How Today’s Market Is Great for Buyers
There are a few changes happening in today’s market that favor buyers.
Are you considering buying a home in today’s market? If so, you probably know that there is tons of uncertainty about where things are heading. For example, interest rates are double what they were this time last year, which is causing a lot of people to choose to wait. If you’re worried about our market, I understand. However, some crucial factors are looking up for buyers that may change how you feel about current conditions.
First, know that our market is beginning to favor buyers. At the end of November 2022, there were 15,128 houses for sale, and 3,109 of them went under contract. This means that inventory is up to about five months. For reference, any market with more than five or six months of inventory is considered a buyer’s market.
"There are some truly great things happening for buyers in today’s market."
In addition, prices have started to level out. In November in the Treasure Coast, the average price per square foot was $355. This is fairly level with the previous few months, which were at $373, $355, and $374.
Another important factor is that the number of days on market has gone up. In June of last year, homes stayed on the market for about 26 days, but in November, that number went all the way up to 46, and it increased each month in between. Finally, the average listing is only receiving 91% of their asking price right now.
Overall, I hope that these stats give you the confidence to go out there and make some offers. You have more choices, affordable prices, and plenty of time. There are some truly great things happening for buyers in today’s market, but the future of interest rates is still uncertain, so I recommend that you don’t wait to buy. I would love to help you with this, so call or email me anytime. I look forward to hearing from you!