Inventory and Growth Benefit Current Homeowners
Wondering if it still makes sense to sell your house right now? The short answer is, yes. And if you look at the current number of homes for sale, you’ll see two reasons why.
An article from Calculated Risk shows there are 15.6% more homes for sale now compared to the same week last year. That tells us inventory has grown. But going back to 2019, the last normal year in the housing market, there are nearly 40% fewer homes available now:
Here’s a breakdown of how this benefits you when you sell.
1. Florida is the Most Popular State to Move
If you’re a homeowner in St. Augustine, you’re probably already familiar with the amazing lifestyle northeast Florida has to offer for young professionals, families and retirees alike. After all, how many other places can you rip some surf in the morning and follow it up with award-winning food and music (without having to pay state income taxes)?
The numbers back up what we locals know: the state of Florida saw an increase in population of 1.9% (339,000) in 2022. That means there is serious demand for homes in the Sunshine State. Those of us lucky enough to have previously purchased property here can take advantage of home equity to move into our dream homes—or downsize and put a sizable chunk of change into our retirement accounts.
2. You Have More Options for Your Move
Are you thinking about selling because your current house is too big, too small, or because your needs have changed? If so, the year-over-year growth gives you more options for your home search. That means it may be less of a challenge to find what you’re looking for. St. Augustine alone has a wide range of property types, from single-family homes on the beach to resort-style condos with every amenity imaginable and hundreds of brand new townhomes being built as you’re reading this article.
So, if you were holding off on selling because you were worried you weren’t going to find a home you like, this may be just the good news you needed. Partnering with a local real estate professional can help you make sure you’re up to date on the homes available in your area.
3. You Still Won’t Have Much Competition When You Sell
But to put that into perspective, even though there are more homes for sale now, there still aren’t as many as there’d be in a normal year. Remember, the data from Calculated Risk shows we’re down nearly 40% compared to 2019. And that large a deficit won’t be solved overnight. As a recent article from Realtor.com explains:
“...the number of homes for sale and new listing activity continues to improve compared to last year. However the inventory of homes for sale still has a long journey back to pre-pandemic levels.”
For you, that means if you work with an agent to price your house right, it should still get a lot of attention from eager buyers and could sell fast. Here at the Newcomer Group, we pair our local knowledge with in-depth research to ensure every listing is priced correctly and won’t languish on the market.
If you’re a homeowner looking to sell, now’s a good time. You’ll have more options when buying your next home, and there’s still not a ton of competition from other sellers.
