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Everyone is aware that these are difficult times for the housing market and overall nationwide economy. Many families and businesses are struggling economically and it will certainly take some time for our economy to rebound from the significant downturn we are experiencing. With that said the Vilano and South Ponte Vedra Beach residential real estate market continues to show improvement in terms of the number of closed sales, pending sales and potential buyers. There has been improvement in all segments of the market, including lots and land. However single family homes priced under $500,000 continue to be the strongest segment.

We have sold quite a few properties recently and have several pending sales and additional contracts we are working on as of the date of this article. We have recently sold homes to buyers from Maryland, Orlando, New Jersey, Ft. Lauderdale, Gainesville, Orange Park, and New York. There is one common thread…everyone wants a good deal, and most will not buy unless they are able to find the right property at the right price.

Much of the national media has recently given the perception that none of the banks are lending money for home mortgages. This is simply not true! What is true, however, is that guidelines for lending have become much more stringent. Buyers who have good credit, income that can be documented, relatively low debt in comparison to income, and a 10% minimum down payment can obtain conventional financing at very good rates. FHA loans are also available at excellent rates with lower down payment requirements. If purchasing an investment property or second home which will not be owner occupied, buyers can count on putting 20% or more down. Does this all sound familiar? If so you have likely purchased property in the past during a time before the banks became extremely lax with lending criteria.

Another thing I have noticed over the last two months or so is that cash buyers are coming out of the woodwork! Cash buyers are certainly playing more of a role in our local market than they have in the recent past. Cash is king right now and many buyers who have saved money over the years are certainly taking advantage of the opportunities.

For more detailed information on recent sales, local market conditions or any other real estate related matter, please stay tuned for additional blogs, or feel free to e-mail or call me anytime!