Jacksonville, Florida Real Estate Market - October 2013
Let's start off with the good news. Take a look at this existing home sales chart going all the way back to January 2011. The market is definitely back. It's flying back strong in a number of Jacksonville area communities. It is important for both buyers and sellers to know that the real estate market is back in a big way. This is good for everyone.
Greg McBride, Bankrate.com's Senior Financial Analyst, summed it up nicely: "It seems like Americans' love affair with real estate has returned." I couldn't agree with him more.
It is important, however, to remember that the reason that it has returned strongly is partly due to the fact that finances got in the way over the last couple of years; there's no question about that. That said, study after study over the last 15 years has shown that the reasons people buy houses in American fall into the following top five categories:
1. They want a better place to raise their children.
2. They want a place that their family can feel safe.
3. They want the ability to have more space -- more elbow room.
4. They want the freedom to renovate that space to suit their needs and their taste.
The only financial reason that comes up is at the very end, after the four other non-financial reasons.
5. The fifth and perhaps most important reason is simply that owning is a better investment than renting.
In fact, a study just came out last week that showed that owning is still 35 percent cheaper than renting in the United States. Owning a home is 35 percent cheaper than renting a home in America. You probably saw the study and noticed that Jacksonville, FL was right up in the top of that list. People are coming back to the realization that the investment ability of owning a home outshines all other - and right now is a great time to buy. Looking all the way back to January 2000, right up to the most current numbers we can look back at the Dow, the S&P and the NASDAQ versus real estate. Over that 13‐year period real estate outshines any one of the other investments. The bubble that burst in 2006 was just a minor blip in the grand scheme. Savvy folks are not fooled by that blip. When you understand the facts and look at the big picture, it becomes very clear that owning real estate is the best choice.
ABOUT THE BLOG OWNER
TIMOTHY H. FENNELL, PA
Tim Fennell is a Florida licensed Real Estate Broker with The Legends of Real Estate, REALTORS® in Jacksonville, Florida.
His strong background in business development, real estate investments, counseling and marketing greatly enhance his skills as a Listing and Internet Marketing Specialist.
Tim and his wife, Susan, have over 30 years experience in Jacksonville Real Estate sales, marketing and investing. Both are Accredited Consultants in Real Estate (ACRE®). When you're ready to be consulted with, rather than sold to, give Tim and Susan Fennell a call.