Davidson Realty, Inc.

All is Well in Northeast Florida Real Estate: July Market Stats

August 27, 2019

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Posted by in News, Northeast Florida Market Trends

All is well in Northeast Florida real estate this summer in the most recent report from the Northeast Florida Association of Realtors. The pending sales and closed sales are up, the median and average sales price are up, and the inventory of homes for sale and months supply of homes for sale are down.

 

There were 2,983 contracts written in July which is up 6% over last July and 6% year-to-date. The local data continues to be positive and in June the national numbers were also positive. A National Association of Realtors article says, “The Pending Sales Index (PHSI) – a forward-looking indicator based on contract signings – moved up 2.8% to 108.3 in June, an increase from 105.4 in May. Year-over-year contract signings jumped 1.6%, snapping a 17-month streak of annual decreases. The 2.8% increase is likely the start of a positive trend for home sales, predicts NAR Chief Economist Lawrence Yun.”

  • The closed sales in July of 2,820 were up 1% over last July and 4% year-to-date.
  • The median sales price of $242,000 is up 5% over last July and 2% year-to-date.
  • The average sales price of $283,038 is up 3% over last July and 2% year-to-date.
  • The inventory of homes for sale is down 7% from last July to 9,173.
  • The months supply of inventory is down 12.5% from last July to 3.5 months.
    Five to six months of supply is a balanced market.

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Why New Construction Negotiations Require a Realtor’s Savvy

August 6, 2019

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Posted by in Neighborhoods, News, Northeast Florida Market Trends

One of the many reasons to use a real estate agent to buy a home is their negotiating expertise. But when buying new construction, buyers can be tempted to purchase straight through the builder’s agent (an on-site agent operating on behalf of the builder).

 

It’s not uncommon for a buyer to say, “I work in sales! I know how to negotiate.” Negotiating skills are valuable in virtually every industry, so many buyers assume their own skills can seal a great deal. But good Realtors have honed negotiating techniques that are specific not just to the industry but also to all builders and will benefit you big time at the closing table.

 

Here are five ways a Realtor’s negotiating savvy will benefit you when buying new construction:

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The Strong Real Estate Market Continues Through Summer!

July 31, 2019

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Posted by in Ask Sherry, News, Northeast Florida Market Trends

It looks like the strong real estate market in northeast Florida will continue through the summer. The Northeast Florida Association of Realtors market stats for June 2019 shows good buyer demand with 2,966 pending sales which is 11% higher than last June and 7% higher year-to-date.

 

Brian Buffini, a leader in the real estate industry for over 30 years, pointed out the four main indicators of the economy as it relates to real estate. The four indicators are jobs, interest rates, population and consumer confidence. All four are extremely positive right now.

 

Jobless claims are at a 50-year low. Mortgage interest rates are more than 0.5% lower than last year and very low compared to historical rates. The United States population is up 45 million people from 2000 to 2018 and consumer confidence is high.

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Lender Tip of the Month: Ease Loan Process with Communication & Organization

July 29, 2019

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Posted by in News, Northeast Florida Market Trends

Thanks to technology, gone are the days of the slow, clunky mortgage lending process! We can now speed the process and better track the significant number of required documents with relative ease.

 

George Stone, Loan Originator with Jet HomeLoans, has some great tips to help you utilize technology to improve your experience. Here are George’s tips for a smooth loan process:

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Once you are under contract you will likely have just 5 days to make a “Loan Application.” Basically this means you should speak with your lender right away and be sure that they have the required items to process your loan.

 

Documents that are required are things like your paystubs, your most recent 2 years of W2s and/or tax returns, your bank statements, and your un-expired government ID.

 

Send photos of required documents

Lenders accept photos for these items like your ID and your paystubs. Simply take a clear picture that is nice and straight with your cell phone and forward that along in an email or text.

 

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The May Market Stats Show Increasing Pending Sales & Closing

June 26, 2019

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Posted by in Ask Sherry, News, Northeast Florida Market Trends

The Northeast Florida Association of Realtors market stats for May 2019 show increased pending sales and closings. Prices continue to rise, but at a slower pace than the previous few years. Home sales had weakened late last year when interest rates on mortgages spiked, but the declining rates and strong economy in Northeast Florida have the numbers outpacing 2018 year-to-date.

 

There were 3,114 contracts written in May which is up over 5% for the previous May and year-to-date. There were 3,091 closings in May which is up over 4% month-to-month and year-to-date. The median sales price of $232,000 is up 2% year-to-date. The average sales price of $276,429 is up 1% year-to-date.

 

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