Impact of Housing Inventory on Home Prices

As home owners, we are all concerned with the values of our homes.  Obviously we'd love if the values always went up, but that hasn't always been the case in the month to month housing market in the Jacksonville area.  Anyone who lived through the housing and stock market crash in the 2007-2008 timeline can certainly attest to the fluctuation in home values.  

Here we are many years removed and many percentage point increases over the lows of 2012.  Many areas of Jacksonville and the surrounding areas have seen great increases in values while others have seen very slow increases or even flat to borderline decreases.  

Why do some areas appreciate rapidly while other areas (very nearby) in the same town, depreciate?

It all comes down to your Econ…

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The Millennials Are Coming The Millennials Are Coming

uhhhh  -  I think they are already here!

Millennials: the buzzword to end all buzzwords. 

They’re constantly in the news. Every business from grocery stores to car companies have been asking how to best work with, understand, and market to Millennials for years. 

This group, composed of people 18 to 35, is drawing attention to themselves again by making up the largest percentage of current homebuyers. 

This isn’t actually breaking news. Millennials have made up the largest portion of homebuyers for the last three years, according to the National Association of Realtors.  

Millennials make up 35 percent of homebuyers compared to just over 25 percent for Gen X. Younger Boomers and Older Boomers make up the lowest percentage, each making up…

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How This Home Sold in 6 Days

As a home owner, it's often difficult to figure out which direction to go when selling your home.  You probably know a handful of Realtors in Jacksonville and may even be close friends with a few.  That can make the decision of who to choose when looking to sell your house very difficult.  In fact, we've run into situations where home owners have called us to ask if we could sell their home without agent XYZ finding out (which is near impossible).  ....mostly because they don't want to hurt the agent's feelings.  

IF you were choose the wrong agent, several possible consequences could be the result:

1. The wrong Realtor could leave WAY too much money on the table.

2. The wrong Realtor could take too long to sell and cost you more in added…

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Staging Could Save Your Home Sale

Buyers aren’t just looking for their next house; they’re looking for their next home. However, it can be hard to see that the house, which has been home to you, might not look like home to a potential buyer. 

There seems to be a fine line between making a home look livable and not just lived in. This is where the concept of staging a home comes in. An open house should show a prospective buyer the possibilities of living in that space without making them feel like they’re intruding. For this reason, extensive personal items, photos, and mementos should be limited when staging your home. 

According to the National Association of Realtors, the median price to stage a home is $675.

Realtors who represent buyers report that their clients are…

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Number 1 Secret To Selling Your Home

It's amazing how many homes go on the market for sale and just sit.... and sit ......  and sit ...... and keep sitting.....

They get showings, but they just sit. Unsold.  Still sitting unsold for days.  Those days eventually turn into weeks and eventually into months and longer.  

To rub salt in the wound:  The neighbor's house sells in 4 days!  

The Sellers think:  This is embarrassing!  and then starts thinking,  "why the heck hasn't my house sold?" 

or even further...

WHY THE HELL HASN'T MY HOME SOLD!?!?!?!

Then this thought hits: "It's gotta be my Realtor!"  The Seller talks with their Realtor, and hopefully the Realtor has some suggestions, and hopefully the Seller takes those suggestions and puts them into place immediately.  

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How to Speed Up the Short Sale Process

 great article by Donna Fuscaldo, @donnabail on Twitter, for FoxBusiness.com.  The article covers How To Speed Up The Short Sale Process.  Not only well written, but they used a very credible source:  Brad Officer  of RE/MAX & a Redfin Broker out of Phoenix, Marcus Fleming.  

How to Speed Up The Short Sale Process

1. Start with Professionals:  This is probably the largest Debt you have -therefore work with a Short Sale Specialist.  Every agent has jumped on the bandwagon of becoming a "Certified Distressed Expert", but come on?!?!  Research your chosen agent, make sure they have a clue and not just a 3 hour class.  
2. You must use an Attorney:  Forget what your bank told you about it being as easy as submitting a few documents.  It's not that…

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Home Selling Tip of The Week The Garage

I've seen too many homes for sale that have garages piled with junk. 

Boxes, give away items, garage sale items, and just your normal messy garage items. It's of my opinion that you can draw a conclusion how a home has been cared for based on the garage.  Messy garage = deferred maintenance house.  Clean and organized garage = well cared for home.  It's not scientific, but I bet you can think of friends and family members that support the theory. 

Further reasons to care about the garage:  If momma buys because of kitchen and baths, what turns on daddy?  Garage, yard, and office/man room.  Knowing this, home sellers should pay more attention to the garage. 

Clean it.  Organize it.  Paint the floors.  It is after all, part of your home. …

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Walking away from a home is a bad idea Choose Short Sale

In Jacksonville Florida, many homes have been abandoned by the owners after frustration of dealing with a mortgage modification.  It's happening in every neighborhood and in every income bracket.

I blame the mortgage companies! The general public is not aware that a Short Sale is the best option versus just walking away from the mortgage.  If an owner attempting a loan modification actually hangs in there with his mortgage company after months and sometimes years of frustration and red tape, eventually the mortgage company may finally deny the modification and then recommend a Short Sale......occasionally.

Short Sale is an option, and most often the best option.

Do not call the bank and ask if you can do a short sale!

If you call the bank and…

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#1 Most important when Selling a House in Jacksonville or Ponte Vedra

The #1 most important item when selling a house:  PRICING!

Demand for housing is very low and inventory very high which results in lower prices.  However, many owners and agents still price homes too high.

4 Reasons Owners Price their homes too High:

1. Good Ole Days:  "3 years ago our neighbor sold for $xx".
2. Purchased too High:  Many owners purchased the home for just less than they are trying to resale for.  Problem being they purchased between 2004-2008.
3. Leave room to Negotiate:  I hear this a lot, "Someone will make an offer and we want to have room to negotiate".
4. Owners Personal Opinion:  Many owners just think their home is worth more than their neighbors.

4 Reasons Agents price homes too high:

1. To get the listing:  Many…

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Short Sales Strategic Default on the Mortgage or true Hardship?

Looking at a home owners options to sell a home is difficult when their home is worth less than is owed on the mortgage.  Many owners have decided that being upside down in a home is not worth it, and they decide to stop paying the mortgage.  This is known as Strategic Default.

Without arguing the "ethical" dilemma that many face in a Strategic Default, it's better to just acknowledge that it is happening in every neighborhood in Jacksonville and Ponte Vedra Florida.

Avoid Foreclosure: Do a Short Sale

If you are in the situation where you need to stop making payments on your home, it is inevitable that at some point the bank will choose to start the foreclosure process.  This can all be avoided by completing a Short Sale.  Check out Short Sale…

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