What constitutes a Buyers' Market versus a Sellers' Market? The answer is supply versus demand.
We measure closings in the last 6 months against listings currently available on the market. If there is less than a 6 month supply, we are in a Sellers' Market. In that situation we expect to see prices increase. If there is a 6 month supply, we consider that to be a Balanced Market and we expect to see values remain the same. If there is more than a 6 month supply, we consider that to be a Buyers' Market and we expect to see prices come down.
In Clermont, as of October 2015, we have been in a Sellers' Market at certain price points and in a Buyers' Market at other price points. For example, in our luxury real estate market ($500k+), in the last 6 months only 8 homes have sold priced at $500k+. There are 31 on the market. That means we have a 24 month supply of homes in the $500k+ market. This is a serious buyer's market. If you are considering buying a home in the $500k+ range, you can expect a seller to discount their price to get their home sold.
It's a completely different story with homes priced at $350k and under. With that said, homes must be in excellent condition to sell. With all of the new construction going on, buyers are comparing homes between $230k - $350k with new construction.
I'm here to help you get your goal accomplished. You can reach me at 407-267-2312 or MattMobleyTheRealtor@gmail.com.
In the last 6 months, Clermont FL real estate has changed a lot!
165-180 days ago, the average home selling in Clermont FL was a 3 bed 2 bath with 2,286 sq. feet listed for sale at $228,000 . It sold in 85 days for $221,000 at $99/sq. ft. In the last 20 days, the average home selling in Clermont FL was a 3 bed 2 bath with 2,137 sq. feet listed for sale at $227,000. It sold in 66 days for $222,000 at $107/sq. ft. The numbers tell us that we have been in a seller's market for the last 6 months. The 8-9% increase in our housing values in the last 6 months has Clermont FL buyers paying more money for less house today than they did 6 months ago.
I expect this fall to be a market of equilibrium. I am doubtful that we will see increases in value this fall. I do not expect us to see a decrease in value in any form. I am anticipating the buyer and seller activity will keep us level for the values we currently have.
Looking to the future, I expect the spring to still be a very strong season of buying in Clermont. We should see another seller's market causing the values to go up. However, if interest rates are raised significantly, it will slow the increase of our values. I don't think it will slow demand, but it will affect what buyers are able to pay for a home and that will put a cap on where our market can go.
No one knows the future - especially me - but I think right now is a great time to sell and upgrade your housing. Interest rates are low and you will be able to afford the home you want. Once those rates go up, you will not be able to afford as much home as you may want. Or, the mortgage payment won't be as low as it would have been. If I may encourage you, act now. Take the money and run!
You heard it here first.
It's great to live and work in Clermont FL,
Matt Mobley The Realtor