There are between 4,000 and 5,000 new homes are currently on the market in Jacksonville, Florida. Builders are continuing to construct new homes despite the high inventory levels. They are keeping their crews intact. Many believe the next expansion is around the corner. Time will tell.
Our appraisal office has seen a drop in residential appraisal orders. It appears that some owners are contiuing to try to squeeze every penny of equitity out of their properties. We are finding that seller of existing homes are paying a portion of the buyers closing costs in order to consumate a deal.
In my neighborhood, no homes have sold in the past nine months. Sellers are refusing to lower prices. In some cases, that is because they would have to write a check at closing in order to close the deal. Others do not have to sell. They are holding on until they find someone who is willing to pay their price which will enable them to buy that bigger and better home. Some vacant properies have been rented at a loss every month because the mortgage payments are greater than the rental rate and the expenses. But this is better than losing even more every month as the house sets vacant.
Comments(11)