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St. Augustine Shores, St Johns County - Announcing a FABULOUS NEW CUSTOM HOME FOR SALE on 218 Lily Road, a 1,334 sq. ft., 2 bath, 3 bdrm single story "Designed for Florida!". Now MLS® $252,900 - .
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We want to provide Jacksonville, Florida real estate consumers with as much useful information as possible. To that end, we have recently partnered with one of the leaders in Real Estate News, Realty Times, to provide up-to-date Video News Reports on a variety of related topics including "Local Market Updates".
Follow THIS LINK fpr our latest contribution regarding the Jacksonville market. If you would like to receive periodic updates, please drop us an email and we will include you on our contact list.
Also, if you know of others that could benefit from this information, please forward the link to them. Thank You!
http://www.youtube.com/watch?v=roomGkTBzKM
Jacksonville, Florida Market Update
Life is full of ups and downs and how we perceive those fluctuations determines, to a large extent, how we progress through life. People who tend to focus on the down cycles tend to be less productive than those who focus on the up cycles. It is all about perspective.
How we view what is happening around us has far more influence on our behaviors and decisions than most of us realize. This is why motivational experts encourage us to surround ourselves with positive thinking, positive talking and positive acting people. It is in maintaining a positive outlook and perspective that we enable ourselves to move forward even in the face of adverse conditions around us.
Unfortunately it is common for news reports to focus on the negative. It seems that even the most positive news, when reported at all, is buried deep inside the story. The HEADLINES are designed to capture attention and for some odd reason negative headlines grab more attention than positive - or at least that is what editors seem to believe.
One such HEADLINE I saw recently said "Home sales fall 37%, median prices down 6%". The headline was comparing March 2008 with March 2007.
What the headline DID NOT tell us is the fact that Home Sales INCREASED 20% in March 2008 over February 2008 and that the median price INCREASED 5% for the same period. To the writer's credit, he did include this information within the body of the story but it was not the emphasis.
What the article also did not tell the reader is that the average sales price for a single family home in Jacksonville INCREASED more than 44% during the first quarter of 2008 compared to the first quarter of 2003 - not bad over a short 5 year stretch! Real estate... it has ups and downs like everything else but over the long haul it just keeps getting better.
GOOD NEWS IN THE JACKSONVILLE, FLORIDA REAL ESTATE MARKET HIGHLIGHT #4
Good News About Jacksonville, Florida Real Estate Market - Post #3
Good News About Jacksonville, Florida Real Estate Market - Post #2
Good News About Jacksonville, Florida Real Estate Market - Post #1
According to Forbes.com 2008:
Job Growth Is Anticipated in the Jacksonville Area for 2008!
Coming in at #26 in the Forbes 100 Best Cities for Jobs in 2008 is Jacksonville, Florida. Jacksonville actually ranked number 19 among the 100 markets in private sector job growth. The Greater Jacksonville Metro Area had 561,700 private-sector jobs and an unemployment rate of 3.8% in June of 2007 (Jacksonville Business Journal, Sept. 2007).
Furthermore, Mark Basch (UNF Economic Indicator Project, 01/17/2007), said that "Area inflation...less than rest of nation... Inflation jumped higher in the Jacksonville area in 2007, but it was still better than the rest of the country."
Susan and I are intent on providing the POSITIVE side of area news in an effort to counter much of the negative spin that many in the mainstream media seem to thrive on. We understand the concept that 'bad news' sells but we just refuse to ride that wave, if you will!
If you prefer the company of people with more of a "can do" attitude and approach to life and are looking to buy or sell real estate, give us a call for a free, no obligation, consultation. THERE IS A DIFFERENCE!
Don't let the mainstream media get you down. We're not!
Tim Fennell, PA and Susan Fennell, PA
Broker Associates
REALTY WORLD Executive Group, Inc.
904-568-4528 / 904-568-5468
www.BestHomesInJacksonville.com
GOOD NEWS IN THE JACKSONVILLE, FLORIDA REAL ESTATE MARKET HIGHLIGHT #3
Good News About Jacksonville, Florida Real Estate Market - Post #2
Good News About Jacksonville, Florida Real Estate Market - Post #1
According to a recent article in The Florida Times-Union (December 10, 2007) entitled "Duval Housing Market to grow a bit in '08":
Jacksonville Area Home Values Are Postured To Show Positive Growth!
"A recent report by the state's Office of Economic & Demographic Research estimates ...values in Duval County will climb by 3% in 2008. Duval and Leon, which includes Tallahassee, are the only two counties in the state that will show positive growth in those values next year, according to the economists."
Susan and I are BULLISH on our local market. Based on the economic indicators we read and the trends in buying and selling we see and are personally experiencing in our own business, we are continuing to buy and sell investment properties ourselves. We are 'putting our money where our mouth is" so to speak.
If you need to sell your home now, can you be successful? YES! IF you have it priced RIGHT and employ a progressive marketing plan. Call us today for a free, no obligation, consultation. THERE IS A DIFFERENCE!
And if you are in the market to purchase a home, don't wait for prices to start climbing before making your decision to buy. Prices and interest rates are low - now is the time to act!
Tim Fennell, PA and Susan Fennell, PA
Broker Associates
REALTY WORLD Executive Group, Inc.
904-568-4528 / 904-568-5468
www.BestHomesInJacksonville.com
Good News About Jacksonville, Florida Real Estate Market - Post #1
GOOD NEWS IN THE JACKSONVILLE, FLORIDA REAL ESTATE MARKET HIGHLIGHT #2
According to Sean Snaith, University of Central Florida:
Jacksonville Area Among The Most Likely To Attract New Residents!
Sean Snaith is the director of the Institute for Economic Competitiveness at the University of Central Florida (in which our daughter is a Business Major in her Sophomore year.
According to Mr. Snaith, Florida's lower-cost markets are most likely to attract rsidents. He says that Jacksonville, Orlando and Tampa Bay will recover more quickly than Miami/Fort Lauderdale and Naples/Fort Myers.
Our personal experience working in the Greater Jacksonville Market supports his belief about its future recovery. We experienced an increase in our level of transactions throughout 2007 and that growth is continuing into this first quarter of 2008. In fact, we have personally closed 2.5 times as many transactions during the first quarter of 2008 compared to the first quarter of 2007.
Don't wait for prices to start climbing before making your decision to buy. Prices and interest rates are low - now is the time to act!
Tim Fennell, PA and Susan Fennell, PA
Broker Associates
REALTY WORLD Executive Group, Inc.
904-568-4528 / 904-568-5468
www.BestHomesInJacksonville.com
We have seen it more than once over the past few months--buyers making a grave error that costs them a lot of money and time. It's not their fault... really. They are merely victims of pop-media coverage. They are told over and over and over again that this is a buyers market and they can and should get GREAT deals. These GREAT deals are described as paying far less than the asking price for the property.
So just what's the problem here? What is the mistake?
They don't factor in the fact that NOT ALL listings are over-priced and they lose their opportunity to purchase the home they want at a very good and fair price!
Certainly when the market was shifting from a strong sellers market to a buyers market many sellers were behind the curve. This trend continued and is still happening but not at the same level it once was. Most agents and many sellers now recognize the REALITY of the real estate market and are pricing homes accordingly--that is, they are pricing at fair market value or slightly below fair market value in order to 'stand out' and sell quickly.
The uninformed (or stubborn) buyer comes along and automatically offers a much lower price and unrealistic add-ons and addendums. The seller knows his property is priced right so he holds firm or makes minor concessions just to show good faith in negotiating. He has personally visited the competing properties with his agent and knows that he has the best value in the area. But the buyer listens to the pop-media and refuses to pay the fair price.
Now the buyer moves on to the next property on his 'want list' and tries the same thing... eventually he gets to a seller who IS overpriced and IS willing to make the reduction and concessions and the contract is completed...
BUT now the buyer has his 3rd, 4th or maybe 10th choice and ends up paying the same amount (or nearly the same) as he could have on his number one choice.
Our advice to the buyer is to get with your agent, look closely at the comparable sold and pending sale properties and then at the available active properties. If your number one choice is priced right then BUY IT... in short time you'll be so glad you did!
JACKSONVILLE, FLORIDA REAL ESTATE MARKET - THE GOOD NEWS!
The common public perception is that all real estate markets are in trouble. The FACT is, however, that all real estate is local and each market is behaving in its own unique way. Much of the state has experienced a very large decline but Jacksonville, Florida has fared quite well in comparison.
That is not to say that we haven't had a decline from the boom markets of 2003-2005 but it has not be catastrophic. In fact, unless you happen to be one of the people trying to sell a property that was purchased just prior to the 'shift' you are probably in pretty good shape.
And, if you are in the market to buy now or to move up now you are in an excellent position. This is the first of a series of articles I will be writing to highlight some of the positive news regarding the Jacksonville, Florida real estate market.
GOOD NEWS IN THE JACKSONVILLE, FLORIDA REAL ESTATE MARKET HIGHLIGHT #1
According to Forbes.com, February 2008:
Jacksonville was named number eight out of the 10 Best Cities for Bargain Househunters!
"Jacksonville didn't go through an obscene speculation boom, making its recovery cycle far less daunting than other Florida spots. Job growth isn't outstanding, about average for the cities we measure, but the foreclosure rate is lower than any of the Florida cities we looked at, making the high inventory rate more likely to improve than get worse."
Personally, Susan and I are very bullish regarding the Jacksonville, Florida real estate market. Not only are we busily assisting others with the purchase and sale of their own properties but we are also continuing to buy and sell our own investment properties.
We would be happy to assist you too!
Tim Fennell, PA
Broker Associate
REALTY WORLD Executive Group, Inc.
904-568-4528 / 904-568-5468
www.BestHomesInJacksonville.com
Jacksonville, Florida Real Estate - Defining a 'bad' real estate market?
It's not a secret. Everybody knows it. The real estate market is bad... bad, bad, bad! Right?
Maybe... or maybe not. I think it depends on an individual's perspective.
For the better part of the last two years, that's all we've heard and read in the news... the real estate market is bad. But what exactly does that mean? What makes it a 'bad' market?
As it is being described/defined in the media, a 'bad' market means that fewer properties are being sold now than were being sold a year ago. This reduction in the number of sales has very obvious and meaningful negative effects on businesses, individuals and the economy in general. Fewer sales means fewer workers in the immediate industry and the many support industries as well. There is no doubt about it... that is bad!
But what does this mean for individual home sellers and home buyers? Does this reduction in the number of sales/transactions automatically signal doom and gloom for them? More specifically, if you are in the market to either sell or purchase real estate, just how does this market shift affect you on a personal level?
The terminology used to describe this current "bad" market is Buyers Market. All this means is that there are more sellers in the marketplace than there are buyers. As with any market or product this results in lower prices (that's just basic economics).
Now, if we are talking about oil and we pick up the newspaper and read that it is a buyers market in the oil industry I dare say that most people reading this would say that is a 'good thing'. Why? Simple - because that would mean that we (consumers of gasoline) will be paying LESS at the pump. Why would we expect to pay LESS? Because the sellers of the oil would need to increase the volume of gas sold to make up for the shortage of buyers.
This is exactly what has happened in the real estate market. Just like oil, real estate prices got so high that buyers quit buying. And, in turn sellers are being forced to reduce prices on their real estate in order to entice buyers 'back to the pump'.
However, in Jacksonville a homeowner who wants to sell is still likely to make a decent profit (unless he happened to have purchased within the last year or two). If the seller has owned the property for at least 3-5 years, his ROI will, in most cases, be quite respectable. In fact, if he has owned the property for 5 years or more (and has not refinanced his equity in the meantime) he should enjoy a rather nice ROI.
All financial markets fluctuate. There are bull markets and there are bear markets. There are booms, busts and corrections. This is nothing new.
If you want to sell and 'move up' in price, this is an ideal time (if the reasons aren't obvious, contact us and we will go over it with you). If you need to sell, you have little choice but to sell at market value regardless of the amount of ROI you enjoy. If you do not need to sell now, then simply wait until the market turns again... it will.
Don't allow the 'big picture' cloud your 'personal and immediate picture'. Apply a little perspective to your individual situation and you may be surprised and encouraged to learn that it's not all bad... not by a long shot!
We invite you to visit our website and/or contact us to discuss your particular needs. We are more than happy to help in every way possible.
www.BestHomesInJacksonville.com
Ahh... the fine art of bird watching taken to the next level. Doesn't the term 'ornithology' just get your blood pumping with excitement and anticipation?
No? Why I can't imagine... LOL
So what's a real estate agent doing discussing birds for anyway? Well, it comes from a jesting comment our fine govenor made recently regarding the Florida State Bird. I wonder how many people even know what our state bird is today, anyway. Is it taught in school anymore?
Well, many people may think it is the 'snowbird'... that clever creature that migrates down from Canada (or a northern state) each winter to nest in a mobile home community. Nope... that's not it.
Others may think that surely it must be the pelican or the flamingo. Wrong again.
Actually, it is the same bird that many other states claim as their state bird - the Mockingbird. But that's not really the point of my musings.
Recently, Govenenor Crist made this observation regarding the overbuilding of high-rise condos in Miami: "Have you been to Miami lately? It's like we have a new state bird: the building crane.''
And I thought we had an over abundance of high-rise condos being built in downtown Jacksonville, Florida. But with less than a dozen on the actual and figurative horizons, we don't even come close to the 37 new high-rise condos and 20,000 new units are being built in Miami's downtown. And they saw sales fall almost 50 percent in May, according to the Florida Association of Realtors.
I simply want to point out to buyers and sellers of real estate in Jacksonville, Florida that ALL real estate is LOCAL. When you hear or read stories about the horrible plight of the real estate market, in general, those stats are not necessarily reflective of our local market. In fact, although we are continuing to see a market with more sellers than buyers, our market is continuing to perform quite well when compared to most other Florida cities.
Jacksonville continues to be one of the greatest cities in which to work, live and play! We're glad that we are a part of this thriving community!
We just want to extend our congratulations to the Jacksonville Area Public Schools. Quite often, public schools get a lot of bad press (much may be well deserved) and we want to point out a few of the success stories.
Once again, Jacksonville, Florida has two schools ranked in the top 20 public schools in America according to Newsweek Magazine.
Coming in at #3 is Stanton College Prep and at #15 is Paxon School for Advanced Studies. A third local school to make the top 100 at #78 is Nease High School in St. Johns County, between Jacksonville and St. Augustine serving the Ponte Vedra Beach area and Northern St. Johns County.
These are just a few of the outstanding schools in our area. We're proud of their accomplishments and want the world to know it!
Of course, we are also proud of the numerous high achieving private schools like our daughter's alma mater, Providence High School.
So the media has been telling us about this supposed 'housing bubble' for a couple of years now, and to add to their cries of doom and gloom is the myth that homes just aren't selling today.
So, just what is the truth? The truth is that homes may not be selling in the record numbers and they certainly aren't selling at the inflated prices that they were in 2002-2005 but they most certainly are selling and sellers are most definitely making a profit on their sales.
Now, I'm not going to tell you that over-priced homes are selling but homes that are priced at fair market value are being sold every day in the Greater Jacksonville Area. Just look at the recent sales from our inventory:
Address | Neighborhood | Price | Style | Type |
9615 Wexford Road | Mandarin | SOLD $369,000 | Single Story | Residential |
7709 Westport Bay Drive | Westport Bay | SOLD $199,900 | Single Story | Residential |
8323 E. Cross Timbers Drive | Argyle Forest | SOLD $182,900 | Ranch | Residential |
3571 Chappi Way | Mandarin | SOLD $169,900 | Single Story "Attached" | Residential |
7990 E Baymeadows Road, Suite 1029 | Stonebridge | SOLD $164,900 | 3 Story "Secure 3rd Floor Lake View" | Condo |
11414 Squire Way Lane | Mandarin | SOLD $146,000 | Townhouse | Residential |
3801 Crown Point Road, Suite 1123 | Mandarin | SOLD $125,000 | Townhouse | Condo |
11785 County Road 121 | Callahan | SOLD $74,900 | Manufactured Home | Residential |
1033 Alderside Street | Brentwood | SOLD $62,900 | Single Story | Residential |
114 16th Street West | Springfield | SOLD $44,100 | 2 Story | Residential |
7640 Timberwood Drive | Southern Oaks | SOLD $34,900 | Manufactured Home | Residential |
1152 4th Street West | Barnetts | SOLD $24,900 | Bungalow | Residential |
And we can add to this list the following listings that have accepted contracts and are pending closing soon:
Address | Status | Neighborhood | Price | Style | Type |
11426 Chase Meadows Drive S. | Sale Pending | Baymeadows/Southside | SALE PENDING
$339,500 | Single Story | Residential |
368 West Tropical Trace | Sale Pending | Julington Creek Plantation | SALE PENDING
$264,900 | Single Story | Residential |
12059 Coachman Meadows Drive | Sale Pending | Coachman Meadows | SALE PENDING
$249,900 | Single Story | Residential |
3020 Havengate Drive | Sale Pending | Green Cove Springs | SALE PENDING
$209,900 | Single Story | Residential |
1022 15th Street East | Sale Pending | Springfield | SALE PENDING
$90,000 | Single Story | Residential |
9420 Gibson Avenue | Sale Pending | Bremer Hills | SALE PENDING
$44,900 | Single Story | Residential |
1234 5th Sreet West | Sale Pending | College Park | SALE PENDING
$27,000 | Single Story | Residential |
The next time you hear someone repeat the myth that homes are just not selling in our market, today, tell them to call Tim and Susan Fennell and get the straight scoop. We will provide an honest assessment of the market and tell you the truth about what price your home is likely to sell in this market. What we WILL NOT DO is give you false hope of some inflated value just to get you to list with us. That's not good for you and it's certainly not good for us or our reputation.
So, will your home sell in today's market? It most certainly will if it is price right and marketed effectively! The proof is in the puddin' (see above charts).
For more information about buying and selling real estate in Jacksonville, Florida be sure to visit our website.
To borrow from the rock classic, "There's something happening here. What it is ain't exactly clear..."
What's happening is that we are getting numerous calls from past customers wanting us to list their home for sale because they are transfering or they are outgrowing their current home, etc. "Super!" we say, "let's schedule a time to meet... but, first, let me ask you a question. Have you refinanced your home since your purchased or have you taken out a HELOC on it?"
We dread the answer because, more often than not, they say "Yes, is that a problem?"
"Is that a problem?" All too often the answer is "Yes, it just might be a big problem!" And here's why....
Typically, the customer purchased the home 3 to 5 years ago (sometimes longer, but that is the average). The market was HOT-HOT-HOT back then and homes were appreciating rapidly. "But, that's a good thing" you say. Sure - that's great! So what's the problem?
The problem is that while the market was appreciating, mortgage brokers were soliciting business like there would be no tomorrow (but there is always a tomorrow). They were pushing HELOCS in a big way with the sales pitch of "pay off your high interest credit card debt and car loans with our low interest, tax deductible Home Equity Line of Credit."
They then proceed to lend you money on what's commonly called a 'desk top appraisal.' Without going into all the details, suffice it to say that the amount they said your home appraised for was more than likely much higher than it should have.... but the unsuspecting home owner is psyched to hear that the home he just recently purchased is already worth much more than he paid. So he takes out the loan and pays off all those other debts.
What he failed to realize, however, is that he now owes more for his home than the home is actually worth. He wants to sell it but he simply can't do it now. Oh, how we wish he'd have called us before doing anything with his home or mortgage! It just doesn't pay to mortgage your home to the hilt! Build equity and hold onto that equity... don't cash it out for your toys!
It is so frustrating... We tell people that we are here for them for any and every real estate related question but they don't call for some reason. Maybe if we charged extra for our knowledge, after the sale, people would call... I just don't know. I do know that we consider our customers as our friends. And we hate seeing our friends lose money and incur unnecessary stress in their lives.
The thing is, we are more than happy and willing to share our knowledge with you long after the sale is complete. We are daily students of the real estate industry. There is no way in the world that the casual observer could pick up the knowledge needed to maintain their most valuable investment by simply watching HGTV and reading pop-culture real estate articles.
Before you make any move regarding real estate, PLEASE CALL US FIRST. We just may save you a lot of money and even more heartache and stress!
We are seeing a trend in home buying that we find interesting (to say the least). That trend is toward buyers placing a higher priority on "beating down" the seller in the negotiation game as opposed to locating and purchasing the right home.
I suppose it is due to the shift in the market dynamics from a seller's market to a buyer's market. But, it just doesn't make a lot of sense to me as an impartial observer. In that we represent both buyers and sellers, we get a view from both sides of the equation. We understand that each party wishes to get the best 'deal' possible... but, at what price?
Example: A particular home is priced lower than any other home in the immediate neighborhood. It is a more than 'fair' market price. The seller is obviously motivated to sell now and has expressed such in the price. Along comes a buyer. He has already looked at numerous homes in the area (maybe every home in the area) in his price range - in fact, he is looking at homes $10K, $15K, even $20K over his price range. He's "looking for a deal!" He's already put several offers in on other listings but, of course, they've been rejected. And now he comes along this listing that is priced lower than anything else. The home meets all his needs. The home is in impeccable condition. It's just what he's looking for and it's even in his price range.... But, he wants a deal!!! He wants a "deal" more than he wants the home. So he goes in with an offer $10K less than asking price.
The seller gets the offer, sighs and shakes his head, and says "okay, I'll play the game... let's just get this transaction done and move on." The seller counters by reducing another $3K. In another time and place, the buyer would counter once more by coming up $2K or $3K and with one more round they will meet in the middle, shake hands and everyone walks away happy.
But not this buyer... no sir. He wants to "beat the seller" so he refuses to budge on his price. It's not even about getting a 'good deal' anymore... the asking price was already a good deal. Now it's about winning!
The sad thing about this whole scenario is that nobody wins... not really. The seller still has a home to sell. The buyer still has to spend time and energy looking for a home to buy and the agents are left scratching their heads wondering what the heck's going on???? And all because of a couple thousand dollars.
We've actually seen buyers walk away from the perfect home over as little as $1,000! We're talking about a $300,000 investment in the right home for his family and he walks away over $1,000. Unbelievable!
So, what is more important to you? Are you looking for the best home for yourself and your family or are you just looking to win some "negotiation game"? Think about this... while you are busy trying to win a game, how much time, energy and money are you throwing away... yours and that of those assisting you and those on the other side of the table? What is your priority?