Spring is here for the Real Estate market in Jacksonville Florida!
Traditionally, Spring brings a lot of new listings followed by a flood of home shoppers. Sellers are anxious to get their home on the market as one of the hottest home buying seasons is just around the corner.
This Spring follows the traditional trend, however a few interesting facts about the Jacksonville Real Estate market thus far:
- New listings have been hitting the market, BUT overall available inventory is WAY DOWN! I’m talking half compared to 4 years ago.
- Will this trigger a Seller’s market in the months to come?
- Could the coming wave of bank owned properties finally be released on the market for sale?
- Multiple offers on Investment condos in the $50k – $80k price range. I have a growing list of investors buying these type investment properties site unseen.
- How much longer will these deals exist with the growing demand?
- These are CASH ONLY purchases as most banks will not finance many of the condo communities in Jacksonville.
- Waterfront homes demand is up as buying power has increased.
- It’s of my expert opinion, that well financed or cash buyers have a great opportunity in the current market as waterfront homes have been just out of reach for most buyers but many of these home Sellers are ready to make a deal.
- Waterfront buyers continue to search for quality vs the fixer upper.
- The Fixer Upper continues to be a turn off for most buyers regardless of the deal available.
- There has been such a huge supply of great deals for so many years that buying a fixer upper hasn’t always been the best deal available.
- With the market on the edge of a shift, will this revert back to being the hottest buy around?
- New Listings are WAY over priced! Smart Money did an article about “Cities with the Least Realistic Home Prices” and Jacksonville FL was 2nd on the list. Ouch!
- The problem: Median list price = $184,775 and the Median sales price = $121,600 which is a whopping 34% difference.
- My theory: Many are upside down in their mortgage or right on the edge. Which means the house will never sell for more than it’s really worth.