Wednesday, November 30, 2011

Jacksonville Beaches area real estate market update

As they say, "the numbers don't lie". The Beaches area markets are all over the place! Without giving out TMI (too much information), I'll give you the hightlights and the lowlights of the Beaches market. I'll give you the condensed version.

Jacksonville Beach has fewer listings than it did in Oct 2010 (-31.7%) but the median sales price price was up 9.1% ($232,300.00) over October 2010. Year to Date in Jax Beach median sale price is up only 1.4%. BUT---the key word here is UP! Inventory is down 24.3% from the same time last year. We are down to a 7 month supply of inventory in Jacksonville Beach. That's a GREAT thing!

Neptune Beach took a huge hit on the median sales price. It was down a whopping -59.7% compared to October of 2010. Year to date numbers are a whole lot better - up 16.7% to $280,000. The median sales price in October 2010 was $501,500 and this year the median sales price was $202,000. WOW!! There are 8 months of inventory on hand in Neptune Beach right now. This is down 46.7% vs the same inventory in October of 2010.

My head is hurting from all of these numbers! I am ready to bang my head against my computer monitor. I never was much of a bean counter! One last report to go!

Atlantic Beach had 25% fewer closings in October of 2011 than they did in 2010. The median sales price is up 20.7%. The current median sales price is $281,250. Again, the key word is UP! So the bottom line in Atlantic Beach appears to be fewer homes sold, but the ones that did sell - sold for more! There is a 7 and a half month supply of homes on the market right now in AB.

Jacksonville Beach and Atlantic Beach both showed improvement in price but fewer homes sold. Neptune Beach had a price DECREASE but year to year, the prices are up 16.7%.

[Image]The number of homes on the market continues to decline. This will probably force prices to continue rising. Interest rates remain low so this just might be the perfect time to buy!

Call me today and let's get out there and find you a house at the Beach. Can't you just see yourself taking a long walk on the sand today?

Monday, November 7, 2011

Short Sales and REO info in Jacksonville FL


I've finally stepped out of my comfort zone and decided to try and list some REO properties! I'm a little spooked about it. I've heard the lenders can be difficult to deal with but I think I can handle it! You know that there are plenty of these listings to go around. I am so detail oriented and have been accused of being a little TOO concerned about the "small stuff".
I have created a web site and would appreciate any comments about it. It's simple, all I wanted to do was give people a way to get in touch with me. In the meantime.... I've started doing BPO's. These are Broker Price Opinions and are critical in the process of selling a short sale. When the lender gets an offer on a property, they order a BPO so they'll know if the offer is a good one. They are time consuming but I think they'll keep me very active in my market. I will also have a better understanding of how to help MY buyers make offers the lender would accept. I won't be able to sell any of the properties I actually do the BPO on, but it will help me with other homes in the area. The BPOR designation carries a lot of weight with the lenders.
They really need some help!!! As a BPO agent for the lender, I'll be their eyes and ears in the market. They don't just consider the price per square foot. They want to know detailed info that's only available to REALTORS. I learned a lot in the classes. I'll let you know how it goes...

Sunday, October 30, 2011

Jacksonville real estate market update

Sales in Jacksonville increased over last years numbers. There were 701 "normal" sales and 614 "distressed" sales in September. Inventory dropped an incredible 32%.  Guess what?  We're almost down to a "normal market". When we have a 5-6 month supply of properties on the market, we're considered "normal". In September we were down to a 7 month supply.



Along with the good news, there is some bad news (for sellers anyway). Prices on normal sales dropped 6.5%  and prices on lender mediated (short sales and foreclosures) ROSE 4.5%!!!

So in a nutshell: inventory down. Foreclosure prices up. Normal sales prices down.

We are very close to a "normal" market!!!

Friday, October 21, 2011

Jacksonville showings: Trick or Treat?

Posting this story has become a tradition for me! I didn't want a year to go by without posting it. Unfortunately, the story rings true today like it did many years ago..................................

Halloween Horror Story for a REALTOR




Once again it's time for me to repost the scariest real estate story ever! It's become an annual tradition to repost this article. I call it my "List Em and Leave Em" post. Don't let this happen to you!

The names have been changed to protect the slackers and the victims...


I continually hear people say that their realtor bugged them for weeks to get them to list their house with them. They finally agreed to list it and they never saw the REALTOR again!! I'm not exaggerating! Check out this story....

New example of a "list em and leave em" real estate company

Wednesday, May 02, 2007JANESVILLE, Wis. - A couple checking out a house for sale were shocked to discover the 55-year-old homeowner dead in her bed. Authorities said foul play was not suspected. Real estate agent Linda stood in the dining room while Justin and Colleen walked through a house Monday night. Before long, she heard Colleen scream."I thought, 'What's wrong?' Maybe it was a dead mouse or something," agent Linda said. But then she peered into the bedroom and saw the body of the owner.

An autopsy determined the owner had been dead for two to three weeks, Rock County Coroner Jenifer K said Wednesday. The cause of death remained under investigation, but the woman appeared to have died of natural causes and no foul play was suspected, the coroner said.

The agent who listed the house, said it was for sale "for a while." Agent Linda said she had noticed a faint odor but thought it was from the mess in the house or the countertop full of dishes. After seeing the body, she said she told the couple: "We need to leave. This is not right. We need to get out of here."

I rest my case! If you want to list your house with someone that will communicate with you---give me a call! I look forward to hearing from you. I promise not to list your house and forget about you!
Call me today!

Wednesday, September 21, 2011

Jacksonville Homes Market Update

Straight from NEFAR we have some great news. It appears as though we've finally hit the bottom and things are turning around! Call me with questions or concerns.


NEFAR Announces August 2011 Real Estate Sales Results Indicators point toward recovery: closed and pending sales up, inventory and new listings down, median and average sale prices increase, percentage of lender-mediated sales down. JACKSONVILLE, Fla. - The Northeast Florida Association of Realtors (NEFAR) announces real estate market statistics for August 2011. Statistics encompass both single-family residential and condo sales. Closed sales were up 1.5 percent year-over-year, coming in at 1,441 sales for the month. Pending sales popped in August, jumping 24.4 percent year-over-year to reach 1,744.

Inventory in August was noteworthy, dropping 32.2 percent from a year ago to arrive at 11,167 properties for sale as opposed to last August's 16,464. The number of months supply of homes for sale also showed exceptional improvement year-over-year, dropping from 11.8 months last August to just 7.9 months this August; a 33.1 percent drop. A market is considered balanced when there is roughly a five- to six-month supply of properties, indicating that northeast Florida is on the cusp of that normalcy. New listings were also markedly down, dropping 20.7 percent from 2,924 in August 2010 to 2,319 this August. Prices also rallied a bit in August. The overall median sales price was $138,000; a 2.2 percent increase over $135,000 last August. The $180,823 average sale price was 6.6 percent higher than last August's $169,658. The balance between traditional sales and lender-mediated sales also moved in the right direction. Of the 1,441 sales for the month, 626 (42.8 percent) were lender-mediated while 835 were traditional.

Last August, more than 51 percent of sales were lender-mediated.


NEFAR President Dane Leslie says, "August was a month of numerous positive indicators, sending a clear signal that we are on the path to a stabilized market with recovery now in progress."

Wednesday, September 14, 2011

Short sale market shrinking in Jacksonville

Is it too early to exhale?  Our market appears to be improving.

According to NEFAR (Northeast Florida Assoc of REALTORS), lender mediated home sale (short sales, foreclosures and distressed sells) numbers were down in August!  There were 729 lender mediated sales in August of 2010 and  626 in August of 2011. D-O-W-N.
The median sales price of lender mediated homes is also down. The median sales price in August of 2010 was $87,450 and in August of 2011 the median price of a lender mediated home was down to $81,000.  So, being the rocket scientist that I am, I have figured out that things are looking better! ESPECIALLY if you're a Buyer! The number of "problem homes" is down and the prices continue to drop. GREAT TIME TO BE A BUYER!  Could it be...are we finally at the bottom?

Now don't be a naysayer and tell me it's because of the robo-signing fiasco. I have heard rumors that there has been a virtual FREEZE on all foreclosures until the mess is sorted out. This could have a little bit to do with it....but surely there is some real improvement there?! ?! The numbers don't lie!  ...or do they?

We currently have a robust 8 month supply of homes on the market. When we get that down to a manageable 6 months of inventory, I think we'll turn the corner.

Let's hold our breath one more month and see what happens in September. I'll keep you posted.

Thinking about buying?  Call me today.

Wednesday, June 8, 2011

Foreclosure Shadow Inventory-Fact or Fiction?

RISMEDIA, April 14, 2011—This big inventory of homes—90 days or more delinquent on their mortgage payments, currently in foreclosure or now REOs—at last count was 2.1 million. It’s enough to make you plop, plop, fizz, fizz, worrying everyone from the banks to the sellers and most of the rest of us in the real estate industry. Adding the shadow inventory to the current visible inventory at about 4.2 million units, creates a 23-month supply of potential homes for sale when a 6- to 7-month supply is in the normal range.
But for all the reports of this shadow inventory in the news, none really factor in elements of our economic recovery that will effectively lower this inventory and perhaps even keep a good deal of this housing from ever coming to market.

First of all, the jobs outlook is improving, and while many are still feeling the pain of this downturn, it’s at least going in the right direction. According to a survey by the National Association for Business Economics in January 2011, “sales have strengthened and economic growth has picked up while the percentage of businesses expecting to increase payrolls during the first half of 2011 exceeded the share projecting more firings by 35 points, the most since the question was first asked in 1998. More than half of these businesses said they planned to boost spending on new equipment, up from 48% in the October survey.”
As we continue to move in a positive economic direction, the shadow inventory will shrink as the newly employed seek to keep their homes through continued modifications or take advantage of price declines and purchase homes. It has been stated that it could take as long as four years to eliminate this shadow inventory, but perhaps not if the economy stays on this track of growth.

Certainly there are parts of the country where this inventory is very high, such as Florida, California and Michigan. Recovery will be spotty, that is certain, and some areas may still see some price declines in the near future. But let’s stop with all the numbers because, in the end, we still believe in the American Dream, and at the core of this dream is owning a home. Yes, there will still be those that pick up and leave their homes for various reasons, but even as this happens and changes in the younger generations’ mindsets occur, Americans’ homes will still be where their hearts are!

Posted on HWA site

Monday, March 21, 2011

Home sales up 12.9% in NE Florida


From WOKV News Talk Radio Jax


Jacksonville, FL —

In February home sales were up 12.9% from a year ago in northeast Florida. The Northeast Florida Association of Realtors is reporting sales are up but prices are down 12.9%.

NFAR communications director Melanie Green says most of the homes sold last month were not traditional sales. "The sales that occurred in February were weighted heavily by lender mediated sales, those are your foreclosed and short sales." She says that's a bit of bad news but it does indicate that investors are coming back into the market.

We also heard from consumer warrior Clark Howard. He says right now is the perfect time to buy, the reason being that the timing is right. "If you're buying a home now, man everything is smiling on you, the prices are phenomenal on the homes, the cost of money to borrow and finance those homes is still great, and this is not a gotcha this is an opportunity."


I can't argue with the experts!! Call me today!

Sunday, January 9, 2011

Current Number of Short Sales In Jacksonville FL

Currently there are 2375 active short sales listed in our MLS.  Contact me today for more information.

You can set up your own personal search at ListingBook and search our MLS like a pro!

Saturday, January 8, 2011

Info about short sales and foreclosures in Jacksonville

I found a great site that I think you'll find VERY helpful. It answers a LOT of questions you may have about your house and what steps you need to consider taking to save it.

Visit this site today.

Call if I can help.