Is the Jacksonville real estate market nearing its peak?
The housing market in the river city is booming with record growth.
Some real estate agents say if you’re buying or selling, now is the time to do it.
“I believe we’ve seen more growth happen in this year than ever before,” said David Elian, a local real estate agent.
Elian said the growth is dividing the housing market for buyers and sellers.
“So now is a great time for someone in this situation to sell their home, because inventory is so low, so supply or inventory is low, demand is huge,” he said.
But he explains that it is difficult for buyers because there is not much choice and they often have to compete with many exhibits and offers.
Some research shows that this may soon change with prices stabilizing or falling after market peaks.
If that happens, you could be stuck in that house before you can sell it for a profit.
Elian says they already tried to predict the peak and the market continued to rise.
“OK I would say number 1 for sellers, if they sell soon they should put the house on the market tomorrow,” Elian said. “What I recommend to buyers is a couple of things right now is to go to a real estate agent who knows how to get them through this tough time because there are some things you need to have in your offer that some agents don’t.
He says he would also remind buyers that second-hand homes are going to be expensive, so be prepared if supply and demand change.
The price of everything has gone up since the pandemic.
But Jacksonville is not as expensive as other metros in the state.
Elian says he believes this is our new normal. So if you’re jumping on the market, do it now.
Elian said not jumping into the market now puts you at risk of renting for years.
And if you’re a seller, he said you should try to list before spring because there’s less competition and you can make more money.
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