Introduction
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If you’re thinking about upsizing your home in Volusia County, you’re not alone. Many local homeowners are considering making the leap to a bigger space. Whether you’re planning for a growing family or simply want more room to breathe, now is a great time to make that move. Here’s why the current real estate market in Volusia County is perfect for upsizers.
The Problem: Is Upsizing Affordable Right Now?
The good news: we aren’t in the boom years of 2021-2022, when prices were surging, and homes were being sold within hours on the market with multiple offers.
Hurricane Ian caused wide spread flooding in Volusia County, raised insurance rates and caused some home owners to re-evaluate their current location. Since then, interest rates have been on the rise.
In recent years, home prices have slowly risen, making it harder for homeowners to move up to larger spaces without breaking the bank.
However, the current market in Volusia County is showing signs that favors buyers.
Key trends:
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Increased Inventory: Volusia County has seen a tremendous increase in the number of homes available. Cities like Deltona and Daytona Beach now have a 50% increase in inventory compared to 2021-2022. With around 3,000 homes now available, compared to 2,200 just a year ago, you have plenty of options to choose from.
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Price Reductions: Many homes are seeing price cuts. In Deltona alone, about 42% of the listings have reduced prices, and many new listings are below last year’s level. Sellers are eager to move their homes, which is great news if you’re looking to buy.
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Stagnant Home Prices: Over the last couple of years, median sale prices in Florida have not seen significant change, creating a stable market for buyers looking to secure a great deal.
What Does This Mean for You?
For homeowners thinking about upsizing, these changes mean you’re in a great position. You can use the increased inventory and the price reductions to your advantage. Here’s what you need to know:
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Leverage in Negotiation: With more homes on the market, you have the power to negotiate better prices. Sellers are more willing to entertain paying your closing costs and/or getting a significant discount on the purchase price.
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Start Shopping Now: The longer homes stay on the market, like the current average of 69 days in Volusia County, the more motivated sellers become. This translates into a better chance for you to snag a deal.
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Benefit from Seller Concessions: Nearly half of all sellers are offering extra incentives like closing cost credits, home warranties, or additional price cuts. These perks mean you get more for your money when you buy.
The Solution: Action Steps for Upsizing Successfully
With all this information in mind, here’s how you can make the most of the current market:
1. Explore More Listings
With so many homes to choose from, take your time to explore different neighborhoods and see a wide range of homes. More options mean you’re more likely to find a property that fits your family’s current and future needs. Consider new builder homes (great interest rates), foreclosures, and homes that have been on the market for a long time, as well as homes in rural areas and qualify for 0% down loans!
2. Prioritize Your Needs
Determine must-have features for your next home. Whether it’s an extra bedroom, a larger yard, or a home office, knowing what you need will help focus your search.
3. Work with a Real Estate Agent
An experienced agent like myself, can guide you to the right areas, and help you understand the perks offered by different sellers. A great agent can walk you through the negotiation process so you get the best deal possible.
4. Plan Your Finances
Before shopping for a new home, get pre-approved for a mortgage so you know how much you can afford. Keep an eye on interest rates, which can impact your purchasing power. If you’d like a list of my preferred lenders, just send me a message!
5. Consider Selling Your Current Home
Once you find your new home, selling your current home is all about properly timing your move, and pricing your home to sell.
You also have loan options available such as bridge loans, that allow you to buy now and sell later. Making your move less stressful but may incur additional costs for the convenience.
Why Now is the Best Time to Upsize
By understanding the dynamics of Volusia County’s real estate market, it becomes clear that despite some challenges, now is an excellent time for upsizing. Here’s why you shouldn’t wait:
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Leverage Time-Pressured Sellers: Take advantage of sellers eager to sell and open to negotiating on price and concessions.
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More Bang for Your Buck: With inventory up and prices not increasing, buyers can get larger properties without the immediate pressure of rising costs.
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Long-Term Benefits: Even in a stable market, securing a bigger home can be a solid long-term investment, especially if you snag a great deal now.
In conclusion, if you’re considering upsizing in Volusia County, it’s a favorable time to do so. With an abundance of inventory, widespread price cuts, and willing sellers, the conditions for buying a larger home locally are ideal. Reach out to your trusted real estate professional for guidance so you can navigate this market effectively and make the most of these opportunities. Start your search and make that upsizing dream a reality today!
