Jacksonville Real Estate Ramblings: Florida: Jacksonville

Jacksonville Florida Market Report

 Single Family homes (attached & detached)

December 2011

December 2011                        December 2010

Active Listings: 5,071                 Active Listings: 6,763

Sold: 709                                    Sold: 678

Months Inventory: 7.15               Months Inventory: 9.97

Average Price: 528,749            Average Price: 445,886

We experienced an increase of sold homes in December vs November 2011, to get those babies off the books and get some homesteads claimed! We are still in a buyer's market, but are getting closer to seeing a stable market, based on the months inventory creeping down closer to 6 months. Our average price is also higher this month over last year, which is a great sign too.

December 2011

And now for a Blast in the Past…………..

December 2010

Active Listings– The amount of active listings in the month reported

Sold– The amount of sold listings that closed in the reported month.

Months Inventory– How many months it would take to sell the current inventory based on the sold amount.

Avg Sale Price– Average sale price of the sold houses in the reported month.

SP/OLP Ratio– Sales price to Original List Price, this is the percentage showing the difference of what the house was originally listed for and what it sold for.

Days on the Market– The length of time it took the house to get under contract from list date.

Sold REO– How many homes sold that were foreclosures (REO=Real Estate Owned). 

Sold Short Sales– How many homes sold, that were short sales

Want to know what these numbers mean to you when selling your Jacksonville Florida Home? Call me at 904-910-3516 and find out!

The property: This was a single family home in Jacksonville with 4 bedrooms, 2 bathrooms, little over 2000 square feet. On a cul de sac. The house needed some paint, carpet and a little tlc. 

Hardship: Loss of tenant, couldn't get reliable tenants. Financial difficulties. 

Short sale scenario: One loan, with the lender being Select Portfolio Servicing. We were in  a multiple offer situation, with the highest and best offer submitted. The BPO was done before the offer was submitted. It took around 2 months from contract to closing.  This sold for 182k, the bank paid 7k towards the buyer's closing costs. The seller owed around 245k. There was PMI on the loan, which the bank put into place on their own after the owner had bought and closed on it. The seller had a promissory note to pay to the PMI company.

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

Want to meet new people and get a great workout in?

Have you ever thought of playing soccer?

Who cares if you've never played before or if it's been years since you last played. Soccer is a great sport. I love soccer, it's intense and  I'm burning alot of calories. It's the one sport I can watch, without my undiagnosed ADD going nuts. :)

My kids have been playing soccer for years, and I always thought it was a fun sport to watch, but never played as a kid. I started coaching both of my kids Rec teams and figured it would be fun to play and help me be a better coach, so I started playing on a women's league this past spring. I love it! I play year round, usually once a week, minus some holidays. The league I play in is called the Beaches Adult Soccer League. Don't let the name fool you, not all the games are played at the Beaches, there are fields all over, in fact, the field that I play at the most is at Plantation Park in the Julington Creek area. There are fields in Jacksonville, Fleming Island, St Johns County. There are women's, coed, men's, indoor & outdoor team, 11v11, the list goes on.

The women's league is 7v7, same with the coed. We have a spring, summer, fall and winter season. You can play for more than one team in different divisions. For example, a female could play on a women's team and a coed team in the same season. A few of my team mates do that. There are women on my team in their 20s, 30s and 40s. One of our players is 49! When my daughter turns 16, she can play on my team as well. So, age isn't an excuse. Neither is experience. I had never played when I started playing in the spring. Yes, it was intimidating, but I just overcame my fear and found a team that didn't care that I've never played before. That's my team in the pic above.

There are a couple other league's in the Jacksonville area: Jax Sports and First Coast Soccer Club at Patton Park, which is off of Hodges and Beach Blvd. I've never played for them, so I can't give much detail.

Jacksonville Florida Market Report

 Single Family homes (attached & detached)

November 2011

November 2011                        November 2010

Active Listings: 5,191                 Active Listings: 7,029

Sold: 565                                    Sold: 541

Months Inventory: 9.19               Months Inventory: 12.99

Average Price: 453,920              Average Price: 464,390

As the end of the year is fast approaching, the stats for Jacksonville are continuing to improve. We see a decrease in November's inventory over October 2011 and an increase of the number of homes sold. Also, you'll notice I added the average price back into the mix again, which will give you an idea of what the overall market is doing in all the price ranges combined. With the national unemployment rate seeing a drop, we should continue to see the real estate market in Jacksonville, continue to improve.

November 2011

And now for a Blast in the Past…………..

November 2010

Active Listings– The amount of active listings in the month reported

Sold– The amount of sold listings that closed in the reported month.

Months Inventory– How many months it would take to sell the current inventory based on the sold amount.

Avg Sale Price– Average sale price of the sold houses in the reported month.

SP/OLP Ratio– Sales price to Original List Price, this is the percentage showing the difference of what the house was originally listed for and what it sold for.

Days on the Market– The length of time it took the house to get under contract from list date.

Sold REO– How many homes sold that were foreclosures (REO=Real Estate Owned). 

Sold Short Sales– How many homes sold, that were short sales

Want to know what these numbers mean to you when selling your Jacksonville Florida Home? Call me at 904-910-3516 and find out!

The property: This was a condo in Jacksonville with 2 bedrooms, 2 bathrooms, almost 1300 square feet. A one car garage was included. This is a gated community, with a pool and clubhouse. 

Hardship: Drop in income, resulting in difficulties affording the mortgage payment and HOA fees. This condo development had WDO and structural issues, so the values dropped significantly and only cash buyers could purchase, no financing.

Short sale scenario: This deal took about 6 months from list date to closing to complete. The lender was Wells Fargo Mortgage. Between having to re-fax paperwork, a delay on the attorney's part, being assigned a new negotiator, this deal was shaky.  The values kept dropping and the buyer was getting antsy. The buyer wanted to do an appraisal even though it was a cash deal. Finally, we got the approval and the buyer decided they were getting a great deal and closed without doing an appraisal.  The seller owed close to 200k, the condo sold for 47k. No promissory note required and no cash contribution from the seller.

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

Other successful short sales I've completed:

• Wells Fargo Financial
• Navy Federal
• Litton Loan
• Wells Fargo
• Bank of America
• Select Portfolio Servicing, Inc
• HSBC
• Provident Funding
• Litton
• Vystar
• American Home Mortgage Servicing Inc

This is the most frequent question I get asked from homeowners, when they are thinking about short selling their home.

What are the consequences of short selling my home?

Here are some situations I'll go over with you in this post:

• Being issued a 1099
• Promissory Note
• Deficiency Judgment
• Credit issues
• Cash Contribution at closing

Now before I go into more details, real estate agents can not give you tax or legal advice unless of course they are CPAs or attorneys. I am neither. I will share my experiences and point you in the right direction. With that said, let's move on with the program!

Being issued a 1099. When you close on a short sale, obviously there's an amount that the lender doesn't collect and is forgiven. That amount can be taxable as income. So for example, you sell your house for 100k, owe 200k, the short amount is 100k plus closing costs that the lender paid on your behalf. The 100k can be taxed as income. I know that sounds bad, but you may be able to reduce that amount or eliminate it all together. There's a Mortgage Debt Relief Act of 2007 that may help you eliminate it. Even if you don't qualify for that, you may still be able to reduce or eliminate it. To find out more, you need to contact your CPA to discuss your tax options. I can't give you tax advice, but I am able to point you in the right direction.

Promissory Note. The lender may ask for a promissory note, usually for 0% interest, monthly payments for 10-15 years, it depends on the amount and their new terms can vary.  If you have a true hardship, typically they will not require one. If you have PMI (private mortgage insurance), expect a promissory note from them. PMI happens when you put down less than 20% on your loan. Part of your mortgage payment you pay, goes to PMI. This helps the lender to recoup their loss in the case of foreclosure or short sale. Sometimes the lender puts PMI on your loan after the fact and you may not be aware you have it. If you're not sure you have PMI, just give your lender a call.

Deficiency Judgment. This is when the lender pursues their right to come after the amount that was short on your short sale or foreclosure. We always ask for this right to be waived and often the lender will agree. There are times they don't agree, but it doesn't mean they will pursue it. If they do pursue it, you may be able to negotiate it down. Just as I'm not a tax consultant, I'm not an attorney either, so you should consult an attorney on the legal ramifications of doing a short sale.

Credit Issues. Short sale sellers are concerned about the damage a short sale will do to their credit. More than likely the lender is going to report your short sale to the credit bureau. It will say something along the lines of: agreed settlement short of full payment. That will cause a drop in points and really it's hard to say how much. If you're able to make your payments all the way until closing, you will minimize the damage. Late pays can really drop your score. I've had short sale sellers report to me a 100 point drop with the first late pay. Now, if eventually you want to buy a home again, you may have to wait 2 to sometimes 7 years depending on your situation that caused you to have to short sale, money down, what type of loan, etc.

Cash Contribution at Closing. It is very possible that you may not have to bring a dime to closing, if you have a financial hardship. If you have other assets and some cash in the bank, the bank may require a cash contribution. Sometimes, I've seen the net the lender wants is a little higher than what the deal will bring. Sometimes the buyer will contribute to that, the bank agrees to a lower net or the seller can contribute.

These are the major list of consequences you can expect, but it's not the complete list. Every seller's situation is different. Speak to a CPA and an attorney for all your options. Feel free to call me at 904-910-3516 or email me if you want to discuss your unique situation.

Jacksonville Florida Market Report

 Single Family homes (attached & detached)

October 2011

October 2011                               October 2010

Active Listings: 5,213                    Active Listings: 7,129

Sold: 532                                      Sold: 527

Months Inventory: 9.8                  Months Inventory: 13.53

Just like we saw in the Clay County Florida Market Report, we are seeing an increase in the months inventory for the month of October in Jacksonville. Same trend too, a decrease in the amount of inventory, which is great, but a decrease in the total homes sold in October 2011 vs September 2011, by 99 homes. Not really a big deal, as we are approaching our slower time in the Jacksonville Florida real estate market.

And now for a Blast in the Past…………..

October 2010

Active Listings– The amount of active listings in the month reported

Sold– The amount of sold listings that closed in the reported month.

Months Inventory– How many months it would take to sell the current inventory based on the sold amount.

Avg Sale Price– Average sale price of the sold houses in the reported month.

SP/OLP Ratio– Sales price to Original List Price, this is the percentage showing the difference of what the house was originally listed for and what it sold for.

Days on the Market– The length of time it took the house to get under contract from list date.

Sold REO– How many homes sold that were foreclosures (REO=Real Estate Owned). 

Sold Short Sales– How many homes sold, that were short sales

Want to know what these numbers mean to you when selling your Jacksonville Florida Home? Call me at 904-910-3516 and find out!

The property: This Jacksonville home is a 3 bedroom, 2 bathroom home, a little over 1600 square feet. Very unique tub and shower combination in the master bath room. 

Hardship: The house needed some repairs, plus there was a loss of income. Another negative is this house is located on a busy road.

Short sale scenario: The lender on this one was HSBC, who is one the few lenders who make the short sale process better. There was an offer on the house that fell through due to buyer financing, but helped get the process started. This was one where the short sale process started once we got it listed and had a BPO done, days, after listing it. And once a complete short sale package is submitted it can take 7-10 business days for approval! The second contract took only 16 days from contract date, to short sale approval to close. When a lender starts the process when the house is listed and has a fast turn around time, there is less hassle, less contract fall throughs and just a better experience for everyone involved.  This is how all short sale should be handled.

If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

Other successful short sales I've completed:

• Wells Fargo Financial
• Navy Federal
• Litton Loan
• Wells Fargo
• Bank of America
• Select Portfolio Servicing, Inc
• HSBC
• Provident Funding
• Litton
• Vystar
• American Home Mortgage Servicing Inc

Jacksonville Florida Market Report

 Single Family homes (attached & detached)

September 2011

September 2011                 September 2010

                                               Active Listings: 5,379           Active Listings: 7,364

                                              Sold: 631                               Sold: 637

                                                   Months Inventory: 8.52          Months Inventory: 11.56

Welcome back to another month of real estate market stats for Jacksonville Florida. Last year in September there were 1,985 more house available for sale, than this year in September! Running neck and neck with the amount sold in September 2010 and September 2011. Foreclosures and short sales in Jacksonville are at 41.2% of the total homes sold, which is down about 2% from August 2011. The average price in Jacksonville, in September 2011 is $518,329, while in September 2010, the average price was $471,954. The biggest difference was in the price range of 800k and up, but there were increases in most of the different price ranges. Does this mean we have reached the bottom yet in Jacksonville? The inventory level still suggests we are in a buyer's market, so once we see that level decrease some more, to where we are seeing a more balanced market (around 6 months of inventory), the bottom will be near. With that said however, we never know when we are at the bottom, until we have started back up.......

September 2011

 And now for a Blast in the Past…………..

September 2010

Active Listings– The amount of active listings in the month reported

Sold– The amount of sold listings that closed in the reported month.

Months Inventory– How many months it would take to sell the current inventory based on the sold amount.

Avg Sale Price– Average sale price of the sold houses in the reported month.

SP/OLP Ratio– Sales price to Original List Price, this is the percentage showing the difference of what the house was originally listed for and what it sold for.

Days on the Market– The length of time it took the house to get under contract from list date.

Sold REO– How many homes sold that were foreclosures (REO=Real Estate Owned). 

Sold Short Sales– How many homes sold, that were short sales

Want to know what these numbers mean to you when selling your Jacksonville Florida Home? Call me at 904-910-3516 and find out!

The property:

This is a 3 bedroom, 2.5 bathroom home located in Jacksonville Florida. The owners started some renovations in the kitchen and the bathrooms. It still needed a little more work but had a great start.

Hardship:

This was a divorce situation and the seller couldn't afford to keep the house.

Short sale scenario:

There were two liens on this house, the first with Provident Mortgage and the 2nd with Vystar. Vystar was a piece a cake to work with, Provident much slower. We had two previous contracts fall through, before the 3rd stuck. We got the approval, only to find out after the inspections were done, that the septic and drain field had some issues that would cost about 3k to fix. The buyer was willing to pay for half the repairs and wanted the bank to pay the other half. So, I presented the buyers request along with the inspection report and estimate. The bank said no. The investor doesn't make repairs. I knew the investor was Freddie Mac and I also knew an exception could be made, because I called them myself and they told me an exception can be made. Meanwhile, the prices had dropped by about 20k, due to the 1st lien taking months to give the approval and lots of foreclosures in the neighborhood. If this fell through, we would have to start all over, 20k less AND still have the repair issue. I built my case and submitted it to the negotiator. Again a no, this time I contacted supervisors, CEOs, COOs and submitted my case. Another no, but this time with the bank rep telling me the agents should reduce their commission to help cover the costs. In all the email correspondences I received, I had gotten the rep for Freddie Mac, who was handling the file. I emailed her all the facts and requested they cover half the cost. They agreed, without a reduction in commission! Shew, what a battle won. In one of the emails I read the following:

"Per the emails below, 3rd party is asking for an exception to cover half the cost of a septic repair (approx $2,808.00).  Please advise whether this can be done as 3rd party is very persistent and has contacted several of our managers regarding this issue.  I advised her the investor does not cover repairs, but she contacted the investor, who advised an exception can be made."

Being persistent paid off. If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.

• Wells Fargo Financial
• Navy Federal
• Litton Loan
• Wells Fargo
• Bank of America
• Select Portfolio Servicing, Inc
• HSBC
• Provident Funding
• Litton
• Vystar
• American Home Mortgage Servicing Inc