Another day, another set of figures released by the Florida Association of Realtors (FAR) regarding northeast Florida real estate. Depending on who you are, the news of home sales dipping and median prices dropping in cities like Jacksonville either comes as upsetting news or an additional incentive towards embarking on a welcome opportunity.
Jacksonville real estate home sales went down from an average of over $190,700 a year ago to an existing $184,600. Condominiums also saw tremendous median price drops to just under $150,000, a substantial figure when compared to their almost $190,000 value they once demanded. This is a trend that has continued which many have said only reflects the market’s continued deterioration. True, it’s not the best of news but anyone who can look at these opportunities with a different point of view may see some worthwhile opportunities.
On the one hand, someone could argue a thirty percent drop shows there’s no end in sight to how low home prices will go and unless you’re willing to endure a considerable loss, it’s best just to sit and wait. Then again, someone else could look at this and figure that these are prices which will likely never happen again so now is actually the best time.
The lower the prices are, the better chances of a buyer or investor going ahead and actually exploring what’s available in Jacksonville condos, single family homes and communities, a plain and simple fact. While they may be more hesitant than the days when Florida real estate was booming, there are people out there still willing to snap up properties, albeit in lower numbers.
If you’ve been following real estate market news, you’ve probably read or heard something about how the market is expected to once again make increases as 2008 progresses further. Assuming these projections hold true, this news about falling values and lower prices only means north Florida real estate could end up slowly becoming a real estate goldmine once 2009 begins to roll in. While we’d all like to see news about prices actually increasing now, approaching these daily figures with a different outlook is fundamental in finding new opportunities.
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