Welcome to my new blog site where we can post comments about the Jacksonville, FL real estate market.

As I'm sure you are aware, in 2006 the Jacksonville real estate market cooled down from the torrid pace that was set in 2005. In 2005 you could put your house up for sale and receive offers almost immediately. The market was increasing at over 15% per year.

Then almost overnight the market came to a screeching halt, or so it seemed.

Actually, the real estate market slowed to a more normal pace.

A recent article in the Jacksonville Times Union showed that prices in most areas of Jacksonville have flattened and not declined like they have in some areas of Florida.

Here is a reprint of an article in the February issue of NEFAR News (a magazine for the North East Florida Association of Realtors - NEFAR).

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"Is Now The Time to Buy? I Think So!

"If the question is, 'Is now the time to buy?' - let's look at a few facts.

"December, 2006 rates of 6.15 percent make a payment-and-interest payment of $1,218 for a $200,000 mortgage. Should future interest rates increase to 10 percent as they were in the 90s, the same payment would correspond to a $139,000 mortgage.

"Is now the time to buy?

"Builder inventories are getting back to a manageable level and this will mean some the special deals will be disappearing.

"Is now the time to buy?

"Resale home inventories are up to near normal levels and that means some sellers will be giving up some of the anticipated equity built up over the last few years of ownership, with better pricing, so they can Rediscover their American Dream at a new level (with their new/ different parameters).

"Is now the time to buy?

"Lenders tell me that sellers who have a home to sell before moving to their next residence are using bridge loans to free up their back end ratios and give them more time to market their current home.

"Is now the time to buy?

"New bond money is available for first time home buyers and income limits have increased. New bond money is available for first time home buyers with income limits up to $90,000 - allowing many more people to discover their American Dream.

"Is now the time to buy?

"Real estate is local. Local rental rates are going up. Local unemployment rates are at new lows. The local First Coast economy is great.

"When it is said that the bottle is half full, I think instead that ours is way more than half full. So is now the right time to buy? I THINK SO!"

(Written by Hank Oltmanns, NEFAR President.)

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