Not a surprise on this map. Just about every area of Jacksonville is down in value as is most of the rest of the free world. Even some of the “Best Locations” suffer equally as bad in this real estate down cycle.
Some of the North Jacksonville homes are actually appreciating. Zip Codes for appreciation are 32202, 32206, 32208, and 32209. Again, no surprise. The areas in red are made up of very affordable housing that doesn’t take much increase in price to affect the overall %.
The 2nd quarter map is due out in July, and I anticipate more price depreciation from 2008 numbers as most of us do. Further increasing the affordability of homes in Jacksonville for today’s home buyers while further decreasing the overinflated prices from the housing bubble.
Jacksonville Real Estate Agent – Jacksonville Realtor – Jacksonville RE/MAX
Jacksonville Homes For Sale Lead the Nation in Price Slashes!
This is not the best news! Based on a recent Trulia study, Jacksonville tops the nation in price cutting with 36% of all homes that get listed for sale, end up dropping their price. This tells me those homes were over priced when they were originally put on the market for sale. The Times Union did a story on this.
If you have a home to sell in Jacksonville, FL, do not fall victim to Nostalgia Pricing. Definition: Dreamy price appreciation of 2005.
Instead, price it correctly for today’s real estate market, and watch it sell! The buyers are out, looking, and making offers. They want a Deal! Don’t get passed up by the Buyer who says “Their dreaming” after seeing your asking price.
When we look at waterfront homes in Jacksonville and Ponte Vedra, the average % sold price compared to list price is 11% median for the year. That is far better than 36%. However, this only accounts for the sold waterfront properties. I’m seeing 6 digit price drops on some Jacksonville waterfront homes in order to bring them in line with the current market.
Good news is coming out of Washington this week for Jacksonville Home Owners. In efforts to speed up the Short Sale process, the government is working with mortgage companies to streamline the often tedious event.
“The government will pay mortgage-servicing companies up to $1,000 and borrowers up to $1,500 for successful short sales or “deeds in lieu” transactions. It will also spend up to $1,000 to help defray the cost of getting holders of second mortgages to release their liens so these transactions can be completed.”
Up until the last few months, short sales in Jacksonville and Ponte Vedra where a thorn in the side of most banks. They took FOREVER and where a headache for everyone involved. That is all changing. Banks/Lenders are sending out information packets with instructions and expectations of everyone involved and seem to have an actual process for successfully completing the Short Sale. The Banks are actually helping now….this is good!
If you have a home to sell in Jacksonville or Ponte Vedra and are under water, you may be eligible for a short sale. Make sure you are working with a Professional Jacksonville Realtor and Jacksonville Real Estate Agent that has successfully completed short sales…..(Shameless plug for me here).
Also, keep in mind that you are still competing with all the other homes on the market. Once your bank gives you the green light for moving forward with a short sale, we still have to sell it. No matter the condition of your home, get it in near perfect condition to help get it sold….and don’t forget curb appeal! The home must stand out. We recently sold a home in a neighborhood where homes sit on the market for 6 months. We sold it in 45 days due to the right curb appeal and great condition.
My wife and I always kick ourselves for not buying the little home we rented when we first moved to Jacksonville in 2001. The house was just south of San Marco in an area called Miramar. It was a great little red brick house with 3 bedrooms and a great big back yard.
At the time, we were young and watched Jacksonville home prices go from affordable to just out of reach. When we moved into the house, the neighborhood pricing was around $160,000. By the time we moved out 2 years later, prices were north of $190,000 and most were well over $220,000.
As we bought our first Jacksonville Home, sold, and moved up several times, we always kicked ourselves for not buying one of those houses back in the San Marco – Miramar area. I drove through the old neighborhood at one point and found a home that was For Sale By Owner and priced over $390,000……..this was at the height of the overinflated market pricing.
Over this past weekend, I drove through and found a home priced at $178,000. Honestly, that is probably a good deal and one of the only ones for sale at that price in that area. However, it’s good to see anything under $200k these days!
As a Jacksonville Realtor and Jacksonville Real Estate Agent, working with 1st time home buyers is often limited to Town homes or Condos when searching homes in the Southside area. With the reduction in value for all homes in Jacksonville, this finally gives 1st time home buyers more opportunities and more to choose from in all areas of Jacksonville.
So for all those Jacksonville people who missed the crazy appreciation and run up in prices by renting through the real estate boom……no worries! We are starting to slide back to where we started & you can capitalize right now by finding a great deal on Jacksonville Real Estate with a record setting low mortgage rate!
Jacksonville Realtor and Jacksonville Real Estate Agent
The Jacksonville Real Estate Market has changed drastically in just a few years. It has changed for Buyers, Sellers, and Jacksonville Realtors.
Just a few years ago, everyone seemed to have a real estate license. Your babysitter, the waiter at your favorite restaurant, your uncle, your best friend’s wife, and just about everyone else. Were they in the business or an opportunist? Maybe a little of both but probably the latter of the two.
Just how many Jacksonville Realtors have left the business? Close to 2,000 thus far have completely exited. A mass majority of the remaining are either part time or just keeping their license active as they have now found a new career in a different industry.
The Market is tough and has Weeded Out many Realtors
The remaining Full Time Professional Realtors are the ones like myself that have a true passion for the business. They are able to adapt and overcome to the toughest and roughest of real estate market conditions. They are selling houses!
When you need to sell your house…..make sure you are working with a Professional Jacksonville Real Estate Agent and make sure they are full time in the business. You will get better results as they will be focused with a passion for the business!
Jacksonville Real Estate Agent and Jacksonville Realtors
Based on National Trends, the number of people buying their 1st home is rising.
In 2008, the trend continued with 41% of all Buyers being 1st timers vs 36% in 2006. That is a substantial increase in just a few years. Another interesting statistic indicates the age of 1st time buyers is also dropping to an average age of 30 years old.
The main contributing factors are Gen-X & Gen-Y. As this age group continues to get better jobs, increase their income, and grow their families, many are now settling down and establishing roots. This generation is BIG, in fact many estimates state they will dominate the housing industry for the next 3 decades. -That’s a long time.
Do you have a house to sell in Jacksonville?
It’s important to realize that almost half the buyers are coming from Gen-X and Gen-Y. Knowing this, your home needs to be positioned correctly for this group of buyers. If you need help with this (Get ready for the shameless plug), you may consider hiring an innovative Gen-X Jacksonville Realtor like myself.
A quick tip: Gen-X and Gen-Y buyers shop heavily on line before ever making contact. Heck, who doesn’t? High quality photos & videos are absolutely required if you want to stand out in this market.
Jacksonville Real Estate Agent and Jacksonville Realtors.
A report posted today April 9th, 2009 at the Wall Street Journal, talks about the timing and incentives available for First Time Home Buyers. The video below drives these main points:
The Bad News: Over time Rates will go up, The $8,000.00 first time home buyer credit goes away in November, inventory will be picked over, and the best deals will be gone.
The Good News: This is perfect timing to get out there and get a deal! If you need help, work with a Jacksonville Real Estate Agent or Jacksonville Realtor like myself.
Jacksonville Realtors and Jacksonville Real Estate Agent
This deal was announced today, April 8th, and is the first large merger in the home building industry and probably not the last. Richard Dugas, the CEO of Pulte, stated that the “merger” brings great alignment of the company to service the 2 growth segments of the market, 1st time home buyers or entry buyers and the Baby boomers.
As a Jacksonville Real Estate Agent I started my Realtor career with Pulte Homes in 2004 after purchasing my first home in Jacksonville, FL…..A Pulte Home. Pulte is a major player in the Jacksonville Real Estate market with entry level town homes and it’s Del Webb projects on 9A and in Nocatee.
As all home builders are struggling during this down economy and housing crunch, I’m betting this is the start of a few home builder mergers. This merger was strategic but also a necessity to give the company a chance at returning back to profitability.
If you are in the market for a Del Webb home in Jacksonville or a townhome in Jacksonville, Pulte Homes would be a great purchase. They continually outperform their rivals in the JD Power customer satisfaction survey. Proving they are still building quality regardless of the drop in quantity.
On a side note, I hope they avoid the name“PulTex”.
Jacksonville Real Estate Agent and Jacksonville Realtors
- An $8,000 tax credit, or 10 percent of your home’s value, whichever is less, is now
available to first-time homebuyers.
- Buyers may not have owned a home for the past three years to qualify as “first time”
buyers.
- You must purchase the house between January 1 and November 30, 2009.
- To qualify, buyers must make less than $75,000 a year (or $150,000 per couple).
The credit begins to phase out for people with income levels of up to $95,000 a year
(or $190,000 for couples).
- You don’t have to repay the credit as long as you remain in your home for at least 36
months after the purchase date.
- The credit is refundable, meaning tax filers see a refund of the full $8,000 even if
their total tax bill was less than that amount.
- You can claim the credit on your 2008 tax return.
- If you take advantage of the $8,000 tax credit and then sell your home or it no
longer remains your principal residence within 36 months of the purchase date, you
will have to pay back the full $8,000.
- If you’re a first-time homebuyer and you purchased your home on or after April 8,
2008, and by Dec. 31, 2008, you do not qualify for the $8,000 first-time
homebuyer’s credit. You can still take the $7,500 tax credit, but you have to pay it
back because it’s a 15-year, interest-free loan from the Internal Revenue Service.
- As with the $7,500 credit, if you sell and your gain is less than the credit, you only
have to repay up to the amount of the gain. If you die before the credit/loan is
repaid, any outstanding amount is forgiven.
- If your status is married filing separately, you can’t get the full $8,000 credit or
$7,500 credit. Instead, you get $4,000 of the $8,000 credit and $3,750 of the
$7,500 credit. People filing as single are eligible for the full credit.
1. What’s this new homebuyer tax incentive for 2009?
The $7,500 repayable credit introduced in 2008 is increased to $8,000 and the repayment
feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more
qualifies for the full $8,000 amount. If the house costs less than $80,000, the credit will be
10 percent of the cost. 2. Who is eligible?
Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she
has not had any ownership interest in a home in the three years previous to the day of the
2009 purchase. 3. Is there an income restriction?
Yes. The income restriction is based on the tax filing status the purchaser claims when filing
his/her income tax return. Individuals filing Form 1040 as single (or head of household) are
eligible for the credit if their income is no more than $75,000. Married couples who file a
Joint return may have income of no more than $150,000. 4. Do individuals with incomes higher than the $75,000 or $150,000 limits lose all
the benefit of the credit?
Not always. The credit phases out between $75,000-$95,000 for singles and $150,000-
$170,000 for those married and filing jointly. The closer a buyer comes to the maximum
phase-out amount, the smaller the credit will be. The law provides a formula to gradually
withdraw the credit. Thus, the credit will disappear after an individual’s income reaches
$95,000 (single return) or $170,000 (joint return). 5. Are there restrictions on the location of the property?
Yes. The home must be located in the United States. Property located outside the U.S. is not
eligible for the credit. 6. Are there restrictions related to the financing for the mortgage on the property?
In 2009, most financing arrangements are acceptable and will not affect eligibility for the
credit. Congress eliminated the financing restriction that applied in 2008. 7. How do I apply for the credit?
There is no pre-purchase authorization, application or similar approval process. All eligible
purchasers simply claim the credit on their IRS Form 1040 tax return. The credit will be
reflected on a new Form 5405 that will be attached to the 1040. Form 5405 can be found at
www.irs.gov. 8. So I can’t use the credit amount as part of my down payment?
No. Congress tried hard to devise a mechanism that would make the funds available for
closing costs, but found that pre-funding would require cumbersome processes that would,
in effect, bring the IRS into the purchase and settlement phase of the transaction. 9. What if I purchase later this year but can’t get to settlement before Dec. 1?
The credit is available for purchases before Dec. 1, 2009. A home is considered as
“purchased” when all events have occurred that transfer the title from the seller to the new
purchaser. Thus, closings must occur before Dec. 1, 2009, for purchases to be eligible for
the credit. 10. I know there is no repayment requirement for the $8,000 credit. Will I ever
have to repay any of the credit back to the government?
One situation does require a recapture payment back to the government. If you claim the
credit but then sell the property within 3 years of the date of purchase, you are required to
pay back the full amount of any credit, including any refund you received from it. A few
exceptions apply. Note that this same 3-year recapture rule applies, as well, to the $7,500
credit available for 2008. This provision is designed as an anti-flipping rule. 11. What if I die or get divorced or my property is ruined in a natural disaster
within the 3 years?
The repayment rules are eased for many circumstances. If the homeowner who used the
credit dies within the first three years of ownership, there is no recapture. Special rules
make adjustments for people who sell homes as part of a divorce settlement, as well.
Similarly, adjustments are made in the case of a home that is part of an involuntary
conversion.
Jacksonville Real Estate Agent and Jacksonville Realtors
