I am not in a rush
That’s what I hear again and again. Even when it makes no sense. I understand that this is said as some sort of protection from a pushy salesman…
I am not in a rush …
It is February, and in Daytona Beach area it means that this is the end of a slow season. Of course, this year the market could be different from years before, but the likelihood of this is slim. It would most probably follow the seasonal pattern, and the prices would go up, and the inventory would decrease even more, and in 3-4 months you might pay 10—20% or more for your condo, so if you are in Daytona, and you are serious about buying a condo, it is better to buy it in February, than to buy it in March or any other month until the season ends, and it would be late fall.
Then the market would slow down, inventory goes up, and it would be a period of lowest prices in a year.
The question is what would be the difference between the slow price of February 2019 compared to today’s prices of February 2018?
We will have the answer in a year.
“A new national report forecasts the “Deltona-Daytona Beach-Ormond Beach” area will be the third-hottest housing market in the country next year, with sales of existing single-family homes expected to rise 5.5 percent in 2018, while the median sales price of homes that change hands is forecast to climb 6 percent.” (See more here)
If we believe it than a $500,000 price tag for a condo today will be $27,500 more expensive in the middle of summer. Considering that the condo market usually appreciates faster, when the market warms up, it could be significantly more than $27,500.
But I am not in a rush …
It is fine to not be in a rush. What disappoints me is when the couple looks at several condos, and then they leave. And then they call and say that they actually liked a particular condo and they are thinking about it, but I just noticed that it is already under contract.
Alas, their 2nd choice is also under contract as of yesterday… And the season hasn’t even started.
But I am not in a rush …
