Jacksonville Florida Real Estate

Here's what Jacksonville Real Estate in May 2008 looked like:

Here's what Jacksonville Real Estate in May 2007 looked like:

These figures are based on residential homes (single family, town homes & attached). They exclude condos, commercial property and vacant land. It also does not include Jacksonville beach, Atlantic Beach or Neptune Beach. Information is deemed to be reliable, but is not guaranteed.

Read Also: Jacksonville Florida Real Estate: Market Watch April 2008 & 2007

Not much change in May 2008, although I do notice that the numbers for 2008 are starting to close the gap with the numbers in 2007. This could show us a  positive change for the real estate market in Jacksonville, however it will be at a slow gradual turtle pace. Given the fast upward swing of the real estate market in 2005, I can see how  the turtle does beat the hare in the end!

The first one really isn't much of an alternative but needs to be discussed, however briefly.......

Do Nothing-  When you're faced with the possibility of losing your Jacksonville home and your stress level has hit an all time high, you might want to throw in the towel, move out and let your house go into foreclosure. Then it's over, done with, a chapter in the book written and time for the new chapter to begin (unless your house is sold for less than the loan amount at the auction and you receive a deficiency notice saying you still owe the difference) However, you're faced with a foreclosure on your credit for about 7 years. It will be difficult to purchase a home again with foreclosure on your credit. You may decide not to buy a house, but having a foreclosure can affect other things, for example car insurance. You will pay more with poor credit then you would if you had good credit.

Refinance- You may be able to refinance your existing loan, however with the subprime lending in it's current state, that may be difficult or nearly impossible.

Reinstatement- You pay the entire default amount including attorney fees, late fees, before your house goes to auction.

Loan Modification- Your mortgage company may be able to extend the terms of your loan. 

Forbearance- The lender may agree to provide a temporary payment reduction or suspension of payments.

Partial Claim- A loan from the lender for a second loan to include back payments, costs and fees. 

Deed in lieu of foreclosure- You give the property back to your lender without going to foreclosure. This option could be as damaging to your credit as a foreclosure.

Bankruptcy- This could allow you more time and get rid of some of your debt. This may affect your credit for 7-10 years.

Sale- You can sell your home before your house goes to auction, it's possible to sell it even if you don't have enough equity. Your agent may be able to negotiate a short sale (when the bank accepts less than what you owe on your mortgage) with your lender.

If your facing foreclosure or just having a hard time making your payments, contact me  and we will discuss your options!

Read also: April 2008 Market report for Jacksonville Florida

Down Payment Assistance Programs in Jacksonville and Orange Park

With mortgage lenders tightening their credit standards and people not qualifying for 100% financing as often as years past, you may think that homeownership is slipping out of your reach.

That may not be the case!

If you're a first time homebuyer in Jacksonville and Orange Park Florida, you may qualify for down payment assistance. There are credit and income restrictions for some programs.

If you're looking to buy a house in Jacksonville, you can research what the income and credit restrictions are, using the Jacksonville down payment assistance website, also know as the Jacksonville SHIP program.

If you're looking in Orange Park or other parts of Clay County to buy a home, you will want to check out the Clay County SHIP program. 

There are additional bond money you may qualify for. I have access to local mortgage lenders, who specialize in loans utilizing down payment assistance programs.

The are also non profit organizations that offer down payment assistance. With these programs, you do not have to be a first time homebuyer and there are not any credit or income restrictions. As long as you qualify for a loan that allows gift funds, you can utilize these programs. Ameridream and Nehemiah are two, I've had experience with.  

There are certain criteria you have to follow when purchasing a home in Jacksonville and Orange Park using some of the down payment assistance programs. I can help you follow the criteria as well as guide you through the home buying process. You can call me direct at 904-910-3516 or contact me via internet.

As a seller wanting to sell your Jacksonville real estate, you want to get the most out of your home. What most sellers do is price high and let the buyer bring them an offer. It sounds good but it will cause you to lose thousands of dollars.

FACT: Buyers are not going to waste time looking at overpriced listings.

Think about it, in today's market buyers have literally hundreds of houses to choose from. They are not going to go and personally look at every single home, it would take too much time. They're going to pick the best ones based on what they're looking for: bedrooms, bathrooms, neighborhoods, etc... Then they're looking for a deal. As a buyer, what would you do?

Let me show you an example: Let's say there are 5 homes in a neighborhood that fits the buyer's needs. One is your home, overpriced, but hoping for a buyer to bring an offer and 4 others which are priced competitively. Which houses are they going to go look at? Assuming they have been looking for a couple of weeks, have seen 20 plus houses and are wanting to get their piece of real estate in Jacksonville. They're going to look at the ones priced competitive and not give yours a second glance.

FACT: Buyers see an overpriced listing and assume the seller will be unrealistic in all their negotiations.

Now you may be saying, I'll gradually lower my price, it won't seem like such a shock. All you're doing is prolonging the inevitable and reducing your net even more.  Here's why:

FACT: By chasing the pack, you set yourself up for a lower net.

You're chasing the pack (competing houses priced competitively) By chasing the pack you're never getting a second glance from a prospective buyer because the pack is where the deals are. If some houses in the pack are owned by desperate sellers they keep lowering their price, the rest of the pack follows suit. As those homes sell (desperate owners, meaning short sales, foreclosures or other desperate situations) they cause the values to decline because they are representing what a buyer will pay. So, even if you were able to get a contract on your home, chances are good, the appraisal will come back low and if you want to sell, you'll still have to lower your price.

If you're thinking about selling and you want to talk to an agent who won't lie to you just to list your home, then call me directly at 904-910-3516 or contact me via the Internet.

 Here's what Jacksonville Real Estate in April 2008 looked like:

Here's what Jacksonville Real Estate in April 2007 looked like:

I'm seeing a trend for real estate in Jacksonville, Florida. The homes going under contract are starting to increase and the remaining amount of inventory is decreasing since January 2008. This is a good sign, however it doesn't neccesarily mean we've reached the bottom. Normally in Northeast Florida, we start to see an increase in activity in March and as we get closer to school letting it out, the activity becomes more brisk. This could be what we're seeing. It's strange to say this, because 2007 was brutal for sellers, but the numbers in 2007 still look better than 2008.The gap should start to shorten in the coming months. If you would like to see what homes are selling for in Jacksonville, please visit our Jacksonville Florida property search.

These figures are based on residential homes (single family, town homes & attached). They exclude condos, commercial property and vacant land. It also does not include Jacksonville beach, Atlantic Beach or Neptune Beach. Information is deemed to be reliable, but is not guaranteed.