The factors we’ve seen that will influence how the market shifts.
The question that I get asked the most these days is, “When will this crazy seller’s market balance out?” Several factors influence how the market will shift, but realistically, no one can 100% accurately predict what the market will be like in the future. Here are four major factors that are driving the current market:
1. Relocation. In Florida, we’re seeing many people wanting to relocate to Jacksonville, Tampa, and other major cities. The relocation push has mostly subsided by this point and we should see more listings come onto the market within the next few months. This should help slightly balance out the seller’s market.
<p class="pullquote">“The longer you wait to buy a home, the more it will likely cost you.”</p>
2. Inflation. The cost of houses and lumber has gone up. Whenever a lot of money has been put into the economy, prices for everything will rise. In the short term, this might be inconvenient, but incomes should rise to level things out again.
3. Will the market swing to a buyer’s market? The average price of a home in Jacksonville continued to rise last month. Due to inflation, the longer you wait to buy a home, the more it will likely cost you.
4. Should I sell? This ultimately depends on your situation. If you are retiring or simply want to get out of the market and are thinking of selling, now is a great time to do so.
If you have any further questions about real estate in the northern Florida area, or if you’re thinking about buying or selling, don’t hesitate to give me a call or send me an email.