"Chasing the market down":  What Jacksonville Home Owners need to know

This term has been tossed around more frequently over the last few months.  I've heard sellers use it, buyers, mortgage professionals, and appraisers.  Just what the heck does it mean?

The best definition is an example of what is happening every day in Real Estate during a declining or flat market.   It's happening everywhere and it's definitely happening here in Jacksonville.  Here are the steps as it most often occurs:

  1. Real estate agent suggest house price of $280k as comparable sales support that price.
  2. Owners insist on $300k.  "Our house is nicer and we've added a _fill in the blank_"
  3. 3 months go by, little action after multiple potential buyers look at the home.

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More positive news for Florida Real Estate

Stand back!  The positive real estate news has started!

Many are calling the bottom of the housing market this past April as more stats keep hitting the market on sales volume and pricing.  For now, there are still too many homes on the market to meet the demand which would point us towards the supply and demand curve of our Econ 201 days.  However, it appears to be picking up and there is even a a little buzz in the air.

This is a short round up of the latest news housing news:

Case Shiller Report: This report indicates 95% of markets are seeing home price improvements.  That's 95% of the markets they track.  Their gauge isn't exactly scientific as it only tracks 20 markets.  That being said, it is…

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Jacksonville FL Waterfront Homes Market Update

The market for Waterfront homes always has a strong demand even in tougher real estate markets.  This year is no exception.  In a housing market where most sales are coming from 1st time home buyers and deep discount bargain shoppers, there is a continued demand for this special type of home and property - Waterfront homes.

Over the past 90 days, there has been 34 sales of Navigable waterfront homes in and around Jacksonville, and 4 sales of oceanfront homes on the first coast.

As many home buyers are benefiting in the decline in market value of most every home in Jacksonville, many home shoppers have a potential to also consider waterfront living as a now reachable option in their home search.

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If you ever wanted to take advantage of  a buyer's market, this may be the perfect time! As reported in Forbes, the Top 10 things to buy before the economy improves.......a house was #1.

As we always say, "They aren't making anymore waterfront", so if you are considering a waterfront home, this may be a great time to get a great deal!

Waterfront property deals in Jacksonville and Ponte Vedra:

Navigable Waterfront: A quick search revealed 54 waterfront homes in and around Jacksonville, currently on the market that are either bank owned, foreclosures, or available for a short sale.  These homes are on navigable water 2 feet +.

Oceanfront Homes: The same search for oceanfront homes in Jacksonville and Ponte Vedra found 7 waterfront properties on…

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More positive signs for the Jacksonville Housing Market

Ranked #19, Jacksonville made the Forbes list of best cities to buy a home!

Add the positive news to record low mortgage rates, plenty of homes to choose from on the open market, the $8000 first time buyer tax credit, and you have a great opportunity to buy a new home in Jacksonville.  If you are considering a home search, time is of the essence.  The $8000 Tax Credit is only available until December, so get out there and find yourself a home!

This Forbes list was put together using a couple of key factors:

  • The number of ZIP codes within the city with 25% of the area’s sales to determine those in which activity is most evenly distributed.  (even distribution is good)
  • Increase…

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Cramer, with his crazy attitude, is declaring the housing bottom is here.  He specifically addresses some of the hardest hit areas like Florida.  He talks about banks holding mortgages, new home builders, foreclosures, and the $8000 first time home buyers program.

A good video with a lot of good info.  Main take away: He believes, for the most part, depreciation of homes is coming to an end in most places.  He isn't calling for appreciation, however I think all Jacksonville home owners will be glad to get away from the value free fall.

How does this affect waterfront homes in Jacksonville?  Every area of the housing market has been hit hard.  Waterfront homes have dropped in value, but many times the drop has been necessary to bring the price back…

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If you have been shopping for a home in Jacksonville and are working with a mortgage broker or bank for a home mortgage, rates are bouncing all over the place.

Rates have moved a little and sometimes a lot.  Sometimes up as much as a half point a day. WSJ reported on the rising rates here.

How does this affect you?  If you are purchasing a home and you intend to have a $200,000 mortgage, and your rate went from 5.5% to 6.125% , your payment just went up $80 per month.

Will this trend continue?  Well, check out The Daily Mortgage Reports.  Dan has an article that talks about summer trends.  Just about every summer, rates go up.  (Kind of like gas going up just in time for summer travel).

Is it Time to Buy a Home in Jacksonville?

Yes! Rates…

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Positive economic news is starting to float around the news channels more frequently.

This article from the Jacksonville Business Journal,  is calling for the end of the recession in the third quarter and even a stabilization of the housing market.  The article goes on to state that they expect a slight increase in housing values in 2010!

Additional positive news, Jacksonville is seeing some signs of a drop in the unemployment rate.   This graph from Google shows the unemployment rate for Jacksonville compared to Florida and the US overall.  Interesting to see the last high point in the 90's and the 8 years of falling unemployment that followed.  Will history repeat?

Jacksonville.com reports this story, as many economic indicators are…

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