Monday, February 9, 2009

Jacksonville - Northeast Florida Update

Jacksonville, FL – Improved Affordability Boosts
Interest, Not Offers

Reduced mortgage rates spur lookers, not buyers, in January. Buyer traffic levels
improved in January, with our traffic index increasing to 44 from 19 in December, but
remained at levels below agents’ expectations (any reading below 50 indicates traffic
levels below agents’ expectations). Lower rates on mortgages spurred buyer interest
during the month, and “prices are getting to where buyers are taking notice,” notes one agent. Buyers continue to hunt for bargains, with a number of first time home buyers searching for good deals on foreclosures and other lower-priced properties. According to another agent, “While house are being shown more in January than December, no offers are coming in on those homes.” A number of agents noted that job layoffs and deteriorating consumer confidence have reduced the number of transactions, despite heightened interest levels. In addition, financing remains tough and appraisal values continue to drop, as “mass amounts of local short sales and foreclosures are bringing property values down rapidly.”

Contact John Holbrook - Realtor
Prudential Chaplin Williams Realty
904-415-0171 Search the local MLS at

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