Should you sell your Ocala house now or wait until later in 2024? Figuring out when to sell can be a complex decision. You’ll need to take into account current market conditions, your finances, and personal circumstances.
In this post, our real estate team at Your Home Sold Guaranteed Realty - Coldwell Real Estate Services will discuss what the housing market is currently like in Ocala and what it’s projected to look like next year. We’ll also share several factors to consider when deciding the right time to sell.
Key Takeaways:
- The Ocala housing market is considered a neutral market, though it’s leaning towards favoring sellers.
- In recent months, the median home price was $262,000, which is a 3% decrease from the same point last year.
- By February 2025, the housing market in the Ocala Metropolitan Statistical Area is expected to grow by 2.7%.
Should I Sell My Ocala House Now or Wait Until Later in 2024?
When deciding whether to sell your house in Ocala now or wait until later in the year, it’s important to understand the market conditions.
The Ocala housing market is considered a neutral market, though it’s leaning towards favoring sellers. In recent months, the median home price was $262,000, which is a 3% decrease from the same point last year.
In addition, most homes spend 59 days on the market before selling, which is an increase of 27 days compared to the previous year. Meanwhile, the hottest homes go pending in as fast as 11 days.
Most homes sell for four percent below their asking price, while the hottest homes sell for exactly their original price. The Ocala market has a sale-to-list price ratio of 96.1% and only 14.5% of homes sell above their asking price.
Due to the declining home prices and increase in days on market, some buyers and sellers think Ocala could be headed towards a buyer’s market. However, the drop in prices likely doesn’t represent a permanent, significant trend.
Instead, real estate experts think it’s a natural fluctuation of the market, especially since the Ocala metropolitan area is projected to grow over the long term. By February 2025, the housing market in the Ocala Metropolitan Statistical Area is expected to grow by 2.7%.
What Factors Should I Consider When Deciding the Right Time to Sell?
Aside from housing market conditions, there are several other factors to consider when deciding the right time to sell. These include:
- Seasonality: Generally, sales occur most often in the spring and summer. More buyers are looking to purchase a home at this time, giving sellers the best chance to get an offer fast.
- Your Financial Situation: It could be the right time to sell if you’re financially prepared for a sale. Consider your mortgage balance, equity in the home, budget for renovations and improvements, and ability to cover closing costs. If you’re planning to buy another home, think about how much you can afford.
- Personal Situation: Your personal circumstances will also influence the right time to sell. For example, if you’re relocating to work you may not have much of a choice about when to sell.
- Home Condition: Evaluate the current condition of your home. Most buyers prefer a move-in ready home, so make sure all necessary repairs are taken care of. Depending on what your home looks like, you should also consider making key renovations to add more value and make the home more modern.
- Economic Factors: Broader economic factors like employment rates, inflation, and consumer confidence can help you decide when to enter the market. Be sure to monitor mortgage interest rates, especially if you’re also planning on buying another home. Lower rates can attract more buyers and make it easier for them to afford your home.
Sell Your Ocala House Any Time with Scott Coldwell
Working with a knowledgeable real estate agent makes it easy to sell your house at any time, no matter what the market is like. If you’re looking to sell in Ocala, Scott Coldwell and our team at Your Home Sold Guaranteed Realty - Coldwell Real Estate Services are the best choice to help.
Our experience, high-quality customer service, and in-depth knowledge of the local housing market are only some of the reasons we’re ranked as the top realtor in Ocala. On average, we sell homes 48% faster and for 2.4% more money than our competitors.
Plus, with our seller guarantees such as our Guaranteed Sale Program, you can ensure a risk-free home-selling experience. Contact us today at 352-290-3512, send a message to [javascript protected email address], or use the form on this page to learn more about working with our team.
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