Making The Right Move When The Market Pivots!

by Tom Beechler

Entering Autumn of 2022, we know that this market has become a core asset
of this country’s economy over the past few years. This is largely due to the combination of two very important factors: High- quality home experiences went up in value with the pandemic and professional real estate agents showed their ability to adapt to any market shift. We used skills that the real estate business has demanded for a couple of decades now—first and foremost among those skills is the ability to adapt to a rapidly-shifting market. And the result of this adaptability was turning the real estate market into the economy’s “shoulder to lean on,” for the past few years.

Once again, the need to adapt is at our doorstep. But this time, it’s not a worldwide pandemic that is causing the stir. It’s the fact that our “shoulder to lean on” is becoming less reliable: 

“Near-record-low mortgage rates helped fuel demand for housing, especially during the pandemic, and the competition for homes pushed prices higher. But now the Federal Reserve is raising rates to curtail inflation, and already that’s cooling demand,” said Ken H. Johnson, Ph.D., an economist in FAU’s College of Business, in a news release.

In June, the median listing home price in Port Orange was $425,000, a 15.8 percent increase over last year. And we’re even seeing that our median days for a house to be on the market was 11 days faster than 2021’s numbers. Johnson’s statement, paired with these seemingly-positive stats, are doubtless leaving many homeowners with questions. So, let’s dive into the most popular question of them all:

WHERE IS THE PORT ORANGE MARKET HEADED? 

If you’re a homeowner who was considering a move in 2022, should this pivoting of the market give you pause? The obvious answer is yes: Take pause, gather your facts, and most importantly, seek the advice of an experienced market professional. Because in order to determine if this is “the month to sell,” there a number of factors that must be considered. Let’s take a look at our recent stats for June of 2022 from a zoomed- out perspective:

“If we’re not at the peak of the current housing cycle, we’re awfully close,” Johnson said. “Recent buyers in many of these cities may have to endure stagnant or falling home values while the market settles – and that’s not what they want to hear if they had planned to resell anytime soon.” These evaluations show that we’re not in the middle of a slump, nor at the end of one. This is the beginning of a slow, creeping pace decrease for the Port Orange market. What does that mean for Port Orange homeowners? Now is the time--more than ever--to sell your home. Because we’re at the end of summer, when kids go back to school and the busy fall season is just around the corner, homeowners can expect a low- competition and painless sale, during this liminal period of time. Scott Wild, senior vice president of consulting at John Burns Real Estate Consulting, told the Times that the recent dip in market performance has been in the stars for some time:

“It’s not a huge surprise. We’ve been expecting things to turn negative for a while now. There’s more supply and less competition, so buyers have a few more options than they used to.” 

If you’re wanting to take advantage of this wide array of homes and relaxed competition, then now’s the time to consult a professional. Please give me a call at(386) 405-1178 so we can discuss a strategy that works for you. In a market that’s going to be seeing this many changes, it’s nice to have someone on your team who knows where you’re headed.

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