Here are the numbers of active property listings, those under contract, and sold properties for Single Family Homes in Jacksonville Beach, FL for the month of February 2008:
- Active 300 active listings for Single Family Homes (no condos)
- Pending 6 pending (there is a contract and inspections/financing have been done)
- Sold 4 sold (prices ranged from $221,000 to $700,000)
- New Listings 52
This month it appears Jacksonville Beach is taking a step backwards: our active listings have increased 4% from January 2008, our pending listings have decreased 25%, our sold listings have decreased 55%, and our new listings have decreased 16%. WHEW - that was a lot to type!
I have been hearing positive news from Realtors, and other associated industries I talk to on a daily basis, including mortgage lenders, home inspectors and insurance people, so these decreases are surprising to me.
One factor influencing us at this time is the tightening of the mortgage markets, and the disappearance of 100% financing. Many buyers may not have the 20% down payment lenders would like to see, and when you are talking about a $350,000 purchase, that 20% is $70,000, which is a big number. Also, many lenders I talk to know will only lend to 95% of appraised value - something else to take into account.
Here are the February 2007 numbers for comparison:
- Active 285 active listings for Single Family Homes (no condos included)
- Pending 11 pending (there is a contract and inspections/financing have been done)
- Sold 7 sold (prices ranged from $231,000 to $500,000)
- New Listings 62
It's a great time to buy, particularly if you have a good credit history and some money to bring to the table - depending on your income and credit, you may not need 20% down. Talk to your lender to see what options are available to you.
If you are selling, now more than ever, it's imperative to make the best possible impression from the first day. Look at your home with a critical eye, or, you have difficulty doing that, have your Realtor or a stager look at it and help you determine how to improve. It's not impossible to sell right now, you just need every possible advantage!
Make It A Great 2008!