Are you considering buying or selling a home in Ocala? With rising home prices and increases in inventory, are you wondering if now is the right time to buy, sell, or invest? Read on for a complete analysis of the Ocala real estate market and what’s projected to happen in 2023.
An overall desirable location
For many years, Ocala has remained a desirable location. Whether you’re newly married or an empty nester, Ocala offers something for everyone no matter your lifestyle. With many distinctive neighborhoods, Ocala is a great place to raise a family, retire, or even build your professional career. Ocala is a highly desired area, from top-notch schools and excellent restaurants to the many recreational options and gorgeous scenery. It’s ideally located between major metropolitan cities such as Gainesville and Orlando, so professionals can easily commute to work. Over the next decade, Ocala's job market is expected to increase by nearly 40%. There are many excellent advantages that you can gain from living in or investing in luxury real estate in Ocala. This city will remain a desirable location for buyers, sellers, and investors well into 2023 and beyond!
Ocala is a strong seller’s market
During much of 2022, Ocala has been experiencing a strong and competitive seller’s market, characterized by rising home prices, homes selling fast, increased demand, and low inventory. The median home price in Ocala is $257,286, with many luxury homes listed at or well above $500,000. Furthermore, home prices have experienced an increase of at least 39%. With prices increasing steadily, the real estate market in Ocala is hotter than ever. Many sellers are contemplating selling their luxury homes to capitalize on their investments. As for buyers, they’re competing with local and out-of-state buyers for limited inventory. Many buyers remain cautious and are waiting for the market to experience a turn before buying their dream luxury home in Ocala.
Will the real estate market in Ocala crash?
There seems to be much talk about the real estate market crashing soon. Basic economics dictates a natural slowdown after a busy and frantic real estate season, which Ocala has been experiencing over the past few years. With rising prices and interest rates, it’s simply not sustainable in the long term for the real estate market to remain as competitive as it is. The real estate market in Ocala is thus expected to slow down soon.
While the Ocala real estate market could experience a small slowdown in 2023, the market will most likely not crash simply because the ingredients needed for a drastic crash aren’t there. Thanks to low inventory and a large pool of interested buyers and investors, there will remain a higher-than-average demand for the area. The real estate market will remain competitive as buyers compete for the few homes available. If the inventory of available homes grows slightly, then it’s possible that the market could shift over to a balanced one sometime in 2023.
Growth of appreciation rates
Photo courtesy of Unsplash
Whether the real estate market in Ocala shifts to a balanced market or stays as a competitive seller’s one, one thing is absolute—property values in Ocala will continue to appreciate simply because of the current real estate climate. As a competitive real estate market, this will naturally create a situation where the value of homes will continue to increase as demand increases. The high interest rates in Ocala also play a role in this continued appreciation growth. Due to these attributes, Ocala should face an upward trajectory of appreciation rates over the next five years, with an increase of 8% growth by 2028. This is fantastic news for anyone wishing to invest in Ocala luxury real estate.
What’s next for sellers?
The time is ripe for selling your luxury home in Ocala today in a competitive seller's market. As many local and out-of-state homebuyers are interested in purchasing Ocala luxury real estate, you’ll likely have an easier time finding the right buyer for your home. Furthermore, by working with qualified real estate agents in Ocala, you’ll receive expert guidance on everything from creating an effective marketing strategy to selling your home quickly and for maximum profit. Your experienced real estate agent can also help you choose the right price and negotiate with buyers’ agents. Since it’s a seller’s market, you’ll most likely have an easier time selling your home. With expected rising appreciation rates, rising home prices, and high buyer demand, consider starting the process of selling your home today!
What’s next for homebuyers?
While sellers may have an easier time navigating the real estate market, buyers may be presented with more of a challenge. Since the real estate market is very competitive with many homebuyers interested in Ocala homes for sale, buyers will have to make more aggressive offers to entice sellers to accept. In addition, homebuyers should make sure that their financing is approved before making an offer on any luxury home in Ocala. Other tactics, such as establishing an emotional connection with the seller and making a cash offer, could help to give you an advantage in the current real estate market. By working with an experienced real estate agent, you can receive expert guidance on everything from finding the right neighborhood that aligns with all of your must-haves to making an offer on your potential new home. With a key strategy, homebuyers can find their dream home in Ocala quickly and effortlessly!
Are you interested in buying or selling a luxury home in Ocala, FL? Then schedule a consultation with the enterprising team of real estate experts at TCT Realty Group, who can provide expert guidance on everything from offering in-depth neighborhood insights to creating an effective marketing strategy. They can help you find your dream home that aligns with all of your must-haves or sell your home quickly and for top dollar!
*Header photo courtesy of Unsplash