Jacksonville Real Estate BlogRecently posted or modified blog postshttps://www.floridacoastalteam.co/blog/Copyright FloridaCoastalTeam.co2023-09-20T05:45:13-07:00tag:floridacoastalteam.co,2012-09-20:39222Sales are Down Almost 17%. Time to Worry?
Let's dive into what's happening in the real estate world, both around the country and in our local area.
Across the Country
Selling Houses:There's been a drop in the number of homes sold by 16.6% compared to last year. Why? Well, it’s mostly because of high mortgage rates and not enough houses for sale. But good news for those wanting to sell their homes – with more buyers than houses available, sellers have the upper hand.
House Listings: We're not seeing as many new homes being built, and people are staying in their current homes for longer. There are fewer homes for sale now than in previous years. But interestingly, from July to August, there were more houses put up for sale. This hasn't happened in 7 years! Maybe some homeowners feel they can't wait any longer.
Borrowing Money to Buy a House: Even though the rates to borrow money (known as mortgage rates) are a bit high right now (over 7%), they might drop to around 6.75%-6.9% later this year. A cool fact? Almost 4 out of 10 buyers are getting help from family to buy homes. Some parents are using the money they’ve earned from their homes to help their kids. And more people are using programs that help with down payments.
House Prices: Some people thought house prices would go down, but they've actually gone up by 3-5% this year. A lot of homeowners aren’t selling because they borrowed money when rates were super low. But, some homeowners are selling anyway. Reasons? Maybe they have a lot of money saved up, their life circumstances changed, or they just aren't happy with their current home.
What's Happening Locally?
All of Northeast Florida
Average Price: $380,000 (2.6% less than last year)
Time Houses are for Sale Before Selling: 32 days
How Close the Sale Price is to the Asking Price: 97.6%
Houses Sold for More than Asking Price: 14.9%
New Homes for Sale: 3,133 (14.3% more than last year)
Current Inventory: 2.7 months
ST JOHNS:
Average Price: $552,250 (just 0.5% less than last year)
Time Houses are for Sale: 36 days
Sale Price Compared to Asking Price: 98.2%
Houses Sold for More than Asking Price: 13.4%
Current Inventory: 3.6 months
DUVAL
Average Price: $335,000 (1.5% less than last year)
Time Houses are for Sale: 29 days
Sale Price Compared to Asking Price: 97.3%
Houses Sold for More than Asking Price: 18.1%
Current Inventory: 2.3 months
CLAY
Average Price: $365,000 (only 0.4% less than last year)
Time Houses are for Sale: 36 days
Sale Price Compared to Asking Price: 98.2%
Houses Sold for More than Asking Price: 11.4%
Current Inventory: 2.3 months
Wrapping Up
To sum it all up, even though there have been some changes in how many homes are being sold and their prices, those looking to sell still have a good chance. Locally, homes are still selling pretty close to their asking prices. As we go forward, it'll be interesting to see how these numbers change. So, whether you're thinking about buying a home or selling one, it's always a good idea to keep an eye on what's happening!
2023-09-20T05:34:08-07:002023-09-20T05:45:13-07:00Chris Snowtag:floridacoastalteam.co,2012-09-20:39200Why Everyone is LEAVING JACKSONVILLE FLORIDA!
In recent years, Jacksonville, Florida, has experienced a noticeable trend - a growing number of residents are packing up and leaving the city they once called home. While Jacksonville boasts many attractions, such as its beautiful beaches and a thriving cultural scene, a variety of factors have been driving people away. In this blog, we'll dive into some of the key reasons behind this migration, including concerns about the weather, rising homeownership costs, and more. We'll also discuss the impact of these factors on Jacksonville's real estate market.
1. Weather-Related Concerns:
One of the most significant factors motivating people to leave Jacksonville is the weather. Florida is well-known for its tropical climate, which can be both a blessing and a curse. While the sunshine and warm temperatures are appealing to many, the state's susceptibility to hurricanes and flooding can be a major deterrent.
**Hurricanes:** Jacksonville is not immune to hurricanes, and its coastal location puts it at risk. In recent years, the city has witnessed several hurricanes that have caused significant damage and disruption to daily life. The threat of hurricanes and the associated cost of hurricane preparedness can be overwhelming for some residents, prompting them to seek more stable living conditions.
**Flooding:** Jacksonville's low-lying areas are susceptible to flooding, especially during heavy rain and storm events. Frequent flooding can lead to property damage and insurance premium hikes. As a result, many homeowners have become wary of dealing with these ongoing challenges.
2. Rising Homeownership Costs:
Another crucial factor driving people away from Jacksonville is the increasing cost of homeownership. While Jacksonville has historically been considered an affordable place to live, rising home prices and property taxes have changed the landscape.
**Housing Market:** Jacksonville's housing market has experienced significant growth, which, while good news for sellers, can be discouraging for prospective buyers. As home prices soar, it becomes increasingly challenging for individuals and families to enter the housing market or upgrade to larger homes.
**Property Taxes:** Escalating property taxes have also put a strain on homeowners' finances. For some, the burden of property tax increases has become unsustainable, prompting them to seek housing in areas with lower tax rates.
3. Quality of Life and Urban Development:
Beyond the weather and homeownership costs, some residents are leaving Jacksonville in search of a higher quality of life and better urban development opportunities.
**Quality of Life:** Factors like traffic congestion, crime rates, and access to healthcare and education can influence a person's perception of their quality of life. Some residents may feel that other cities offer more attractive amenities and services, which is prompting them to move elsewhere.
**Urban Development:** The pace and direction of urban development can also play a role in people's decisions to relocate. As cities evolve and change, residents may find that their neighborhood no longer aligns with their lifestyle preferences, leading them to explore new places to live.
Jacksonville, Florida, is a city with much to offer, but it's not immune to the challenges that come with urban living. The decision to leave Jacksonville is a complex one, influenced by a combination of factors, including weather-related concerns, rising homeownership costs, and the desire for a better quality of life.
For those in the real estate industry, understanding these drivers of migration is crucial for adapting to changing market dynamics. As people continue to seek new places to call home, real estate professionals in Jacksonville must stay agile and responsive to meet the evolving needs of both buyers and sellers in this dynamic city.2023-08-15T09:14:00-07:002023-09-19T09:46:30-07:00Chris Snowtag:floridacoastalteam.co,2012-09-20:36779Jacksonville Florida Real Estate - Are 7% Rates Here To Stay?
I am absolutely thrilled to share with you the latest insights into the Jacksonville real estate market. There's been so much activity in the past week and I wanted to break it down for you, because whether you're looking to buy a home, sell one, or just curious about the market, it's crucial to understand the trends.
Do you remember how we measure how fast homes are selling? It's called 'Days on Market' (DOM) and it has dropped 20% since the beginning of this year.
Now, let's dig into some specific numbers:
We currently have 5321 active listings, and these have been on the market for an average of 80 days.
In the last 30 days, we've seen 3235 new listings pop up. That's a lot of new homes for you to check out!
Of all the listings, 2757 have been on the market for 45 days or more. Want a deal? These could be great opportunities for the right buyer.
5048 listings are under contract. These homes were on the market for an average of 59 days before someone snatched them up.
Over the last 30 days, 2501 homes were sold. On average, these homes were on the market for 68 days before being sold.
564 listings expired in the last 30 days. These homes failed to sell due to price, condition, or the wrong marketing plan.
The average interest rate for a mortgage is currently at 6.88%. This down from the high of 7.14% on 5/26.
We currently have 2.13 months of inventory. This means that if no new homes were listed, it would take just over 2 months to sell all the current homes on the market.
Now, you might be thinking, "That's all great, but what does it mean for me?" Well, with the mortgage rates being low, now might be a good time to think about buying a house. But keep in mind, with not many houses available (remember the 2.13 months of inventory?), the Jacksonville FL real estate market is pretty competitive right now.
If you're looking to sell, this could be a great time. With the high demand and low inventory, there will be a lot of interest in your home.
Understanding all this data and these trends is really important when you're thinking about buying or selling a home. But don't worry, I'll be here to keep you updated on the Jacksonville real estate market and help you every step of the way!
Stay tuned for more updates, and don't hesitate to reach out if you have any questions about Jacksonville real estate, North Florida homes, or anything else related to our local housing market.
2023-06-02T10:00:00-07:002023-06-02T06:15:37-07:00Chris Snowtag:floridacoastalteam.co,2012-09-20:35995Jacksonville Florida Real Estate News April 25, 2023: Market Update & Insights
Chris Snow here with the latest Jacksonville Florida Real Estate News! In today's video, we're diving deep into the current Northeast Real Estate market, analyzing trends, and providing insight for both buyers and sellers. We'll be covering all the key data you need to make informed decisions in this competitive market.
Don't forget to hit that like button, subscribe to my channel for more updates, and share this video with anyone who could benefit from it!
In this comprehensive market update, we'll be discussing:
🏠 5291 Active Listings (Avg 85 DOM) - Explore the current inventory in Jacksonville and what it means for you
🔎 3107 New Listings in the last 30 days - What to expect from the recent surge of properties entering the market
🕰️ 2910 Listings on Market 45+ Days - The opportunities and challenges presented by these longer-standing properties
📝 5289 Under Contract Listings (Avg 66 DOM) - A look at how quickly homes are being snapped up in the current market
🔑 2445 Sold in the last 30 days (Avg DOM 74) - Analyzing recent sales data and its implications for buyers and sellers
❌ 634 Expired Listings in the last 30 days - Understanding why some properties are failing to sell and how to avoid it
💰 6.59% Average Interest Rate - Navigating the current mortgage landscape and what it means for your purchasing power
📦 2.16 Months of Inventory - The supply and demand balance in the Jacksonville Florida Real Estate market
By the end of this video, you'll have a clear understanding of the current state of the Jacksonville Florida Real Estate market and be better equipped to make smart decisions when buying or selling a property. Don't miss out on these valuable insights – watch now and get ahead in the game! If you have any questions about the Jacksonville Florida Real Estate market or would like to discuss your specific needs, feel free to leave a comment below or reach out to me directly. I'm always here to help!
If you're considering selling your home or simply curious about its current value in today's market, then click the link below for a confidential home evaluation.
<img data-emoji="🔗" class="an1" alt="🔗" aria-label="🔗" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f517/72.png" loading="lazy" /> <a title="https://www.floridacoastalteam.com/home-valuation" href="http://url1794.floridacoastalteam.com/ls/click?upn=LM1YsrjY48nazN9eaX4qhYzUND-2BY68sPsTIV84DM9Yg-2FDnLI4W5M9aMI3Gb2nenyHml32BGQtIrAyud4DJhXcT7GUYIquKudOJtIdmOboEWCV2XyTIeNmzgrYRGrx-2B4H1m4TVMj7v6IqlsVhjndAeg-3D-3Dl9lT_G9ypNmvo9A8rtvsm-2FtyYGzswsKndUIVA4NncEdxCqTdUSH-2FWRPPFFUnMrnHDPztAYsOgM-2BRKHjYV-2B-2FXG7foAHaFRhLQmj7DuTvTM8IF5Gsmv0dVbtvXZqC0cQ-2BEzt-2FwKynUMH3-2FZybdiZL-2BNUYGyt7-2FbM5KMqBCyvqKEwQvIrk06OAB1l-2BGaANXeEjGcDVTSrR38V01yj-2Fcq-2B3-2Bln6sPstQ24-2BJbyroKQJ6LBlqMxCk9L4v8858t2kAIdg03WQBFWg2XfF0MEiSDQc89ulmye1e-2F9jUj4DLx7l1ZlUksF3mAf5h4Uv-2Bq2mNIH-2BB5ZsmYBLlg7jvTaswY9iuzHRUwBVyT-2FoV-2BmicvjFL8khM5Noc-3D" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://url1794.floridacoastalteam.com/ls/click?upn%3DLM1YsrjY48nazN9eaX4qhYzUND-2BY68sPsTIV84DM9Yg-2FDnLI4W5M9aMI3Gb2nenyHml32BGQtIrAyud4DJhXcT7GUYIquKudOJtIdmOboEWCV2XyTIeNmzgrYRGrx-2B4H1m4TVMj7v6IqlsVhjndAeg-3D-3Dl9lT_G9ypNmvo9A8rtvsm-2FtyYGzswsKndUIVA4NncEdxCqTdUSH-2FWRPPFFUnMrnHDPztAYsOgM-2BRKHjYV-2B-2FXG7foAHaFRhLQmj7DuTvTM8IF5Gsmv0dVbtvXZqC0cQ-2BEzt-2FwKynUMH3-2FZybdiZL-2BNUYGyt7-2FbM5KMqBCyvqKEwQvIrk06OAB1l-2BGaANXeEjGcDVTSrR38V01yj-2Fcq-2B3-2Bln6sPstQ24-2BJbyroKQJ6LBlqMxCk9L4v8858t2kAIdg03WQBFWg2XfF0MEiSDQc89ulmye1e-2F9jUj4DLx7l1ZlUksF3mAf5h4Uv-2Bq2mNIH-2BB5ZsmYBLlg7jvTaswY9iuzHRUwBVyT-2FoV-2BmicvjFL8khM5Noc-3D&source=gmail&ust=1682703822819000&usg=AOvVaw0T7o3dZXNwOTeKqwekJSNY">https://www.floridacoastalteam.com/home-valuation</a>
2023-04-25T13:24:00-07:002023-04-27T13:59:29-07:00Chris Snowtag:floridacoastalteam.co,2012-09-20:35876Jacksonville Florida Real Estate News: Weekly Market Update for April 18, 2023
Welcome to your weekly Jacksonville Florida real estate news update! Let’s take a look at the latest market trends and insights to help you make informed decisions. Stay up-to-date with Jacksonville Florida real estate news and be the first to know what's happening in the local market. As of April 18, 2023, here's what you need to know: There are currently 5298 active listings with an average of 87 days on the market (DOM). Over the past 30 days, we've seen 3015 new listings, while 2961 properties have been on the market for over 45 days. A total of 5118 properties are under contract, with an average DOM of 67 days. In the last month, 2516 homes have been sold with an average DOM of 73 days, and 615 listings have expired. The current average interest rate is at 6.61%, and there is 2.11 months supply of inventory available. We track this data daily for the Jacksonville Florida and surrounding real estate markets, helping you make the most informed decisions whether you're buying or selling. Be sure to subscribe to our channel for more weekly updates and Jacksonville Florida real estate news. Will make sure to give you just the news and not the noise. We're committed to keeping you informed about the ever-changing real estate landscape. Leave a comment or question below, and we'll be happy to assist you. Happy house hunting!
2023-04-18T06:00:00-07:002023-05-02T05:03:30-07:00Chris Snowtag:floridacoastalteam.co,2012-09-20:35744Make Money When You Buy Real Estate | 2023
Are you thinking about buying a new home? Well, did you know that you make money when you buy a house, not when you sell it? That's right, the key to earning a profit in real estate is knowing when to buy. That's why I'm sharing with you today six essential rules to follow when purchasing a home to help you maximize your investment returns.
Rule #1: Never purchase the largest or fanciest house in the neighborhood. It's tempting to want the biggest and best home on the block, but this can actually be a disadvantage. Buying a home that is too big or too fancy compared to the surrounding homes can limit your potential return on investment when you eventually sell.
Rule #2: Never purchase a non-traditional home unless you plan on keeping it forever. Non-traditional homes like yurts, earthships, or tiny homes can be fun to live in, but they can be difficult to sell when you're ready to move on. If you're not planning on staying in the home for a long time, it's best to stick with traditional homes that will appeal to a wider range of buyers.
Rule #3: If you need to sell your current home to purchase a new one, make sure it's sold first. This will put you in a stronger negotiating position and will help you avoid any potential financial setbacks if your current home doesn't sell quickly.
Rule #4: Never buy a home that has been difficult for others to sell. If a home has been on the market for a long time, it's likely because there is something wrong with it. This could mean that the home has problems that are difficult to fix or the price is too high for the neighborhood.
Rule #5: Always negotiate with facts and not feelings. It's easy to get attached to a home and overpay because of emotional reasons. Instead, focus on the facts such as comparable home sales in the area, the condition of the home, and any necessary repairs or upgrades.
Rule #6: Speed wins. When you find the right home, be prepared to act quickly. Delaying can invite more competition and could result in someone else buying the home before you have a chance to make an offer.
Bonus Suggestion: Remember that the right house in the wrong neighborhood is always the wrong house. Make sure you do your research on the neighborhood before making an offer on a home.
Following these six rules will help you make more informed decisions when buying a home and will help you avoid common mistakes that can limit your investment returns. Remember, the key to making money in real estate is knowing when to buy, and these rules will help you do just that.
If you're interested in learning more about real estate investing or want to find your dream home, don't hesitate to contact me. As a seasoned real estate agent, I can help guide you through the buying process and help you make the best decisions for your future.
2023-04-14T11:45:00-07:002023-05-02T04:56:53-07:00Chris Snowtag:floridacoastalteam.co,2012-09-20:35702Jacksonville Florida Real Estate News for April 11 2023
Inventory continues to decline 📉 in the Jacksonville area, making it a great time for sellers to list their properties. Homes are being scooped up quickly, with days on market (DOM) dropping as well. 🚀
This fast-paced market means that buyers need to act swiftly when they find a property they love. 💨 Despite interest rates hovering around 6.5% 💰, which is almost 1% lower than their high from last year, demand for properties remains strong. 📈
This sustained demand, coupled with the decline in inventory, has created a seller's market. If you're considering selling your home, now is an excellent time to capitalize on these favorable conditions. 🎯
For home buyers, it's essential to stay on top of new listings 🆕 and be prepared to move quickly in this competitive market. Working with an experienced real estate agent can make all the difference when it comes to securing your dream home at the best possible price. 🌟
In summary, the Jacksonville housing market is booming 💥, with declining inventory and dropping DOM. Whether you're a buyer or a seller, there are plenty of opportunities to take advantage of in this dynamic market.
Stay tuned for more weekly updates and expert insights 🧠 to help you navigate the Jacksonville real estate scene! 🌴
If you’re thinking about moving to Jacksonville FL or the surrounding areas, be sure to give me a call, shoot me a text, send me an email, or schedule a Zoom call. I’d love to help you make a smooth move to Jacksonville!2023-04-11T12:12:00-07:002023-04-14T11:56:54-07:00Chris Snowtag:floridacoastalteam.co,2012-09-20:35604Top 3 Mistakes Homeowners Make When Pricing Their Home 2023
If you're planning on selling your property, one of the most critical factors to consider is pricing. It is one of the top 3 reasons why a home does not sell. To ensure that your home is priced accurately, here are the top three mistakes to avoid.
Mistake #1: Relying on Zillow as the primary source
While Zillow can provide basic information about a property, Zestimates can be misleading. They are computer-generated and don't account for important factors such as the property's condition and recent upgrades. We've seen Zillow pricing be off by as much as 20%, which is why it should not be considered accurate when pricing your home.
Mistake #2: Pricing based on neighbor's active listings
Don't make the mistake of pricing your home based on your neighbor's listing price. Especially if their home is not under contract, their listing price does not reflect the true value of your property. Additionally, homes that have been sitting on the market for a long time may not sell anywhere close to their listing price.
Mistake #3: Using outdated sales data
Real estate markets are constantly changing, and sales data from up to 12 months ago may no longer be relevant. Using old pricing information can lead to an inaccurate price point. Always use recent sales data to ensure that your home is priced accurately.
Pricing your home correctly is crucial to a successful sale. By avoiding these common mistakes, you can make informed decisions and get the best possible price for your property.
2023-04-07T08:29:54-07:002023-04-07T08:56:49-07:00Chris Snowtag:floridacoastalteam.co,2012-09-20:35546Jacksonville & St. Augustine Real Estate Market Update - April 4, 2023: Expert Insights by Chris Snow of the Florida Coastal Team
Our weekly market update for April 4, 2023, covers essential data from the Northeast Florida MLS, and as a team leader, I'm eager to share my perspective on how to capitalize on the current market conditions.
As of this week, we have 5,430 active listings in the Jacksonville and St. Augustine marketplace, with homes spending an average of 88 days on the market (DOM). In the last 30 days, we've seen 2,998 new listings come to market as the sitting inventory (homes on the market for 45+ days) continues to decline to 2,976 homes. There are 4,934 properties under contract with an average of 70 DOM. The market is continuing to gain momentum and we are just getting to home-buying season.
In the past 30 days, 2,566 homes have sold with an average DOM of 76 days. If you're a prospective homebuyer, my advice is to act fast when you find a property that catches your eye. If you delay, you are inviting competition in.
There were 659 listings that expired in the last month.
Mortgage interest rates are still a little volatile, but rates are down to 6.44%. Despite this, the demand for properties in Jacksonville and St. Augustine continues to be strong. With a mere 2.12 months of inventory available, the market remains favorable for sellers. This low inventory is creating multiple offers situations again, especially in certain price points (less than $500k).
If you're ready to seize the opportunities available in this fast-paced market, don't hesitate to contact, our team.
2023-04-04T14:00:00-07:002023-04-07T09:03:59-07:00Chris Snowtag:floridacoastalteam.co,2012-09-20:35307Jacksonville and St Augustine Florida Real Estate Update: Opportunities for Buyers and Sellers in March 2023
If you're keeping an eye on the real estate market in Northeast Florida, (Jacksonville and St Augustine FL), the latest weekly market update for March 17, 2023, reveals some interesting data points.
Let's start with the number of active listings in the region, which currently stands at 5641, with an average days-on-market (DOM) of 90. This indicates that there is a healthy supply of homes available for buyers to choose from. However, 3168 of these listings have been on the market for 45 days or more, which could represent a great opportunity to get a good deal.
Over the last 30 days, 3096 new listings have been added to the market, which is a positive sign for those looking to buy. Additionally, there are 4965 properties under contract with an average DOM of 72, and this shows a healthy level of buyer activity.
Sales are up with 2450 homes sold in the last 30 days, with an average of 80 DOM. This is great activity and has been increasing every week since the beginning of the year.
735 homes/listings expired in the same period, which means that some sellers are struggling to attract the right buyer with their current pricing and marketing strategy.
Mortgage rates continue to show volatility with the average interest rate being 6.69%,
There are only 2.30 months of inventory available, meaning it's still a seller's market in Northeast Florida, and buyers will need to be prepared to act fast to secure their dream home.
If you're looking to buy or sell, now is a great time to act. With a good supply of homes on the market, active buyer activity, and fast-moving inventory, the market is full of opportunities. Contact us today to take advantage of our expertise in the local real estate market and let us help you find your dream home or sell your property quickly and for the best price. Don't wait, get in touch with us today!
2023-03-17T07:30:00-07:002023-04-07T09:06:29-07:00Chris Snowtag:floridacoastalteam.co,2012-09-20:22879Is Getting a Home Mortgage Still Too Difficult?<img src="https://assets.site-static.com/userfiles/3389/image/getting-a-home-mortgage.jpg" alt="Is Getting a Home Mortgage Still Too Difficult?" title="Is Getting a Home Mortgage Still Too Difficult?" height="410" width="750" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs. Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage.2021-08-13T15:02:00-07:002021-08-13T15:04:59-07:00Chris Snowtag:floridacoastalteam.co,2012-09-20:22878Why You Should Consider Selling in the Winter<img src="https://assets.site-static.com/userfiles/3389/image/selling-in-the-winter-attracts-serious-buyers.jpg" alt="Selling In Winter Attracts Serious Buyers" title="Selling In Winter Attracts Serious Buyers" height="410" width="750" />
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your house on the market in the winter might bring the right buyer to your door. Real estate agents also tend to be less busy during these months and commit more time to getting your home sold.
Studies have shown winter buyers are buying because they need to move right away either for a relocation or personal situation. They will want to close quickly and allow for a much smoother sale.
Bottom Line
If you need to sell your home right away, or have some time but want to see what is out there, consider listing in the winter. Most homeowners who are going to sell will list their home in the spring, making for a competitive market. The winter allows buyers who are in a hurry to move consider your home and sell for more money than you would have in the spring.2021-08-13T15:02:00-07:002021-08-13T15:05:09-07:00Chris Snowtag:floridacoastalteam.co,2012-09-20:22877Common Things to Look Out for Before Buying Your Dream Home<img src="https://assets.site-static.com/userfiles/3389/image/3-questions-to-ask-before-buying-your-dream-home.jpg" alt="Common Things to Look Out for Before Buying Your Dream Home" title="Common Things to Look Out for Before Buying Your Dream Home" height="410" width="750" />
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and housing market is strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home, since home prices and mortgage rates are increasing. 2021-08-13T15:02:00-07:002021-08-13T15:05:06-07:00Chris Snowtag:floridacoastalteam.co,2012-09-20:22876Will Increasing Mortgage Rates Impact Home Prices?<img src="https://assets.site-static.com/userfiles/3389/image/mortgage-rate-projections.jpg" alt="Will Increasing Mortgage Rates Impact Home Prices? " title="Will Increasing Mortgage Rates Impact Home Prices? " height="410" width="750" />
There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in the mortgage rates since people can afford to take out more.
Bottom Line
As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together.2021-08-13T15:02:00-07:002021-08-13T15:05:02-07:00Chris Snow