Time to Sell Your Home in Jacksonville Beach??

The time to sell is a waiting game for some

 

By Megan Hopkins • March 21, 2013 •

 

Real estate is always a game of knowing when to make your move. With that in mind, industry experts suggest move-up buyers remain mindful of how quickly home prices appreciate while riding the current market recovery. For move-up buyers wanting to wait out rising home prices to ensure they can sell their current home at a maximum price, analysts say the value of such a move depends on when the homeowner purchased their current residence.

 



Daren Blomquist, vice president of RealtyTrac, says homeowners who purchased during the down market of the last two or three years would be wise to move up in 2013. "Because they bought near the bottom, these homeowners should have built up some good equity that can go toward the purchase of a new home, and waiting longer to build more equity likely won’t provide much advantage given that other homes that they might want to move up to will also be appreciating at roughly the same pace," said Blomquist. He added, "In addition, the low interest rates of 2013 are certainly not guaranteed to last forever."

According to data from the Mortgage Bankers Association, mortgage rates are expected to reach 4.4% in the next 12 months and the 20-year average could possibly hit as high as 6.5%. Real estate broker Redfin says this is precisely the reason why some homeowners wanting to sell their current home in lieu of finding a nicer one should not wait. While waiting a few years will most likely mean the selling price of the current home will be higher, it also means the price of the new home will rise as well. "If you're selling one house just to move up to another, it does you no good to wait for prices to rise — the price of the move-up home will increase faster than the price of the place you're leaving behind," said Redfin CEO Glenn Kelman. With that being said, Blomquist warns potential homebuyers against rushing to buy a home once they have sold their current home. According to RealtyTrac data, more foreclosure inventory will become available in the next six to 12 months in markets with rebounding foreclosure activity in 2012. Markets such as Florida, Illinois, Ohio, Pennsylvania, New York and New Jersy will see the strongest growth in foreclosure inventory, according to RealtyTrac. "Particularly in these markets it might be good for the move-up buyers to sell in the spring when inventories are still tight, rent or stay with family for a few months, and then buy in the fall when that additional foreclosure inventory is listed for sale," said Blomquist.

 

However, for homeowners who purchased near the peak of the housing market — in the past five to seven years — it’s probably better to wait for home prices to rise further before they sell and move up, Blomquist advises. "If these folks need to move because of a job or other reason, it is worth considering renting out the property in the short term to take advantage of the strong rental market," said Blomquist.

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

Suffered a foreclosure? You can buy again!

NEW YORK – Feb. 26, 2013 – Many former homeowners who walked away from their homes in a “strategic default” are back on the market, eager to buy a home again. Owners who go through a strategic default choose to do so, calculating that the financial loss and any resulting hit in their credit report makes more sense than staying in a home that lost value.

Nearly 80 percent of strategic defaulters say they want to buy a home again within the next 12 months, according to a survey by YouWalkAway.com, a website that helps borrowers in the legal pitfalls of strategic default.

The market potential for these comeback homeowners could be huge: The number of eligible home buyers who have a foreclosure on their record will reach 1.5 million by the first quarter of 2014, according to data by Moody’s analytics.

Borrowers who defaulted on their mortgage during the recent recession may fare better at qualifying for a loan again than those who defaulted on multiple credit accounts and auto loans too, according to a study by TransUnion conducted in 2011.

“There appears to be a pocket of opportunity among mortgage-only defaulters that is not the result of excess liquidity, but rather the unique circumstances of the recent recession,” says Steve Chaouki, group vice president in TransUnion’s financial services business unit. “This new market segment that the recession created is an important one for lenders to understand. They have the potential, today, to be stronger and more reliable customers.”

Still, some comeback homeowners will have to wait. For example, the Federal Housing Administration requires homeowners who faced a foreclosure to wait three years before they can buy again while Fannie Mae and Freddie Mac require up to seven years for a strategic defaulter to wait to apply for a mortgage again.

Source: “They Bailed on Mortgage, but Now Want to Buy Again,” CNBC.com (Feb. 22, 2013)

© Copyright 2013 INFORMATION, INC. Bethesda, MD (301) 215-4688

Fannie, Freddie to Allow Walkaways in Some Cases

Fannie, Freddie to Allow Walkaways in Some Cases

13143 Annandale Dr Jacksonville FL 32225

Latest update on the Jacksonville FL real estate market

Wow! What a difference a few months make! The short and sweet version of what's going on in the Jacksonvile Market is this:

Our inventory is DOWN to a 6 and a half month supply. A "normal" or stable market is considered to be a 5-6 month supply.  We're almost back to normal! Break out the champagne!

Have you been house hunting lately? Good luck! The inventory is VERY low.  It's hard to find very many houses to look at. Guess what this (historically) means?  Yep. Supply vs Demand = Higher home prices.  Keep that in mind if you're still sitting on the fence.

Need more proof?  How about these factoids?  New listings crept up a little in February, but not nearly enough to keep up with the number of sold properties.. I'm thinking that means that we're exactly where we were this time last year. Know what that means? Yep. The bottom is here or so close I can almost see it!

More evidence?  The median sales price was down a whopping 0.2% over last year. I say that doesn't count. I'm going to call it a wash and say that the median sales price didn't fall. I mean seriously, 0.2%? I'm thinking that means that we're exactly where we were this time last year. Know what that means? Where are all of the REO's and Foreclosures that were headed to the market? They haven't made it here YET.  CAN IT BE THAT WE'VE HIT BOTTOM??

Just maybe. Pending sales are up 26.5%. Yes, you read that right UP 26.5%.  About half of those (47.4% to be exact) were distressed sales (short sales, foreclosures, REO's) and the rest were gool old fashioned seller owned properties.

Can it be?  Someone pinch me. I think we've hit bottom and maybe, just maybe, with this shortage of new listings, prices just might to start going up. I will be happy if they just stablize and stop falling. Afterall. All we want is a healthy market where Sellers can Sell and Buyers can afford to buy.....

I think we just might be there now. What do you think?

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,

Jacksonville Beaches area real estate market update

Jacksonville Beach FL numbers are in for November. Let's take a look at the scoop.

The average median sales price of Lender Mediated (short sales, foreclosures and REO's) homes was $204,750.  The average sales price was $237,402. The median sales price of Traditional Sales was $245,000.This is an increase of 30.7%. The average sales price of Traditional sales was $349,883.  This is up nearly 23%.

November Days on Market is down 17% and the inventory of available homes is down a whopping 26.1%. Jacksonville Beach is down to a 7 month supply of homes. This is very close to what is considered a "normal market". Closed sales were up 18% in November.

It appears that Jacksonville Beach is on the road to recovery. Inventory is down and prices are up!!! It looks like things are headed in the right direction for this market. Let's see if the trend continues.


If you were waiting for "the bottom". We may be there. Don't wait. Interest rates remain low and prices are beginning to rise. Don't sit on the fence too long! Call me today.

Jacksonville Beaches area real estate market update

As they say, "the numbers don't lie".  The Beaches area markets are all over the place! Without giving out TMI (too much information), I'll give you the hightlights and the lowlights of the Beaches market. I'll give you the condensed version.

Jacksonville Beach has fewer listings than it did in Oct 2010 (-31.7%) but the median sales price price was up 9.1% ($232,300.00) over October 2010.  Year to Date in Jax Beach median sale price is up only 1.4%.  BUT---the key word here is UP! Inventory is down 24.3% from the same time last year. We are down to a 7 month supply of inventory in Jacksonville Beach. That's a GREAT thing!

Neptune Beach took a huge hit on the median sales price. It was down a whopping        -59.7% compared to October of 2010. Year to date numbers are a whole lot better - up 16.7% to $280,000.  The median sales price in October 2010 was $501,500 and this year the median sales price was $202,000.  WOW!!  There are 8 months of inventory on hand in Neptune Beach right now. This is down 46.7% vs the same inventory in October of 2010.

My head is hurting from all of these numbers! I am ready to bang my head against my computer monitor. I never was much of a bean counter!  One last report to go!

Atlantic Beach had 25% fewer closings in October of 2011 than they did in 2010. The median sales price is up 20.7%.  The current median sales price is $281,250. Again, the key word is UP! So the bottom line in Atlantic Beach appears to be fewer homes sold, but the ones that did sell - sold for more! There is a 7 and a half month supply of homes on the market right now in AB. 

Jacksonville Beach and Atlantic Beach both showed improvement in price but fewer homes sold. Neptune Beach had a price DECREASE but year to year, the prices are up 16.7%.

The number of homes on the market continues to decline. This will probably force prices to continue rising. Interest rates remain low so this just might be the perfect time to buy!

Call me today and let's get out there and find you a house at the Beach. Can't you just see yourself taking a long walk on the sand today?

Jacksonville REO Market

I've finally stepped out of my comfort zone and decided to try and list some REO properties! I'm a little spooked about it. I've heard the lenders can be difficult to deal with but I think I can handle it! You know that there are plenty of these listings to go around. I am so detail oriented and have been accused of being a little TOO concerned about the "small stuff".

I have created a web site and would appreciate any comments about it. It's simple, all I wanted to do was give people a way to get in touch with me. In the meantime.... I've started doing BPO's. These are Broker Price Opinions and are critical in the process of selling a short sale. When the lender gets an offer on a property, they order a BPO so they'll know if the offer is a good one. They are time consuming but I think they'll keep me very active in my market. I will also have a better understanding of how to help MY buyers make offers the lender would accept. I won't be able to sell any of the properties I actually do the BPO on, but it will help me with other homes in the area. The BPOR designation carries a lot of weight with the lenders.

They really need some help!!! As a BPO agent for the lender, I'll be their eyes and ears in the market. They don't just consider the price per square foot. They want to know detailed info that's only available to REALTORS. I learned a lot in the classes. I'll let you know how it goes...

Jacksonville Real Estate Market News

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!!!

Showing homes in Jacksonville FL: Trick or Treat?

Posting this story has become a tradition for me! I didn't want a year to go by without posting it. Unfortunately, the story rings true today like it did many years ago..................................

Halloween Horror Story for a REALTOR

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

Wednesday, May 02, 2007JANESVILLE, 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!

Call me today!

Perfect Time to Buy a Foreclosed Property in Jacksonville FL

Home sales up 12.9% in NE Florida


From WOKV News Talk Radio Jax

Jacksonville, FL —

In February home sales were up 12.9% from a year ago in northeast Florida. The Northeast Florida Association of Realtors is reporting sales are up but prices are down 12.9%.



NFAR communications director Melanie Green says most of the homes sold last month were not traditional sales. "The sales that occurred in February were weighted heavily by lender mediated sales, those are your foreclosed and short sales." She says that's a bit of bad news but it does indicate that investors are coming back into the market.



We also heard from consumer warrior Clark Howard. He says right now is the perfect time to buy, the reason being that the timing is right. "If you're buying a home now, man everything is smiling on you, the prices are phenomenal on the homes, the cost of money to borrow and finance those homes is still great, and this is not a gotcha this is an opportunity."


I can't argue with the experts!! Call me today!

Working With A REALTOR More Important Than Ever!

I read this today and thought it was definitely worth sharing.

Working with a Real Estate Professional is More Important Than Ever in Today’s Real Estate Mark 

RISMEDIA, February 17, 2011—In a landmark study examining the home buying and selling preferences of consumers in the Mid-Atlantic region, 95% reported that working with a real estate professional is just as important, if not more important, than it was just a few years ago. The survey results were released in a new research paper entitled Keepin’ it Real, by MRIS, the area’s Multiple Listing Service (MLS) and a leading developer of real estate information technology.
According to the report, which can be found on www.MRIS.com, today’s consumers recognize this is not the time to complete a real estate transaction on their own, and are placing a stronger emphasis on the agent’s professional skills. As such, trustworthiness was ranked as the most critical factor in choosing an agent, followed by experience, willingness to look out for a client’s interest, expertise in negotiating contracts, responsiveness, familiarity with contracts and knowledge of the local community. These requirements are evidence that consumers are seeking more than simple guidance, they are looking for an expert they can trust to execute a step-by-step process throughout the entire transaction.

“In today’s housing market especially, this is no time to go it alone,” noted John L. Heithaus, Chief Marketing Officer of MRIS. “With 95% of all buyers and sellers reporting that working with a professional real estate agent or broker is important, it is evident that consumers understand how vital they are to the process. A real estate professional has the industry knowledge, networking ability and expert guidance on home buying and selling to deliver top notch customer service and advice, and provide a successful experience for consumers.”

Additionally, the Keepin’ it Real report reveals that 68% of buyers and sellers rated their agent with a six or seven, on a 7-point satisfaction scale. This high level of consumer confidence reinforces the credibility of the real estate professionals in the Mid-Atlantic area. Nearly half of the consumers surveyed, or 48%, found their agent by way of referral. Moreover, 80% of consumers stated that they would recommend their agent to a friend or family member, especially those that purchased or sold a home in the past twelve months.

Whereas in years past, the agent was the first step in the home buying or selling process, today, Internet-savvy consumers can gather information and educate themselves, long before contacting an agent. The Internet empowers consumers to search for homes and neighborhood information, compare pricing and explore financing options on their own. Yet, despite all of the tools and resources available, when it comes time to actually buy or sell a home, there is nothing more valuable than the industry knowledge, expertise and guidance a real estate professional brings to the table.

The Keepin’ it Real research paper is confirmation that today, more than ever, a real estate professional is an invaluable resource in the home buying and selling process.

Published by RISMedia.com

Distressed Home Market in Jacksonville Beach continues to thrive

There are currently 328 homes listed for sale in Jacksonville Beach.  Of those homes, 11 are foreclosures and 75 are short sales. If history repeats itself, of those 75 short sales, most if not all of them will become foreclosures. The lenders are just not motivated to help us clean this market up. I was told by a local real estate attorney that specializes in short sales that the lenders make a LOT more money if they sit on a short sale than if they accept an offer and take a hit on it!  They'd actually rather let it sit on the market a long time and then foreclose on it!  What a mess!!!


Call me today if you'd like to snatch up one of the deals in Jacksonville Beach.  I'll be happy to help.

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??

Foreclosure Information Jacksonville Beach

Currently there are 18 homes that are HUD owned or bank owned properties in Jacksonville Beach. These homes are priced at $48,000 to $370,000.

Contact me today for detailed information on these homes and any others in the Jacksonville area.

Better yet, please set up your own ListingBook account to search the MLS like a pro!  When you need more info--you can contact me in ListingBook.

How To Stay In Your Home and Avoid a Short Sale or Foreclosure

I found a great site that I think you'll find VERY helpful.  It answers a LOT of questions you may have about your house and what steps you need to consider taking to save it.

Visit this site today.

Call if I can help.

Condo Sells UP - Prices DOWN

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.