Tag Archives: Jacksonville real estate

Ask The Realtor: Is there still time to purchase investment property?

YES!  With the strong real estate recovery, many think the opportunity for investing in real estate is over.  But while hedge funds may have backed off, private investors are still pouring money into the market.

Core Logic reports that 37.4% of 2013 sales nationally were cash transactions.  In Florida, our cash sales were a whopping 54%.  Cash sale account for most REO, short sale and condo purchases.  Investors are putting their cash into real estate because they can get a good rate of return not found with banks.

The Chinese are investing here also, and have expanded their footprint across the USA.  Their top ten cities of choice are: New York, Los Angeles, Detroit, Houston, Chicago, Las Vegas, Atlanta, San Diego and Memphis.  (How did they miss our wonderful Jacksonville?)

Interest rates have hovered around 4.5% and have not slowed housing sales at all.  It is possible to finance an investment purchase with 20-25% down, but cash may be required for bank properties needing a lot of work or condos not on a “bank approved” list (two top places to find bargains).

I love real estate and invest in it my myself!  If you are considering an investment purchase, please give me a call at (904) 386-9816.

2013 – A Great Year for Real Estate

What a difference a year makes!  The numbers are in, and 2013 proved to be an excellent year for real estate.  Multiple Listing statistics reflect an increase of 24% in the number of sold transactions in 2013 as compared with 2012.  The total sold volume for 2013 was up 32% and the median sales price was up by 14%.  Our Jacksonville housing market has come back to life.

Why the rapid price increases in 2013?

  • A shortage of homes for sale – With new construction just starting to come back and sellers postponing putting their homes on the market until prices improved, our inventory of homes dropped from a peak of over 22,000 five years ago to under 8,800.
  • Fewer distressed properties – As property values increased, there were fewer short sales and foreclosures.  What foreclosures did hit the market were quickly gobbled up by institutional investors.
  • Buyer sense of urgency – Buyers now realize that not only are home prices going up, but interest rates are also likely to rise, as the government backs off its stimulus programs.

The net result was a tight inventory that created a competitive bidding market – supply and demand at work.  It is interesting to note that this competitive market extended across all price ranges.

Looking ahead towards 2014, we should continue to see a recovery of the housing market, but at a more moderate pace.  If you are considering a move, or just have a question about the market, just give me a call at (904) 386-9816, and I’d be glad to help!

Here are two reports:

RealtyWeb 4thQtr

2013 Annual Report

 

Why Aren’t Agents Answering Their Phones?

As Realtors, we spend a small fortune promoting both ourselves and our listings.  We live in the most-connected society ever.  Yet, I have personally found it to be true that most agents (and people in general) simply don’t answer the phone.  It seems we want people to contact us, but then don’t respond to their basic inquiries.

A recent study by the California Association of Realtors found that the top three reasons buyers were unsatisfied with their agents were:

  1.  Slow response time (51%)
  2.  Ineffective/Inefficient communication (23%)
  3.  Undesirable communication methods (15%)

If you choose me to be your Realtor, my promise to you is to be “The agent who answers her phone” .

2014 looks like an excellent year for real estate in Jacksonville, Florida.  If you are thinking of buying or selling, please give me a call at 904-386-9816.

6 Spaces Homeowners Want Most

According to a survey of Better Homes and Gardens readers, these are the six spaces that homeowners want to see included in their new homes or updated in their existing ones:

  1.  Separate laundry room
  2. More storage and built-ins
  3. A home office
  4. An outdoor grilling/living area
  5. A second bedroom with a private bath
  6. Everyday eating space close to the kitchen

In the Jacksonville and Mandarin real estate market these are all frequently listed by new home buyers as a “must have” or “really like to have”.  How important are these spaces to your family?

 

Where Have All the Listings Gone?

The October Year-to-Date Market Summary from our Multiple Listing Service  shows what most of us in Jacksonville, Florida and the First Coast area are easily able to see: our listing inventory is down!  There are only 8,365 homes for sale.  To put this in perspective, at the height of the real estate crash in 2006, we had over 22,000 homes for sale.  By 2010, that number had dwindled to around 16,000.

Here is the report:

 What is especially interesting is the increase in home sales in the $250,000 to $500,000 price range and in the sale of luxury homes over $1 million.

In summary, if you are considering selling,  now may be a good time to put your home on the market.  If you are thinking about buying, I would consider looking seriously now while interest rates are still at historic lows and before prices jump up.

For the complete report, personalized statistics in your area, or a list of great homes for sale, please call me at (904) 386-9816 or send me an email using the contact form on this site.  I will have the information right out to you!