Find a Seller’s Market in St. Augustine, Florida
If you’re thinking about selling your house in St. Augustine, you should know the number of homes for sale right now is low. Especially in Florida, where there is constantly a high demand from both younger and older buyers, this season is a prime opportunity for people to see a fantastic return on their investment.
Less Homes on the Market
Looking back at every April since 2017, the only year when fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red in the graph below). In more typical years, roughly 500,000 sellers add their homes to the market in April. This year, we saw fewer than 400,000 sellers entering the market in April (see graph below):
While there are a number of factors contributing to this trend, one thing keeping inventory low right now is that some homeowners are reluctant to move when the mortgage rate they have on their current house is lower than the one they could get today on their next house. It’s called rate lock.
As a recent survey from Realtor.com explains, 56% of people who are planning to sell in the next 12 months say they’re waiting for rates to come down.
While this wait-and-see approach is right for some sellers, it also creates an opening for more eager sellers to jump in now.
Stand Out in St. Augustine
If your current house truly doesn’t fit your needs anymore and you’re ready to move, don’t miss this chance to stand out. When fewer sellers are putting their homes up for sale, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house. That’s why your house could see multiple offers as buyers compete over the limited supply of homes for sale – especially if you price it right.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties.”
There is currently an extremely high demand for properties in St. Augustine, a town already known for having limited supply. St. Augustine is a popular destination due to its historical charm, natural beauty and warm climate. As a result, the city attracts a steady influx of residents and tourists, driving up the demand for housing. Well-placed houses are always a target for investors looking to enter into the short term rental market. Additionally, St. Augustine has a finite amount of land available for development. The city’s historical significance and strict zoning regulations often restrict new construction, limiting the supply of available properties.
Bottom Line
If you’re ready to sell now, beat the competition before it comes onto the market. If you do, your house should stand out and could get multiple offers. With our years of experience, and over $450,000,000 of sales, The Newcomer Group is your trusted expert when it comes to St. Augustine, Florida and popular neighborhoods like Vilano Beach, Davis Shores, Lincolnville and more.
Welcome Home to St. Augustine
Whether you’ve just started thinking about life in St. Augustine, or if you’ve lived in the Ancient City your entire life, there is always something more to discover. Feel free to check out our newest real estate listings or give us a call at (904) 599-5633 to discuss listing your current home with The Newcomer Group.