Wow!  Check out this video on the depreciation and returning appreciation of our Jacksonville real estate market.  Very impressive!

One note to point out:  A slowing of appreciation.  The data is pointing to strong appreciation running up to now, but it's showing a slowing in appreciation which is exactly what we've been talking about in the last few weeks on our radio show:  Real Estate 911 with Brad Officer.  

Video no longer available

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Question of the month: Is it a good time to buy a home in Florida?

Much of the web traffic receives is from out of state home shoppers looking for waterfront homes in Jacksonville, beachfront homes, oceanfront in Ponte Vedra, etc. Inquiries come from all corners of the U.S. often asking questions about specific properties being showcased on the site, questions about the area, and questions about the market.

I've been getting the question above more often in the last few months as many are starting to think it may be a good time to make a purchase.

Top 3 Reasons why it's a good time to buy real estate in Florida

  1. As one of my mentors says:  "It's always a good time to own real estate".  Real estate is not the stock market and…

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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…

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We hear a lot of mixed messages about the housing market in the United States, the housing marketing in Florida, and in Jacksonville.  It makes it tough to decipher what is true and what is fluff.  The graphic below courtesy of Visual Economics does a great job of showing just what is happening in the housing market.

The bad news: homes aren't selling like they used to.

The good news: Homes are still selling, but yours must be in great condition with great curb appeal, it must be marketed correctly, and priced aggressively if it is to be one of the home sales for 2010.

Good news Bonus: In the graphic below, there is a slump that happens in the 70's, another in the 80's, and yet another in the 90's.  After each slow down, it always rebounds in…

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Save the date: Jacksonville Boat Show - April 16, 17, and 18, 2010!

There is no better addition to your Waterfront Home lifestyle than a boat!

Boats will be on display at the Metro Park and Marina downtown Jacksonville.  See this handy map for location of your favorite boats and accessories.

This annual event always pulls a large crowd of boaters from every walk of life.  Food and entertainment surrounded by every boat imaginable from sea kayaks to yachts.   Check out the official Jacksonville Boat Show here.

See you there!

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The chart below is courtesy of Zillow.  It shows the current pricing trends in several areas of Jacksonville.  The graph points towards a slowing in the price drops on homes for sale in our area.  Zillow removed their graph / historical data, so we've removed the graph as well.  Sorry!  

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In the past month there has been numerous real estate predictions from hundreds of sources.  Economist, local papers, national papers, National Association of Realtors, local realtors, mortgage brokers, talk show host, etc.  Just about everyone of them fall into one of 3 categories:

  1. The Prices are going down
  2. The Prices are stabilizing
  3. The Prices are going up

I decided to unveil the Official Officer 2010 Real Estate Prediction:

Buyers will buy because they want a home.  They will choose the best location that their money can buy.  Their money will go further this year than last year and they will be happy with the purchase for many years to come.  Sellers will be able to sell their home in 2010 - if it is priced competitively, in…

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Short Sales Speed Up!

Short Sales are about to finally speed up!  The Treasury department is putting big pressure on mortgage companies to speed up the short sale process.  The MAJOR change:

  • Answers within 10 days from the bank when a Short Sale offer is submitted

This change can't happen soon enough!  However, the time line actually starts April 1oth, 2010.   Lenders can go ahead and start complying sooner if they choose.  They have financial incentives to approve these sales and get them off their books.

Short Sales have been a grueling process for just about everyone involved.  Mostly due to the extremely long process it takes to get any information from the lender.  This big change will finally force banks to make a decision one way…

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Reported this morning on a national news channel, only 5% of Americans are either in the market or about to be in the market to buy a home.

This number is very low, but not surprising considering the current economy.  The really good info was the demographic as they reported the MAJORITY of that 5% were under the age of 35.  The "under 35" category is made up of Gen-X and Y, and they believe the market has bottomed out and now is a great time to pick up good values.

Jacksonville home buyers support the national news report

The majority of homes that I have sold in the past few months were purchased by first time home buyers which supports the national trend as well.  Not surprisingly, the homes that were neutral in color, very clean, with well…

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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…

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