Here’s What Buyers & Sellers Should Know
By Melissa Forte-Litscher
Spring was officially here as of March 20th, but the real estate market in Fort Walton Beach may have already begun its seasonal uptick. While some buyers start searching for homes in January, it’s still best to consult with a local agent for advice on when to list or start looking.
In the past few years, our real estate market has been hectic due to historically low mortgage rates and a shortage of inventory. However, things have changed. Mortgage rates have risen. While they are not necessarily “high,” they are higher than they have been for some time, which may impact how buyers feel and how much they can afford to pay for a house. Additionally, in some local areas and price ranges, houses may take longer to sell.
Sellers should focus on presenting their homes in the best possible light, pricing it appropriately against the competition, and being flexible on your price and terms when negotiating. Buyers may not be willing to pay the prices they were paying or forgo contingencies as they were in the past few years.
Meanwhile, buyers can take advantage of less competition from other buyers than in previous years and make a strong offer when they find a home they like. Concessions for rate buy downs or closing cost assistance are available options again in negotiations. Make sure to get pre-approved with a local lender. Keep an eye on mortgage rates and lock in a rate if it drops significantly.
Here are some recent facts from our local Emerald Coast Association of Realtors. Since January, in Fort Walton Beach, there have been 384 new listings, with 298 homes currently active; 198 homes are currently under contract, and 288 residential properties have been sold. The average number of days that homes for sale are on the market is 48, almost triple what it was this time last year. The average sales price is $372, 109, which is slightly lower. Even though there are more homes coming on the market, the total number of homes for sale remains low compared to buyer demand.
So far, the 2023 spring real estate market in Fort Walton Beach looks a little different from the past few years, but both buyers and sellers can still make the most of the current market conditions. If you are ready to jump into the local real estate market this spring, consult with a local agent for advice tailored to your specific situation. If you want to talk, I’m at your service.
