Jacksonville Foreclosures: It’s a competitive market!

By March 14, 2014Traditions Property Blog

If you are looking for property sales in Jacksonville, then you’ve probably realized the level of competition in the housing market on the first coast. Jacksonville is the foreclosure capital of the world, but if you want to get one, you better be ready to move–and fast.

Foreclosures are essentially flying off the market throughout Jacksonville, with the Southside and historic areas leading the region as far as the most competitive markets go. The reason is that in Jacksonville,  the housing market is recovering quick.  Certain parts of town are expected to see an 8% recovery this year, and the highly sought after Riverside and Avondale communities are included in that statistic.

So how can you win when it comes to purchasing a foreclosure?  Here are a few helpful tips:

  • Be ready to buy: don’t go into the housing search without your ducks in a row. By the time you make up your mind, you’ll have to start your search all over again.
  • Have your financing set in stone: talk to your bank and double check with your lender. Have your down payment ready to go. The faster you can accelerate the process, the better a chance you have at getting a property sale.
  • Don’t hesitate: sure, there are a lot of houses out there, and you want to make sure you are getting the best home for your needs.  However, the longer you wait and the more you search the smaller your chance becomes. Keep in mind that in the housing market you are always up against a clock.

Go in high when bidding on foreclosures: the banks appraise properties where they think they can sell them. They aren’t going to be willing to cut much more off the top. Usually, foreclosures are going for at least 10 to 20k below market value, so take it as the deal it is and grab it.

For more real estate advice, contact one of your local property sale experts.