Tag Archives: Mandarin real estate

Real Estate Market Update

Temperatures are hot here in Jacksonville, Florida, and so is the real estate market!  As you can see in the Market Summary, there is good news on almost every front.  A few highlights:

  • Year to date Sales up 25% over 2012
  • Year to date Pending Listings up 31%
  • Absorption Rate (how long it takes to sell a house) down 34%
  • Year to date Median Sales Sales Price up 12%

And this one:

  • Number of Active Listings down 21%

Welcome to the new seller’s market!   Last year I wrote a blog post entitled “Where are all the homes for sale?”  At that time, I noted that our inventory in the Northeast Florida Multiple Listing Service had decreased from a high of around 22,000 during the recession in 2008 to 9,784  in June of 2012.  The number of homes for sale as of June 30, 2013 is 7,660.

This shrinking home inventory  is occurring throughout the country, and may be the biggest real estate story of 2013.

Market Summary

Another interesting statistic is the dramatic increase in the number of sales and pendings in the $250,000 to $1 million price range – up anywhere from 42% to 65% over this time a year ago.

Market Report

 You might ask  “What does this mean for me?”  Well, if you have been thinking of a move, now might be a good time.  Homes are selling quickly!  It is also a good time to buy a home.  Homes are still reasonable and interest rates are at a 60 year low.

Please give me a call at (904) 386-9816 or send me an email at LizPapenbrock@gmail.com if I can help!

 

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?

 

Holiday Events in Mandarin

Two special events in Mandarin this Saturday, December 1st, are guaranteed to get you into the holiday spirit!

Walter Jones Historic Park

The 13th Annual Winter Celebration will take place from 11:00 am – 4:00 pm at the Walter Jones Historic Park on Mandarin Road.  Come enjoy hayrides, music, historic re-enactments, train rides, food, tours of the William Webb Farmhouse, children’s activities and more!

 

Sailboats on Julington Creek

There’s nothing more festive than a parade – unless it’s the Julington Creek Boat Parade.  At 6:30 pm an estimated 40 decorated boats will gather on the West side of the Julington Creek Bridge connecting Mandarin and Saint Johns.  There will be prizes for the best decorated boats.

Both events are free, and fun for all.  So, come out and enjoy the day with friends, family and neighbors!  And if you don’t already live in the area, perhaps you’d like to check out some of our great homes for sale.  Follow the links to search homes by price in Mandarin and  Saint Johns.

Look for pictures on next week’s Foto Friday.

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!

 

 

What Makes a Good Home a Great Home?

Several aspects go into consideration when ranking a home as bad, good or great.  Not only should you consider the aesthetics of the interior, exterior and the actual durability of the home, you should also take into account these few aspects that can take a home from being good to great.

 1.    Location.   Location can make or break a house.  It could be one of the ugliest houses on the block, but as long as it is located in a nice area with a great school district, the house is golden.  Location is everything.  Remember this when you are shopping around for homes.

2.    School District.  Whether or not you have children, buying a house in an area with a great school district can play an important role in the worth of your house.  Great schools can ensure that there will be a consistent demand for properties.  Over time, this can help increase the value of your home.

3.    Neighborhood.   The type of neighborhood can greatly affect a home. You should see what the other homes look like in your neighborhood.  See how the neighborhood is during early morning, day and evenings.  Even if it is the perfect home, certain characteristics of the neighborhood can affect the house you want to buy.

4.    Crime.   Is the house located in a safe neighborhood?  How about outside of the neighborhood.  Is it located near a poor area where crime rates are high? Even if it’s a beautiful home, the probability of high crime rates can negatively affect the value of the house.

5.    Walk ability.   How close is the neighborhood to downtown?  Grocery and convenience stores?  How close are the schools your children will be attending?  In an ever-growing, green-conscience society, walking has become more and more popular.  If you are in close walking distance to places you visit on a daily basis or weekly basis, the homes value can increase.

Article by Tom Miller

<a href=”http://www.newhomesource.com/“>New Home Source</a>

Home Prices Rebound to 2003 Levels

More good news about the real estate market came yesterday when RISMedia reported that  home prices nationally had rebounded to 2003 levels.  That is the year started its journey towards the 2006 peak.

“Single family housing starts are well ahead of last year, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing”, said David Blitzer, chairman of the Index Committee at S&P.

The recent S&P/Case Shiller national home price index showed that prices rose for the 3rd consecutive month in all 20 major markets followed by the index.  This also marks the first month that prices were higher than they were the previous year.

While Jacksonville is not one of the 20 markets followed, two other Florida cities hard it by the real estate crises, Miami and Tampa, were noted as having made dramatic comebacks.  It appears that great pricing and low interest rates are finally helping turn the real estate market around.

Here is a link to the S&P report.

The Disappearing Home Inventory

It’s no secret to anyone driving through our Jacksonville neighborhoods that the number of “For Sale” signs is way down from years past.  And many of those homes that do have signs are no longer available; they are homes offered as a short sale that now have accepted contracts awaiting bank approval.

This morning I read on Zillow that we have approximately 9,500 homes for sale in our Multiple Listing Service.  That’s down from over 20,000 at the height of the recession.

Where did the homes for sale go?  Zillow graphs show a direct correlation between negative equity (percent of homes underwater) and the change in inventory of homes for sale.  Simply put, many sellers who wanted or tried to sell their homes during the recession can no longer afford to do so, because they now owe more on their home than its value.

What does this mean for a home seller or home buyer?  For a home seller, a drop in supply means an increase in demand.  Homes priced competitively are selling quickly,  frequently with multiple offers.  For a home buyer, prices are still down and interest rates remain at a historic lows.

Finally, a great time to buy or sell!

6 Reasons to Reduce Your Home Price

Here is a question that we as Realtors hear quite often:

My house has been on the market for several months with no offers.  Should I consider a price reduction?

An excellent article from the National Association of Realtors appeared on their House Logic website.  Though it was written several years ago, the principles remain timeless.  Here are 6 signs that may be telling you it’s time to lower your price:

  1. You’re drawing few lookers
  2. You’re drawing lots of lookers but have no offers
  3. Your home’s been on the market longer than similar homes
  4. You have a deadline
  5. You can’t make needed upgrades
  6. The competition has changed

Read the entire article at House Logic.com.

Lakefront Home

Looking for a lakefront home in popular Lake Mandarin?  Check out my new listing at 3470 Catamaran for $179,500!

Play VisualTour

Market Update

Temperatures are heating up here in NE Florida, and so is the real estate market.  Headlines everywhere report the good news:

Numbers are improving in local economy
Figures show housing purchases and prices are up
(Florida Times-Union, May 19)

More Americans expressing confidence in economy and home values
(dsnews.com, May 11)

Home prices show strongest gain in 6 years
(Jacksonville Business Journal, May 23)

A few reasons for optimism:

  • Inventory is down
  • Sales are up
  • Median and average prices are up
  • Building starts are up

Our to recovery is closing tied to the broader economy, and will come one step at a time.  The recession has left many people underwater in their homes, and these distressed properties will continue to impact the market.  But it is wonderful to finally hear good news, and we are excited to be busy again!