Spring Housing Northeast Florida 2008

By
Real Estate Agent with Watson Realty Corp
Spring Buyers Season March 25th, 2008 11:29 PM

Spring seems to be trying to come early this year to the Jacksonville area. All of the expected signs are there...sunny and warm 80 degree daytime temperatures...sun setting later each day...crickets and frogs make their nightly chorus...pollen coating everything...and sellers and buyers are starting to get VERY active. A good sign for sure!


So what's happening? Why is the market suddenly getting active ? Is the housing "bust" over?

We think a number of factors are contributing to the launch of an early spring season.

  1. INVENTORY LEVELS DECREASED: The number of homes for sale have DECREASED for the first time in 18 months. This is HUGE. If memory serves me correct (my ECON class was @ 7:30AM and I admitedly slept through a "few" sessions), economics 101 says the according to the law of supply and demand, when supply decreases, value increases. Now, don't get too excited. A good part of the reason inventory has dropped is because sellers have either elected to withdraw during a down market or have decided to place their home into property management. However, the number of SOLD has also gone up! This is most likely a "blip" in the market as it goes through seasonal adjustments.
  2. DISTRESSED PROPERTIES INCREASING: About 30% of our existing market inventory are either short sales or foreclosures. A "short sale" is essencialy a pre-foreclosure or a sale in which the lender has agreed to allow the home to sell for LESS than the existing balance of the loan.
  3. BUYERS WANT BARGAIN BEFORE MARKET REBOUNDS: Like sharks in the water, buyers are smelling blood. Savvy buyers are taking advantage of the current market conditions to purchase a home with substantial savings. As inventory levels drop, more buyers will be jumping on the bandwagon to get theirs before the music stops.

For more information about the market or to find or sell your home, call us today at 904-449-3504.

Happy House Hunting!

~Rich

 

Comments (9)

Greg Hampton
Re/Max Around The Mountains - Blue Ridge, GA
North Georgia Mountain Property,Blue Rid
I think the housing market has to find it's own level just like water. You can consider supply and demand,intrest rates,and alot of other factors. I am glad to read a positive report. Good Stuff!!!!!
Apr 24, 2008 09:33 PM
Earlene Myers
Fleming Island, FL
Your Client Connection

Welcome Neighbors to Active Rain!  Nice to see more Fleming Island Reps here.  I think you will find this site a wealth of information and very beneficial.  I have noticed more SOLD signs popping up lately too...GOOD TIMES!

Apr 24, 2008 10:02 PM
Dorene Shirley
The Mortgage & Property Connection - Campbell, CA
Silicon Valley Real Estate

Rich & Shelly =Welcome to the Rain, make sure that you browse the site and become familiar with everything this site has to offer.  The more you browse the more you will learn.  I have found this site to be really helpful to me.  If you have any questions, please don't hesitate to email me, I will do whatever I can to help.

http://www.doreneshirley.com/

Apr 25, 2008 12:31 AM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm
Apr 25, 2008 05:57 AM
Greg Steffens
Mountain Country Realty - Lake Arrowhead, CA

Hey Rich and Shelly - Welcome to the AR community and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here.  It is a great education and lots of fun.  You're off to a great start....keep it up!

Apr 25, 2008 07:30 AM
Kirk Westervelt
Van West Realty - Greenville, SC Realtor -Short Sale Expert! - Greenville, SC
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonvil...

Rich and Shelly,

So glad you joined Active Rain!

Welcome to the community!

 

Apr 25, 2008 12:55 PM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Rich & Shelly,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya both!

-Keith

Apr 25, 2008 04:12 PM
Benjamin Clark
Homebuyer Representation, Inc. - Salt Lake City, UT
Buyer's Agent - Certified Negotiation Expert

Welcome to Active Rain! For some tips on how to get started here, check out my blog entry at ActiveRain Fast-Start Tips for Quick and Easy Points

Happy blogging and good luck!

Apr 25, 2008 05:04 PM