JACKSONVILLE, Fla. — Local Realtors are calling it historic. Homes aren’t staying on the market for longer than a month, and many are receiving multiple offers over the asking price.
Haley Costello, who is looking to buy a home, said, “I’m just trying to stay patient and hopeful and optimistic, but it’s a little difficult.”
Costello quickly learned the ups and downs of the current housing situation.
As a homeowner, well, there’s a reason why they’re calling it a seller’s market.
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Costello said, “We got my condo listed April 1. And within the first two days, we had five or six offers over asking price, so the selling process was wonderful.”
But being on the other end of looking for a property, she hasn’t been as lucky. She was forced to rent while she continues searching for her next home.
“I really just didn’t think, ‘Oh, God. I’m never going to find something in that timeframe.’ It came down to two weeks before closing where I was like, ‘OK, I’m going to have to rent.’”
Costello isn’t alone. The current demand for homes far exceeds the inventory in the area.
Missi Howell is the president of the Northeast Florida Association of Realtors and, of course, a Realtor herself.
“We are running just barely a months’ worth of an inventory on the market. And what that means is if nothing else came on the market today, everything will be gone in a month. Everything,” said Howell.
She said she’s never seen anything like this in the market.
“We are seeing a doubling down of people moving into our area,” she added.
She said Florida Realtors research reported a 161% increase from the same time last year in cash offers in the market.
“Right now, it’s like an auction; it’s like a live auction,” she said.
This is, of course, driving up the price, making it less affordable for those with low to moderate incomes to buy a home.
“At the end of the day, they’re competing against cash buyers. They are competing against the investors and, unfortunately, they’re the ones that are getting cut out,” said Howell.
In May alone, 41% of homes got above their asking price, showing no end in sight of slowing down.
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Costello said it’s been a lesson of patience.
“Hopefully, it eases up for my sake. I know there’s other people out there with a similar situation as me,” she said.
For those looking to buy a property, Howell’s advice is this: Keep looking, but do not let your lease expire.
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