Davidson Realty, Inc.

Real Estate Market Update

May 20, 2021

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Posted by in News, Northeast Florida Market Trends

“You just can’t beat the person who never gives up.” Babe Ruth

 

If you want to buy a home in today’s market, you should listen to Babe Ruth. Most buyers are having to be persistent and make offers on several homes before they get a home under contract.

 

The Northeast Florida Association of Realtors market stats for April continue to show high demand for homes and limited supply which is causing price increases.

 

There were 3,615 pending sales in April which is up 52% over last April; however last April COVID was a factor in less contracts being written. The year-to-date numbers for pending sales are up 27% so you can see there is increased demand in the four-month period.

 

There were 3,177 closed sales in April which is a 27% increase month-over-month and 20% year-to-date.

 

The median sales price is $284,941 which is up 14% over last month and 12.5% year-to-date. The average sales price is $357,438 which is up 20.5% over last month and 18% year-to-date.

 

The most staggering statistic to me was the percent of properties sold over list price. For the properties that closed in April, 36.9% sold over list price. That is a 142.8% increase over April 2020. The average for the previous 12 months was 13.3% selling over list price.

 

On the supply side, there were 3,991 available homes for sale at the end of April which is down 58% from last April and there are 1.2 months supply of homes for sale. A balanced market is 5 to 6 months.

 

There may be better news coming to help with supply. A survey by Realtor.com indicated more sellers plan to put their homes on the market. Another survey by NerdWallet of 2,127 homeowners shows 1 in 6 (17%) plans on selling their home in the next 18 months. In fact, 45% of those planning to sell say higher asking prices and lower inventory have caused them to sell earlier than initially planned.

 

NAR Chief Economist Lawrence Yun predicts an increase in the 30-year fixed mortgage interest rate to an average of 3.2% in 2021. “As mortgage rates increase, the frenzied multiple-offer situation will become less prevalent by year’s end, as affordability challenges squeeze out some buyers and more inventory reaches the market,” Yun predicts.

 

“With more inventory and some easing in demand, home prices are expected to shift to mid-single-digit appreciation by the fourth quarter and in 2022,” Yun says. He predicts that:

· Median existing-home sales price will increase 7% in 2021

· Existing-home sales will grow by 10% as more homes reach the market

· New home sales will increase by 20%

 

These predictions are great news. In the meantime, if you are interested in buying or selling, please contact a Realtor with knowledge of the market. We would love to help you navigate these interesting times.

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CONGRATULATIONS TO OUR TOP PRODUCERS FOR APRIL!

May 12, 2021

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Posted by in News, Top Agents

The spring real estate market is very strong. All of our agents are working hard to get buyers a home and helping sellers navigate this very hot market.

 

The Top Producer with the most closings in April is Ron Savarese. Ron helped 3 customers close transactions totaling over $1.5 Million. Ron enjoys working with seniors and military buyers and sellers. He is an army veteran and skilled at helping all his customers navigate their real estate transactions.

 

 

 

 

The Top Listing Agent and Overall Sales Agent is Mirtha Barzaga. Mirtha helped 7 customers sell their homes and 2 buyers to purchase in April. Her overall sales for the month was over $3.3 Million. If you are considering a move, let Mirtha guide you through the process.

 

 

 

 

Read more

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4 Ways to Sweeten the Deal When Buying a Home

May 5, 2021

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Posted by in News, Northeast Florida Market Trends

The real estate market is unlike anything we’ve seen before. Inventory is low, demand is high, and homes are flying off the market! “With the current market conditions, listings are receiving multiple offers and buyers need to be ready to act fast with their best offer when they see a listing they love,” shares Davidson Realty President, Sherry Davidson. In such an intensely competitive market, trust the real estate experts at Davidson Realty to help you put your best foot forward with these strategies. 

 

Get Pre-Approved for a Mortgage

The first thing you should do when you decide to purchase a home is obtain a pre-approval letter. A pre-approval letter not only states what a lender is willing to lend to you but shows the seller you are serious and prepared to purchase a home. A pre-approval letter shows legitimacy and a sign of good faith that they can afford to buy the home. Sellers are more likely to select an offer that is pre-approved than one that is not. 

 

Eliminate Contingencies

A clean offer is extremely attractive to sellers. “Any contingencies you have in your offer could be a negative to the seller. Sellers want a low risk and speedy closing,” shares Sherry. Appraisals are often a major cause of home sales falling through. Eliminating this step allows for a smooth sale process with minimal chance of things going wrong. As the buyer, you are effectively taking the risk off the home seller and putting it on to yourself. 

 

Make an All-Cash Offer

All-Cash offers provide the unique opportunity of keeping the sale primarily between the buyer and the seller. Cash offers tend to be stronger than offers utilizing traditional financing because they are less risky for the seller. With a cash sale, no appraisal is necessary since there is no mortgage lender involved. The absence of a mortgage lender also allows for a quicker closing. A fast timeline is advantageous for sellers because the sooner they close, the sooner they get paid.  

 

Be Flexible

Including a flexible timeline in your offer can go a long way with sellers. Depending on the sellers’ situation they may need more or less time in the home than the traditional 30-day closing period. If you are not in a hurry to move, being as adaptable as possible will be to your advantage as the sellers will then be able to decide what works best for them. This can go a long way, especially if competing offers come with strict deadlines. 

 

If you are ready to begin the search for your next home, call Davidson Realty today to help you get started. 

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REAL ESTATE MARKET UPDATE

April 23, 2021

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Posted by in News, Northeast Florida Market Trends

“God could not be everywhere, and therefore he made mothers.” Rudyard Kipling

 

I wish every mother a Happy Mother’s Day!

 

The Northeast Florida Association of Realtors market stats for March shows 3,782 homes available for sale compared to 9,484 last March, a 60% reduction. It appears the low supply of homes for sale, high buyer demand and rising prices will be with us for several years.

 

The single-family home for sale inventory peaked in 2007 with about 3.7 million homes available nationally and has been dropping since then to 1.07 million homes currently.

 

A great article from The Mecklenburg Times cites the reason for continued buyer demand as low household formation rates following the Great Recession. If the historical household formation rate had continued after the recession, there would have been 5.7 million more households formed.

 

“The mid-2000s financial collapse began a domino effect. Roughly $6 trillion in real estate equity vanished during the housing crash, impacting the ability of many families to pass down wealth to their children. Young people who finished school around the late 2000s faced a soft job market, which can have long-lasting effects on a person’s finances and their ability to start a new household. Previous Zillow research has shown it takes about six years for homeownership rates of those who graduated college during a recession to catch up with those who graduated during better economic times.”

 

The last two years had shown that when the economy is good and most Americans have access to decent jobs, more of them are able to find a home of their own. More Millennials are turning 33 which has been the age most are marrying and starting families. This trend should continue rising for the next three to four years. Add to this the retiring Baby Boomers who are downsizing and the COVID-related moves where people can work from anywhere. The demand should continue for several more years at least.

 

The supply is tight and the demand is strong, so prices are rising. The median sales price is $274,900 up 12.7% over last March. The average sales price is $344,643, up 20.4%. Many buyers are offering to pay more than list price to get the offer accepted among multiple offers. The percent of properties sold over list price spiked 102.1%. In March 2020 14.2% of properties sold over list price and in March 2021 28.7% paid over list price.

 

It is a seller’s market, so if you are considering selling, we are happy to assist you. If you are interested in buying, we are finding ways to get offers accepted. Thank you for your continued trust and please let us know if we can help in any way. Happy Mother’s Day!

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Meet Isle of Palms’ New Custom Home Community – The Cove

April 21, 2021

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Posted by in Featured Listings, Featured Neighborhood, Neighborhoods, New Home Construction, News

Interested in waterfront living in a secluded community, yet in a convenient location? Look no further than The Cove at Isle of Palms, a private, gated community off San Pablo and Stacey Road in Jacksonville, Florida with eight homesites located along the Intracoastal Waterway. Enjoy coastal living at its finest with luxury custom homes starting at 2,800 square feet and $1.3 million. From the stunning Coastal style architecture to the community dock and private boat slips, The Cove is the perfect place to embrace outdoor living. 

 

Coastal living will truly come to life in every way at The Cove. Homes will be styled with metal roofs, light color palette exteriors, and elevated outdoor living spaces that allow for a seamless transition from indoor to outdoor living. Residents will be just steps from the Intracoastal Waterway where serenity will travel from the water to your backdoor. 

 

While enjoying a small, intimate community, homeowners will have the added perk of living in one of the most convenient locations in the city of Jacksonville. The Cove is located one mile from Mayo Clinic, four miles from the beaches, nine miles from St. Johns Town Center, and only twenty-six miles from Jacksonville International Airport. The area immediately surrounding The Cove has everything you need from your choice of grocery store and restaurants to gyms and parks. “The Cove will set the perfect scene for the ‘last-of-its-kind’ custom home community in Isle of Palms. This community will be a beautiful addition to the area. Davidson Realty is excited to be a part of the process and proud that our agent, Suzy Evans, will represent Davidson Realty with her homesite listing in The Cove.” shares Davidson Realty President, Sherry Davidson. 

 

Collins Builders will be the construction talent behind this stunning new community. “Collins Builders has been involved in The Cove project since the early stages of development. No one knows the property better than we do. Our reputation in the area and our white glove service combined with an organized and timely home building process will provide a custom home building experience that is second to none,” shares Chief Operating Officer of Collins Builders, Tim Calderala. For more than two decades, Collins Builders has built quality custom homes in Northeast Florida. At Collins Builders providing an exceptional customer experience is their goal. The design team at Collins Builders uses the latest technology to ensure clients are confident and comfortable during the custom home building process. “Our dynamic in-house architecture team uses virtual renderings to bring the space of your dreams to life. Collins Builders is honored to help residents of The Cove build their dream home,” continues Calderala. 

 

With only eight homesites and limited opportunities to build on the Intracoastal Waterway, the time is NOW to make The Cove your home. Whether you are a boat enthusiast or desire luxury coastal living, The Cove is ready to welcome you home. For more information and to schedule a tour of The Cove, contact Suzy Evans at (904) 347-5447 or evans@suzysells.com. 

 

https://my.flexmls.com/suzysells/search/shared_links/4oARp/listings/20210330205905658178000000

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