JACKSONVILLE, Fla. –
A growing share of properties sold in Florida sell, only after the seller cuts the asking price. Miami leads the nation in both the size and frequency of such deals. Tampa, Orlando and Jacksonville are in the top 10.
Why list higher than your home needs to be. A huge negative no doubt! The longer it’s on the market the more questions a buyer may have. I learned a long time ago that “homes that upgrade too much are called properties with a diminishing return.” This means the neighborhood does not support the value put on the home.
We have so many attractive features in North East Florida, Especially St. Johns County. A fair market value placed on a home is key to success for the seller, the buyer, and the brokerage. We have more assets than any other county in Florida. Our Sales Tax is only 6.5%. We have the best rated schools in Florida. Florida Power has the lowest Electric fees of any area in Florida. Example, “An average 2700 Sq. Ft. heated home averages $110.00 a month. Can you beat that? Nocatee in Ponte Vedra has two large water parks, and currently building their third. These are just a few elements that are attracting folkes to our area. Yes I’ve heard the phrase, “It’s what the market will bear!” Is this fair to our clients, this is a question as a Realtor you better be prepared top anser.
According to Bloomberg, Miami is hurt by a pullback of South American buyers. A total of 88% of single-family home sales in the first quarter came after a reduction.
Nearly 80% of Jacksonville homes sold at a discount, and on average that price cut was 4.94% below the original asking price. I’ve been preaching this for sometime now.
Florida also has second homes, seasonal rental homes, which tend to suffer in housing slumps. Many real estate experts say the current market favors buyers.
National Association of Realtors report in February 2019 findings indicate at 2.3% job growth. I’ve been sharing these stats for sometime now. See another comment from a Realtor specializing in income properties.
I’ve experienced a boom in investment rentals over the last few years and many of them are asking top dollar for rents. I can identify apartments in the Town Center in Jacksonville, Duval county and Many in St Johns County are experiencing a boom in higher end large apartment complexes. Lots of investors putting together these projects.
My experience also tells me that once these rentals are at 80 to 90% capacity, they will sell to corporte investors. Developing that cap rate conquers the developers goals and builds enourmous returns.