Real Estate Market: October 2023 Insights

Navigating the Citrus County Real Estate Market

Hello everyone, Ruth Squires here from RES Luxury Group with eXp Realty. Welcome back to another episode of our Monthly Market Stats. Today, we're diving into the real estate trends for Citrus County, Florida, for October 2023. Let's get right into it.

Inventory is On the Rise

First up, let's talk inventory. As of today, we have 1,031 active homes on the market in Citrus County. That's a 0.75% increase from last month. While this may seem like a small percentage, it's a significant indicator of where the market is heading.

A Dip in Buying Activity

On the flip side, buying activity has seen a slight decline, down by 0.5%. This is likely influenced by the rising interest rates we've been experiencing. So, if you're a buyer, this is something to keep an eye on.

The List-to-Sale Ratio

For those of you looking to sell, the list-to-sale ratio currently stands at 96.84%. This means that if you're listing your home, you can expect to negotiate down to around 96-97% of your asking price.

The Power of Loan Assumptions

We've also been discussing the benefits of loan assumptions. This is an opportunity to take over a lower interest rate loan from a seller. If you're not familiar with how this works, we have previous videos that delve into the details, so be sure to check those out.

Special Tip: Quick Closings

Now, for those waiting for interest rates to drop, here's a tip: be prepared to close quickly. Our team specializes in 12-day closings. Imagine being able to present an offer with inspections done in three days and closing in just 12. You'll be even more competitive than a cash buyer, who typically looks to close in 30 days.

Ready for the Holidays

What's more exciting? If you act now, you could be in your new home before Thanksgiving or even Christmas. Our team is ready to assist you every step of the way.

Get in Touch

For more information or to get your pre-approval in place, don't hesitate to give us a call at (352) 794-1426. At RES Luxury Group, we're committed to providing you with white-glove service and red-carpet treatment because your satisfaction is our guarantee.

Have a great day, and stay tuned for more market insights!

Comments

Post a Comment

Popular posts from this blog

The National Association of Realtors Settlement: What You Need to Know

The National Association of Realtors Settlement: What You Need to Know The National Association of Realtors Settlement: What You Need to Know Introduction There's currently a lot of hype in the industry about a National Association of Realtors settlement of over $400 million that's being paid out after a lawsuit was made by a group of sellers in Missouri. Now, you're probably asking, what is this all about, and how is it going to affect me, and then how can I prepare if I'm planning a real estate transaction? So I want to answer all of those questions for you, and I'll start with, what is this settlement all about? The Settlement and Its Implications The main gist of the settlement is that a group of sellers got together and were upset over how their transactions were handled from a commission standpoint. They felt th...
Read more

RES Luxury Group - 3/18/2024 12:01:44 PM

The Role of a Real Estate Agent in Buying or Selling a Property When it comes to buying or selling a property, a real estate agent plays a crucial role in guiding and assisting clients throughout the entire process. However, it's important to note that not all agents offer the same level of service. There are transactional agents who focus solely on closing the deal, and there are fiduciary agents who prioritize the best interests of their clients even after the closing. At RES Luxury Group, we pride ourselves on being fiduciary agents, ensuring that we provide our clients with the utmost care and support before, during, and after the transaction. The Timeline of a Sale On average, a real estate sale takes anywhere from three to six months to complete. This duration includes various stages, such as preparing the home for sale and the time spent under contract. When we meet with sellers, we conduct a thorough listing presentation and offer different packages tailored to their ...
Read more

RES Luxury Group - 3/12/2024 2:30:07 PM

Moving to Florida: The Cost of Living in Citrus County and Beyond If you're considering a move to the Sunshine State, you're making a great choice! As someone who has lived in Florida for nearly 25 years, I can confidently say that it's a fantastic place to call home. One question that often weighs on people's minds when moving to a new area is the cost of living. So, let's dive into the cost of living in Citrus County, and explore some neighboring counties as well. The Gem of Florida: Citrus County Citrus County is a hidden gem in Florida that not many people are familiar with. It's a rural and nature-oriented county, offering a wide range of outdoor activities and a relaxed lifestyle. Whether you enjoy water activities like exploring crystal-clear springs or indulging in cave exploration, hiking, horseback riding, golfing, or even playing ultimate Frisbee, Citrus County has it all. The abundance of wildlife, constant chirping of birds, and the warm sunsh...
Read more