St. Augustine Remains a Hot Market for Buyers and Sellers
Selling a home is a significant decision, and it’s normal to feel a little apprehensive. You might wonder if now is the right time to move or worry that you won’t find a home that truly fits your needs. These concerns are valid, but they shouldn’t keep you from exploring what the St. Augustine real estate market has to offer.
The charm of St. Augustine’s historic neighborhoods, the allure of its coastal properties, and the welcoming community make it a unique and rewarding place to live. Whether you’re considering a move to downsize, upgrade, or find a home closer to the historic downtown, understanding the local market dynamics is key to making an informed decision. With the right guidance, selling your home in today’s market can be a smooth and rewarding experience.
Lately, we’ve been hearing two major themes from clients considering listing their homes—whether it’s a good idea to sell now and how to navigate the process of finding your next home. By reframing both of these potential “problems” as opportunities, you’ll see why selling your home might just be the best decision you can make.
Is It Even a Good Idea to Move Right Now?
For St. Augustine homeowners, the decision to sell might feel daunting, especially if you’re concerned about taking on a higher mortgage rate for your next property. However, one of the biggest advantages of selling now lies in the equity you’ve built in your home.
Thanks to significant home price appreciation in recent years, homeowners across the country have seen their equity grow substantially. According to CoreLogic, the average homeowner now has $315,000 in equity, with $129,000 of that gained since the onset of the pandemic. That number is even larger in St. Augustine, where the average home is valued at over $550,000.
This growth in equity provides a significant opportunity. By using the value in your current home, you can put down a larger amount on your next property, potentially financing less at today’s rates. In some cases, homeowners may even have the option to purchase their next home in cash, eliminating the need for a mortgage entirely. This financial flexibility makes selling and moving more feasible than many might realize.
Image Courtesy of David Nicolai / Unsplash
Will I Be Able to Find a Home I Like in St. Augustine?
At The Newcomer Group, we’re straight shooters. We believe in absolute transparency with our clients. It’s no secret that finding a home during the last few years was challenging due to limited inventory. Many homeowners remember the frustration of searching for a property in a market with far more buyers than available homes. However, there are plenty of incredible properties for sale everywhere from Vilano Beach to Lincolnville to Anastasia Island. Personally, we’re super bullish on the local real estate market. So much so that we actually added a new property to our personal portfolio just this month.
Inventory levels have risen by nearly 30% year-over-year, offering more options for buyers. While inventory remains below pre-pandemic levels, this increase has created a sweet spot for sellers and buyers alike. Homeowners can take advantage of strong market conditions to sell their current property while having a broader selection of homes to choose from for their next move.
St. Augustine’s appeal, with its mix of historic charm, waterfront living, and close-knit communities, ensures there’s something for everyone. Working with a local real estate expert like The Newcomer Group is essential to navigating these opportunities and finding the right home that aligns with your lifestyle.
The Benefits of Downsizing in St. Augustine
For many homeowners, selling isn’t just about moving—it’s about entering a new phase of life. Downsizing can be especially appealing for retirees or those seeking a simpler, more intentional lifestyle. By transitioning to a smaller home, you can enjoy numerous benefits that enhance your quality of life.
Downsizing offers an opportunity to reduce maintenance responsibilities and spend more time enjoying all that St. Augustine has to offer, from the pristine beaches to the vibrant arts and dining scene. Financially, it allows you to tap into the equity of your current home, creating additional resources for savings, travel, or other goals. And for those looking to stay active and connected, downsizing to a walkable neighborhood close to amenities ensures convenience and accessibility. Most people’s first thought when it comes to walkable neighborhoods is not northeast Florida. To those people, we’d like to show you some choice listings in downtown St. Augustine, St. Augustine Beach, Vilano Beach, Palencia, and Nocatee.
St. Augustine’s diverse housing options, from charming cottages in historic districts to modern condos with coastal views, provide the perfect setting for anyone looking to embrace this next phase of life. Downsizing here isn’t just practical—it’s a chance to enjoy the lifestyle you’ve always dreamed of.
The Newcomer Group is Here for Your Next Chapter
Whether you’re downsizing, upgrading, or making a lifestyle change, we’re here to guide you every step of the way. Let’s make your next move your best move yet. Give us a call today at (904) 599-5633.
