I have daily conversations with people asking me should they wait until the massive wave of foreclosures hits and causes a downturn in the market? And I always answer the same way. You have to make the right decision for you and your family, but No! We all have long mem
We do know that there are 2 things coming. 1) The lifting of forbearance and 2) the eviction ban will eventually be lifted. Homeowners in forbearance will likely fare pretty well. The housing values will largely still outpace the amounts delayed in their mortgages. They should be able to either start making payments or sell at a reduced profit. Small investors, though, are likely to suffer the greatest hit. With rents not being paid, mortgages can't be paid. We could definitely see an uptick in investment property hitting the market. What we do not anticipate is enough foreclosures to hit the market to create a shift to a buyers market from this very lengthy sellers market.
From a simple numbers perspective, here in the Jacksonville, Florida market we had 3221 homes actively on the market the morning of August 9. 2021 in the NorthEast Florida Multiple Listing Service (NEFMLS). Considering that number should be closer to 10,000 or 12,000 at any given time, for am even market we have a long way to go!
So, if you are thinking about waiting until the market turns before you buy, now is a good time to reconsider that decision. We don't really see a reason to expect housing to become more affordable in the near future.
Author:Lesley Vitel Phone: 904-534-8052 Dated: September 16th 2021 Views: 299 About Lesley: I grew up in Plano, Texas. Got my degree in Computer Engineering from Texas A&M and spent 10 years ...
I grew up in Plano, Texas and earned my degree in Computer Engineering from Texas A&M and spent 10 years in Houston as a control systems engineer and later an SAP consultant. So, I speak “nerd” fluently! This is where my love of information came from and being data driven.
However, I also grew up with a mother who was a realtor in Dallas. Helping with open houses, floor duty and managing transactions as a teenager. All before cell phones and fax machines were in vogue! It was inevitable that eventually I would end up in Real Estate. It was my second passion! So, in 2004 I moved to the Jacksonville area and in 2005 I partnered with my mother in real estate until her passing in 2017. I was lucky enough to grow up in this business and learn from the best! (the joke in our office was often that Mom had invented real estate!)
My background managing t he chaos of a fast-paced tech world and then the larger than life personality of a true real estate DIVA prepared me to run my business on my own terms, the way I always wanted to. My customers are my highest priority! Everything I do is to make sure I am providing them with the highest level of customer service and expertise. I am constantly working on improving my knowledge and processes in order to capitalize on the market of the minute.
I have seen and done it all. The good (helping customers create equity in their homes and their lives to achieve long-term goals), the bad and the ugly (selling short sales in a down market and representing banks to help sell off their foreclosure inventory).
My passion is helping families reach their goals through real estate and I am happy to put that expertise to work for you and your family.
NEFAR President Mark Rosener said more inventory and less price volati
"Lynn and Lesley are the team you want. Their professionalism and expertise are second to none. Ok so now that I have said what every testimonial says, here is the more heartfelt version. They are amazing. This is a difficult market that changes from month to month if not more often. In the last year, the rules and complexities of buying and selling have changed repeatedly. This is not the market of your mother and father. Fannie Mae/Freddie Mack REO’s and short sales now dominate the market. It is no easy task to keep up. Who own the house in the case of a short sale? Do you know how long a short sale takes? Do you know if you need a refrigerator to close an FHA loan? You would be foolish to attempt to buy a short sale or foreclosure property without Lynn and Lesley’s knowledge of the market. And by the way, buying new construction is no less complicated. As with so many things in life, being a good agent is an art form. Some people ‘get it’ and others don’t. Buyer’s remorse is the last thing you want. They will listen to you even when you don’t know what you are saying. Their ability to get the job is unparalleled. So what are you waiting for, your new home isn’t. Call them!"