You’d Be Crazy Not to Buy Now!!!

by BJ LeGrand Cockrell

I’m often asked, "BJ, what’s happening with the real estate market in Jacksonville and North Florida?" It’s a common question among homeowners nationwide.

  Unless you’ve been hibernating, you’re aware of the crazy real estate market we’ve experienced in the last 7 to 10 years. Profits soared, people made lots of money on their homes and life was riding on a cloud in the residential market. But, with the help of the media, you bet the proverbial "bubble has burst" and not a moment too soon. For way too long our real estate market has been an over-inflated hot air balloon with prices soaring out of sight, waiting to exhaust itself.

We have seen a steady decline in pricing since the end of the summer in 2006, and our inventory in Jacksonville has significantly increased. So much of the public’s perception of the market has been media driven. People perceive this as a bad market, but it’s a more normal market, self-correcting, and pricing is more reasonable. The time for a home to be on the market now is much more in line with the early ’90s when real estate moved at a slower pace. This allows buyers the time to make better decisions.

Pricing is surely one of the most important pieces of the puzzle for sellers today. The media’s hype about the market had scared many buyers out of the market but this is interesting because the interest rates on money have remained historically low, and we have seen little change nationally in the median home price. Buyers had been on the fence for so long waiting to see what’s happening in the market so 2008 has seen an increase in activity.

Without a doubt, this is a great time to buy property. How many times have you said to someone…"I wish I had bought property back years ago when I could have gotten a great deal"? Well, if you wait too long you’ll be kicking yourself again for not acting on that hindsight. So, what are you waiting for? Buy now so you don’t regret it later!

Barbara "BJ" LeGrand Cockrell attended her first training in real estate in 1982 and holds a masters degree in real estate investing, is a licensed real estate agent with Integrity Realty, and markets information products about real estate. A native of Northeast Florida, she is passionate about helping people find solutions for their real estate needs.