Are we in a buyer’s market or a seller’s market?

February 3, 2023

We’re in the midst of a strange moment in real estate. We’re neither in a buyer’s market nor a seller’s market. We’re in between right now. Here’s a glimpse into some Clermont (34711) real estate numbers:

The number of overall sales has decreased 35% year over year, while the median closed price is still up 9%.

The list price to closed price ratio is also down slightly, showing us an increase in contract negotiations between buyers and sellers on price and concessions.

Days until contract (the number of days it took for a new listing to go under contract) are up, but homes can still sell quickly if priced correctly.

The biggest shift we’ve felt is in buyer affordability.

Sustained higher values and higher interest rates have mortgage payments up about 39%, explaining the drop off in sales.

Since buyers are paying so much more per month, they’re insisting on more for their dollar. That means they want more updated and upgraded homes.

The most organized life plans work until they don’t – then it’s time for a change.

Whether it’s marriage, expecting a child, job relocation, divorce, loss of a loved one, *insert a life-changing event here* – these have been the “Moving Motivators” for our current clients.

And whenever the time comes for you or someone you know to make a move, we promise to be there with the market expertise and care that you need.