A few changes in our real estate market are making things interesting.
Our real estate market is starting to get interesting. Today I’m sharing a market update with the latest stats from June 2022.
Our market is experiencing some changes, and the most significant right now is the increase in inventory. Due to rising interest rates, sellers realize that now is the time to get their homes on the market. Week over week, we’re seeing growth in the number of houses for sale.
Over the last several months, we saw very few price reductions; sellers were selling their homes quickly and for over asking price, so there was no need. However, now price reductions are starting to happen, especially in price points originally set at $450,000 and over. For the next few months, I expect to see more price adjustments, particularly in the Port St. Lucie market. Prices will continue to decline as inventory escalates, which will lead to a more competitive marketplace for buyers and put some pressure on sellers.
"You can still get a higher price now than you would if you wait."
However, buyers will have more choices and a little more negotiating power, and it’ll be a better time for them to buy than it has been for a while. There will be opportunities at all price points. If you’re considering selling, now is the time to get your home on the market; price adjustments will be gradual between now and the end of the year, so you can still get a higher price now than if you wait.
If you have any real estate questions or needs, feel free to reach out anytime via phone or email. I would love to help you.