Jacksonville Florida Real Estate

Jacksonville Real Estate: The Price of Overpricing. The Jacksonville Home Seller Who Had to Have More.

As I was looking through the Jacksonville MLS for homes for one of our buyers this morning, I ran across something that was very upsetting.

I had gone on a listing appointment in 2006.  It was a beautiful home in John's Creek in Northwest St Johns County.  I could tell in the first ten minutes that I would NOT be walking away with the Jacksonville real estate listing and I was okay with that.  Why?  Because I was honest about the fair-market-value of the home.  I didn't say what the home's sellers wanted to hear and was well aware of it.  But I am in the business of selling homes in Jacksonville, not listing homes in Jacksonville. 

I later noticed that the home had been listed for around $50,000 more than what the true value of their beautiful St Johns County home actually was at the time. 

The sellers had really NEEDED to sell their home because of a significant reduction in income.  They could have sold at the price I had given them without it becoming a Jacksonville short sale, besides who in Jacksonville had even heard of a short sale in 2006?  But they listed the home far too high hoping to get "more out of it."

I forgot all about it until today when I was scrolling through and ran across this home.  Surprised at the low price, I went into the history to see how it was priced that low.  Unfortunately the home was eventually foreclosed upon.

This is an extreme case (but not the only case) of what happened to a Jacksonville Florida seller, who really needed to sell their Jacksonville area home. Instead of getting it sold, they had insisted on overpricing their home despite being warned about the true market value of their home. 

 

Where have all of the lower priced homes gone? Northwest St Johns County has less than a one month inventory for homes priced at or under $100,000.

Looking for options for my buyers who are buying at or around $100,000 or less in Northwest St Johns County I noticed that the inventory has been going down fast.

• Northwest St Johns County homes on the market (all ages, all bedrooms/baths)  at $100,000 or below- 11

• Northwest St Johns County homes under contract priced at $100,000 or below- 13

• Northwest St Johns County homes sold in the past month priced $100,000 or below- 12

What does this mean?  We are looking at less than a 1 month inventory for homes in Northwest St. Johns County that are priced at $100,000 or below.  If you are a first time home buyer interested in this price range, you'd better hurry.  We have no way of knowing if this under-$100,000 supply will be replenished or if prices will start to climb above that mark.

There may be bond money for you to help you with your purchase, let us know if you are interested in trying to grab one of these homes.