market is the result!
3) Prices are rising(quickly)! An extraordinary number of current home owners were sunken into the real estate abyss when the market tanked in 2009. As of very recent years, home prices have risen back to normal(or at least close), giving home owners the ability to leverage their sale against the low inventory and high number of home buyers in the Jacksonville real estate market.
The Jacksonville and North Florida real estate market is ever-changing. Keep in mind, a seller's market doesn't exist once everyone catches on to the idea. As the saying goes, don't let grass grow under your feet.
Stephen Edmonds - REALTOR® | EXIT Real Estate Gallery
904.614.9715
StephenLEdmonds@gmail.com
