How to decide if you should buy or sell in the current real estate market
When you’re thinking about buying or selling a house, there’s a lot to consider. Sometimes it’s urgent to sell your home if you need to move. Or maybe you simply need more space and decide to upsize. But is Dunnellon a buyers or sellers market right now?
This is a key question you should answer before you list or make an offer on a home.
In the last few years, real estate markets across the country have been on fire. Everything was selling, inventory was low, and buyers were everywhere. As of 2022, that’s starting to change. Currently, markets are softening.
A recent report from the National Association of Realtors showed that pending home sales around the country dropped in the last few months. But what does that mean for you?
What’s a buyers market versus a sellers market?
To help you understand your real real estate options, here’s the difference between a buyers and sellers market.
A buyers market is when conditions move in favor of buyers. This can mean a lot of things, but a huge indicator is supply. When the supply for homes is greater than demand, it’s a buyers market.
On the other hand, a sellers market shows conditions that favor sellers. This often means low supply and high demand. When sellers have many offers, they’re in the advantage for negotiations.
Before you make any real estate transactions, you want to know if you’ll be at an advantage. So, is Dunnellon a buyers or sellers market?
Is Dunnellon a buyers or sellers market?
Like much of the country, supply in Dunnellon will be impacted by the national trend. Accordingly, while real estate in the country has favored sellers in the past year, it looks like things are beginning to shift. One reason for this is an economy that is very volatile. This alone is a sign that the market has potentially peaked. Another reason is interest rates trending upward.
Part of the national shift from a sellers market to a buyers market is the specter of rising interest rates. Rate hikes from the Fed have pushed mortgage rates as high as 7%. These changes in the larger economy are making it more difficult for buyers to afford a home. Even in a market as hot as Florida, national trends will have an impact.
So, even though supply is up, there are also fewer buyers in the market. Regardless, places like Dunnellon are showing this emerging trend favoring buyers. Realtor.com shows the market is a buyers market. Rocket mortgage is also showing that it is a buyers market. This of course is great news for home buyers who may have previously been reticent to search for a home in a sellers market. Even with rising interest rates it is very possible this trend in Dunnellon will continue.
Buying or selling a house in Dunnellon
If you want to buy or sell a house in Dunnellon, sooner is always better than later if you don’t know what the market will do. Timing the market is something people hope to do, but unless you have a crystal ball, now may be better than ever.
Plus, if you’re looking for exclusive, off-market deals you won’t find on the MLS, you have options, regardless of national housing trends.
Make sure to check out Your Home Sold Guaranteed Realty TX-Coldwell Real Estate deals that are coming soon. You’ll see some of the best properties coming on the market. You can even search based on your own criteria.