2014 1st Quarter Market Update on Homes For Sale in Saint Augustine Florida

The information provided here is provided by Team Johnson of Watson Realty Corp located in Saint Augustine Florida.  TEAM JOHNSON is available to assist buyers and sellers with homes for sale in Saint Augustine Florida.  We are available to help from preview to purchase, to answer questions about home ownership, and assist home sellers to get their properties sold as quickly as possible and for top dollar.  For all your real estate questions call Team Johnson today.

News for Sellers

The residential market for homes for sale in Saint Augustine Florida continues to look good for sellers.  The number of closed sales declined slightly by 2.9% from the 1st qtr in 2013.  This is due partly to the low inventory volume we are currently experiencing.  The number of closed sales is 10% higher than it was in 2012.

The best news for sellers is that the average sales price continues to climb.  It is currently at $209,821.  That is an increase of 4.14% over this period last year.  Also the average days on the market are declining.

News for Buyers

Due to interest rates on the rise it is important for buyers to act now.  Buyers have less purchasing power than they did a year ago.  If the market continues this trend a buyer will have more purchasing power now then they will a year from now.

For example:
Today, a buyer can finance a $250,000 house at 4.22% interest.  That will make the monthly payment roughly around $1,255.46.  A year from now that same buyer will finance a $250,000 house at 5.3% interest and the monthly payment will be roughly $1,388.26.  By waiting, this buyer just lost $162.80 in purchasing power.  This will knock some buyers out of qualifying all together.

Overall Market Conditions

The overall inventory of available homes is extremely low.  This is driving prices up and can even causing bidding wars on certain homes.  It is projected that due to the harsh winter this past year Florida will see and increase in the buyer market thus putting more of a strain on the lower inventory.  Don't get left out in the cold.

Overall, every line item statistic is looking very good in that the available inventory continues to shrink and buyer demand is still currently strong.  Buyers, if you have been waiting for the best price and best interest rate, you need to act now.  Prices are going up and so are the interest rates.  Don't get left behind.  Any of the members of Team Johnson of Watson Realty Corp would welcome the opportunity to find you your new home.

Sellers/Owners if you have been waiting for the market to rebound so you can sell, the time might be now.  Many Floridians have already seen and increase in the value of their home.  Want to know where you stand?  Call Team Johnson of Watson Realty Corp.  We perform detailed reports for you so that you know exactly how much your home is worth.  This will help you determine whether now is the right time to sell.  We put our customers best interests ahead of the sale.


Team Johnson
Watson Realty Corp
St. Augustine, FL 32086
904-495-0146
Click Here to Search the MLS Like an Agent
View My Website
Click Here to Email Me

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Market Update on Homes For Sale in Saint Augustine Florida

The information provided here is provided by Team Johnson of Watson Realty Corp located in Saint Augustine Florida.  TEAM JOHNSON is available to assist buyers and sellers with homes for sale in Saint Augustine Florida.  We are available to help from preview to purchase, to answer questions about home ownership, and assist home sellers to get their properties sold as quickly as possible and for top dollar.  For all your real estate questions call Team Johnson today.

The residential market of homes for sale in Saint Augustine Florida is continuing to climb.  The number of new listings in 2013 vs. 2012 rose almost 16%.  The average sales price increased 8.78%  from $197,031 to $214,349.  Further good news, the average days on market for homes for sale in Saint Augustine Florida decreased 13.27% from 156 days to 135 days.

The overall inventory of available homes for sale in Saint Augustine Florida is extremely low.  Interest rates, though rising, are still at historic lows.  Florida has also seen an increase in population.  It has overcome New York as the 3rd most populous state.  Due to the increase in population, low interest rates, and low inventory, demand for Florida homes is high and will continue to drive the price of homes up.  According to John Tuccillo, the Florida Realtors® economist, we should “expect sales to rise about 10-12% in the coming year, and home values should increase as well.”

Overall, every line item statistic is looking very good in that the available inventory of homes for sale in Saint Augustine Florida continues to shrink and buyer demand is still currently strong.  Buyers, if you have been waiting for the best price and best interest rate, you need to act now.  Prices are going up and so are the interest rates.  Don’t get left behind.  Any of the members of Team Johnson of Watson Realty Corp would welcome the opportunity to find you your new home.

Sellers/Owners if you have been waiting for the market to rebound so you can sell, the time might be now.  Many Floridians have already seen and increase in the value of their home.  Want to know where you stand?  Call Team Johnson of Watson Realty Corp.  We perform detailed reports for you so that you know exactly how much your home is worth.  This will help you determine whether now is the right time to sell.  We put our customers best interests ahead of the sale.


Team Johnson
Watson Realty Corp
St. Augustine, FL 32086
904-495-0146
Click Here to Search the MLS Like an Agent
View My Website
Click Here to Email Me

  

FIND US ON THE WEB

                

Whether you are a first-time homebuyer or an experienced homebuyer, people are often confused about buying a home, and for good reason.  Laws governing the purchase and sale of real estate are constantly changing.  Real estate is also a topic you hear about every day.  We are bombarded every day by “now is the time to sell,” “now is the time to buy,” “interest rates are going up,” “interest rates are going down” and on and on and on.  This constant stream of banter from everyone to the neighbor next door to the news caster on the television screen can leave potential home buyers confused, frustrated, and not sure where to turn for advice.   This blog is the first of a series about buying a home. 

Strengthen Your Credit Score

A higher credit score, seems to result in the lower down payment and monthly payments.
Vicki Bott, deputy assistant secretary for single-family housing at the Department of Housing and Urban Development, says that her office has noticed much the same thing. "While there are many qualified borrowers in the 580 range, the market today is probably (looking for) 640 to 660, at a minimum," Bott says.
Improve your chances by: pulling your credit reports and ensuring you're not being unfairly penalized for old, paid or settled debts.  Also, stop applying for new credit a year before you apply for financing and keep that moratorium in place until after you close on your home.

FOR MORE INFORMATION ABOUT HOW TO BUY A HOME WITH BAD CREDIT READ OUR PREVIOUS BLOG I WANT TO BUY A HOUSE BUT I HAVE BAD CREDIT

Figure Out How Much House You Can Afford

You will want to get a home that is financially comfortable.  There are various rules of thumb that will help you get an idea of how much home you can afford

          *FHA financing, as almost one-fifth of buyers get FHA-insured loans, your home payment can't exceed 31 percent of your monthly income. But, with some mitigating factors, FHA will let you go higher.             *Conventional loans, a safe formula is that home expenses should not exceed 28 percent of your gross monthly income, says Susan Tiffany, director of consumer periodicals for the Credit Union National Association.

FOR A ROUGH ASSESSMENT OF HOW MUCH HOUSE YOU CAN AFFORD USE THESE VARIOUS CALCULATORS.

Save For Down Payment and Closing Costs

Depending on your credit and financing, you'll typically need to save enough money to put anywhere from 5 percent to 20 percent down.

If you're using FHA financing, then you need a score of 500 or higher. And in the 500 to 579 range, if you can find a lender, you'll have to put 10 percent down instead of 5 percent.

One exception: Veterans Affairs loans, which require no down payment.

Another cash expense: closing costs. Whatever your loan source, you'll also need money to pay closing costs, which run (depending on where you live), from $2,300 to $4,000. 

Build Up a Savings Account

This is over and above your money for the down payment and closing. Your lender wants to see that you're not living paycheck to paycheck. If you have three to five months' worth of mortgage payments set aside, that makes you a much better loan candidate. And some lenders and backers, like the FHA, will give you a little more latitude on other factors if they see that you save a cash cushion.

That money will also help you with maintenance and repair issues that come up when you own a home. While repairs are sporadic, items such as a new roof, water heater or other big-ticket items can hit suddenly and hard.

Get Preapproved for a Mortgage
For serious home shoppers, "the No. 1 thing is they better have everything in order," says Dick Gaylord, past president of the National Association of Realtors. That means that, before the real home shopping begins, you want to get financing in place, he says.
And the preapproval process is "much more extensive" than it was a few years ago, he says.

FOR MORE INFORMATION ON PREQUALIFICATION VS. PREAPPROVAL READ OUR PREVIOUS BLOG

Stay tuned for our next blog in this series “Finding the REALTOR® That’s Right for You.”  If you have any questions regarding the real estate process give TEAM JOHNSON of Watson Realty Corp a call.  TEAM JOHNSON has a team of REALTORS working to find you your perfect home.  We are members of 3 local MLS boards and can show you any property as far south as Palm Coast, as far west as Palatka, as far north as Jacksonville and everywhere  in between.  Give us a call at 904-495-0146 or email us at teamjohnson@watsonrealtycorp.com




Team Johnson
Watson Realty Corp
3505 U.S. 1 South
St. Augustine, Florida 32086
904-495-0146
Click Here to Search the MLS Like An Agent
View My Website
Click Here to Email Me

What’s Happening with Real Estate in Saint Augustine Florida

Have you been wondering what’s happening with real estate in Saint Augustine Florida?  That is what this month’s blog is about.  Real estate in general has really picked up in the 2^nd and 3^rd quarter of 2013 and real estate in Saint Augustine Florida is following the same pattern. 

Home Prices
One area affecting real estate in Saint Augustine Florida are home prices.  The prices of homes have risen 11.7% from a year ago.  Home prices have had 10 consecutive months of double-digit year-over-year increases.

Home Sales
Real estate in Saint Augustine Florida was also affected by amount of home sales.  The sale of homes  dropped slightly last month 1.5%. However sales remain 10.9% percent above year-ago levels.  Existing condo sales dropped 4.7% but they’re 8.9% above year-ago levels

Distressed Homes
Foreclosure and short sales accounted for 14% of real estate in Saint Augustine Florida, down from 24% last year.  According to the National Association of REALTORS (NAR) lower levels of distressed properties accounted for some of the increase of median prices.

Inventory
The inventory of real estate in Saint Augustine Florida last month held steady with a 5 month supply at the current sales pace, but is diminished from a year ago.

Days on the market.  
The median time on the market for real estate in Saint Augustine Florida for all homes was 50 days last month, up from 43 days in August but down from 70 days a year ago.

Team Johnson
Watson Realty Corp
3505 U.S. 1 South
St. Augustine, Florida 32086
904-495-0146
Click Here to Search the MLS Like An Agent
View My Website
Click Here to Email Me

The stats in the blog were used courtesy of NAR