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Deferred maintenance, old school appliances, worn out carpet, bathrooms from the 60's 70's 80's, outdated kitchens, big brass light fixtures.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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Chase Short Sale Information

Consider yourself lucky if you have a Chase mortgage and you need to complete a Short Sale in Jacksonville Florida.

Chase has long been one of the slowest banks to work with in Short Sales, however they have recently started to turn the ship.  They now are attempting to get ahead of the potential short sale.

Recent Chase Activity: On every listing we have that has a Chase mortgage, Chase has reached out to us first.  They are analyzing the list price vs. the mortgaged amount and the internal red flag goes up.  Once they have identified a potential for short sale, they are calling us!

This is major proactive bank activity!

Need to complete a Short Sale and have a Chase mortgage?  Contact a professional Short Sale…

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Many homeowners are struggling to keep a mortgage paid and at some point the home selling discussions begin.  Not a fun place to be, however it is what it is.

The first step is to obviously understand your finances.  Assuming you've already completed that and you've decided you must sell the house. go to step 2.

The second step is to determine the house's market value vs. the mortgaged amount.  If you've bought the home from 2003 to now or you refinanced during the same time frame pulling cash out and increasing the loan amount, you are most likely underwater.  If that is the case, selling would require bringing cash to the table or asking the bank for a short sale.  An article about Asking Prices vs Market Value was just published here a few days…

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If you are trying to decide when is the appropriate time to put your home on the market, my answer is simple:  As soon as possible....just after Christmas!

Traditionally, Spring was a great time to list your home for sale, however that's in a more normal real estate market.  In this market, you need to think like a buyer is thinking.

This is what home buyers are thinking:

  • Prices have bottomed out, and I want to buy before they start going up.
  • Sellers are desperate to sell and will take low ball offers.
  • If there is ever a time to get a great deal, now is the time.
  • Interest rates are starting to rise and I want to lock in a low rate.
  • There is so much to choose from, I can hand pick a great home and get a great deal.

I'm sure…

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