Jacksonville Real Estate Market

Jacksonville, Florida

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Is It REALLY A Buyer’s Market ?

Posted on | July 16, 2010 | No Comments

The truth is that it’s only a buyer’s market if buyer’s are able to buy. If banks and government regulators don’t loosen up, housing markets and the recession will continue to get worse.  In 2008 and early 2009 it was, in fact, a “buyer’s market”.  As a result the housing market was in full swing with both buying and selling houses.  Inventory was relatively low.  New house construction was in demand to meet the low inventory levels.  Today, in 2010, prices are great, inventory levels are high, interest rates are at ridiculously low levels . . . . but you still have to qualify for a loan and the Feds and the lending institutions are adding more and more hoops to jump through in order to qualify for a loan.

US Bankers

USA Bankers

The way I see it, buyer’s aren’t really in control of the market, the banks are.  As an active real estate investor and agent, I have many potential buyers I’m working with that just can’t buy a home right now. They have jobs,  they have good credit scores, they have money, but they can’t meet the stricter standards banks are imposing to get approved.

As a result of a super long qualification period, many of these home buying prospects are forced to rent or search for lease options because they can’t qualify to buy a home. If these people were able to secure affordable financing, the market would be in a lot better shape.  Once again the house inventory would begin to be reduced and once again the demand for new home construction would start to rise.

Sadly, our economy is teetering on the brink of a double dip recession.   Daily we are bombarded with financial news that screams about just how bad the housing market is.  Fear, uncertainty, and doubt is forefront.  Something needs to change in order to thwart the continuation of the housing decline. The only way to stop home prices from going lower is to allow people to purchase excess inventory. Without purchasers, the housing market will continue to fizzle, which isn’t good for anyone.

If home prices continue to fall the way they are, were headed for some trying times. If you think the current recession is bad now, what would it be like if we double dip again? It’s not that seller’s will lose more equity or Realtors and mortgage professionals will lose more paychecks, it will be a colossal catastrophe for everyone that has any sort of relation to housing. And if you haven’t noticed, our entire economy is built on the housing market.

From the people that build houses to the people that manufacture housing supplies, to the older generations who put their entire retirement into a house in hopes of one day being able to live the remainder of their lives without struggling to eat everyday.  I for one, continue to shout the advantages of home ownership and help each and every home buying prospect to get into a home of their own.  Many times this means resorting to creative financing, hard money loans, and even creating lease options.  I am certainly not alone either.  America’s real estate agents and real estate investors are doing something about this financial mess.  So, help us help the United States of America and buy a house today.  Give me a phone call, I have plenty of great deals for you (904) 584.2098 !!


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