A Quick Market Update

August 20, 2020

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“You cannot shake hands with a clenched fist.”

Indira Gandhi

 

We are not supposed to shake hands while we are social distancing, but it still makes my heart happy when someone looks me in the eye and shakes my hand with both of theirs. I can feel the love and respect.

 

The Northeast Florida Association of Realtors market stats for July indicate it is a great time to sell your home. With record-low mortgage rates and low inventory of homes listed for sale, the homes coming on the market are going under contract very quickly.

 

There were 3,598 contracts written in July which is an increase of 21% over last July. We are up 4% year-to-date.

 

There were 3,514 closings in July which is an increase of 16% over last July. We are down slightly (1%) year-to-date but catching up quickly. Closings were less than the previous year in April and May but rebounded in June and continued to increase in July.

 

The median sales price of $265,000 is up 10% over last July. The average sales price of $325,665 is up 15% over last July. Both prices are up 8% year-to-date. It is very clear that we are not seeing decreased pricing because of COVID.

 

The inventory of homes for sale is 6,943 which is down 30% from last July. This is the lowest number of homes for sale since mid-2005. For perspective during 2007 in the great recession, we had approximately 20,000 homes for sale.

 

We have 2.5 months supply of inventory available. A balanced market is 5 to 6 months of inventory. Inventory is low even with increased permits being pulled by the local builders. There are 6,608 building permits in the Jacksonville MSA through July 2020 compared to 6,208 year-to-date in 2019.

 

We are seeing increased contracts, closings and prices while experiencing a low number of homes available for sale. All add up to a terrific time to sell your home.

 

Mark your calendar for our annual Davidson Cares Clay Day on October 29th. We have worked out a very safe way for everyone to shoot with no group gatherings. We will be supporting Builders Care, Investing in Kids! and St. Augustine Youth Services again. Please email me at sdavidson@davidsonrealtyinc.com if you would like to participate.

 

Stay safe and as always thank you for your support and referrals!

HOMEOWNERS ARE FEELING A LITTLE TOO “COVID-COZY” And YOUR HOME could be what they’re looking for!

August 14, 2020

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Posted by in News

By now, you’ve probably heard the term “Coronacrazy” which clearly speaks to the day to day roller-coaster we’ve all been living since early March. At Davidson Realty, you’ll also hear the term, “Covid-Cozy” which describes the homebuyers working with our agents who during quarantine determined their home no longer suits their needs. This doesn’t necessarily mean the home is too small in some circumstances. There has been a shift in desired layouts, locations, and overall function for many homebuyers as the Coronavirus has people spending more time at home.

 

While market conditions remain positive, interest rates are at an all-time low and inventory is low, if you have a home you’re contemplating selling – you may just have the perfect home for someone who is too “Covid-Cozy” in their current home!

 

What are homebuyers looking for?

 

 

Suburb Living:

While the convenience of living close to work has remained one of the top priorities for homebuyers, it’s not necessarily part of the top five “must-haves” since more people are working from home. In addition, people feel safer in less crowded and less populated areas which makes suburb living more desirable.

 

Dedicated Office/School space:

The pandemic has forced many Americans to work from home. Several large corporations in the Jacksonville Metro area are still shut down and have employees working from home. And nearly 38% of students across Northeast Florida will participate in some form of “distance learning” through virtual options. That means more homeowners are realizing with parents and/or children all needing a dedicated space their current situation isn’t ideal. The dedicated office/school space can be a bonus room or even an additional bedroom converted to office or school space.

 

Food Pantry:

If you think back to March and April, our groceries caused major anxiety for some as we were told the virus could potentially be brought home from groceries and lives on surfaces. (Not sure we still have a clear answer on this one!) Many consumers tried to buy in bulk and minimize their frequent trips to their local grocery stores. And whether or not consumers are still consumed with fear about their grocery stores, we do know that buying in bulk has become more popular and people are needing more storage space.

 

Larger yards or better outdoor amenities:

Northeast Florida weather, albeit very hot and humid during August, provides plenty of months for enjoying the outdoors. And people who enjoy entertaining can more safely socially-distance while entertaining outdoors. Outdoor amenities also provide plenty of entertainment while people are looking for more controlled environments for their children to play and safely social distance.

 

You may be looking for a home that offers these features or maybe you are living in a home that hits some or all of the list above. Either way, if you’re contemplating moving into a new home contact our Davidson Realty office and let’s get the process started. Our Davidson Realty team of experts knows exactly how to market your home to highlight its qualities and make it desirable for people who are ready for something a little less “Covid-Cozy.”

How I learned to work from home – 5 tips that saved my sanity

May 20, 2020

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Posted by in News, Staff

I never considered myself to be a “work at home” type, probably because the opportunity never really presented itself. Every work day I had my routine; get up, make my bed, chat with my hubby, shower, get dressed, get my daughter up and ready for school, pack my bag and off to work and school we would go.  That all changed with the arrival of COVID-19.  With new social distancing requirements in place and stay at home orders a new norm, life as we know it changed – and dramatically.  Now with a son suddenly home from college and a daughter in high school both in virtual learning mode and two parents juggling working between home and offices it was only a matter of time before chaos began.  Even the walls of our home are longing for the days of peace & quiet again.  It is not used to having us all home at once and for so long.    First and foremost I am thankful for my health, my family’s health and that I still have job in which I can work from home.  That being said it took a bit to adjust and I will admit I had some struggles along the way but I think I have found my groove.   After a bit of trial and error here are five tips that worked for me.

 

 

Tip #1: Have a routine and stick to it. 

I needed a new routine.  My first day home I was out of rhythm and all over the place and so was my family.  We slept in a little later than normal, did not rush to even shower or get dressed – I mean why not?  It’s not like our commute was very far and nobody was coming to visit.  It felt different and exciting to work from my pajamas.  But as the day progressed I felt behind for some reason, disorganized, and scattered.  Aside from a mid-morning break to put in a load of laundry and my lunch time shower as that was when I decided to get dressed I was glued to my computer the rest of the day re-acting to things instead of being pro-active with a specific agenda.  So day two I decided to establish a new routine starting in the morning that would set the tone for my day.  I created a list of goals I needed to accomplish that day. It included both work and family tasks so I was not aimless. The structure created some semblance of order and prevented me from losing focus.

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Fed Rate vs Mortgage Rates……what gives?

March 23, 2020

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Posted by in News

Ah yes! This has been a popular topic since the Federal Reserve’s emergency rate cut to a range of 0% to .25%.

 

Coming off March 9 mortgage rates that were at historic lows to—not even four days later—being about a full percentage point higher, the Fed again cut the rates on March 15. This is what’s going to send mortgage rates to guaranteed rock bottom lows, right?

 

In the words of famed football coach and broadcaster Lee Corso, “Not so fast my friend!”

 

The Fed Funds Rate deals more directly with short-term rate items like credit cards, savings rates and bank-to-bank short-term loans. You may see a credit card APR go down (YES!), but generally, the Fed rate is not a consumer lending rate.

 

Although the mortgage rates have a tendency to mirror the direction of the Fed Funds Rate, it is never a direct correlation.  Remember, the Fed Funds Rate is for short-term rates and mortgages are not short-term.

 

So, what IS going to happen? 

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Davidson Realty applauds its 2019 Five Star Professionals

August 16, 2019

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Kudos to our four agents who were recently named as 2019 Five Star Professionals! Those agents include seven-time recipients Suzy Evans and Margherite Myers, four-time recipient Lynn Whitley and three-time recipient Ron Savarese.

 

“This distinction goes beyond production and really speaks to an agent’s dedication to their customers. All four of these agents are tireless in their customer service efforts,” said Davidson Realty President Sherry Davidson.

 

The Five Star program is sponsored by Jacksonville Magazine and research firm Five Star Professional.

 

Recognized agents scored in the top three percent for client satisfaction out of all Northeast Florida real estate agents and brokers. The Five Star designation process involves interviews with thousands of recent homebuyers and other consumers to determine each qualifying agent’s client satisfaction rating.

 

Learn more about Five Star Professional at https://fivestarprofessional.com/public/reresearch.

 

Congratulations to Suzy, Margherite, Ron and Lynn!

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