Davidson Realty, Inc.

Three Reasons Why 2015 is a Terrific Time to Buy in Northeast Florida

March 19, 2015

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Posted by in News, Northeast Florida Market Trends

Northeast Florida is a great place to live—especially now when much of the country is buried in snow—and 2015 is proving to be an ideal time to settle in our cozy corner of the Sunshine state. Here are three reasons why this could be your year to make a move to the First Coast!

1. Interest rates continue to make mortgages affordable. According to several sources including the Northeast Florida Association of Realtors, many experts believe we are currently holding steady at bottom or near-bottom rates. How long that will last is not for sure but 2015 looks to remain stable with mortgage rates currently hovering around 3.8% here in Northeast Florida.

2. New programs are making buying easier (we’re talking to you, Millennials!) College loan debt and a dismal job market have kept millennials from buying for several years, but as they become job secure and take advantage of programs like Fannie Mae and Freddie Mac’s three-percent down payment program, they are finding this is a great time to jump into the market. Their parents are breathing a collective sigh of relief and they get their own home – everyone wins!

3. Home prices remain low. Although median prices are rising thanks to the continuous across-the-board market recovery, we’re not seeing the spastic jumps in housing prices like we saw in the early 2000s. Price increases have largely remained in the single digits from month to month and look to continue this trend, which bodes well for those looking to buy this year while prices are still relatively low.

Don’t know where to look in Northeast Florida? Several local areas have remained fairly steady in the past year, including the following communities, which reflect median sales price changes from Jan. 2014 to Jan. 2015:
• Ponte Vedra / Nocatee (St. Johns County) +9.4%
• Jacksonville Beach +8.7%
• St. Johns County – Southwest +5.6%
• Riverside/Avondale/Ortega +1.7%
• Orange Park +1.1%
• Northwest St. Johns County -0.5%
• Ponte Vedra Beach / S. Ponte Vedra Beach / Vilano Beach / Palm Valley -3.0%
• South Putnam County -4.5%
(Source: Northeast Florida Association of Realtors Market Statistics, January 2015)

Contact Davidson Realty today at 904-940-5000 for more information. We look forward to your call!

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