From a buyers perspective, I relocated to Jax 18 months ago and housing was overpriced (in my opinion) at that time. I decided to sit and wait the market out.
My personal observation and problem with purchasing now is that when I look at a home I immediately look at the historical sales record available through the county tax office. What I have been finding is that almost every one of them has been purchased somewhere between 2002 to 2006 and the seller is now asking almost 2x what they paid. It is unrealistic to expect a 100% profit on a home you have owned for 1-4 years and this is a key indicator to me that the market is overpriced.
The real market problem is buyers are somewhat aware of this so where do we go from here? If you purchased a home during the hot market session that just ended, you have most likely paid an inflated amount of money for your home (keep in mind a very nice home in Jax could be bought for $180 or less just 3-5 years ago, today you are looking at $300k or more â€“ incomes has not increased that much, in fact they have remained almost level). Most buyers are not going to absorb that high of inflation rate when there is this much inventory on the market so we are at a stall mate. Desperate sellers will flinch first. Anyone else even remotely thinking of selling will have to enjoy their purchase for several years before they can break even.
Now days I am almost exclusively looking at Oakleaf (with my target being Eagle Landing) for a home however the high taxes/fees do not help any with the slowing economy.
My only advice to you is to try some intuitive marketing such as throwing in a big screen TV or vacation, it works for some people. Plus, I truely enjoy shopping at the new mall area out there - i.e., market the resources/lifestyle - I think it is as good as the Southside and St. Johns. In addition, the economic development at Cecil Field will increase home values in the long term. Bottom line, 3-5 years from now that area is going to be just as developed as Eagle Harbour and just as sought after.