Over the past two years we’ve been tracking the shift in attitude between buying and renting homes, and have witnessed firsthand the trend among many renters to look into buying a home rather than renew their lease for another year.
Well, this trend is hotter than ever—and for good reasons. Following the mortgage and housing crisis of several years ago the government set up several first time home buyer programs that are there to help current renters move into homes of their own in an affordable manner.
In addition, Jacksonville has a greatly recovering job market, and many are saying that it is a sign of improved economic times that so many renters are finally starting to feel comfortable and make the commitment to purchase a home. Here in Jacksonville the unemployment rate has been steadily declining, and currently rests around 5 percent.
Rental property management in Jacksonville has offered many people the chance to remain steady in a home following difficult events like job loss, foreclosures and short sales. However, many people are realizing that the costs associated with renting add up, and in the long run purchasing your own home is most often the smarter choice. This is especially true as so many homes in Jacksonville are currently available at greatly reduced cost!
In 2014, housing prices in Jacksonville are expected to rise dramatically. In fact, in the historic district of Riverside on the West Side of Jacksonville housing prices may increase by as high as 8 percent just this year! This means that for many renters, now is the time to buy. Wait much longer and you could find yourself priced out of the community you’ve been renting in for years!
If you have been renting property in Jacksonville and are ready to buy your home, your real estate specialists at Traditions Realty are here to help. For more information about property sales in Jacksonville, please contact us.