MyNorthEastFloridaHomesBlog

According to the  Jacksonville Times-Union, home buyers should be on the alert for year end bargains in the new homes area. Local builders are stuck with excess inventory which they are eager to get off their books before the New Year. They show as liabiliies on the balance sheets ,and savvy buyers are well positioned to take advantage of their need to liquidate inventory. Such being the case ,if you are a prospective buyer, do not be afraid to negotiate prices that are all ready advertised as being discounted.

Our market is especially attractive to foreign buyers. With the Fed cutting the Federal Funds rate to 4.5% the dollar is continuing to weaken, giving  the European and Canadian curriencies tremendous purchasing power. Even if US prices continue to slip, the strong curriencies make this an optimum time to buy or build.

 Money manages and professional investors ,think we are 6mos to a year away from  bottoming , in the housing market. While builders are heavily discounting homes , the resale market is still very slow. Until sellers realize that  in order to sell their home , they must price them properly, that market will continue to lag. Inventories continue to rise and in order to compete with builders, homeownwers must price their homes more agressively. If you are not willing to do that , I would suggest that you take your home off the market until such time as it can be priced competetively. Watch the existing inventory number and do not list until that figure shows at least a 10% decrease

Ken Peyser