Jacksonville Beaches Real Estate

Sales in Jacksonville increased over last years numbers. There were 701 "normal" sales and 614 "distressed" sales in September. Inventory dropped an incredible 32%.  Guess what?  We're almost down to a "normal market". When we have a 5-6 month supply of properties on the market, we're considered "normal". In September we were down to a 7 month supply. Along with the good news, there is some bad news (for sellers anyway). Prices on normal sales dropped 6.5%  and prices on lender mediated (short sales and foreclosures) ROSE 4.5%!!! So in a nutshell: inventory down. Foreclosure prices up. Normal sales prices down. We are very close to a "normal" market!!!

Wow! Condo sells in Jax are up a whopping 90%. Yes. You read that right--90%. The median price of a condo in Jax dropped 42% to $74,200. That's the second highest drop in the state. NOW IS THE TIME TO BUY A CONDO! And it's the time to buy a single family home. Prices are LOW and interest rates are still incredibly low. If you've ever wondered if you could qualify for a loan to buy a condo or a home, give me a call or shoot me an email. I'll be happy to put you in touch with some really good lenders.

Is it just me, or is this Christmas here to soon? I'm just not ready for it yet. It could have something to do with the fact that it's going to be 83 degrees tomorrow. Somehow, 83 degrees and Christmas just don't seem like a good match! How can we get past this heat?!?!? The real estate market remains hot too. I got another short sale listing today. Another investor owned property that would be a really good buy for someone. There still seems to be a lot of activity out in the market. Lots of buyers trying to take advantage of the First Time Buyer tax credit. Lots of buyers trying to take advantage of the foreclosures on the market as well as the short sales. Interest rates dropped so low last week that they are the LOWEST THEY'VE EVER BEEN!! Wow! At one point they were just above 4%. That's amazing! What are you waiting for? If you've been thinking about buying a house...NOW is the time to act! In the meantime, I hope the weather cools off, but not the marke...

The number of short sales in the Jacksonville market continue to increase while the number of REO homes seems to be decreasing. There are a lot of foreclosed homes (REO) that are being sold for MORE THAN ASKING PRICE with multiple offers! There are often more than a dozen offers on a foreclosed home that is in good condition. The short sale market is absolutely dead at the moment. In order for a First Time Buyer to purchase a short sale, they should have placed their offer MONTHS ago! Short sales are taking 5-6 months to get to closing so they're not a good option for a First Timer trying to meet the November 30th deadline for closing. As the homes that have been on the market continue to sit there, more and more of them are becoming short sales as the price has to be reduced. The price drops and the status of the home becomes a short sale. It's brutal out there right now for SELLERS and it's GREAT out there for buyers! Interest rates are approaching historic lows and the...

This is a quick overview of the Jacksonville Market. Call me today and let's see if we can get you into a home before the Tax Credit expires.

If they don't extend the November 30th deadline for first time buyers to get the tax credit--- you're too late !!! Short sales are consistently taking 3-6 months to close so you've waited too long. I predict they will extend the deadline, but you just can't count on that for one minute. If you're looking for a really good bargain in todays market, stick with foreclosed homes. They can close in 30 days or less. You can USUALLY get a response from the lender on your offer in 24-36 hours. Please note that there are multiple offers now on the nicer houses. I've heard that some homes have as many as 2 dozen offers!! In today's market, it's probably better to start out with your highest and best offer right from the "get-go". That way, if you really love the house, you'll know if you're in the game. With the number of offers being thrown on the table, you need to try to make yours the best! Call or email me today for a list of foreclosures i...

The $8000 Tax Credit, as currently written, expires on November 30th. If you've been considering buying a short sale, you might be too late! They have consistently taken 90-120 to close and with that in mind, you need to write a contract TODAY! Of course, there are a few weird exceptions that have closed in 60 days, but for the most part, a 90 day minimum is the norm. Please don't wait! There is a chance they may extend the credit and I hope they do! It's keeping the real estate market alive right now. BUT. There's just no guarantee that they will. If you have a short sale in mind; if you like it, you'd better make an offer right away in order to beat the deadline. Call me today for more information about buying a short sale and about how you might qualify for up to $35,000 of bond money!

Wow! Things have gone crazy in this market! The investors are fighting with the "normal buyers" and the "normal buyers" are coming out of the wood work! I guess it's the $8000 carrot that the Feds are dangling in front of the buyers noses! I am working with 4 different buyers. Let me say that again...I am working with FOUR buyers! These are preapproved, bonafide, ready to buy buyers! And just to add a little icing on the cake, they are the sweetest, nicest, funnest buyers I've ever worked with! Dare I say it? Oh what the heck: we are having fun ! There are so many "bargains" out there right now it's amazing. The prices are HOT HOT HOT ! Someone call the fire department! The Jacksonville real estate market is on fi-ya! Call me today and I'll find you a sweet deal too!

The number of houses that are now pending in MLS is AMAZING ! I am blown away by the increase in business in our market. The number of REO's (bank owned--foreclosed homes) on the market is increasing too. I was shocked to revisit a search I did the first week in April on the Westside of town. Out of 11 homes that had been "active" at the time, 9 are now "pending". Wow! Now keep in mind, these are low priced homes ($100,000 or less) but they are an indication of the increase in sales. A lot of these homes are being purchased by investors. That's okay! We HAVE to get these homes off the market so the rebuilding process can begin. As long as these properties continue to bring the entire market value down, we're destined to stay in this declining market. I celebrate every single sell of a short sale or REO property in the Jacksonville market! That's one less low priced home that's keeping the price of every home nearby low.

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 ...

There are currently 3000 preforeclosure homes on the market in Jacksonville. If they aren't in full blown foreclosure proceedings, they're definitely in deep trouble. Most are in some stage of the foreclosure process, lots are short sales. In troubled times like these, it's time for the buyers to come out of hiding! Interest rates fell again Friday to below 6%! Now is the time to get into the market! Whether you're a first time buyer or an investor--the time is right. Inventory remains extremely high (which means lots of homes to pick from) and now interest rates are low so it's the "perfect storm" for buyers. I can even tell you about a way to get up to $35,000 in buyers assistance for first time buyers! Yep. You read that right. I can get you up to $35,000 to help get the price down, pay closing costs, do repairs, or whatever it takes to get you into that first home! Call me today and I will put you in touch with the lender that will guide you thr...

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...