Buying a Home
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The Real Estate market is in full swing for the 2015 buying season, with lots of Open House signs, new listings, and advertising. While it’s been hard to discern the For Sale signs among the political ones, buyers are driving the streets, searching for the right new home. Inventory is tight, but it has been for the last couple of years, and that perfect new home is hard to find. New listings are priced a bit higher than the Buyers want to them to be, and some listings seems to linger. Others, are selling immediately, though. These are usually those in perfect condition, but it’s a confusing market. This strong activity is helping peripheral neighborhoods. While San Marco, Avondale and Ponte Vedra have been hot for years, we’re finally seeing other areas return, and that’s encouraging. For St Nicholas and San Jose, escalating San Marco prices help them, as buyers discover gems on streets such as Monticello or Segovia, forgotten during the Great Recession.
The big story is a lack of available inventory. New listings are not keeping up with the demand buyers have for moving into great neighborhoods. Although, the first quarter of 2015 has shown the best sales numbers in 18 months, Sellers have not significantly returned to the market and sales could be better.
We’re getting good traffic, both on-line and through the door of my listings, and are marketing like crazy. I’m delivering 1,500 flyers bi-weekly across town, and advertising heavily in print and on Realtor.com, Zillow, Trulia, jonsingleton.com, Watsonrealtycorp.com, and about 100 other sites, with over 10,000 detailed views a month on the main 3 sites.
On a macro-economic level, the rates are incredible, with my last few closings this month written under 4%. The market is poised for a strong Spring buying season, but inventory is limited, list prices are going up much faster than sales prices, and mortgage lending is very restrictive and tedious. These factors pushed new home sales in February to a seven year high, with March also good, but existing homes are just slowly edging up. Rents have also pushed higher, and that’s driving many folks into the purchase market.
NEW or REDUCED LISTINGS:
2405 Laurel, Old San Marco, $885K
857 Old Grove Manor, Nicely Renovated 4/4 in Miramar, $575K
3325 Via de la Reina, Historic San Jose Spanish, $350K
5608 Brampton Falls, Southside Pool-Home, $235K
2981 Riverside, Historic Avondale Prarie-Style, $750K
3815 La Vista Cir, Villages of San Jose TH, $199K
1247 Ardsley, Miramar 3/2.5 with killer backyard, $399K
2651 Post, Total Historic Riverside Renovation, $388K
2368 Riverside, Villa Riva TH, $499K
1025 Oriental Gardens, Spacious San Marco, $835K
1427 River Oaks, San Marco Bungaloww/Guesthouse, $339K
2957 Bridlewood, Renovated Beauclerc, $425K
3917 Barcelona, Granada 2-story, $465K
Coming soon: San Marco, Miramar, St Nicholas, Springfield, Avondale, Ortega, Ortega Forest, Jacksonville Beach Oceanfront, Julington Creek, Southside, Mandarin. ($100K-925K).