Is it a good time to buy a new home in Jacksonville, fl.?

Asked by Rick, Jacksonville, FL Wed Aug 29, 2007

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jcs2000, , South Dakota
Sun Sep 2, 2007
Depends but in a macro-sense no. Prices are certainly expected to drop further given existing trends with the subprime credit crunch and the new tighter lending standards for jumbo loans.
Look at the statistics, overall inventory is up (nearly 50%) and the median price is down (nearly 10%) with the asking price falling in all percentiles. You cannot get meaningful recovery when this much inventory sits on the market--it is all a function of supply and demand. Unless you have an urgent demand for housing now, it certainly pays to wait as prices will likely fall further

2 votes
Eddie Zahn, , Jacksonville, FL
Thu May 22, 2008
As a Realtor, my first inclination is to say that is a great time to buy. However, I have seen alot of people over the last 18 months get upside down on their house (some upwards of $100k). Most experts are indicating that it may be 3-5 years before the market turns around. Jacksonville is not as bad off as the rest of Florida. Between 2003-2005 most Florida metros saw price growths of 25-40% per year!!! In those same years, Jax saw price growth of 11-14% per year (much more moderate). The average sales price of a home in Jax is $189k versus $234k for the state. One can deduce that Jacksonville is set for solid growth when the market turns.
There are plenty of "great buys" out there - but be cautious and due diligence to research the developer or the pre-existing home. And absolutely have an inspection done prior to closing. A good Realtor will help you through the process. Best of luck!
Eddie Zahn
1 vote
Cathy Sloan, Agent, Jacksonville, FL
Sun May 18, 2008

It's a great time to buy if you are planning on keeping the home for 3 to 5 years or longer. There are many conflicting theories about how long the current market will affect housing prices. Some believe once the market stabalizes it will remain flat for a few years. Others think the market will recover by early 2009. The doomers think National housing prices will be flat for up to 10 years. No one knows for sure.

Jacksonville has a lot of positive growth factors wlith the expansion of Mitsui OSK shipping at Jax Port promising to bring 5,600 direct and indirect local jobs and $870 million in economic impact to our area beginning this summer.

In October 2007, the city signed an agreement with Hanjin Shipping . The Hanjin Shipping Container Terminal in Jacksonville is expected to generate at least $1 billion in economic activity in Northeast Florida and create thousands of new direct and indirect jobs for the region by 2011.

Certainly all the positive growth slated for jacksonville will make purchasing a New home a sound investment. Based upon Jacksonville Real Estate History, I can't imagine that the current down turn will affect Jacksonville more that a few years and that Jacksonville will once again be one of the cities that will lead the nation in recovery.

I believe that it is better to be cautious and I am not recommending that anyone purchase a home if they do not plan or cannot keep the home for at least 5 years. This should give time for the market to recover and generate equity.

If I can assist you in any way please contact me.

Cathy Sloan
RE/MAX Specialsits
Jacksonville, Florida
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1 vote
., , Jacksonville, FL
Fri May 9, 2008
Hello Rick, People,

I'm Jorge Nunez Realtor here in Jacksonville Florida and in Puerto Vallarta, Mexico. It is a good time to buy a house in Jacksonville Fl... However, Do Not Buy until you have sold what you have, unless of course, you can pay both price tags.

Many buyers Buy High and Sell Low. Do you know why? Because of those famous words; May and If.

Most new homes are fully loaded and well priced, Interest Rates are great. If one has a stable and secured job and good credit, what else do you want?

My house will be for sell soon and I will not get much equity but, after that I will get a 2008 new home with all the powers and I will watch it grow. Certainly If someone detonates a nuclear device, that May or May not happened. :~)

Rick, when you hire a Realtor please make sure to have them show you step by step how are they planning to sell it, How will they communicate with you and the future prospects. A lot must be done to prepared for and sell a resale property these days. If you have any more questions call me. Remember, Builders have sales and you probably will miss most of them. Because of my relations with many of them I know when, where, who, what, and how.

Take care.

Jorge Nunez
1 vote
Frank Bryant, Agent, ORANGE PARK, FL
Thu May 8, 2008
It's a great time to be buying a new home in Jacksonville! Prices have been slashed and great incentives such as builders paying closing costs abound. My last 5 buyers have purchased new construction. A great time to start building equity. Once the market readjusts the purchase of today will yield great dividends.
1 vote
Blaine Rabe, Agent, Jacksonville, FL
Thu Sep 27, 2007
The best deals are on new homes right now. You can order a Richmond America home for less than $75 a sq. ft. We are back to prices that existed 4 years ago. A lot of re-sells are overpriced.
1 vote
Jeannie Cree…, , Jacksonville, FL
Fri Aug 31, 2007
Yes it is an excellent time to buy a home in Jacksonville , Florida. Noted Florida Economist
Dr. Hank Fishkind has stated that in his opinion the Florida Real Estate Market has already bottomed out Savy Buyers in any price range with good credit and money in the Bank and the ability to act now can be rewarded with low interest rates and a large inventory of homes to choose from at the lowest prices in several years. Get yourself a knowledgeable, local Professional Realtor who will work hard to find the right property for you and you will be months ahead of Buyers waiting along the sidelines to find the best deals.
1 vote
Edyn Real Es…, , Dane County, WI
Wed Aug 29, 2007

it could be a great time to buy! It could be an awful time to buy. That depends on your situation. It is like walking into a Doctors office and asking if now is a good time to have a surgery. Are you hurt? Are you sick? Are you injured? Depends on your situation.
There are good buys and bad buys in any type of market.
1 vote
Bill Eckler, Agent, Venice, FL
Sun May 18, 2008
Yes...Any time is a good time to buy provided it is the right home, in the right location, at the right price. This is what make real estate such a great investment opportunity.

So here's your homework:
1. find a lending source
2. identify an agent to support your interests
3. find a home

Good luck,
The "Eckler Team"
Century 21 Almar and Associates
Venice, Fl 34285
0 votes
Gavin Moore, , Ponte Vedra, FL
Fri May 9, 2008
It really depends. Most Realtors will, of course, say that it is a great time to buy because that is what they ALWAYS say. (And, for them, it is true- because there is no bad time to get a commission check).

Prices have come down, but they may have further to fall. If you are looking for a house to actually live in for an extended period of time, it is a good time to go look for a good deal if you can get financing at a low, fixed, rate. Find a house you truly love and don't be afraid to make a low offer.

Nobody can predict the future, but it is very likely that interest rates will start going up soon. As monthly mortgage payments go up for a given loan value, there will be further downward pressure on prices. If you have a fixed rate and are in for the long haul, it won't really matter to you.
0 votes
ShondaCampan…, Agent, Jacksonville, FL
Thu May 8, 2008
It's the perfect time to buy. You can get some really great deals right now. A lot of the new builders are offering some great incentives. If you would like to get a list of avaliable properties feel free to contact me.

Shonda Sauls, REALTOR®
Prudential Network Realty
Office (904)260-4300 #625
0 votes
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