The recent trends in the real estate market throughout the country over the last few years have seen a very hot market for home sellers. With low inventory levels and high demand from buyers, houses have been at a premium and priced to match. But today, is Fern Park a buyer’s or seller’s market?
Recently, the National Association of Realtors reported that pending home sales around the country dropped in the last few months. With this in mind, home sellers may have a need to adjust their expectations for their selling experience, and our realtors are happy to help you figure out how to accomplish this while still meeting your goals.
Are you ready to get into the real estate industry? Give Laura and the realtors at Your Home Sold Guaranteed Realty – Laura Peterson Team a call at (407) 566-2555 to learn more about the current state of the real estate market and how to best achieve your home buying or selling goals.
Do 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 Fern Park, 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 Fern Park a Home Buyer’s or Home Seller’s Market?
If all of the information above is clear and makes sense, you will have a solid understanding of how the current real estate market works. Sometimes it favors sellers while other times it is more beneficial to home buyers. So, now we can answer the question, is Fern Park a buyer’s market or a seller’s market?
According to the most recent data gathered by Rocket Homes, Fern Park is currently a seller’s market. Compared to a year ago, homes in Fern Park are selling for 27.9% more than they did previously. The inventory of homes for sale has also dropped by 20.9% from September to October, and 83% of homes sold in less than 30 days from the time of listing. Although homes are selling fast and the prices are still quite high, there is a trend that is starting to lean in favor of home buyers.
The number of homes that actually sold from September to October this year fell by 29.4%, and 41.7% of homes in Fern Park sold below the home seller’s asking price. Additionally, compared to a year ago, homes are remaining on the market 33.6% longer (33 days compared to 24 days last year). If these trends continue, home buyers may eventually find themselves at more of an advantage than home sellers very soon.
Recently, the Fed increased interest rates, pushing home loans to over 7% in some cases. This has only resulted in home buyers delaying their entry into the market until the interest rates return to a more normal level.
Our Realtors Will Guide You Through the Real Estate Process in Fern Park, 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 get started!