Fall is upon us, and with it the end of the high season for real estate.
However, if you’re thinking you’ve missed your chance to sell your home, let me reassure you.
This autumn actually presents a fantastic moment to sell. Here’s why.
First off, housing inventory is still pretty low along the Emerald Coast.
In fact, according to data from the Census Bureau and the National Association of Realtors, inventory remains well below historic averages, and is 50% less than the peak in 2006.
Second, while mortgage rates also remain very low, recent announcements by the Federal Reserve might cause them to finally start rising.
This would make mortgages less affordable and might turn away a significant number of potential buyers.
This is even more of a concern when you consider the continuing growth of home prices—6.9% in the last year alone.
Third, contrary to conventional wisdom, fall is generally a great time to list your home.
Buyers in the fall are likely to be more serious because they have probably been searching for months without success.
Also, because fewer homes are listed in the fall, this means there’s even less competition than we’ve seen due to the general low inventory.
So what do you get when you put all those things together?
Well, if you were to list your home right now, chances are good that you would be able to sell it and for a solid price.
On the other hand, if you decide to wait, the situation might not be as favorable because mortgage rates might rise or because new construction might pick up.
That means the time to list your home is now.
You can get started with this home value calculator on my website, which takes into account recent Northwest Florida sales:
Enter your home address to find out what your home is currently worth.
And if you would like a more precise estimate of what your home could sell for this fall, or if you have any other questions about the current Destin real estate situation, give me a call at 850.632.0136. I’m here to help.