Approximately 19% of the homes currently active or pending in MLS are either REO homes or PreForeclosure homes. In the condo market, the picture is a little worse. Of all condos currently active or pending approx 27% are distressed listings.  This continues to pull the price of ALL homes down.  This is a GREAT time to be a buyer!  The prices continue to drop and I just don't see a bottom yet. I think things are going to continue to be very "quiet" until we get this election behind us. There were almost 1800 homes sold in the last two months in North Florida so SOMEBODY is buying! The market continues to putt-putt along and I know that we're not hurting as bad as a lot of markets...thank goodness!  I am working with buyers right now that are very hesitant to commit to a contract when they feel like the price of the home is going to drop even more! I feel their pain and uncertainty.  It's just a crazy market right now... I am going to continue to watch the numbers very closely for any sign of a bottom. In Jacksonville, the median price of a home dropped $20,000 in ONE MONTH!!  That's unbelievable.

If you haven't talked to your lender lately--please go see them and get RE-Preapproved for your loan.  The entire game rules have changed when it comes to home loans!  I continue to hear horror stories about closings that have been postponed or canceled because buyers can't get financed.  They HAD financing 4 weeks ago--but not today.  Please see your lender for confirmation that you still qualify for the same amount of funding...just to be sure.

If you need any help with your house hunting or are considering listing your house, give me a call and I'll be happy to help.