Our 2016 Local Jacksonville Real Estate Market Predictions
About every year I make predictions for the upcoming year, and like every year past... some are obvious and some are a little more "out there". So without further delay:
- Prices are going up in the under $250k category.
- We see houses that were $140k a year ago and are now $170k+
- Well priced homes are selling in days, not months.
- Multiple offers are common under $200k when priced aggressively from the date of initial listing.
- Mortgage rates are going up. Duh.
- Fed fund rate already increased by a quarter point in late December 2015.
- Projections from most economists point towards a consistent and slow increase.
- Deals are available when buying! ....in the non-updated house
- EVERYONE wants a move in ready home.
- FEW have the liquid cash available to make the updates needed when buying / selling.
- FEW want to go through the renovation / living in a construction zone.
- This is all why the non-updated home can usually be purchased for less than market value if you wait it out.
- Boomerang buyers are back: Foreclosed / Bankruptcy / Short Sellers
- 2 years after one of these financial hits is recorded on your credit report and you can buy again.
- Most went through these financial hardships from 2009 - 2013 timeline, so we are right at the point they are getting back into the market in big numbers.
- Emergence of the Smaller Builder
- Large national home builders want 100+ home communities and not much land is available within a currently acceptable commute for most Jacksonville / St Augustine home owners.
- Smaller builders are picking up smaller lots for 1-5 homes for "infill" in the more convenient locations.
- More Remodeling activity
- First Time Home Buyer segment grows
- 40% 1st timers is the standard in the market, but we have been seeing less than 30% market share from 1st timers
- Growing demand as the millenials start pairing up and growing families.
- Buyers pickier than ever
- Sellers will need to remodel outdated homes if they intend to sell for top dollar
- Dated homes will need to be priced accordingly to attract buyers
- Buyers want clean and crisp
9. A new president will be elected... This is a certainty.
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Give us a call at 904-234-5196 if we can help you buy or sell real estate in Jacksonville, FL.
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Listing information last updated on April 23rd, 2019 at 10:08am EDT.