By Gwinn Volen
The December real estate statistics show more of the same for Ponte Vedra Beach and its surrounding communities. Low inventory, low days on the market and a high volume in showings.
Inventory dropped further. Days on the market dropped to just 34 days on the market. And showings per listing were up over 100%.
What Does this Mean for Sellers?
Saturday, I went by an open house in TPC Sawgrass. There were over 20 cars parked out front in the first 10 minutes. Relocating buyers, currently in rentals, were out in force to see what is out there.
Mortgage rates started the year at yet another historic low, which gives these buyers more purchase power.
If you want to sell, this is an opportune time. If priced appropriately or even a hair aggressively, you should expect your home to go under contract quickly.
What Does this Mean for Buyers?
Here are four things you need to focus on:
Check the property and community history.
Make sure to check the history of the property of the area to get a sense of area appreciation. You are buying in a high market. You want to make sure the area you are purchasing in is positioned well.
Plan to stay in your new home at least five years.
Everything points to the Jacksonville Beach communities continuing to appreciate over time. This area is desirable. Having said that, commit to five years so that you get some equity out of your purchase.
Be sure your agent is experienced.
How many transactions have they done? What is their strategy in a competitive situation? How many multiple offer situations have they been in? The competition is fierce.
Consider a local mortgage banker.
If you are getting a loan, but sure to get your financing in order ahead of time. Agents are more comfortable with local lenders who offer high levels of customer service. In this market, volume internet loan originators can make listing agents uncomfortable. If rates are equal, you are safer using a local banker who communicates well and will see the loan through and attend closing.
- November Real Estate Report: Are We Headed Towards a Bubble?
- October Real Estate Report: The Market has Never Been Better
- September Real Estate Report: Why Selling This Fall Makes Sense
- August Real Estate Report: Home Prices Up, Inventory Low
About the Author:
Gwinn Volen is a top ten ranking Jacksonville area real estate agent and owner of The Volen Group, Keller Williams Luxury International in Ponte Vedra Beach.