The trend across Florida and most of the United States at the moment is rising property costs, but Jacksonville appears to be an exception to this rule–at least briefly.
For the sixth straight year, taxable property value in Duval County has declined. This means that when it comes time for City Hall to start setting its budget, it once again has fewer funds to work with than the year before. While some may look at this as frustrating from a budgetary perspective, there are others who look at the low property values as something positive. The cost of property sales in Jacksonville is dependent on these projected values. That means that the lower values also means lower cost property sales and more space for investment opportunities in Jacksonville.
This is especially true considering that Jacksonville has more foreclosures available for sale than most other cities throughout Florida and the rest of the United States. With statistics like this, Jacksonville is getting a lot of attention from those interested in investment property, and Jacksonville residents should not be surprised when more people start coming to the First Coast in an effort to obtain low-cost property that they can gain greater value on in the near future.
Despite the reduced property values, Jacksonville’s housing market is making a stable recovery. This is evident throughout the housing market, both in terms of the length of time houses are remaining on the market before being sold and the average price of properties. Most real estate experts agree, now is a good time to be involved in the Jacksonville housing market. If you are ready to get involved, contact us.