Real Estate in Northeast Florida and Around the World

Did you hear?  Existing-home sales in the second quarter showed healthy gains from the first quarter in the vast majority of states, and price declines have increased affordability in most metro areas, according to the latest survey by the National Association of Realtors®.

Total state existing-home sales, including single-family and condo, rose 3.8 percent to a seasonally adjusted annual rate¹ of 4.76 million units in the second quarter from 4.58 million units in the first quarter, but remain 2.9 percent below the 4.90 million-unit pace in the second quarter of 2008.

Since mid-June, inquiries regarding home purchases and buyers who have gone from "I think I want to buy a house" to "I want to buy a house now" have increased in my daily business.  I have been working with almost a dozen active buyers, having successfully helped almost of half of them present offers on their dream homes at outstanding prices.  The others are still looking and are narrowing their choices.  I still get daily inquiries - the interest is still there.

My sellers are seeing very choosy buyers.  Even when a house is deemed to be in perfect showing condition and right-priced, buyers are finding ways to compare multiple properties as the inventory levels remain above normal.  However, a couple of my buyers also found themselves in multiple offer or "bidding" wars for nicely appointed, well-priced properties. Everyone is going for the nicely appointed, well-maintained home that is competitively priced. Especially in the $125,000 - $350,000 range here in the metropolitan Jacksonville market.  Why?  First-time home buyers.  By the time they spend every dime on their home purchase, they will not have the means to do repairs.  And if they do, they want to buy new furniture, towels, a lawn mower, etc., not do the deferred maintenance that a seller should have done.

The properties that are overpriced, or have signs of deferred maintenance get bypassed quickly.  So - if you are in the market to sell your home, be sure to talk with a Realtor and ask for the cold hard truth about showing condition and pricing.  Additionally and of great importance is how your home will be marketed.  Will a sign be put in the yard and in MLS?  What about multiple photos, virtual tours, videos and brochures - not to mention personal websites and e-mail marketing.  You can have a great house priced right, but if it is not marketed to its fullest extent, who will know? Close to 90% of all home buyers begin their search online - and if there are no pictures, or only 1 picture and no detailed photos of the inside, you can bet they will pass that house by. 

So, I'll be out and about in the neighborhoods, seeing what the inventory holds and updating my customer on what's going on.  Maybe I'll see you while I'm out in the neighborhood - if so, throw me a wave or stop me to chat.  See ya around!