Jacksonville, Florida was recently named the #1 Real Estate Market in the nation.
The market is moving fast, homes are being sold quicker than ever, and the area is experiencing immense growth in population, and job opportunities. With more people in the area, the demand for homes is increasing, and we need more homes on the market.
There are more buyers in today’s market than there are homes for sale. Rising prices and mortgage rates are sparking demand and the supply is far less than is demanded in the market. All across the country and across all real estate markets, there are low inventory conditions creating a crunch in the market. The number of listings on the market are near a 20-year low!
We need more homes put up for sale! This is a seller’s market, which means you are in an ideal real estate market- if you’re a homeowner. Home prices have been increasing- in fact home prices grew 6 percent nationally and rose in all 50 states. Whilst buyers compete for your newly listed home, you’ll see a higher price paid for your home.
Average Time on the Market, is now 8 days less than last year
So far this year, homes are selling on average 8 days faster than just last year affecting not only major metropolitan areas, but quieter areas like Tampa, Fla. Still-low mortgage rates and steady hiring will continue to instill confidence in buyers and further drive the housing demand in a positive trend.
The market is hot right now, and what that means is that homes are flying off the market. Many homes in the Jacksonville area are selling within a fews days on the market and with multiple offers. We are about to hit the peak season for real estate and can only expect more traction to pick up in the market.
As a buyer, you really have to have an advantage over everyone else who is looking for the same qualities in a home as you. Many buyers are losing hopes in finding the home of their dreams because of losing out on offers. The market is competitive for buyers and needs more homes to keep up with the amount of demand from buyers.
As the supply of houses on the market tightens, bidding wars are more commonplace than ever before in some cities. The most challenging markets generally have a few things in common: strong job growth, young first-time buyers searching for homes amongst declining inventories. But overall, it’s been reported in a number of studies that the economic outlook is positive, and the positive sentiment will support the economy and market even further.