Real estate values in Jacksonville have been declining for years, and 2011 looks to be holding steady with the trend.  Several reports are out stating that we are back to 2003 values.

Home Buyers:  Should you buy a house in 2011?

That's an easy question to answer:  Yes, IF you plan to live there for 5+ years.  No, IF you know you will be moving within the next few years.

Reasons to buy a home in Jacksonville this year:

  1. Inventory: Plenty of homes on the market to choose from.
  2. Interest Rates: If you haven't heard the radio blasting commercials, interest rates are at very very low rates.  Buy more home with less money.
  3. House Prices: See graph above.  Prices are down, so again more house with less money.
  4. Timing: This won't go on forever.  I anticipate a time coming soon where home buyers are offering 10% below the market value and home sellers won't accept the offer.  This will happen as the market begins to shift back to a neutral buyer/seller market.  Buyers will be mad that no one other than the junker houses will accept their offer.  Those buyers were late to the party and they will do a lot of complaining.  Don't be that guy!

Home Sellers:  Should I sell my home this year?

Yes.  If you need to sell, do you really have a choice?  If you want to sell, do you really have a choice?  At some point whether forced to sell due to life changes, job changes, medical changes, family changes, or just plain old wanting to sell and move to another house, you must sell your current home.

How to sell a home in Jacksonville in 2011:

  1. Curb appeal: Waste no time on the interior until you've exhausted all efforts on the exterior.
  2. Interior appeal: Remove as much as possible...get a storage unit.  Clean like crazy.  Paint touch ups everywhere.  100 watt light bulbs - sounds odd but I've sold builders homes who couldn't sell them by changing out all their mood lighting to 100 watt bright light bulbs.  Ditch any old, outdated furniture.
  3. Pictures: Buyers are shopping on the web, so curb appeal and interior appeal start with good photos.  I'm currently using a Canon 60D DSLR with a Canon 10-22mm wide angle lens.  The camera works to get the best photos available.  To get the best photos possible, see items 1 and 2.
  4. Price right: There is no secret on pricing aggressively.  Take my grandfathers advise on real estate pricing:  Get the fast nickel vs the slow dime - pack up and move on.
  5. Professional REALTOR: A professional will be honest with you.  I get a large amount of my business from referrals and I hear this often, "john doe referred you and said that you'd be honest about the condition of the home, what needs to be done to sell, and the realistic price we can expect".
Posted by Brad Officer on
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