The housing market in the River city is booming with record-setting growth.
Some realtors say if you’re buying or selling, now is the time to do it.
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“I believe that we saw more growth happen in that one year than ever before,” said David Elian, a local realtor.
Elian said the growth is splitting the housing market for both buyers and sellers.
“So the timing is perfect for somebody in that situation to sell their home, because the inventory is so low, so the supply or the inventory is low, the demand is huge,” he said.
But he explains it’s tough for buyers because there’s not a lot of choices, and they are often competing with lots of showings and offers.
Some research shows that could soon change with prices leveling off or declining after the market peaks.
If that happens, you may be stuck in that home before you can sell it at a profit.
Elian says they’ve tried to predict the peak before, and the market kept going up.
“OK, I would say No. 1 for sellers, if they’re going to sell anytime soon, they should put the house on the market tomorrow,” Elian said. “What I recommend for buyers, is a couple of things right now is to get with a realtor that knows how to navigate them through this challenging time, because there are certain things that you need to have in your offer that some agents don’t do.”
He says he’d also remind buyers that used houses are going to be expensive, so be prepared if the supply-demand shifts.
The price of everything has gone up since the pandemic.
But Jacksonville isn’t as pricey as other metros in the state.
Elian says he believes this is our new normal. So if you’re hopping into the market, do it now.
Elian said not hopping into the market now puts you at risk of renting for years.
And if you’re a seller, he said you should try and list before the spring while there is less competition, and you can make more money.