After a 10 year buyer market with unbelievable values, Jackson County real estate is entering a market that favors sellers.
Year to date new listings declined 13% and pending sales increased 100%. Closed sales increased 103% over this time last year. Median sales price increased 44% and the average selling price increased 72%. Even though days on market have increased it is still a good time for sellers to put their properties on the market.
Good Time To Buy
Buyers should not be discouraged because property values though increasing are still at bargain prices and well below the highs of 2008. That means that at today’s selling prices a buyer can reasonably expect appreciation if market trends continue. Another motivation for buyers are interest rates that remain fair but are projected to increase throughout the year.
Good Time for Selling
Though the market is tending towards a seller’s market it is still a fairly balanced market making it a good time for selling and a good time for buying.
Buyers are better off buying now as interest rates remain fair and for sellers, selling in up markets is always preferable to selling in down trending markets.