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Their is a lot of conflicting information concerning the real estate market in the media these days. Are you unsure if this is a good time to buy? Do you need someone to talk to that can quide you through the decision making process and advise you on your options? Then, give me a call at 904-573-9638 or contact me by email at bkgravitt@comcast.net. We can meet and discuss your particular situation to determine if this is the right time to buy for you.

Tips for Jacksonville FL buyers:

1) This is the first home buyers market Jacksonville, FL has seen since the late 1990's.

2) The buyers market will probably begin converting back to a sellers market in the spring of 2009. So time is limited to make your decision at the best prices.

3) Almost all forclosures are listed with a Realtor in the Multiple Listing Service. These are commonly referred to as REO properties. The sellers are companies and, therefore, they do not have an emotional attachment to the home. They are anxious to get these properties off their books and will consider all reasonable offers. All Realtors have access to show and sell all the listings on the MLS reguardless of the company who has the listing.

4) Short sale opportunities are normally listed with a Realtor as a requirement of the existing mortgage company. A buyer must be prepared to act quickly on these properties in order to purchase the home prior to foreclosure.

5) There are more homes on the market to choose from than normal. This means that you may spend more time in the selection process and preview more homes than buyers in the past. It is important that you set some quidelines on the location, style of home, and condition of the home that you wish to purchase. With the price of gas you may wish to limit your travel time to work. If you have children, the school district will be a concern. Do you prefer a 2 story or a one level home. Are you willing to make some repairs or update the cosmetics of the home?

6) If you have ever considered purchasing rental property and you have some handyman skills, this would be the time to check out those opportunities. There are several properties available under $20000.00 that would make a great starter project to get your feet wet with a smaller investment and therefore less risk. Once completed these homes could be placed on the Section 8 program and the majority of your rental payment would be coming from a government agency instead of an individual.

7) It is essential that you get pre-approved with a mortgage company before previewing homes for sale. This saves you time and the possibility of disappointment by being assured you are looking in the right price range for your budget. Keep in mind that if done correctly this gives you an upper price limit. That does not mean that it is in your best interest to purchase at your highest limit. It is better to seek a home below that limit that will meet your families needs.

8) There are many down payment and closing cost assistance programs available to everyone reguardless of income, home price, first or second time home buyer, and family size. Some of these are the Nehemiah program, AmeriDream, Bond Loans, HomeSteps, Housing Partnership. Look at my previous blogs for more details of these.

9) Historically homes appreciate in value by 6%-7% annually on an average over a 7 year period of time. In addition, your monthly payment helps you build equity as opposed to rental payments that do not. You also, depending on your individual situation, may be able to receive a tax benefit by making a mortgage payment as opposed to paying rent. Occasionally, IRS also offers tax credits or incentives for for certain home improvements. If you own the home for at least a year and a day before selling it, then, your profit will be taxed at a long term capital gains tax rate instead of at an ordinary short term gain rate. Plus you can grow your own vegtable garden!

If any of this sounds like something you may be interested in, then, give me a call and let's see if now is the time for you to buy.