Distressed Properties in Jacksonville Attracting Buyers and Sellers

  Majority of buyers and sellers of distressed properties, non-foreclosed houses, and almost all types of residential properties have found Jacksonville, Florida, a great place to conduct business. According to local realtors, the affordability of residences in the area is what makes it attractive, particularly among buyers.

List of Jacksonville foreclosures for sale and non-foreclosed dwellings are attracting a lot of buyers, particularly families, local realtors have reported. They revealed that a lot of out-of-state families are moving into Jacksonville, not just because of the affordable homes, but also because of the great weather. The low mortgage rates have also helped improve home buying and selling activities in the metro area, realtors further added.

Despite the high number of Florida foreclosure homes, a lot of people are moving into the state, particularly in Jacksonville. The surge in home buying and selling activities in the city resulted in Jacksonville getting ranked fourth nationwide in terms of best housing market performance for January 2011. The high ranking was not only due to the high number of buyers, but also because of the success of majority of home sellers in the past few months.

However, realtors stated that the success of a home seller still depends on various factors and differs from one seller to another. They stated that sellers are still getting tough competition from low-priced distressed properties. Their listing prices and how the homes are presented influence their selling success rates. Despite all that, activities related to home sales definitely improved in the past few months.

Housing market observers reported that the length of time that houses remain unsold can range from one month to one and a half years, depending on the level of supply of foreclosure properties that are of similar size and make to the one being offered by a particular seller. Residences in better conditions garner more interest, particularly if they are priced just right.

Although foreclosed and distressed properties will continue to remain high in most parts of the state for a few more years, local realtors are optimistic that the Jacksonville housing market is on the rebound. They asserted that buyers are gaining confidence, mainly because of a gradual improvement in the economy and the job market.