Homes Are The New Toilet Paper

ethangregory Real Estate Leave a Comment

A year ago we were all desperately searching for that ever essential product…toilet paper.

In an odd moment of our pandemic life, there was a scarcity of toilet paper available. Store shelves were empty and we all traded tips and info on where you could find toilet paper in your community.

Now, homes are in short supply!

Today everyone is sharing their tips on how you can find a home for sale. Who is thinking of selling? What home just hit the market? What’s the best way to make an offer in today’s market?

The inventory of homes for sale in Northeast Florida continued to shrink to a 1.38 month’s supply in March. That is a 56.88% decrease from March 2020! With few homes for sale, it’s no wonder we feel like we are staring at empty shelves again.

The market is still very positive.

Like finding a new shipment of toilet paper in March 2020 and taking advantage of the opportune time to buy; buyers are clamoring to take advantage of the historically low interest rates and lock themselves in at an unprecedented rate. If you are looking for a primary residence why not do it now while the cost to borrow money is so cheap! Interest rates on a 30-year mortgage are currently hovering around 3.25%.

The supply/demand factors in this market continue to push prices higher too. Average sales prices have increased by 20.33% since March 2020. That increase is enough to make your eyes pop as big as a jumbo roll of toilet paper!

Nationally, Jacksonville continues to rank as one of the hottest, if not the hottest, market in the U.S.

Newcomers point to our affordability, climate, and strong job market as the top reasons to move here (plus our ready supply of TP, LOL).

If you are considering buying or selling a home I would love to hear from you. We can discuss the best methods to navigate this challenging market and meet your family’s goals. Happy house hunting!

 

 

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ethangregory