More Demand, Fewer Properties Could Impact Property Sales in Jacksonville

By September 7, 2012Traditions Property Blog

The past several years have been difficult for property sales in Jacksonville, as well as throughout much of the rest of Florida. Foreclosures and short sales have become prominent, while those attempting to sell their homes for market value have struggled to do so, sometimes spending months or longer on the market.

Recent survey data indicates that this trend is finally turning around. One survey from a national real estate corporation indicates that there are now fewer properties on the market than in previous years, a shift that has led potential buyers to fight for single properties, putting the advantage back into the hands of the buyers.

This data does not suggest that trends in property sales in Florida are going to reach what they were before the economic crisis. However, this does indicate that more people are planning on buying homes, and so sellers can expect to move properties a bit quicker than they might have been able to just a year ago.

Survey Data Gives Hope for Property Sales in Jacksonville

The recent survey captured the opinions of less than 1,000 home buyers, but everyone spoken to during the completed query was in the market to make a purchase on a home within the next twelve months. The survey by Redfin found that 46 percent of potential buyers believe that now is a good time to purchase homes. Along with this, 32 percent of potential sellers agreed that now is a good time to sell. Both of these numbers are up from a year ago.

That means that the current market is currently in a bit of a sweet spot where both buyers and sellers are feeling like they can benefit from market values of homes.

The biggest change in the decisions of potential buyers is the driving factor behind their biggest current concerns. Potential buyers are now citing a lack of industry as a problem they have encountered during the job search process. This is something that hasn’t been spoken of too much in the past several years, as there have been myriad homes on the market that have been unable to sell.

Whereas cost was once the primary factor behind frustrations for potential buyers, now a lack of inventory has become a leading concern as well. For those who have been holding back on selling their homes as a result of the down market, these statistics indicate that now might be a great time to contact your real estate specialist about the value in your home so you can take advantage of the potential buyers who are in search for more options.