If you have been keeping track of the latest trends in the real estate market, you will know that the last few years have seen a hot market for home sellers. But today, is Deltona a buyer’s or seller’s market?
The National Association of Realtors reports that pending home sales around the country dropped in the last few months. Home sellers may need to adjust their expectations for the process if this trend continues. When you enlist the help of our skilled realtors at Your Home Sold Guaranteed Realty – Laura Peterson Team, you can trust that we will keep your best interests in mind and advise you of the best times to buy or sell your home.
Be Sure You Know the Difference Between a Home Buyer’s Market and a Home Seller’s Market
The first thing that you need to know and understand is the difference between a buyer’s market and a seller’s market. It all comes down to a basic concept of economics: supply and demand. Depending on the circumstances of the area in which you live, supply and demand can vary, and this will be the determining factor when it comes to your ability to buy or sell a home successfully.
Home Buyer’s Market
When the real estate market is in favor of home buyers, the primary factor that determines this is the supply of homes in the area. If it is a home buyer’s market, that means the supply of homes outweighs the demand for them. With a surplus of homes, buyers will have their choice of what they consider the perfect house for their families and can usually get a great deal without going over their budgets or paying the full asking price of the home sellers.
Home Seller’s Market
Conversely, the opposite is true for a home seller’s market. In this case, the supply of homes is low but the demand for them is very high. This gives sellers the advantage, and they will often end up with multiple offers for their homes, all over the asking price.
Knowing the current state of the real estate market is critical for anyone thinking about buying or selling a home in Deltona, FL. You will need to know if you will be at an advantage when it comes to making an offer, negotiating, and closing the deal.
Is Deltona a Home Buyer’s or Home Seller’s Market?
Now that you clearly understand the differences between a buyer’s market and a seller’s market, we can answer the question that is most important to you: is Deltona a buyer’s or seller’s market in 2022? Using the most recent data, Rocket Homes reports that Deltona is continuing to be a seller’s market for the current moment.
To illustrate, the report shows that homes in Deltona have been selling for 23.9% more than they did at the same time last year (2021). The number of homes available for sale decreased 4.2% from September to October, and 68% of homes sold in less than 30 days from the date of listing. However, there is good news for home buyers as well.
Trends seem to indicate that the real estate market in Deltona will be changing to a buyer’s market in the coming months. The number of homes that actually sold from September to October dropped by 13.2%, and 43.2% of the homes which did sell came in under asking price. Homes are also spending 88.6% more time on the market compared to this time last year. So, even though inventory continues to be relatively low, other factors are showing that home buyers will soon have favor in the Deltona, FL, real estate market.
Why is the real estate market beginning to lean back toward home buyers at the moment? The likeliest reason is due to the rising interest rates as well as the Fed’s mortgage rate hikes. Over the course of the last few months, the Fed has actually pushed these rates to over 7% in an attempt to moderate the rising inflation. The outcome is a reduction in the number of home buyers actually investing in a new home.
Let Us Help You on Your Real Estate Journey in Deltona, Florida
As a home seller or home buyer, it is important that you make sure the current real estate market is in your favor before you list your home or make an offer. With the current trends in the industry, right now is a great time for home sellers to maximize the profit on their investments but home buyers should also be paying close attention to those changes.
If you are ready to buy or sell a home in Champions Gate, FL, be sure to contact Your Home Sold Guaranteed Realty – Laura Peterson Team to get all of the details you need to start your real estate journey. Our realtors are here to make sure you are able to sell your home fast and get the highest possible price, and we can also ensure that home buyers are able to get the best price on the home of their dreams.
We are waiting to hear from you and are excited to assist you with everything that needs to be done to finish your real estate transaction. Call us at (407) 566-2555 to begin your real estate journey!