Feb 2024 Market Stats

 

No Sign of a Market Crash in Housing

Here is a condensed-quickie take on today's market vs 2008 and why I don't think the market is going to crash. Lending standards are very strict now. In 2008 if you had a pulse, you could get a loan. Wanted to buy 2 or 3 homes?? Let's check that pulse... APPROVED. 

Our inventory remains extremely low. We only have a 3 months supply of homes for sale (6 months is considered a healthy market).

 In 2008 we had a 10 months supply, driving the prices down. There were SO many foreclosures flooding the market, prices had no where to go but down. 

 People aren't using their homes as ATM's. In 2008 people tapped their home equity for cars, boats and vacations. You know, the "essentials". 

The available equity (before hitting 80% of loan to value) is at an all-time high. Only 1.1% of homeowners are underwater (owe more than their house is worth). People with equity have options to avoid foreclosure.

Without all of the foreclosures of 2008 prices will continue to go up in 2024. Slower than 2023, but still UP.

There ya go. Now you know why I think the real estate market isn't going to crash in 2024.

Why should I buy a home in Jacksonville Florida?

Jacksonville, Florida, is a vibrant city that offers a diverse and dynamic real estate market. As the largest city by area in the continental United States, Jacksonville boasts a wide range of neighborhoods, each with its unique charm and characteristics. Whether you're considering buying or selling a property, understanding the key aspects of the Jacksonville real estate landscape is essential. 1. Market Diversity: One of the defining features of Jacksonville's real estate market is its diversity. From historic neighborhoods with charming bungalows to modern waterfront developments and suburban communities, Jacksonville caters to a variety of lifestyles. Understanding the distinct features of each area is crucial for finding the perfect fit for your needs. 2. Market Trends and Stability: In recent years, Jacksonville has experienced steady growth in its real estate market. The city's economy, fueled by a mix of industries including finance, healthcare, and logistics, has contributed to a stable housing market. Home values have seen consistent appreciation, making Jacksonville an attractive destination for both homebuyers and investors. 3. Affordability: Compared to many other cities in Florida, Jacksonville stands out for its affordability. The city offers a range of housing options at various price points, making it accessible to a broad spectrum of buyers. This affordability factor has contributed to the city's popularity among first-time homebuyers and those looking for a cost-effective yet vibrant place to live. 4. Waterfront Living: As a city situated along the St. Johns River and the Atlantic Ocean, Jacksonville provides unique opportunities for waterfront living. Waterfront properties, from riverfront homes to beachside condos, are highly sought after. These areas not only offer stunning views but also access to recreational activities and a laid-back coastal lifestyle. 5. Urban Revitalization: Jacksonville has undergone significant urban revitalization in recent years. Downtown, in particular, has seen a resurgence with the development of new residential spaces, entertainment venues, and cultural amenities. This revitalization has attracted young professionals and creatives, contributing to the city's evolving and dynamic real estate scene. 6. Investment Potential: For investors, Jacksonville presents a promising landscape. The city's strategic location, economic stability, and ongoing development projects make it an attractive option for those seeking real estate opportunities. Whether interested in traditional long-term rentals or short-term vacation rentals, Jacksonville provides diverse investment avenues. In conclusion, Jacksonville's real estate landscape is multifaceted, offering a blend of historic charm, modern amenities, and investment potential. As you navigate this market, consider the unique features of each neighborhood and stay attuned to the city's evolving trends for a successful and fulfilling real estate experience.

Mortgage Rates Creep Up Slightly

Follow the link for detailed information. Mortgage Rates Slightly Lower After Fed Minutes

Halloween Horror Story

Once again it's time for me to repost the scariest real estate story ever! It's become an annual tradition to repost this article. I call it my "List Em and Leave Em" post. Don't let this happen to you!

The names have been changed to protect the slackers and the victims...


I continually hear people say that their realtor bugged them for weeks to get them to list their house with them. They finally agreed to list it and they never saw the REALTOR again!! I'm not exaggerating! Check out this story....

New example of a "list em and leave em" real estate company

JANESVILLE, Wis. - A couple checking out a house for sale were shocked to discover the 55-year-old homeowner dead in her bed. Authorities said foul play was not suspected. Real estate agent Linda stood in the dining room while Justin and Colleen walked through a house Monday night. Before long, she heard Colleen scream."I thought, 'What's wrong?' Maybe it was a dead mouse or something," agent Linda said. But then she peered into the bedroom and saw the body of the owner.

An autopsy determined the owner had been dead for two to three weeks, Rock County Coroner Jenifer K said Wednesday. The cause of death remained under investigation, but the woman appeared to have died of natural causes and no foul play was suspected, the coroner said.

The agent who listed the house, said it was for sale "for a while." Agent Linda said she had noticed a faint odor but thought it was from the mess in the house or the countertop full of dishes. After seeing the body, she said she told the couple: "We need to leave. This is not right. We need to get out of here."

I rest my case! If you want to list your house with someone that will communicate with you---give me a call! I look forward to hearing from you. I promise not to list your house and forget about you!

West Beaches Price Cut 4/2

Super Location In Jacksonville

Overview Maps Photos Description Neighborhood

$169,995 Single Family Home Main Features 4 Bedrooms 2 Bathrooms Interior: 2,001 sqft Lot: 9,583 sqft Location 13143 Annandale Dr N Jacksonville, FL 32225 USA To get updates on open home dates and other property events, please click the "Like" button below:

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Ronda Densford Magnolia Properties (904) 885-9907 ronda@magnoliaagent.com http://www.rondadensford.com

Nearby properties for sale

13143 Annandale Dr Jacksonville FL 32225

Jacksonville Market Improving

You can almost feel it in the air. Now that the inventory of homes on the market continues to drop........ Buyers really aren't in the drivers seat anymore. I sold a house last week and we (of course) got into a multiple offer situation. I explained to my Buyers how it works in great detail. Then I suggested that they "sleep on it" and consider their "highest and best offer". Keep in mind, they LOVE this house. We looked at a dozen others AFTER we looked at this one back in November. Everytime we left a home, they compared the others to this one. They asked me if I thought they should go in at full asking price. After another CMA and a lot of discussion, they decided they wanted it bad enough to offer full price. We did and we got it!  I had written a sweet cover letter and I'd like to think that helped the Seller make his decision. My Buyers are ecstatic and we're well into the process of getting the financing together. So there you go... Another home in Jacksonville sold at asking price.


The numbers don't lie. According to the National Assoc of Home Builders, our market has shown improvement in housing permits, our employment numbers have improved and house prices have improved for at least six consecutive months. This is another indicator that our overall real estate market is improving. According to NAHB:  "The three indicators that are analyzed are employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac, and single-family housing permit growth from the U.S. Census Bureau. NAHB uses the latest available data from these sources to generate a list of improving markets. A metropolitan area must see improvement in all three areas for at least six months following their respective troughs before being included on the improving markets list."


There may never be a better time to buy in Jacksonville. The interest rates remain low (my latest buyer locked in at 4%) and the home prices have stabilized at historical lows. We are attracting new companies and according to the Chamber of Commerce 8,000 new jobs were created in 2011. Not a huge number, but better than most cities.

We're excited about the real estate market in Jacksonville Florida!  Things are looking up and we're looking forward to market growth.

Contact us today for more information.

Some information from the National Home Builders Association

Merry Christmas

Merry Christmas! I hope the holiday season brings you lots of rest and maybe a present or two. I'm showing houses tonight so maybe my Buyers will get a signed acceptance before Santa comes!

Let's see what the New Year brings in the housing market. Wish I had a crystal ball...

Warmest Christmas wishes,

Death of Jacksonville Real Estate Market Highly Exaggerated!

Great article in the Biz Journal today. Here's a little snippet for you to ponder.

Jax ranked No. 4 for in the nation for home sales in January


Jacksonville Business Journal


Home prices in Jacksonville improved by 3.5 percent quarter-over-quarter, according to the report, though they were down nearly 8 percent year-over-year.


Real-estate-owned saturation, which Clear Capital defines as the percentage of REO properties sold compared with all properties sold in the last rolling quarter, was nearly 30 percent in Jacksonville.

Could it be that we've hit bottom??

Jacksonville Real Estate Newsletter Update

http://newstouseinjacksonvillerealestate.housingtrendsenewsletter.com?Newsletter_ID=247

Jacksonville First Time Buyers

Be careful what you wish for! I predict that we're going to have an amazing number of first time buyers entering this market in the next 2 weeks! Are you prepared?

First time buyers are the funnest, and the most challenging clients I've ever worked with!! Never a dull moment. They are smart, they're internet savvy, they have already looked at a LOT of houses on Realtor.com and other sites and they are READY TO GO!

We are under a very tight deadline. We must have a contract signed, sealed and delivered no later than April 30th. That seems so far away right now--it's not! After getting the deal done, we can close as late as June 30th.

In this market, the first timers are all looking in the same price range. I am starting to see multiple offers on homes already! Are you ready to get educated on how the process works? Some of my first timers are confused and have lots of questions.

Multiple offers and homes sold above the asking price will be here this Spring! I predict this will become the norm rather than the exception. Homes priced right will SELL in this market!

I'm living that very situation as we speak. I continue to get referrals from the first timers I helped fourth quarter of last year. The homes that we looked at in November and December are now Pending or Sold. Time is of the essence! Please be aware of the deadline and call me! If you are a first timer sitting on the fence--it's time to "jump"!

What a great time to be a REALTOR. This is what we do best. Match buyers with homes that will enrich their lives and families for many years to come. I love my job!!

Put me to work for YOU!



Ronda Densford, REALTOR
Magnolia Properties
Jacksonville, FL
(904) 885-9907

Jacksonville First Time Buyer Help With the New Good Faith Estimate

Here is a good video about the new Good Faith Estimate lenders are using.

Southside Home For Sale Jacksonville

Jacksonville Real Estate Market Update

Florida: Like California, home sales are up, and so are foreclosures and defaults. For the eighth month in a row, existing home sales rose--18%--in April, with existing condo sales up too--21%, according to Florida Association of Realtors’ numbers. The state, along with California, Arizona, and Nevada, powers the nation’s foreclosure abyss--10.6% of the mortgages in Florida are “somewhere in the process of foreclosure,” according to the Mortgage Bankers’ newest Delinquency Survey. This info from Florida Assoc of Realtors site.

This just means that we're nearing "the bottom". These new and improved, lower prices will be around for a while and once the "distressed homes" are sold-- prices will begin to increase again.

Buy now while the prices are low and interest rates are low. With all of the bailouts and now the proposed National Healthcare System looming...inflation will hit us next. The days of very high interest rates aren't too far off. How else can we pay for all of the government spending?

Don't delay. Buy today.

Give me a call or send me an email and put me to work for YOU!!

What do you mean the house is sold?

Oh my gosh. I think I'm making believers out of my buyers these days! I'm NOT using car salesmen tricks by saying "you better buy it now or it'll be gone". Read my lips: you better put an offer on it or it will be gone!! I kid you not. That's how hot the Jacksonville market is right now. First time buyers are gobbling up the houses in the 100-185,000 price range like I can't even believe. This is a hot, hot price range and the inventory is there to give everyone lots of choices.

The $8000 credit towards closing costs is really going to help a LOT.

Call me today and let's go find one of these bargains for YOU!

Help For Renters Living in Foreclosed Homes

Thank goodness! After making several posts about the renters caught in the foreclosure nightmare, I got great news today from Fannie Mae. The following article was on the Florida Association of Realtors site. I think they're on the right track and I will keep an eye on how things develop. If you're a renter living in a home that has been foreclosed on, Hang on! Help is on the way.

Check this out:

FANNIE TO HELP RENTERS STAY IN FORECLOSED HOMES

NEW YORK – Dec. 16, 2008 – Fannie Mae said Monday it’s finalizing a plan to help renters stay in their homes even if their landlord enters foreclosure.

The mortgage giant said it’s working on a national policy to allow renters living in foreclosed properties - and who can make their rental payments - to sign new leases with Fannie while the property is up for sale or get cash to help move into a new home.

Last month, Fannie and sibling company Freddie Mac suspended foreclosure sales on occupied single-family homes and evictions from those properties through the holidays until Jan. 9, 2009. Fannie said these actions helped an estimated 7,000 to 10,000 families to remain in their homes.

The company said the new renter policy will go in effect before Jan. 9.

Last week, New Haven Legal Assistance Association Inc. in Connecticut, which represents several tenants facing eviction on properties held by Fannie Mae, raised the concerns about renter evictions and discussed the situation with Fannie on Friday.

“Fannie Mae had the tendency to empty these properties with no attempt before or after the foreclosure to contact these tenants,” said Amy Marx, an attorney at the legal aid group. “A lot of these renters are low-income and an eviction wreaks havoc on their lives due to moving costs and the lack of affordable housing.”

Despite the suspension on foreclosure sales and evictions, some Fannie evictions were still going forward, Marx said. Fannie said Monday it contacted its lawyer and broker network to halt those evictions.

Fannie and sibling company Freddie Mac own or guarantee about half of the $11.5 trillion in U.S. outstanding home loan debt. The government seized control of the pair in September.

Company spokesman Brad German said Monday that Freddie Mac also aims to have a similar plan in place by early January.

“Clearly, renters are caught in the crossfire,” German said. “The goal is to provide them some stability and not evict them as a result of another’s foreclosure.”

Jacksonville Home For Sale on the "New Northside"

Price Is King When Selling Your Home

Wow! This is a powerful post and I thought it was worth sharing.

Original Post
Via Danilo Bogdanovic-Real Estate Consultant -Loudoun and Fairfax County:

Not all sellers understand that their asking price is the ultimate determination of whether they will sell their property or not. Not only does the asking price affect if you'll sell, but when and for how much. The longer it takes you to get to the correct fair market value asking price, the greater your Days On Market are and the more of a negative stigma buyers will have of your property. This can translate into lower offers and ultimately, a lower selling price.

Sure, how well your agent markets the property matters. But even the best agent in the world can't fool today's buyer and a good buyer's agent. Today's buyer has access to way too much information and data to overpay for a property. And a good buyer's agent will provide comps and their personal expertise to even the most uniformed buyer so that they don't make a bad decision and overpay for a property.

If you're wondering how much of an effect getting the asking price right has on if and when your property sells, consider this...

I took a look at the last 30 properties (not including foreclosure/REO or short-sale properties) that have sold (gone under contract) in Loudoun County. Here's what I found:

These properties went under contract in an average of 25.4 days of their last price change/adjustment
Some of these properties had been on the market for months, but once they adjusted their price to or below the correct current market value, they sold in less than a month
Some of these properties went under contract in as little as 4 days and had multiple offers
Some of the properties that sold were at the $700K mark and a few were over $800K so even the properties in the upper price brackets are selling quickly when priced correctly
No matter how well known your agent is, how good your marketing plan is or how many open houses you hold, it comes down to price.

It takes a good and gutsy agent to be honest and share with you your property's real and accurate market value - no matter how much lower it is than you thought. It's then up to you to listen to them, review the comps and data (aka CMA) and be objective with yourself and the situation. Once you do that and then list your property at a price that reflects today's fair market value and market conditions, you will actually sell it.

This post has really hit the nail on the head. If you're thinking of selling your home, please take Via's advice.

Update on my Short Sale Deal

I promised you I'd give you a heads up when we finally heard from the lender about our short sale offer. WE FINALLY RECEIVED A COUNTER OFFER from the lender this week! We immediately countered and hopefully they'll take our offer. The listing agent warned me that it might be 2+ weeks before we hear from the lender again! We rec'd a response/counter offer from the lender on day 70. If we hear back from them in 2 weeks, that will mean that it's been 90 days to get acceptance of our offer! TEXT BOOK SHORT SALE! Unfortunately, it will probably be 30 days after that before we close!

Short sales are a great way to save money when you buy a house. But you have to understand that it might take MONTHS until you close. This all depends on how far along the process is when you find the house. If it's still early in the process--be prepared for a 3-5 month wait until closing.

The interest rates are creeping up at a pretty fast clip. Please don't continue to wait too long to find your dream home. The rates are expected to continue to rise steadily until September and then the Feds are expected to raise rates. This will probably cause a substantial rise almost over night in the mortgage rates. Don't hold out too long! Take advantage of the current rate today.

Call if I can help. (904) 241-2386