It wasn’t too long ago that the market was fully saturated with listings and Sellers and Banks were both as desperate to liquidate their properties. It appears those days are over for now.
What I’m seeing in the market place:
- Demand is way up for houses under $300k that are in top condition.
- Available inventory is very low. Sure there are still plenty of over priced listings, but those don’t count to even us REALTORS.
- Waterfront buyers are still looking for the steal of a deal, but they just aren’t there.
- Sellers are holding firm on their prices when they are priced right from the listing and marketing start date.
- Buyers are making full price and above list price offers after just 1 visit to the house.
- Many buyers are still dragging their feet, making low ball offers, and being generally depressed when no one is taking their offer.
Factors affecting the Jacksonville Real Estate Market for the near future:
- Unemployment is still bad!
- Seasonal shifts absolutely happen, and we are right smack in the middle of the Spring/Summer buying season.
- The great shadow inventory looms heavy: This is the amount of homes not on the market yet that are already foreclosed, in some stage of foreclosure, or in some stage of not paying their mortgage. Estimates are 6million homes nationwide!
One last point to make is what I call the X factor. This is the number of out of state home shoppers who are either planning to move to Florida or are thinking of buying a vacation home in Florida. They are from other states and cities whose home values did not plummet and whose local economies are in much better condition than ours. They are “bullish” Florida real estate! They have started shopping in BIG numbers and I believe it will be a major driving factor in the local real estate market for some time.