“Get out while you still can!” That was a comment that was recently posted on one of our social media accounts, in response to a new listing that we had just put on the market.
One way to interpret it was that this particular person felt that you better sell now while you still can before maybe the market changes. And that is actually a very intelligent comment because the market probably will change at some point.
But what will that look like? We don’t know.
What needs to be said is that our inventory in the beach market right now is actually less than what it was in 2021. At the same time, our demand has remained strong. What we are finding more of as opposed to getting out is that people are intending to move on to another property.
Sellers have been able to take advantage of the last two years of equity that they have earned as well as the timing of the pinnacle of the market to sell their property. They are taking the equity that they have received and putting that down on a new property.
Thus, it’s not that they’re getting out; they’re moving on to another property that now best fits their needs. With a better down payment, they are now having a lower loan amount which is the current and best counterbalance to high interest rates.