Monday, July 18, 2011

Eagle Harbor real estate report - June 2011

Hard to believe, but it was quite a month for home sales in Eagle Harbor. A total of 18 homes sold, and even though the prices are down compared to 2010, these homes sold at an average of 5% more per square foot than those sold in May 2011.


Eagle Harbor - June 2011


Check out the chart below for a comparison of Sold Prices per Square Foot for the year. It is worth noting that early in 2011 a large number of homes sold were distressed properties; however,  the trend is definitely moving in the right direction.


Eagle Harbor real estate


With the large number of distressed properties, however, it is still a very tricky market.  Check out our tips for Selling Your Orange Park or Fleming Island home, or contact me today to learn more about the Galli Difference.


 


 


 


 


 


 

Eagle Harbor real estate - May 2011

Temperatures weren't the only thing on the rise in Eagle Harbor during the month of May. Unfortunately, distressed home sales were on their way up as well.


















































Eagle Harbor's Real Estate Market Report:   May 2011



Qty



% Change from ˜10 to ˜11



Avg List Price
Per SF


Avg Sold Price
Per SF


% Change from ˜10 to ˜11



Avg Days on the Market


Active Listings

105



 



$112.21



 



 



98


New This Month

17



↓ 47%



$108.67



 



↓ 7%



 


Sold This Month

12*



↑ 9%



$102.07



$98.49



↓ 10%



120


Sold This Year

34



0%



$100.19



$94.64



↓ 19%



116



For the year, more than 45% of the homes sold were short sale or foreclosure properties, creating a large discrepancy in the Sold per Square Foot prices. In fact, conventional homes are actually selling for 30% more and 57% faster.

Want to know what your home might sell for? Check out our Free Home Value tools at GoWithGalli.com.

Fleming Island Plantation real estate - May 2011

Temperatures  were not  the only thing on the rise in Fleming Island Plantation during May. Home sales were on their way up, up, up as well. The number of homes sold in May was 50% better than May 2010, and the Year to Date numbers are up 31% as well.    


















































Fleming Island Plantation's Real Estate Market Report:  May 2011



Qty



% Change from ˜10 to ˜11



Avg List Price
Per SF


Avg Sold Price
Per SF


% Change from ˜10 to ˜11



Avg Days on the Market


Active Listings

62



 



$88.31



 



 



117


New This Month

25



↑56%



$89.67



 



↓ 9%



 


Sold This Month

12



↑50%



$84.18



$82.61



↑11%



96


Sold This Year

46



↑31%



$83.18



$80.64



↓9%



95



It is a tricky market, however, with a large number of distressed properties and condo/townhomes that skew the Sold per Square Foot prices. If you've given any thought to selling, be sure to let your Fleming Island Experts guide you!

Monday, June 20, 2011

Jacksonville Real Estate market in the news


  • According to real estate website Trulia, Jacksonville is one of the top markets for international real estate buyers. Ten of the 24 most popular U.S. cities for international buyers are in Florida, with Jacksonville ranking 9th among Florida cities.

  • Trulia also says Jacksonville continues to be one of the best places to buy a home instead of rent. Trulia calculates the price-to-rent ratio compared to the median rental cost on two-bedroom apartments, condominiums and townhomes listed on their website. A price-to-rent ratio of 1-15 means owning a home is much less expensive than renting; Jacksonville™s ration of 9 is 7th best in the nation.

  • It™s also a great place for investing in real estate. Jacksonville tied for 5th in SmartZip™s Best Large Investor markets.  SmartZip uses a relative rating of the property's investment potential for buyers purchasing as a rental. It is based on a risk-adjusted financial assessment of the property's projected ability to generate cash flow and annual investment yield over a 10-year holding period. Properties that score above 50 are expected to outperform the market; Jacksonville properties averaged 61.

  • And although a lot of news we are seeing is dismal, at least one aggregator says Jacksonville market is the 6th best performing real estate market in the U.S. According to their release, instead of choosing performance, CoreLogic chose to compare share of new-home sales during 2010, because if a market is near the top for new sales share then it's most likely doing relatively well.


What does all this mean? Simply, if you are waiting to buy, to sell, or to invest, you may be missing out. Today™s market has a number of options that you might not have considered. Give us a call today to talk about what we can help you do to realize your dreams!

Jacksonville Real Estate market in the news


  • According to real estate website Trulia, Jacksonville is one of the top markets for international real estate buyers. Ten of the 24 most popular U.S. cities for international buyers are in Florida, with Jacksonville ranking 9th among Florida cities.

  • Trulia also says Jacksonville continues to be one of the best places to buy a home instead of rent. Trulia calculates the price-to-rent ratio compared to the median rental cost on two-bedroom apartments, condominiums and townhomes listed on their website. A price-to-rent ratio of 1-15 means owning a home is much less expensive than renting; Jacksonville™s ration of 9 is 7th best in the nation.

  • It™s also a great place for investing in real estate. Jacksonville tied for 5th in SmartZip™s Best Large Investor markets.  SmartZip uses a relative rating of the property's investment potential for buyers purchasing as a rental. It is based on a risk-adjusted financial assessment of the property's projected ability to generate cash flow and annual investment yield over a 10-year holding period. Properties that score above 50 are expected to outperform the market; Jacksonville properties averaged 61.

  • And although a lot of news we are seeing is dismal, at least one aggregator says Jacksonville market is the 6th best performing real estate market in the U.S. According to their release, instead of choosing performance, CoreLogic chose to compare share of new-home sales during 2010, because if a market is near the top for new sales share then it's most likely doing relatively well.


What does all this mean? Simply, if you are waiting to buy, to sell, or to invest, you may be missing out. Today™s market has a number of options that you might not have considered. Give us a call today to talk about what we can help you do to realize your dreams!

Monday, June 6, 2011

How long will these great mortgage rates last?

News from one of our preferred lenders, Craig Weeks, of Wells-Fargo:




The 10-year treasury dropped below 3.00% today for the first time in 6 months.  This has pushed our  rates to 4.375%. WOW!  




Now, the question is, how long will it last?  


Did you know each 1% increase in rates, reduces a borrower's buying power by 10%?   In other words, to have the same payment one could borrow $150,000 at 4.375% or $135,000 at 5.375%.     This should create a sense of urgency for buyers.



Are you sitting on the fence, waiting to see what prices and rates will do? Don't wait. This may be one of the best times - ever - to move up to a home you've always dreamed of.


Contact us today to get started...

How long will these great mortgage rates last?

News from one of our preferred lenders, Craig Weeks, of Wells-Fargo:




The 10-year treasury dropped below 3.00% today for the first time in 6 months.  This has pushed our  rates to 4.375%. WOW!  




Now, the question is, how long will it last?  


Did you know each 1% increase in rates, reduces a borrower's buying power by 10%?   In other words, to have the same payment one could borrow $150,000 at 4.375% or $135,000 at 5.375%.     This should create a sense of urgency for buyers.



Are you sitting on the fence, waiting to see what prices and rates will do? Don't wait. This may be one of the best times - ever - to move up to a home you've always dreamed of.


Contact us today to get started...

Thursday, May 26, 2011

Home affordability at 20-year high; perfect time to Move up or Invest

National Association of Home Builders and Wells Fargo announced on May 25, 2011 that nationwide housing affordability during the first quarter of 2011 rose to its highest level in more than 20 years, according to the Housing Opportunity Index (HOI) data released.


The Housing Opportunity Index (HOI) data indicated that 74.6 percent of all new and existing homes sold in the first quarter of 2011 were affordable to families earning the national median income of $64,400. NAHB went on to say that until 2009, the HOI rarely topped 65 percent and never reached 70 percent.


Did you hear that? œNEVER REACHED 70 PERCENT This is an amazing time to buy a home either for yourself or to begin investing in real estate.


The Galli Team has featured listings in some of Orange Park and Fleming Island™s best neighborhood that will pleasantly surprise you at how affordable they are.  This may be the perfect opportunity to move up to a luxury home on the water or to enjoy resort-style living in North Florida™s most sought-after communities.


BuyJaxForeclosures.com has tools to search foreclosures and short sales in Jacksonville, Clay County, St. Johns County, and across Northeast Florida. There are a number of investor resources to help you determine how to get started. Or, fill out the Investment Finder and let us do the work for you.

Home affordability at 20-year high; perfect time to Move up or Invest

National Association of Home Builders and Wells Fargo announced on May 25, 2011 that nationwide housing affordability during the first quarter of 2011 rose to its highest level in more than 20 years, according to the Housing Opportunity Index (HOI) data released.


The Housing Opportunity Index (HOI) data indicated that 74.6 percent of all new and existing homes sold in the first quarter of 2011 were affordable to families earning the national median income of $64,400. NAHB went on to say that until 2009, the HOI rarely topped 65 percent and never reached 70 percent.


Did you hear that? œNEVER REACHED 70 PERCENT This is an amazing time to buy a home either for yourself or to begin investing in real estate.


The Galli Team has featured listings in some of Orange Park and Fleming Island™s best neighborhood that will pleasantly surprise you at how affordable they are.  This may be the perfect opportunity to move up to a luxury home on the water or to enjoy resort-style living in North Florida™s most sought-after communities.


BuyJaxForeclosures.com has tools to search foreclosures and short sales in Jacksonville, Clay County, St. Johns County, and across Northeast Florida. There are a number of investor resources to help you determine how to get started. Or, fill out the Investment Finder and let us do the work for you.

Monday, January 24, 2011

Jacksonville homes a bargain versus renting

Trulia.com released its latest Rent vs. Buy Index and found that it is more affordable to buy a two-bedroom home than to rent in 72 percent of America™s largest cities. Jacksonville and Northeast Florida had the third lowest list price-to-rent ratio and was the sixth most affordable metro area in the country.      

This should not be news, but it is nice to see a third-party “ with its hand in both sides of the market “ compare the cost of home ownership to the cost of renting. Trulia calculates the price-to-rent ratio for the 50 largest U.S. cities using the median list price compared with the median rent on two-bedroom apartments, condominiums and townhomes listed on their site.


 


(See the stats and graphic at http://trulia.movity.com/rentvsbuy/  - Read the entire report at http://info.trulia.com/index.php?s=43&item=113)


Key Definitions:

  • Price-to-Rent Ratio of 1-15: Owning a home is much less expensive than renting in this city.

  • Price-to-Rent Ratio of 16-20:The total costs of homeownership in this city are greater than the costs of renting, but it might still make financial sense to buy depending on the situation.

  • Price-to-Rent Ratio of 21+: Renting in this city is much less expensive than owning a home.

  • Total costs of homeownershipinclude mortgage principal and interest, property taxes, hazard insurance, closing costs at time of purchase and ongoing HOA dues and private mortgage insurance, where applicable. It also includes an offset for the tax advantages of homeownership, including mortgage interest, property tax and closing cost deductions.


  • Total costs of renting include rent and renter™s insurance.




The metro Jacksonville™s price-to-rent ratio is an 8, making it the second-most affordable city in the Southeast, trailing only national-leader, Miami. The remaining Southeastern metropolitan areas were significantly higher: Baltimore “ 12, Atlanta and Nashville “ 13, Charlotte “ 14, and Louisville “ 15.


We have some great homes “ at great prices “ right now. If you™re considering moving up to larger home or to an amenity-rich neighborhood, or if you™re thinking about investing in real estate, check out the homes at www.GoWithGalli.com. Our team of specialists can help you find the perfect home!

Jacksonville homes a bargain versus renting

Trulia.com released its latest Rent vs. Buy Index and found that it is more affordable to buy a two-bedroom home than to rent in 72 percent of America™s largest cities. Jacksonville and Northeast Florida had the third lowest list price-to-rent ratio and was the sixth most affordable metro area in the country.      

This should not be news, but it is nice to see a third-party “ with its hand in both sides of the market “ compare the cost of home ownership to the cost of renting. Trulia calculates the price-to-rent ratio for the 50 largest U.S. cities using the median list price compared with the median rent on two-bedroom apartments, condominiums and townhomes listed on their site.


 


(See the stats and graphic at http://trulia.movity.com/rentvsbuy/  - Read the entire report at http://info.trulia.com/index.php?s=43&item=113)


Key Definitions:

  • Price-to-Rent Ratio of 1-15: Owning a home is much less expensive than renting in this city.

  • Price-to-Rent Ratio of 16-20:The total costs of homeownership in this city are greater than the costs of renting, but it might still make financial sense to buy depending on the situation.

  • Price-to-Rent Ratio of 21+: Renting in this city is much less expensive than owning a home.

  • Total costs of homeownershipinclude mortgage principal and interest, property taxes, hazard insurance, closing costs at time of purchase and ongoing HOA dues and private mortgage insurance, where applicable. It also includes an offset for the tax advantages of homeownership, including mortgage interest, property tax and closing cost deductions.


  • Total costs of renting include rent and renter™s insurance.




The metro Jacksonville™s price-to-rent ratio is an 8, making it the second-most affordable city in the Southeast, trailing only national-leader, Miami. The remaining Southeastern metropolitan areas were significantly higher: Baltimore “ 12, Atlanta and Nashville “ 13, Charlotte “ 14, and Louisville “ 15.


We have some great homes “ at great prices “ right now. If you™re considering moving up to larger home or to an amenity-rich neighborhood, or if you™re thinking about investing in real estate, check out the homes at www.GoWithGalli.com. Our team of specialists can help you find the perfect home!