As of September, a new Housing Price Index will be introduced in Florida statewide. This means more ability to track changes in Florida foreclosures and property sales prices throughout the state, including here in Jacksonville.
A price index is a method used to evaluate movement in the price of goods and services. By using a price index it is possible to watch trends develop and better anticipate the next move in the rise and fall of housing prices. A housing price index gives buyers and sellers a better idea of how many others are on the market to buy or sell their homes, and what their best options are in the realm of Florida property sales.
The new housing price index will aim to provide a comprehensive and accurate analysis of prices and other sale information on both residential and commercial properties in Florida. The new housing price index will incorporate more data than just the level of median sales over a certain period of time. With so many differences between housing types, neighborhoods and property sizes it is impossible to gage an appropriate analysis with median sale numbers alone. The new housing price index will look at sales over time, as well as incorporate different characteristics of homes that make their sales comparable to one another.
This is the type of information that both buyers and sellers are encouraged to consider during the property sales process, but up until now there hasn’t been a direct index in the state of Florida calculating these numbers. The new housing price index is hoped to encourage buyer and seller confidence by providing people with more information about the current housing market.
This is great news for those who are hoping to sell their existing property, purchase a new family home or invest in a rental property. With more information about the state of the housing market you will be able to draw safer assumptions and make more accurate assessments about properties as you view them. This will also provide Jacksonville rental property management specialists the ability to provide buyers with more accurate information about their potential investment property.
As Florida foreclosures are on the decline and the housing market as a whole in Florida is steadily becoming stronger, this new housing price index couldn’t come at a better time to help soothe buyer and seller confidence.
The information from the new housing price index will be available to realtors, so if you would like to learn any information about the state of the Florida housing market or are interested in buying or selling a property you should talk with your Jacksonville real estate specialist about your options.