The ancient phrase, “May you live in interesting times,” used to be an ironic expression, now it can easily be identified as a curse.
Life has changed and we may well be living in a new normal. That could especially be true depending on what region of the country you are from. Turn on the news on any given night and you hear about civil unrest. Couple that with the COVID-19 crises and you begin to see a picture that Ponte Vedra and the Beaches are really good places to call home. That’s especially true when you take the real estate market into consideration.
Take New York for example. That’s an area that traditionally has held its value. Now, there’s a new dawn breaking, and the city is in shadows. The latest NYC real estate market forecast indicates home prices are flat and will probably decrease in the next 12 months. The statistics just don’t get a lot better. Pending sales are down 25% compared to 2019, and prices are decreasing, and the inventory of existing homes is inching up.
It could well be that COVID forced people to take their office to their house. They have found they no longer need to commute to the city every day. They only need a computer and cell phone to conduct most business. They are beginning to turn on the light at the end of the hall, and they are seeing the potential for a better quality of life, less taxes and a tremendous improvement in lifestyle by relocating to Florida.
In Northeast Florida, the statistics are staggering. Sales of existing homes are up 16% over last year to date. Median sales prices increased by more than 15%. And the most telling statistic … demand is up and supply is down.
If you are a homeowner, that’s the perfect storm. Now is the time to sell and move up. If you are a buyer, now is the time to purchase. Prices are going to increase, especially if demand continues to rise.
Living in the sunshine has its advantages.
