There has been ongoing talk about the health of the real estate market here in Jacksonville Florida, and I'm seeing a long term trend that deserves noting. We seem to have an ever decreasing amount of homes on the market as illustrated in the above infographic.
It looks to me that this trend started way way back in 2007 just at the beginning of the housing and mortgage bust, but it's amazing that it has lasted this long with an almost certain downward aim.
A few theories I have that is causing this:
- MOST could not sell for what they paid, so MOST decided to just stay put or rent the home out. This could cause buyers to be in the market for an upgraded home but they would not be selling their previous home due to the lack of equity. Result = lower inventory.
- Builders have not kept pace with demand. When the bubble burst, the builders had already stopped building, and many got burned pretty badly resulting in an apprehensive attitude towards going back to the gung-ho days of "build it and they'll come".
- Home Owners are still under water on their homes in Jacksonville. We get calls from many who would like to sell but just can't due to a slight lack of equity.
What this means for those who CAN sell their homes:
- You have LESS COMPETITION!
- Buyer's may be willing to buy a home that needs repairs.
- You should be able to sell fast if positioned properly!
- Your home's value should be higher now!
Is now a good time to sell your home? You bet it is!
Get your home's value estimate here: FREE HOME VALUE ESTIMATE
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Listing information last updated on July 20th, 2019 at 3:53pm EDT.