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Why Now May Be the Best Time to Sell Your Home

October 13th, 2017 · Leave a Comment

112 Hawthorne Road, St. Augustine. Listed by Realtor Shelley Trela of the St. Augustine office. Realtor Stacey Scanlan of the St. Augustine office represented the buyers. Buyers made an offer, which was which accepted within five hours on Day 1.Home sold for $278,000.

Patience may pay off for those who have postponed putting their homes up for sale.

Homebuyer activity is up and inventory is low. While prices are on the rise, interest rates remain low. If you’re thinking about putting your home on the market, now is a great time to sell.

“There is strong buyer interest but exceptionally low inventory in the current market, which is terrific news for those who are selling their homes,” said Berkshire Hathaway HomeServices Florida Network Realty Founder, President and CEO Linda Sherrer. “Competition among buyers is fierce for available listings and it’s driving prices up.”

The latest data from the Northeast Florida Association of Realtors shows there is not enough inventory on the market to fill the needs of buyers. The August 2017 real estate market report showed:

  • Inventory levels plunged 19.9 percent more than inventory levels in August 2016
  • The Months Supply of Inventory dropped 22.2 percent to 3.5 months
  • Homes sold in an average of 63 days, 12.5 percent faster than 72 days a year ago
  • Competitive bidding, as a result of the low inventory, resulted in 11.2 percent of properties being sold for more than their original listing price

“There are fewer homes for sale in every price point, but we are not seeing a shortage of serious buyers,” said Broker/Executive Vice President Christy Budnick. “The current market has created a sense of urgency among buyers and we are seeing bidding wars, many properties going to contract very quickly and some for well over the asking price. All in all, it is a good time for people to put their homes up for sale.”

Read the rest of the story and see other homes that sold quickly by visiting the Berkshire Hathaway HomeServices Florida Network Realty blog.

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