It’s a Wrap!
2022 has come to a close, and the page has turned to 2023.
2022 was a wild ride for real estate. It started with the lowest interest rates, with more buyers than homes available, resulting in a bidding war. 2022 ended with higher interest rates, low inventory, reduced buyer demand due to market uncertainty, no more bidding wars, and home prices adjusted with sellers offering incentives to the buyer.
Florida remains one of the hot spots where people are relocating, and we continue to see growth in many parts of the Sunshine State. Nassau County, Florida, which is Northeast of Jacksonville in the towns of Fernandina Beach / Amelia Island, Yulee, and Callahan, to name a few, continues to be in the top 10 areas that are attracting new residents.
Nassau County 2022 Growth Trend report shows that Nassau County grew by 4.21% in 2021. Between 2010 and 2020, Nassau was the 9th fastest growing county in Florida. By 2035 we should see a 49.5% growth.
What will we see in 2023? Will it be like 2022? No one knows for sure. Like any industry, we see historic trends, the ups, and downs, good and bad. Will it be like 2008? Prices will be adjusted but will not take a nosedive like in 2008, at least not in this area. With the projected growth in Nassau County and the approved planned communities and ones currently under review, consider making a move or selling.
Home prices are stabilizing with prices adjusted to the current market, interest rates are projected to hover around 6%, and inventory will increase slightly with longer market times.
Is it the right time for you to sell or make a move? Do you need to move within the year due to employment, relocation, or looking to upsize or downsize? Are you an investor and looking for cash out? If your answer is yes, then now is the time. Can you wait 5 or 10 years? If yes, then wait and see what the market supports. You are the only one that can make that decision.
If you have questions, need guidance, or need to move for one reason or another, I am here to help.
I will give it straight, even if it’s not what you want to hear. It’s essential that you have the information to decide whether now is the time to move or in the near future.
I look forward to serving you with all your real estate needs in 2023 and beyond.
Joanne Patience
Watson Realty Corporation
D: 904-432-0304
flnassauhomes@gmail.com