Jacksonville Homes rank as a Top 5 for best deals in the country!
Check out this video! This is one of the leading experts in the real estate world, Barbara Corcoran, talking about the top 5 best places to get a good deal in the country in a good location.
In the report she states that Jacksonville homes have seen a nearly 50% drop in value from 2008 numbers driven by one of the highest foreclosure rates in the country. She’s right, the values have dropped considerably from the over-inflated values of yesterday.
Realistically, most home owners in Jacksonville are coming to terms with the value of their home. It’s less than last year…..especially if your neighborhood has many homes that are selling for bank pricing.
Two distinct rules that will hold value better than just about anything else available in real estate:
Location: This has been the biggest rule in real estate that we all have been taught. When buying, buy location. Many failed at this with the lure of “Bigger better house, not so good location”. Of course, ask anyone how they like living in _________, and they will tell you its the best location. However, you know what is good and not so good.
Waterfront: Really, just a subset of rule #1. Waterfront homes are always in demand. It’s highly attractive to just about everyone. It provides lifelong fun, activity, social, and a lifestyle that only a few will ever have the chance to experience.
BONUS Rule: Great location and Waterfront. If you have the means, buy it before someone else does!
Jacksonville Homes – Jacksonville Waterfront Homes
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
Are you on the Home Value Roller Coaster Ride in Jacksonville?
Our parents and grandparents have been on this ride before. They get it, they aren’t stressing out, they know the ride never ends. The values of homes have been going up and down forever!
Jacksonville Real Estate Agent – Jacksonville Realtors
OUCH! This map hurts a little. Unless you bought a home Pre-Boom, you are probably experiencing some negative equity right now. If you need to sell, you could possibly be looking to the Mortgage company to take less than you owe on the mortgage. That is a Short Sale. Don’t Panic!
In order to Qualify for a Short Sale in Jacksonville, FL, you must have a True Hardship. Get in touch with the bank ASAP and ask to submit a short sale package or a hardship package. Banks are really picking up their game when dealing with short sales as this is a much better option for them vs. them owning the house.
Based on a new survey from Zillow, homeowners believe their homes are worth less now than 12 months ago. Zillow’s official numbers point to about 80% of homes ARE worth less now than 12 months ago.
This is not easy for most of us to hear, but most of us do agree. The important information is that your home does have value, but you must price it accordingly when you are ready to sell.
If you are trying to get a value for your Jacksonville home, you have several options:
Zillow for a Zestimate
Jacksonville Realtor for a CMA (Comparable Market Analysis)
Home value estimator from many places on the web.
Licensed Appraiser
In my professional opinion……ALL METHODS ARE FLAWED.
The only true way to value a home is based on what a Buyer is willing to pay for the home. Once under contract, the value is set, and once the home closes, the value goes back to fluctuating.
Pricing your Jacksonville Home For Sale is part science and part strategy. Ultimately, you want the home to sell fast and for the most amount of money with the least amount of stress. Pricing the home correctly from the beginning will help you achieve your goals, but remember prices are down, so be realistic!
Jacksonville waterfront homes have also been hit with value drops. The old saying, “Rising waters raise all boats” should also include “dropping waters drop all boats”. Values are down in waterfront homes, but the demand is always strong.
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
A look through the long list of homes for sale on MLS today revealed an interesting trend. I’ve started to see listings that state, “Not a Distress Sale”.
I can understand the Realtor wanting to note that the home is not a Short Sale, but in my professional opinion, every home owner who has a home on the market….in today’s market….is motivated to sell!
Those remarks that the Realtors put in MLS often get distributed out to all the Realtor.com, Craigslist, Yahoo Real Estate, and all the other Home Searching web sites. With those remarks, would you want to see the house? Not me!
In this market, I want a FOUR letter word. I want a D-E-A-L!
If you have a home to sell in Jacksonville. Know that the Buyers looking will all want a DEAL. Knowing this, be prepared and heck, market the home as a “DEAL”. If you price it right, have great curb appeal, and are willing to ENTER into negotiations, your home will sell!
If your neighbor is “that guy”. The guy who maintains his home is the best on the block. The best views, the best yard, the best upgrades, etc. He may be right but guess what, he also will scoff at any low offers. “That Guy” becomes irritated with Buyers who want to get a DEAL. And guess what…..his home sits FOREVER!
My professional opinion: If you have a home to sell in this market, understand that you are motivated to sell, and be prepared to negotiate as all Jacksonville Home Buyers want a DEAL!
Jacksonville Realtor and Jacksonville Real Estate Agent
