Now is the Time to Buy. Someone Said it.
There’s never been a better time to buy a house, writes Karen Brune Mathis of The Florida Times-Union.
So there you go. Everyone clear on that? The media said it. At least one member of the press has, and that should help boost the sagging North Florida housing market. Right? Mathis is doing her part to cure what many describe as media-induced fear that builders and agents allege is helping to keep prospective buyers at arm’s length.
Facetious, yes.
But it’s just one way of trying to convince potential buyers in and around Jacksonville that the sky is not falling when it comes to housing. The market is at the point of what economists call a “correction” and, based on my experience, heading toward what you would consider “equilibrium.”
Florida mortgage demand ebbs and flows. The market is in a cycle, and it really does appear to be a good time to go house-hunting if you’re in the mood and the mode to buy.
Local real estate agents and home builders are doing anything they can to sell inventories of unsold homes, outside investors are finally backing off, everyone is eager to close deals (and commissions) and area mortgage lenders are at the ready. It’s no longer unusual for shoppers to receive seller incentives ranging from low home loan rates to appliances to upgrades.
In short, it’s a buyer’s market.
“Some of you are willing to give a half-interest in your companies,” boomed Charles Clark to 200 home builders, agents, bankers and other industry professionals.
Clark, a Ponte Vedra-based speaker and consultant, titled his speech “It’s a Great Time to Buy.” He was one of four industry players trying to change the perception of the market and convince the audience this week that they will survive and thrive.
Here’s why. Jacksonville is in Florida, one of the largest and fastest-growing states. It’s relatively warm here (except for an occasional cold snap). Job and population growth are strong. Unemployment is low. The nation’s 78 million baby boomers are starting to retire, and Florida continues to attract them. And Florida home loan rates remain low.
So what’s wrong? Nothing that won’t work itself out. Clark referred to the recent hot, hot housing market as “the last few years of absolute delirium and euphoria.” That attracted swarms of out-of-town real estate investors, he said, snapping up five, 10-20 properties at a time hoping to flip them for a profit.
Such markets can’t last forever. Now, sales are down and fewer construction permits are being issued. It’s a cycle. A survey of real estate agents found that reluctant buyers are holding out for the best price, while sellers are not aggressively lowering prices.
Yet, the media are being blamed, in part, for buyer reluctance (never mind the rising costs of property taxes, homeowner’s insurance, regulations and impact fees, of course). To counter “negative” local media reports about the market, a committee of Northeast Florida Builders Association members created the website JaxHomeFacts.com.
We’ve said it once, but we’ll say it again.
It’s a good time to make an offer on a house.
If you dare to believe such positive press.
