Is the Real Estate Sky Falling?! Economist Weighs In…

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Buying a home, Home buying strategy, Homes for sale in Jacksonville, homes for sale in Jacksonville FL, Jacksonville FL Real Estate, Jacksonville Real Estate, Making an offer on a house, real estate, real estate advice, real estate information, Real Estate Team, real estate tips, The best real estate agent in Jacksonville

People often wonder if the “bubble” is going to burst, making home prices tumble. 

Sellers worry because it could mean one of (if not the) biggest asset they own could take a beating. Buyers on the other hand hope for some glimmer of deals on the horizon, and maybe a little less competition in the market. 

Well, according to a recent article from Yahoo, home prices will drop in the near future and “cause some pain.”

At face value, that sounds like good news for buyers, and painful news for sellers. But let’s unpack what’s being said in that article a little bit more thoroughly. Economist Robert Shiller is cited in the article saying:

• Prices will eventually drop, and that “They’ll come back down, not overnight, but enough to cause some pain.” (Key words being “eventually” and “some”.)
• He also stated that there’s no clear explanation for the “hot” market, but “expects it to continue for another year or two.”
• Lastly, he said that the current market is different from the crisis that caused the last bubble: “So it’s not the same as 2003. It could be stronger. I think we have better protections, we have better supervision of lenders. So I don’t know if we should be worried about 2007, 2008, 2009 happening again.”

In a nutshell, he’s saying prices will eventually come down, but not for a while, and maybe not all that much. 

So, how does this affect you, and what should you do?! 

• If you’re a homeowner who wants to sell your home and cash in on your equity for good (i.e. move in with family, to a retirement home, assisted living, or rent), you might want to consider selling in the next year or so, before a dip in prices may occur.
• If you’re a homeowner and have no plans on moving in the near future, say 5-7 years, none of this matters really. Historically, prices go down and then back up and ultimately higher than before. So, no worries.
• If you’re a buyer thinking about waiting for prices to drop, you may want to re-evaluate that approach. Rates are still historically low, and prices may not drop for another couple of years. And, when they do drop, who’s to say they won’t drop below the prices you’re seeing now? They could just drop to levels we haven’t even reached yet, but will see in 2022 or 2023.
• Let’s get started NOW! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside HanleyHomeTeam.com 904-515-2479 Team@HanleyHomeTeam.com

Fall Real Estate Market Expected to Be Slightly More Buyer Friendly

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Buying a home, Home buying strategy, homes for sale in Jacksonville FL, Jacksonville FL Real Estate, Jacksonville Real Estate, real estate, real estate advice, real estate information, Real Estate Team, real estate tips, The best real estate agent in Jacksonville

Summer is almost over, which means the temperatures are about to cool off. And while there’s no guarantee, it looks like the housing market may cool along with it—at least slightly.

According to a recent article from realtor.com, many experts expect that, while the fall buying season will be competitive, it won’t be quite as frenzied as the spring or summer.

One indicator supporting that projection is the pace of price growth. According to the article, the national median home price hit $385,000 the week ending August 14 (the highest on record). That price represented a 8.2 percent increase year over year—a definite increase in price, but significantly less than the 17.2 percent increase from April 2020 to April 2021. Inventory is also starting to increase (according to data from the National Association of REALTORS®,1.32 million homes were available for sale in July 2021—a 7.3 increase from June)—and the more inventory is available in the fall, the easier the home search process will be for buyers.

The Takeaway:

So, what does this mean for you? There’s no denying that fall is shaping up to be a competitive season for real estate—but with slowing price growth and increasing inventory, it could prove to be less competitive than it has been for quite a while. Let us help you find that perfect home this fall! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team at Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

All Cash Offers on the Rise

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Buying a home, buying a home with cash, cash buyer, Home buying strategy, homes for sale in Jacksonville FL, homes in Jacksonville, Jacksonville FL Real Estate, Jacksonville Real Estate, real estate, real estate advice, real estate information, Real Estate Team, real estate tips, The best real estate agent in Jacksonville

With low inventory and high demand creating fierce competition in markets across the country, in order to successfully purchase a home, buyers are doing everything they can to make their offer more attractive to sellers—including making all-cash offers.

According to the latest REALTORS® Confidence Index Survey from the National Association of REALTORS®, a full 25 percent of offers accepted in April 2021 were all-cash offers—up from just 15 percent in April 2020. And while some of those all-cash offers are investors, many represent buyers purchasing their primary residences. In April, 15 percent of primary residence buyers made an all-cash purchase.

Whether or not you are purchasing a home with cash, we can help! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

Relocating far away? These Are The Must-Know Mistakes To Avoid

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Buying a home, Home buying strategy, Jacksonville Real Estate, real estate, real estate advice, real estate consultant, real estate information, real estate jacksonville fl, Real Estate Team, real estate tips, relocating, relocation, The best real estate agent in Jacksonville, tips on relocating

COVID-19 has caused many people to reevaluate their living situations—and, as a result, many of those people are planning to relocate to an area that better suits their needs.

Relocating is always a process—but if you don’t do it right, that process can quickly become stressful and overwhelming.

But how, exactly, do you do it right? What mistakes do you need to avoid to ensure the relocation process goes as smoothly as possible?

A video from realtor.com outlined the key mistakes to avoid when relocating to a new area, including:

• Listing your home before you know where and when you’re relocating. Homes are selling extremely fast in today’s market—so before you list your home, you’ll want to have clarity on where and when you’re relocating.
• Not researching your new area. Every area is different—and before you decide to relocate, you need to know that your new area has the amenities and features that you’ll need. For example, if you have children, research the schools and childcare options before you commit to moving to a new town or city. If you’re planning to work from home, make sure the neighborhoods you’re considering have high-speed internet so you can do your job effectively.
• Expecting your belongings to arrive and be available immediately. If you’re doing a long distance relocation and shipping some of your belongings, there could be delays—so if you know you’re going to need an item, make sure to keep it with you and transport it yourself.

Why You Need to Make Home Buying Your New Year’s Resolution

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Buying a home, Goals, Home buying strategy, home ownership, Jacksonville FL real estate agents, Jacksonville Real Estate, New Years Resolution

Photo by JESHOOTS.com on Pexels.com

Losing weight, starting an exercise plan, or giving up on smoking are some of the most common New Year’s resolutions for a vast majority of individuals. But have you ever thought that buying a home should be in your New Year’s plan? Let’s face it, you have been dreaming about moving into your own home for such a long time. You even have plans for the kitchen cabinets and a backyard where your kids can play with your dog. But somehow you have not been able to convert your dreams into reality. It is finally the time to stop postponing your decision and start the home buying process….welcome to 2019!

 

Buying a home is a great New Year’s resolution

If you have been living in a rented place for a long time, isn’t it the right time to stop making the bank account of your landlord happy? It’s time to treat your family to a place that it can truly call its own!

 

Benefits of home ownership should spur you into action

There are so many benefits of buying a home that it would take a full article to describe each one of them. But just the fact that you can have your own home with the same (or less) monthly payment that you are now paying as rent should be reason enough to spur you into action. You would need money to put forward in the form of down payment but this money helps in building equity into your home.

 

Mortgage rates are going up and so are the prices of properties. Waiting any longer will only make it that much more difficult for you to buy a home. If you make home buying as a New Year’s resolution, the first step is to contact The Hanley Home Team to help you create an achievable action plan. Give us a call and let’s make it a GREAT 2019 together – www.HanleyHomeTeam.com 904-515-2479 Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty

5 Factors That Can Help Predict Neighborhood Values

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Construction competition, Environmental conditions, Home buying strategy, Home values, House values, Jacksonville FL Real Estate, Neighborhood home values, Regional employers, Rental density

How do you predict the value of a neighborhood? While no one can say for sure how home values in a neighborhood will rise or decline over time, there are big-picture economic factors that you can look for to help get handle on where they may be going.

1. Major regional employers. If a community depends upon one or two large companies for a high percentage of local employment, you can bet that as the company fares, so will the neighborhoods. While “company towns” are hardly the norm these days, don’t overlook the possibility.

2. Number of properties currently for sale. Sometimes there’s nothing wrong with a neighborhood just because the inventory (i.e. number of homes on the market) is high. Other times, something may be amiss. If you’re seeing street-after-street of “FOR SALE” signs, ask questions.

3. Major construction. Is that a new school they’re building, or is it a supermax prison? Did they clear that land for a new shopping center, or is it a new loop for the interstate? Certain types of construction can improve home values while others can hurt. Getting in touch with the local planning commission as well as the local newspaper’s business section (or website) can help illuminate what’s behind those bulldozers and cement mixers.

4. Rental density. People who own the homes they live in tend to take better care of them. Also, it’s preferable to have long-term neighbors versus high-turnover tenants. Absentee landlords or seasonally rented properties can also be a drag on a neighborhood. Get a feel for the rental density and the direction it’s heading. Rental density matters.

5. Environmental conditions. One industrial accident that poisons a water supply is enough to annihilate home values. How susceptible is the region to extreme weather? Don’t rule out environmental liabilities or benefits.

Nobody’s crystal ball is perfect, but to ignore major macroeconomic factors is dangerous. Even if you’re only planning on staying in a location for 5 – 7 years, do yourself a favor and try to position yourself to make, not lose money, on your home with these tips in mind.

Have questions about a neighborhood in Jacksonville? We’re happy to help. Get in touch today: Kevin and Jennifer Hanley, REALTORS, Keller Williams Realty Atlantic Partners Southside, http://www.HanleyHomeTeam.com