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April Real Estate Update: Are Over Asking Offers The New Norm?

By Gwinn Volen

The average list to sold ratio in the Ponte Vedra Beach (32082) real estate market for the month of April was 100.5% while in Nocatee (32081), the average list to sold ratio was 102.4%. That means, when taking all price points into account, the closed sales prices in April were, on average, .5% above the list price in Ponte Vedra Beach and 2.4% above list price in Nocatee.

Right now, listing prices are functioning more as the “suggested list price” or starting point. If you’ve seen the Tik Tok “Who Wants to Buy Apple,” you’ll get the gist.

Key Points For Buyers to Understand

  • There really are no deals right now. If you are hoping to have leverage and negotiation power, this is not the market for you.
  • There is a good chance the property you are buying may not appraise. If comparable sales have not been recorded, appraisers have to look back 6 months to find comps. The market was very different 6 months ago. You need to get comfortable with the idea that the property you are purchasing may not appraise. Most sellers are asking the “winning” buyers to waive appraisal contingencies.
  • You may likely have to pay over-asking price to secure a home. This is very hard for some buyers to get their heads wrapped around. It feels wrong. But, it’s the reality. The asking price is often the starting bid. Some buyers are paying 15% over asking.
  • Pick your ceiling when you make an offer. Find the number that you’d kick yourself if you didn’t get the home, and go there. Even the most experienced agents are challenged with advising customers on what to offer, as we’ve never seen anything like this.

What Did Homebuyers Pay in Nocatee in April 2021?

Price Point# Homes SoldList:Sold Ratio

Logical Price Points for 32081

What Did Homebuyers Pay in Ponte Vedra Beach in April 2021?

Price Point# Homes SoldList:Sold Ratio

Logical Price Points for 32082

Bottom Line

It’s a tough market. Buyers, you will find a home. But, you have to get in the right mindset. Understanding the numbers should help to know what you are up against.

And Sellers, inventory is desperately needed. If you have a place to go, this is an unbelievable market to sell in.

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About the Author

Gwinn Volen is a top-ten ranking Jacksonville area real estate agent, owner of The Volen Group, Keller Williams Luxury International in Ponte Vedra Beach, and creator of the Ponte Vedra Focus blog.

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