We are #1 !!!

Not that we should be, but we (Jacksonville) are #1 on a recent report for price reductions.  The data showed that out of all the major housing markets in the United States, Jacksonville surged ahead with 54% of all current listings on the market have had a price reduction.  (that's really not good)

Important Points to pull from the Data:

  1. Price is everything in a Buyers market!
  2. REALTORS price properties too high (I've been guilty as well)
  3. The Market price of your home is still going down.  Remember, the property is only worth what someone is willing to pay for it.  Not many people will tell you this and it's hard to hear, but it's the truth.

The Good News:

  1. Houses are Selling!
    • Clay County Closings since June 1st, 2010 to August 6th, 2010:  397 Total Closings!
    • St Johns County Closings 6/1/10 thru 8/6/10:  503 Total Closings!
    • Duval County Closings 6/1/10 thru 8/6/10: 1,670 Total Closings!
  2. Investors are back in!
    • There are reports coming out that investors are back in the hardest hit markets (like the Miami condo market) and they are buying up super low priced condos in mass quantities.  The strategy is no longer the wannabe house flippers, but instead a buy and hold strategy with putting renters in the properties and building up a large portfolio of rental properties.  (If you have cash, you should seriously consider doing this!)
    • Locally, low priced condos and homes are being purchased more often with Cash...evidence that we have investor activity on a local level
  3. Conditions are ripe for Buyers who are able!
    • Ridiculously LOW interest rates help raise affordability and bring down mortgage payments
    • Plenty of inventory to choose from
    • Prices are down considerably off their highs in 2006
    • Sellers are willing to entertain all offers

If you are an Owner of a property in Clay, St Johns, or Duval, and currently have your home on the market, make sure it is priced appropriately to attract home buyers.  

Posted by Brad Officer on
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