August 29, 2011

Northeast Florida Market Trends in July are Encouraging!

Posted by Sherry Davidson in Northeast Florida Market Trends

Opportunity dances with those who are already on the dance floor.
–H. Jackson Brown Jr.

danceIn my opinion, it is time to get on the dance floor. There are opportunities in great neighborhoods for investors, first time homebuyers and anyone in between. I am  feeling encouraged about the real estate market after reviewing the July market stats data produced by the Northeast Florida Association of Realtors. The pending sales are up; and the inventory numbers continue to improve. Quite possibly in the near future we may reach inventory stability which will lead first to stabilized pricing with a gradual increase in pricing.

The pending sales in July 2011 of 1,661 are up 18% over July 2010. The pending sales year to date for 2011 are 6% higher than year to date 2010. It is encouraging to see more contracts being written despite the continued turmoil in Washington.

Closings in July 2011 are 1% less than July 2010. This is not unusual since closings normally dip in July each year. Closings are also down from the previous month.

The average sales price in July 2011 is up 5% over July 2010; however, the July 2011 average sales price of $177,596 is down from the previous month average price of $184,166. The drop from last month doesn’t concern me because the average price normally varies each month. The overall pricing trend this year continues to be up.

The median sales price in July 2011 is down 5% from July 2010. The July 2011 median sales price of $130,199 is also down from the previous month’s price of $135,364. The July median price is higher than every month this year except June.

The consistent good news is that the inventory of homes for sale is down 30% from July 2010. The available inventory of homes in July 2011 of 11,529 homes is also down from 12,285 the previous month. The months supply of inventory is down to 8.2 months and continues to drop every month. (more…)

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July 11, 2011

It’s Wedding Season! We Have Great Tips for Buying Your First Home

Posted by Caryn Best in News, Videos

picFirst time home ownership can be as exciting and stressful as getting married. And often the two often go hand-in-hand, so to speak. So, we have six key tips for new couples embarking on their first home purchase below and we had some of our knowledgeable Jacksonville Realtors give you more tips in the video above!

1. Check your credit. It’s wise to get this one out of the way before the wedding so both partners are clear about each other’s financial health. Check at least two of the three major credit reporting agencies – Equifax, Experian and TransUnion.  Address any issues or misreporting. A FICO score of 720 or above is the best range for loan approval and favorable rates.  You may still get approved for a loan with a credit score of say 680 but you’ll most likely have a higher interest rate.  If you’re in the 660 range, you may be able to qualify for a FHA loan.

2. Agree on what you can afford. This is where those communication skills are key!  Make sure you’re both comfortable with the budget. Generally a home purchase should not be more than 2 ½ times your combined annual salary but perhaps you have student loans to consider.  It’s ideal to have a 20% down payment, but you may be able to qualify with less down, although that’s tougher in today’s real estate market.

3. Agree on top needs. Talk, talk and talk some more. Be able to agree on at least your top three must-haves.  For example, maybe it’s good schools, three bedrooms and an easy commute to work.

4. Find an experienced Real Estate Agent.  An experienced real estate professional can help ease the home buying process in many ways – from helping identify lenders to providing current market stats and advising you about what to offer on house. Ask around. Word-of-mouth recommendations are often the best.

5. Get pre-approved. Getting pre-approved ensures you don’t waste time looking at houses you can’t afford.  It also puts you in a better position to make an offer when you find the right home. Pre-approval is a more in depth process than pre-qualified but it’s the smarter way to go.

6. Use a home inspector. Being a smart homebuyer means being informed. A home inspection will make you aware of any potential problems BEFORE you’ve signed on the dotted line.

For more information about first-time home buying, visit Davidson Realty’s First Time Homebuyers Webinar Library at http://www.davidsonrealtyinc.com/webinars/category/first-time-homebuyers.

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December 30, 2009

January Slate of Webinars

Posted by Caryn Best in Events, Webinars

The January slate of webinars at Davidson Realty, Inc.  includes First Time Home Buying, Renting Your Home and Understanding Your Credit Report.

A new year brings a new line-up of free, educational webinars at Davidson Realty. Webinars are online seminars open to the public.  You only need a computer to log-on and attend the webinar of your choice from the comfort of your own office or home. The web-based seminars last 20 to 40 minutes followed by a question and answer session. Each webinar is lead by Davidson Realty, Inc. President Sherry Davidson, along with a subject expert. The following presentations will be offered:

First Time Home Buying: Jan. 6, 2010 at 11:00 a.m. EST
Register at https://www1.gotomeeting.com/register/434849912
Michelle Gonzalez, a Davidson Realty, Inc. certified real estate professional, will explain the home buying process, from finding the right home and (more…)

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