Home Buying in Avondale>Question Details

Sparkles, Home Buyer in Avondale, Jacksonville...

We are considering selling our home in Avondale to purchase a more expensive house.

Asked by Sparkles, Avondale, Jacksonville, FL Thu Nov 19, 2009

We would have it as a rental for a few years. Should we buy now or wait until we return?

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Answers

8
It's an interesting question. A lot depends on how long you've been in your home in Avondale and how much you paid for it. The research I've done shows that the values have retreated back to what they were in 2003/2004. So, if you bought in 2005, 2006 or 2007, you could be facing a loss.

If you're trading up, you probably have a smaller home to sell and that could be good because a lot of homes less than $300K are selling well due to the first time homebuyer stimulus being offered by the government.

My partner, Caroline Powell and I specialize in the neighborhoods of Avondale, Ortega and Riverside. Take a look at our website http://www.allaboutavondale.com or our new BLOGSITE at http://www.JaxRealEstateFacts.com to see very local and very specific information about what's going on. I publish a market update every Monday Morning on my blog that you might find useful. Please give us a call at 904-252-5181 if you'd like any additional information. Thanks!
0 votes Thank Flag Link Sun Nov 29, 2009
From your question, I presume that you are moving from Jacksonville but plan to return in a few years. The Avondale market has held its value better than most of the newer neighborhoods and is a good stable area that will continue to increase in value, in my opinion. There are good buys right now, and interest rates are low. You would probably get a better deal now than if you wait a few years. I work in the Avondale Prudential office and would be glad to do a CMA on your current home as well as showing you larger, more expensive houses. I can help you analyze what will work for you as far as renting the house until you return. You can contact me at helen.willoughby@prudentialnetworkrealty.com or call my cell (904)655-8232.

Helen Willoughby

Prudential Network Realty
0 votes Thank Flag Link Wed Nov 25, 2009
Sparkles, this is a great question. The agents below have given some really excellent responses. One thing I would add is that we do not know where interest rates will be in a few years. You mention 'returning' so are you being transferred away for business? So you would sell your Avondale home and purchase a new one that you would rent until you return, right?

Consider how much home you can buy with today's interest rates vs. what they could be in two to three years. Inflation could cause interest rates to soar. It would also cause home values to rise. If you are able to buy a home now at today's low interest rates and prices, it will be an excellent investment for the long haul.

If you are not working with a Realtor, we would be happy to help you find a home that is an excellent value, as well as well your Avondale home for the best price the market will allow. We also have professional lenders to counsel you on the financial part of selling and buying.

Sharon Alters, CDPE, GRI
Watson Realty
904-673-2308
sharon@teamalters.com
Web Reference: http://teamalters.com
0 votes Thank Flag Link Thu Nov 19, 2009
Sparkles---
All really good stuff here! I would add that before you begin any process speak to your lender. You will want to make certain that you will qualify to purchase another home, hold the current home as a rental, or if there will need to be another option.

It would also be wise to talk to your tax advisor if you have one, or an accountant. Rental properties will effect your taxes, as will the purchase of a new home. Best to be completely informed before making any large decisions.

As for choosing a Realtor --- each will be uniquely qualified! If you need some lender information please email--happy to provide options.
Web Reference: http://www.oneteamhomes.com
0 votes Thank Flag Link Thu Nov 19, 2009
These agents have pretty much summed it up already. They are correct in the fact that prices are extremely low right now and no one knows when they will begin to rise again. If you are considering purchasing a home, now is the time to buy..

Shonda Sauls, REALTOR®
Prudential Network Realty
Cell (904)962-6139
Office (904)260-4300 #327
Fax (904)292-2060
Website http://www.shondasauls.com
0 votes Thank Flag Link Thu Nov 19, 2009
Sparkles, You need a local to help you (that would not be me).

If you need/ want to upgrade and have 2 payments is not a problem, I would say YES- rent your current home
at good rate to get good renter, then buy your dream home- selling now is not good Idea.

the market should come back in 2013 to 2014 and or all this printing of money is going to cause inflation- both would help you.
0 votes Thank Flag Link Thu Nov 19, 2009
Good morning Sparkles,

I would recommend that you purchase within the next few months, as the prices are at about a 20-year low. It's a wonderful time to buy!

As for selling, the plan to place tenants in the Avondale house is probably a good one, as you may be able to list with a bit higher price after a couple years have passed. We need to get the short sale/foreclosure inventory down more, so that you're competing with other resale, not distressed sales in your neighborhood.

Please call if I can be of service, whether buying, selling, or for property management.

Good luck to you,

Lynn
Web Reference: http://www.LynnSellsJax.com
0 votes Thank Flag Link Thu Nov 19, 2009
Sparkles,

Like everyone is saying, it is a buyer's market. That's not to say things not may go down a bit more, but we have seen a steady leveling off of prices in the real estate market. Interest rates are as good as they have been in recent history, plus the government is offering wonderful incentives to home buyers till June 30, 2010.

So, with that said, yes it is a great time to buy. Is it a great time to sell? That depends on each person's situation. If you sell your home in Avondale now and take a little less than what you could have a couple of years ago, just remember you will be more than likely getting a deal on your next home as well. So, many times, it does even out.

I hope this answers your question, albeit briefly. If you would like to discuss your particular situation and your options, please feel free to give me a call or drop me an email. I'm more than happy to help! Look forward to hearing from you!

Thanks,
Mike King
Watson Realty Corp
12710 San Jose Blvd
Jacksonville, FL 32223
(904) 327-2765 Direct
mikeking@watsonrealtycorp.com
0 votes Thank Flag Link Thu Nov 19, 2009
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