Jacksonville, FL – Prices Fall, and Deals Bring Some Buyers Back in the Door(3,320 single-family permits in 2009, 23rd largest market in the country)
Buyers tire of waiting, start to act on low rates and prices. Our buyer traffic index
rebounded to 25 in November from 9 in October, indicating modestly better traffic over the past 30 days. This still suggests demand remains weak (readings below 50 indicate traffic below agents’ expectations), but is at least a little encouraging that it is the highest reading since May. Agents said buyers are still fearful and lack confidence, and are taking a long time to act. However, several mentioned that some buyers are tired of waiting and ready to purchase. One agent who saw better traffic noted, “These buyers have been searching for quite some time.” Another commented that “low interest rates and price reductions” have brought buyers off of the sidelines. There was no mention of the foreclosure issues this month, but a speedy resolution would likely help sales as buyers remain focused on finding the best perceived value, which they typically see as foreclosures and short sales.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
1 comment:
This is good. REO means Real Estate owned property. The lender possesses the property either at an auction or through an agreement with the owner during pre-foreclosure. The property is maintained by the bank or by representative agents acting as safe-keepers / sellers on their behalf. This property can fetch you the best deal when compared to the AS IS condition of any foreclosure property. Thank you.
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