The Sandberg Team @ Ponte Vedra Key Realty
Real Estate Sales & Service in Nocatee, Ponte Vedra & Jacksonville, Florida
What happened in the Nocatee housing market in July? Let’s take a look at the numbers:
Take a look at the details below:
For a little historical perspective, here are the numbers from last July:
Interested in finding out how many homes sold or came on the market in your neighborhood? Get in touch with us…
Some of the issues that can hold up the sale or purchase of a home can be relatively predictable. A home inspector finds an issue with the home that no one was aware of previously. Or, there’s a home to sell contingency and the buyer can’t get their current home sold. Maybe there’s a hiccup with financing.
Lately, however, there are a few other potential issues that home buyers and sellers should have on their radar, as well:
Insurance Guidelines
If you’re buying or selling a home with an older roof, HVAC system, water heater or other important systems, homeowner’s insurance can be a hurdle for the buyer. Here in Florida, an older roof can be especially problematic, as insurers are hesitant to write a policy on home with a roof that’s 15 or more years old (and for a little while, that number was closer to 10 years old). Old water heaters and A/C systems can also be a problem, as can galvanized pipes and certain brands of electrical panels/fuses.
Check the links below for more details on all the Nocatee homes that were listed, went under contract, went into pending, or sold, in March of 2023.
23 Properties Went Under Contract
54 Properties Moved to Pending (all contingencies cleared)
For more information, or if you’d like to see stats for your neighborhood, drop us a line.
By now, it’s clear we’re in the middle of a housing market adjustment. Which means that some of the strategies being employed by buyers and sellers as recently as 6 or 8 months ago are now out the window. It’s time to adjust to the “new” normal, which, in reality, is beginning to look a bit more like the “old” normal, prior to the pandemic.
What’s changed? Quite a bit, but for now, let’s focus on some of the highlights:
Mortgage Rates are Up
Mortgage rates are hovering around 7%. Compare that to the beginning of this year when rates were closer to 3.5%. The result is diminished buying power, meaning home buyers will need to come out of pocket with more cash to get the same home, or look at lower priced listings to get something they can afford.
Wondering how the housing market fared in Nocatee in July? Take a look at the stats:
Interested in learning how the market is doing in your neighborhood? Drop us a line using the form below:
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