Home Values continue to drop nationwide but there are so many conflicting news stories about the housing market, it's hard to know what is actually happening.  This graph from Zillow, shows the run up in values and then the fast decline of values to current day 2011.  I like this graph as it doesn't interpret housing starts, foreclosure filings, mortgage delinquencies, pending sales, etc.  It just shows the values, which is a sum result of all those other statistics.

What does this mean for Jacksonville Home Owners? Nothing.  If you own a home, you've known for the last 4 years that your house is worth less and less year after year.  Not trying to be cold here, it's just the facts.   If you don't want to sell, no worries, you don't realize the loss…

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HAMP or Home Affordable Modification Program has been a complete failure.  Here are some of the more recent articles on the failures:

Home Owners Protesting that it's a SCAM

Only 1 in 4 got mortgage relief

And the most honest, realistic article of them all comes from Fox Business:  HAMP UPDATE:  Foreclosure More Likely Than Modification.

Many home owners who have attempted modification, soon find themselves in foreclosure after they are put through the endless amounts of big bank red tape.  If you are in this situation, DO NOT WALK AWAY from the home!  You have options.

Start researching Short Sales.  It is your best option for getting out of a home that you can no longer afford. I consistently sell houses for Jacksonville home owners who…

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Why did this home sell in 5 days?

  1. The Owner: Fully understanding the competition, the owners of this home made every possible cosmetic repair, curb appeal, and cleaning effort to a home that was already in great condition.
  2. The Price: We studied the comparable homes that had sold recently, and priced aggressively from the beginning.
  3. The Condition: Nearly perfect condition.  Very Clean.  Decorated as if a model home with very limited clutter.  Everything is well organized and no "don't go in there rooms".
  4. The Curb Appeal: At the end of our winter it's hard to make brown grass look good, but this owner did.  New mulch.  Trimmed anything overgrown.  Touch up paint to any areas that needed it.
  5. The Market: Thank God for so many homes on the…

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This graph shows the decline in house values since the peak housing bubble years.  Jacksonville is not on the list as the Case Shiller index only studies 20 markets.  However, Case Shiller is said to be the leading measurement for the US housing market.  The report is completed monthly with a 2 month lag.

The Tampa graph is our closest comparable for what is happening in Jacksonville.  Some areas of Jacksonville are doing better, and some are much worse.  It seems as if townhomes and condos are getting hammered right now.  A typical scenario in Jacksonville:  Condo owner owes $180k, now they are selling for $60k.

Will prices continue to decline?  Yes, in most areas of the country they will continue to decline through 2011.  However, in some…

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Jacksonville Waterfront Homes Market Report

Date range:  October 1st, 2010 - January 25th, 2010 Areas covered:  Duval County Type of property:  Single Family Home Criteria:  Navigable waterfront to the ocean, or oceanfront.

Sold Price Address zip Financing Total Square Footage Price Per sq ft
$105,000.00 10514 Rutgers 32218 CASH 1950 $53.85
$114,900.00 7135 Elwood 32208 CONV 2100 $54.71
$118,000.00 8806 10th 32208 FHA 1284 $91.90
$135,000.00 2065 Holly Oaks River 32225 BOND 1546 $87.32
$155,000.00 4952 Eulace 32210 CONV 1996 $77.66
$155,000.00 748 Baisden 32218 CONV 1148 $135.02
…

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Short Sale TREND ALERT: Banks are saying "Show me the money".

Promissory Notes and Cash Contributions are becoming very common in Short Sales

Over the past few months, I've seen numerous request for a Promissory Note and/or Cash Contribution in order to allow the short sale.  Many times this is requested by the investor (Fannie Mae, Freddie Mac, etc), the PMI company (Private Mortgage Insurance), or the 2nd mortgage lender.

Cash Contribution:  Your bank requires you to bring money to closing.  Most often I see $1000.

Promissory Note:  The more painful of the two.  You sign an agreement to pay, usually interest free payments for some number of years, usually 10-15 years.  The amounts I've seen have ranged from $8,000 to $110,000. Wiki…

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Deferred maintenance, old school appliances, worn out carpet, bathrooms from the 60's 70's 80's, outdated kitchens, big brass light fixtures.  These are just a small fraction of the updates and renovations that many homes need.  When trying to sell, these are big negatives.  This brings up the question of the week:

Should I update my house or drop the price?

The correct answer:  BOTH!

Competition is fierce in the home selling business.  Your house is competing against 3 major competitors:

  1. Banks:  Banks are willing to price 30% below market value in order to move the "asset".
  2. Short Sales:  Banks and Sellers team up to give a 1 - 2 punch of both a cared for property and a low price.
  3. Your Neighbors:  The most competitive of them all. …

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Buying a Home in Jacksonville?

Have you noticed how many are short sales?

Be careful! Not all Short Sales are created equally!

Top 5 reasons you should buy our Short Sale Listings:

  1. Sellers are screened: Who wouldn't want to bail out of an upside down house right?  Well, not everyone can.  In fact, it's very difficult to convince a bank to allow you to sell for less than is owed.  Sellers need to have a true hardship, and I meet with every seller before their home gets listed for sale.  If they don't have a true hardship, I don't list the home as a short sale.
  2. Sellers are screened by an attorney: Ditto the above.  Once they are screened by me, they meet with an attorney who digs a little deeper.  The attorney's don't want to waste their…

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Isn't it time to finally move to Florida?

With all the snow and airport closings on the news, I can't help but write this. 

  1. No State Income Tax
  2. No Snow
  3. No Iced Roads
  4. Warm climate
  5. Humidity is better for your skin...right?
  6. Sunshine is good for you, and we have plenty of it!
  7. Ocean
  8. Beach lifestyle
  9. Big business is here, if you need a J O B
  10. Seafood.....catch it yourself or pick it up from a fresh seafood stop
  11. If you are going to boat, boat here
  12. Outdoor lifestyle....surfing, hiking, kayaking, boating, water ski, fish, hunt;  it's all here
  13. Friends and Family will visit.....I promise
  14. Flip Flops & shorts are common in even the best restaurants (ditch your black plants)
  15. NO Ties Allowed:  Welcome to Khakis and…

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