It’s impossible to predict the future, so when it comes to predicting and anticipating shifts in the housing market it is all experts can do to look to the past and consider if what happened once might happen again. While the housing bubble of the 1980s was only moderate in comparison to the bubble of the 2000s, it is possible to look at that situation and gleam a few pointers as to what might be the best course of action for potential buyers now.
In 1986 house prices were booming and sales were high. By 1990 home prices had taken a serious plunge; with a lot of areas experiencing a 50 percent drop in estimated home worth. In 1991, six years after home prices were at a booming high, property sales leveled out at the bottom of the market and started making their gradual incline on the road to recovery.
In light of the ongoing decline in housing prices and the increase of Florida foreclosures over the past several years, a lot of would be buyers are holding off on purchasing a home in hopes of seeing what moves the market makes next. However, if you’ve been waiting to buy a home then it might be time to start taking your search a bit more seriously. Six years after prices were at the highest they ever had been property sales are on the rise, and there are still plenty of Jacksonville foreclosures available in the area to take advantage of.
The Next Step: Buy Now
If history can be any judge, then now might be the time for hesitant buyers to pull the trigger and put their plans into action. The thing to know about the housing process is that it is slow. In order to purchase a home you will first need to speak with your bank, acquire a mortgage and assess the price range in which you are looking to buy. Then there is the question of location. It is better to get started and be willing to take your time with the purchasing process than it is to expect you can jump in and buy a house in a pinch.
If you are interested in making a move on any of the Jacksonville, Florida foreclosures then you can expect the process to take even longer. House prices went up eight percent from June of 2011 to June of 2012. This indicates an upward trend that potential buyers need to be aware of.
While you will always run the risk of purchasing a home at a low price and then seeing the prices in the area fall lower, this is happening less and less for current buyers. Now the tragedy is that potential buyers are holding off on property opportunities in hopes the prices will continue to fall, and instead they are witnessing a rise in selling prices.
Don’t get caught on the wrong side of rising property prices! Contact your Jacksonville real estate specialist for more information on how to get started finding your new home.