Why selling your home in a seller's market is important (as obvious as that seems, there's more to it than you think)

You need to sell your home in a seller's market? Well, duh. How obvious is that?

Let me tell you why it is even more important than you realize...

     The terms seller's market and buyer's market gets thrown around all too loosely, particular in a volatile real estate market like we have here in Jacksonville and North Florida in general.

     So what makes the current market Jacksonville and North Florida are experiencing right now a seller's market, and why is that so important? Well, here are 3 good reasons:

1) Inventory - there is none! The average inventory of homes for sale in a balanced market should hover somewhere around 6 months of supply. The current inventory in Jacksonville right now? About 3 months. That is 22.7% lower than this time last year.

2) Buyers are everywhere! When you see low interest rates and a rebuilding economy, buyers will not be far behind. Combine record low home inventory with a high number of anxious buyers - a seller's market is the result!

3) Prices are rising(quickly)! An extraordinary number of current home owners were sunken into the real estate abyss when the market tanked in 2009. As of very recent years, home prices have risen back to normal(or at least close), giving home owners the ability to leverage their sale against the low inventory and high number of home buyers in the Jacksonville real estate market.

The Jacksonville and North Florida real estate market is ever-changing. Keep in mind, a seller's market doesn't exist once everyone catches on to the idea. As the saying goes, don't let grass grow under your feet.

Stephen Edmonds - REALTOR® | EXIT Real Estate Gallery

904.614.9715

StephenLEdmonds@gmail.com

The top 5 myths of real estate - and why they are just myths

Every profession has its myths. Every non-professional thinks they have it all figured out. Buying and selling real estate is no different. It would take me days to post all the myths I have heard, but here are my top 5 myths of real estate - debunked.

1) "I'll just price my home a little higher than it should be, just to make sure I leave some room for lower offers."

While this sounds like a great idea, and quite frankly, common sense, this often times will keep you from selling your home at all! Yes, low-ball offers can be frustrating, but isn't a lower offer here and there still better than no offers? The first 30 days your home is on the marker is what I call the 'sizzle-time.' Buyers want to see the newest and hottest listings to hit the market. Why waste your 'sizzle-time' by overpricing your home?

2) "I'll just have an open house! That's how most homes sell!"

Open houses are perhaps the most misunderstood sales techniques available. What if I told you less than 2% of homes are sold during an open house? That's right, they rarely work and typically turn into nosy-neighbors stopping by so they can see what you are selling your home for. The 21st Century is run via electronics - true home buyers will likely see your home for the first time via their smartphone. 

3) "My renovations will always pay-off."

In many cases, yes, your renovations will pay-off. However, it is important to remind yourself that your idea of improvements might be another person's turn-off. For instance, try to stay away from cosmetic improvements, like painting your walls. If you want to paint your walls for you, by all means, it's your home. However do not do it just to sell your home. OK I get it, you like bright colors. What if the buyer likes neutral colors? Don't you think the bright purple bedroom might entice move on to the next home for sale? Stick with repairs that are permanent and consistent. For example, you have a leaking roof? Replace it! Your HVAC unit is older than your teenager? Buy a brand new one and make sure to let everyone know about it! Don't let your own preferences get in the way of selling your home faster!

4) "I don't need a profession Real Estate Agent, I watch HGTV all the time!"

OK, so I know what you are thinking - you've literally memorized every episode of "Million Dollar Listing," so how hard can it be to sell my $200,000 house? Well, let me ask you this, would you ask your attorney to perform surgery on you? And would you ever allow your doctor to represent you in court? Then why would you think selling your home is any different?  Many people think selling their home on their own will save them money, because they will not have to pay a professional Realtor to sell their house for them. Realtors are experts at what they do, and more times than not, save you time, stress AND money! Not only do professional Realtors typically sell faster, they often sell your home for a higher price than you! Think of it like this, you try selling your home for 3 or 4 months on your own, and then have to go hire a Realtor. Not only do you now have to pay commissions, you also made 3 or 4 extra mortgage payments while your home was just sitting there. Time is money!

5) "I want to put in a low offer on this home. The seller will meet me in the middle, and I will get a great deal."

I would like to think common sense would tell you other wise, but unfortunately there are far too many buyers who think this is negotiating at its finest. Low-ball offers will offend the majority of sellers. There is a fine line between a reasonable initial offer and an offer that is just flat out offensive. That line must not be crossed! In this case, it is important to listen to your Realtor. If you are working with an experienced Realtor, they will know when a low-offer will most likely result in no response from the seller of the home. Make your initial offer on a home with the assumption you will receive a counteroffer from the seller, but make sure the seller does not write you off as a non-serious buyer!

Selling with a Passion

There is nothing worse than working with a 'professional' who seems to not care about much more than his or her paycheck. For most of us, passion and emotion can be seen through the simplest of actions and expressions.

Buying and selling homes is no different. For me personally, I thrive at the things that I love most. Without some level of passion or care for the task at hand, it is hard to offer my best effort. Hobbies come and go, but for me, 'people' are my one constant passion. Whether it's attending an event with a friend, going on vacation with family or having a casual phone conversation, I just LOVE people!

To me, selling and buying real estate for people is the gravy on my biscuit! I mean, what better way can I put my passion for people to good use than to guide them through the largest financial transaction of their lives? In my opinion, Real Estate is a hobby that I get to do everyday, and then sometimes, I get to collect a paycheck for doing my hobby!

Summertime is heating things up!

Summertime in North Florida is sure to drive us all into "go-mode!" Whether swimming, grilling or going to the beach, there is no doubt about our love for the summer days here in Jacksonville. While the kids are trying to squeeze in one last trip to the beach before starting a new year of school, mom and dad are trying to squeeze into their new home in time to register the kids at the newest and best schools!

That's correct, you heard me right! A record number of Jacksonville area residents are making big moves over the summer months in time to plug their child into the best schools North Florida has to offer. While these moves come from all over town, the majority are ending in St. Johns County. The best schools and the newest communities around are a main attraction for summertime movers.  

The sellers are living the dream!

    I am confident the following statement will serve as nothing more than an acknowledgement of the obvious for most all of my readers, but here it goes: The North Florida real estate market is trending from a top buyer's market into a seller's dream...seemingly overnight.

   It was not but a short time ago that the buyers were few and far in between with little competition to be reckoned. Just one quarter into the new year and what do you know, the asking price for a home is becoming nearly irrelevant.

    Of course I am not claiming that the market is back to the days of old, but there is no debate about its strong return. With an increasing amount of buyers scouring through the market and a still low amount of inventory to choose from, the number of 'multiple offers' on a properly-priced property is impressive. Our market here in North Florida has reached the point of real estate utopia. The sellers are selling quickly and profitably. The buyers are experiencing historically-low interest rates and still realistic purchase prices.

The BIG buyers are back!!

How do you know when an opinion is actually a fact? When all the biggest and best are following suit! After months and months of speculation over whether or not the real estate market has regained its steam, one thing is for certain...the high net-worth buyers have zero doubt.

We have all heard about the mammoth development that is Nocatee. We all know that Nocatee has rapidly made its way to the third fastest community in the entire country, but do you know what is going on in Mandarin?

The Mandarin area of Duval County is expanding into an area that has never been seen in the south end of the county. There are three neighborhood developments currently in motion along the east bank of the St. Johns River. Believe it or not, Mandarin currently does not have a gated community. That will change after H. Smith, Inc, a local real estate developer completes a 40+ lot community ranging from $500,000 all the way over $1 million for the lot itself. The buyers of the lots will be able to build a custom home with limited restrictions. This new development brings a whole new light to South Jacksonville.

What would you do if you knew?

What would you do if you knew you could have a historically low interest rate on a mortgage loan for the home of your dreams?

     Most people move homes because of job changes and shifts in lifestyles. Rarely will a homeowner opt to move from one home to another specifically because of low interest rates. Until now, this statement has been true. However, with interest rates as low as 3%, a large number of buyers who previously purchased a home in the middle of a bubble economy with high interest rates are making the decision to dump the overly inflated and overpriced purchase in exchange for a more affordable interest rate and realistic purchase price for the home of their dreams.

One of the biggest misconceptions of homeowners who purchased a home during the previously inflated and unhealthy economy is that they are 'locked-in' to the mortgage loan. I beg to differ. With an ever-so roaring real estate market and home prices that are more affordable than ever, a second chance at finding peace with your mortgage payment is more achievable than ever.