It’s still a great time to buy a home in Jacksonville for several reasons.
Even with interest rates projected to continue to rise throughout most of 2023, it’s still a great time to buy. Let me explain why.
Right now, we have around 5200 to 5300 homes that have entered the market, which is a 40% increase. Supply is about four months of inventory, while earlier this year, we had less than a month.
“We’re at about four months of inventory supply right now.”
As interest rates near 7% or 8%, some buyers are holding off and thinking they will wait until rates decrease. So now is a great time to buy because there’s less competition. Rates may or may not come down, but if they do, it will be till the end of 2023.
Right now, sellers are motivated and willing to come down on the price. They’re also offering all kinds of seller incentives to the buyers, such as closing-cost assistance and rate buydowns. Also, the average days on market is around 45 days, and even the builders of new-construction homes are offering all kinds of incentives.
There are definitely opportunities waiting for you in this marketplace. If you want to buy a home, give us a call or send an email. We’d be happy to help you out.
