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Tuesday, August 16, 2016

When Is the Best Time to Sell Your Home in Jacksonville?

How do you time the market to get the most money from your home sale? Most people think you should list in the spring because there are more buyers on the market.

However, I want to challenge that line of thinking. Instead of planning your home sale based on the time of year, you should time the market based on the amount of inventory available. After all, real estate is all about supply and demand.

Right now, supply is super low in our area. If there are six to seven months of inventory available, that would be considered a balanced market. Anything under that is considered a seller’s market, while anything over seven months is considered a buyer’s market.
Now would be a great time to sell because supply is low in many price points.
With that in mind, I’m going to break down the supply by price point so you have an idea on how your home will stack up against the competition:

  • Under $150,000 - 2.5 months of inventory available
  • $200,000 to $300,000 -  2.9 months of inventory available
  • $300,000 to $500,000 - 5.6 months of inventory available
  • $500,000 to $1 million - 11 months of inventory available
  • Over $1 million - 24 months of inventory available

As you can see, any single-family homes priced under $500,000 are in a seller’s market. Homes below $300,000 are in extremely competitive seller’s markets. Once you cross that $500,000 mark, though, you are in a buyer’s market. This gives you a unique opportunity to sell your home for top dollar and move up into a higher price bracket. If you are moving up into a buyer’s market, you can get a great deal.

If you have any questions, give me a call or send me an email. I would be happy to help you!

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