Many times, you might hear that the real estate market is “hot.” However, this can be a relative term. Glenn Phillips, CEO of Beach Homes Realty, discusses whether or not the beach real estate market is hot in 2024.
- “Hot” … but Not Exactly: There are several signs that indicate whether the real estate market is hot. Currently, the market has high demand but not as many transactions. This means the beach market is only “kind of” hot.
- FOR SALE Inventory Increasing: Recently, the market has seen an increase in “For Sale” inventory. Generally, this is a good sign of a healthy real estate market. However, some of this inventory may actually be “phantom” inventory.
- Phantom Inventory: Phantom inventory includes homes that are overpriced or have some issue that doesn’t match the price. Buyers see these listings online and know the property is overpriced. These properties aren’t actually sellable because they aren’t appropriately priced. Appropriately priced properties sell quickly and don’t stay on the market for long.
- Seller Tip: Do NOT Overprice: While there is high demand in the market currently, it’s not for overpriced homes. If you’re serious about selling your property, avoid overpricing. In fact, appropriately priced property tends to get the best price because it leaves a window open for offers.
- Buyer Tip: Patience and Diligence: Once you find an appropriately priced property, be ready and be diligent. Additionally, you should be patient while sorting through overpriced properties. Patient buyers find the right property at the right price.
Is the beach real estate market hot in 2024? The answer isn’t that simple. There are signs of a healthy market, but further digging reveals it isn’t quite there yet. Visit beach-homes.com, where you can find agents willing to walk you through the entire real estate process.