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. This is a trend that is currently going on here on the First Coast, and it is meaning a big boost in property sales in Jacksonville.
The past five years have been economically difficult for many people in the rental market. Rental property management 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.
In a past article we discussed the pros and cons of renting over buying and provided you with a few tips to keep in mind as you debate rental properties over property sales in Jacksonville. Now we are aware of a much greater trend, as renters of all ages, demographics and income levels are making the jump into home ownership.
According to Fannie Mae’s October 2012 housing survey, home buying is a growing trend among those who weren’t even considering property sales several years ago. A large part of this shift in housing attitude comes from expectations surrounding the housing market. More and more people are feeling confident in the not too distant future of the housing market, and are expecting living costs across the board to increase.
According to Fannie Mae, the average consumer believes costs associated with property sales in Jacksonville will increase by close to two percent, while the monthly living expense associated with rental property management is expected to rise about percent. With prices increasing for both, many renters are looking at homeownership as a more affordable option, and are considering their rental to be a growing expense that they may not be able to afford in the long run.
This trend is indicative of greater housing market trends, as well. With the number of Jacksonville foreclosures going down, it is music to many people’s ears that homes in Jacksonville are expected to begin gaining value again, especially after so many years of declining property values in Jacksonville.
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.