Every day we’re asked questions like, “How’s the market? What do you think the market is going to do?”
In each of these conversations, we offer our professional opinions, but they’re just that – opinions. As much as we would like to, we simply don’t know what the future holds. In fact, no one knows what the future holds.
What we do know is that there’s still a shortage of homes available to buy. There are still more buyers than sellers.
At some point in the future, a time unknown, the market will shift. However, as of right now, we still haven’t found the ceiling on our home values in the greater Clermont market.
Your home is worth more right now than it has ever been before.
So today we’re going over Clermont, FL’s (34711) first quarter 2022 numbers compared to Q1 2021, how the buying and selling process has changed, and our advice if you’re looking to buy or sell.
Q1 2021 vs. Q1 2022: A look at the numbers
Number of New Listings and Homes Sold
361 new homes were listed for sale last quarter (up 3% from Q1 2021) in Clermont, FL (34711).
286 homes sold (down 11% compared to Q1 2021).
Median Sale Price
The median sale price in Q1 2022 was $412,000 – up nearly 25% ($81,400) over Q1 2021’s median sale price of $330,600.
Average Days on Market
The average days on market (or the time it took from listing a home for sale to getting a contract) was only 4 days in Q1 2022. This is less than half the time it took to get a home under contract in Q1 2021 (9 days).
Although the number of new homes being listed for sale is slightly up over last year, it still isn’t enough to keep up with the demand from those looking to buy. Homes are selling within a few days, often after receiving multiple offers. This is what’s keeping home values high.
The New 4-Day Process
4-Day Process for Buyers
Back in 2018, average mortgage interest rates were around 5%. Since then, we’ve enjoyed lower rates (some even below 2%) – but now they’re back to the 5% range.
The difference between 2018 and now boils down to options.
In 2018, there were more options for houses to buy. Back then, it was normal to find 300+ homes actively for sale on any given day. Today, there are often 75 homes or less actively for sale in Clermont (34711).
In 2018, there were options to negotiate in a deal. Whether that was on the price, closing costs, closing date, or something else – you had options. Today with such high competition amongst buyers, there’s much less negotiating power. Buyers have to submit their “highest and best” right away.
Buying a home today means you need to react quickly.
The moment a home you’re interested in is listed for sale, you need to make every effort to see it as soon as possible – and expect there to be other people also looking at it at the same time. Assume that every home listed for sale already has multiple offers.
Since homes are selling so quickly, some sellers are choosing to wait a few days and collect as many offers as possible. We had a client we wrote an offer for where the homeowner said we wouldn’t hear back for at least 3 days so that they could continue to get more offers.
4-Day Process for Sellers
There’s no question whether or not a home will sell in today’s market.
The art is in getting it priced correctly and managing showing requests.
Since homes are often selling within the first few days on the market, it’s a good idea to assume you’ll just be out of the house the first few days after listing it for sale. The amount of showing requests we receive often means that we hold an open house the first weekend we list a home for sale.
The tough part about selling now is managing expectations. If you see other homes in your neighborhood receiving multiple offers and selling above list price, it can be easy to assume that yours will get that, too (or more). But it doesn’t always work out that way. Every home is unique, and the market is constantly changing.
Our Best Advice
Our Advice to Buyers
“Embrace the journey.”
Know that there are things outside of your control. You can’t control how many other people also think that the house you think is “the one” is also “the one” for them.
If you can learn to embrace the journey of buying in today’s market and get back on the horse, we’ll get you a house. It just might take a little longer than you think.
Our Advice to Sellers
“Greed is the enemy.”
Embrace the market for where it is. Know that as a seller, you’re about to sell your home for the most it could ever sell for – and that’s a win for you!
Don’t let greed cause you to feel like you’re losing when you’re actually winning.
Our promise to our clients
There are a lot of things outside of your control in a real estate transaction.
That’s always been the case, but with so much competition and heightened emotion, it’s even more important to keep that in mind.
We promise that our team will always be honest with you and never give up on you. That honesty is extremely satisfying when giving you good news – but it’s also difficult when we have to deliver bad news.
We will always be there by your side to help you navigate your home sale or purchase.
If you’re thinking of buying or selling a home in Central Florida, we would love to be your REALTORS®. Give us a call at 407-267-2319 or contact us using the form below!