How is the coronavirus affecting the Jacksonville real estate market?
In major markets like New York City, San Francisco, and Los Angeles, we’re seeing luxury markets slow down. Wealthy Chinese buyers aren’t able to get out of their country to purchase property stateside.
This means sales are slowing down and prices are softening in some of the higher-end markets here in Jacksonville, too. All of the local areas within our broader market are different, so when the broader market slows down, there are a lot of factors to consider.
The first thing I recommend is reaching out to my team and I. We’re here to serve you, and we can calculate what your home is worth now and what it will sell for in the next 90 days. We can also tell you how the coronavirus affects your specific home sale. The median sale price in Jacksonville is $275,000, so if your home is worth $550,000 or more, you definitely want to give us a call. It might be a good time to list your home and maximize your return.
We’re seeing stock market volatility, and when money leaves the stock market, people lose money they might have been able to use to purchase a secondary home—or a beach home, which our market offers.
The coronavirus is also creating demand in the $275,000-and-below price range. There’s a lack of supply there, and interest rates are dropping. If interest rates (and mortgage rates) drop, it creates more buyers who can afford the same home.
If you’re buying in this competitive price range, I invite you to click on the Home Search tab here on our blog and see what’s out there. My team and I have listing agreements with several homes for sale that aren’t on the MLS yet I’d be happy to show you as well; so if you don’t want to end up in a bidding war, I invite you to give me a call as well.
Moving forward, we’ll keep an eye on this development, and if you have any questions or other real estate needs, don’t hesitate to get in touch with me. Have a great day!