Jacksonville’s Real Estate: Top 5 Housing Predictions for 2015

Jacksonville’s Real Estate

Jacksonville is one of the many cities in Florida that has been showing increase in the real estate market. Florida Investing Jacksonville is increasing with increases in the job market and decrease in the effects of recession, the real estate market is slowly improving.

The Top 5 Housing Predictions for 2015

1. The rapid pace of the home value will level out. Home values have been on a constant rapid rise and predictions such as CoreLogic has shown a 5.7% increase in home prices between July 2014 and July 2015. The general message is that the value of residential property will continue to rise however at a more gradual pace than that of the past 12 months.

2. Affordability of homes will decrease by 5%-10%.The increase in the appreciation of home prices and mortgage rates will attribute for a decrease in home affordability. For Jacksonville residents however the increase in prices and rates will be offset by slowly increasing incomes.

3. Mortgage rates will not go over 5%. Economists who have a specialization in housing trends and mortgage have used some of the best data available to forecast that mortgage rates will more than likely remain below 5% for most of the year 2015 and will reach 5% by the end of the year. The prediction is only a well-educated guess based on the data and not be considered set in stone or assured.

4. There will be an 8% increase on existing home sales. As the market projects that prices and rates will continue to rise, it will attract more buyers and so this will result in an increase on home sales. Predictions have also shown that the major contributions to the increase in home sales will be millennial and baby boomers preparing for retirement.

5. Prices of homes will increase 4%-5%. As there will be more employment opportunities since Jacksonville continues to grow its job sector, there will be a higher demand for homes and so home prices will be on the increase as well.

Take Advantage of the Trends

For many people owning a home is a big step and should only be taken when they are completely ready both financially and mentally. With the increasing job sector in Jacksonville this would be the opportune time to obtain a job in the city and move towards the goals of owning a home. A higher income equals more affordability in owning a home.

Easier Home Ownership

Jacksonville’s Real Estate

With the many positive forecasts for 2015 persons may find it easier to own a home than before. As employment opportunities increase in Jacksonville first time buyers will be empowered to step into the real estate market.There are more real estate business news at http://www.bizjournals.com/jacksonville/news/2015/04/20/business-owner-jack-demetree-had-a-love-for-real.html?page=all

The housing predictions of 2015 seem to be majorly positive as the real estate market in Florida Investing Jacksonville and other cities continue to improve. The real estate growth is not only expected for Jacksonville and Florida but it should be widespread as more forecasts are made.

How Jacksonville is a “Gold Mine” for Real Estate Investors

Real Estate in Jacksonville

The city of Jacksonville is the largest in Florida in terms of population as well as size. The last recession took no prisoners and Jacksonville along with most other cities in Florida was majorly affected. However Jacksonville real estate market has been slowly showing improvements.

Improvements Post-Recession

After the recession as with many other real estate markets, the Jacksonville market plummeted. However recent trends have shown that the market has been doing well for itself and to remove itself from the price weakness of the post-recession period. According to fortunebuilders.com the current average price of a home in Jacksonville is $186,500. Experts have also predicted a percentage increase of more than 2 percent in 2015 for home prices.The president of the Jacksonville chapter of the Florida Association of Mortgage Professional, Howard Dyal believes that many neighborhoods in Jacksonville have become a seller’s market and there are many more neighbourhoods which will improve in the coming years, according to fortunebuiders.com. With such good numbers after the recession Florida

Investing Jacksonville in real estate in Jacksonville can be quite a welcome option.

High Appreciation Rates for Homes

One aspect of real estate which makes real estate investors smile is appreciation value of the property. Appreciation refers to the increase in value of an asset over time. Jacksonville home owners have received a lot of equity over the years. The below are a few highlights obtained from fortunebuilders.com of the increase in equity as it relates to the year the home was purchased:

– One year ago home purchase in Jacksonville saw an average $4,257 appreciation compared to the national average of $12,783 over the same period.

– Three years ago home purchase saw an average $65,748 appreciation compared to the national average of $55,406 over the same period.

– Five years ago home purchase saw an average $51,449 appreciation compared to the national average of $49,675 over the same period.

– Seven years ago home purchase saw an average $13,979 appreciation compared to the national average of $9,474 over the same period.read more information straight from this source.

– Nine years ago home purchase saw an average $24,752 appreciation compared to the national increased average of $3,419 over the same period.

Increase in Jobs

Real Estate in Jacksonville

Another factor which positively affects the real estate market is a high job availability. Wallethub recently ranked Jacksonville as one of the 49th best places to find a job and this rank leaves Jacksonville as the second highest city in the state of Florida. According to fortunebuilders.com the job growth rate in Jacksonville is more than three percent and this is quite encouraging for the city. The employment sector will serve as both a demand and supply for the housing sector in Jacksonville hence giving real estate more boost.visit the website http://www.bizjournals.com/charlotte/blog/outside_the_loop/2014/11/romarco-minerals-delays-hiring-at-haile-gold-mine.html to get latest news and tips.

Florida Investing Jacksonville can be considered a “gold mine” for real estate investors due to a combination of all the factors: improved market post-recession, appreciation in rates for homes, increased amount of job availability, low unemployment rate and a high median household income.