Real estate market update for Jacksonville Beach, FL.
December is a predictably sleepy time of year for real estate in Jacksonville Beach. People are more focused on hanging holiday lights, baking cookies and wrapping all the gifts bought on Black Friday than they are on buying or selling their home. While this year is no exception, it is also noteworthy that we are seeing movement in our Jacksonville Beach real estate market.
Interest Rates
Interest rates are out of the 7% range for the first time in four months. The dropping rates are creating action as more homebuyers can enter the market. Subsequently, the lower priced homes on the market are selling. In turn, the average sales price of homes has increased as competition rises. This decreasing volume of active inventory has also increased the absorption rate from 3.5 months to 4 months supply. It’s important to recognize that the market is never doing only one thing. For homebuyers waiting on rates to drop further, you will also be entering a market that will change as a result of the lower rates. Read more here for the latest real estate market statistics in Northeast Florida.
Refinancing
For some, lower interest rates may be stirring interest in refinancing their home. According to our trusted loan officer, Jamie Holmes, at Movement Mortgage, it is recommended to wait until you’ve made at least six consecutive mortgage payments over the course of six months before refinancing. Additionally, it is advised to allow rates to drop by a minimum of 1% from your current rate before refinancing. Check out this refinance calculator to run your numbers.
National Market
We are continuing to follow the heated litigation within our national real estate community. Check out our recent blog post to learn more about the lawsuits that have popped up in Florida and Pennsylvania, following the watershed verdict in Missouri’s lawsuit in October of this year.
Fluid Realty
The Fluid Realty Team is Jacksonville’s top real estate group and local boutique brokerage. We provide a full-service experience with the best realtors in the area. Our expertise includes luxury beach real estate within the four Beaches of Jacksonville, FL: Atlantic Beach, Neptune Beach, Jacksonville Beach, and Ponte Vedra Beach.
