Is the Jacksonville market starting to become overpriced. I been trying to get into the real estate game but I keep running the numbers and looking at the statistical trends and to me everything seems overvalued. Is their a possible correction coming and should I wait for it? I am in no rush. Just looking for the right deal. Thanks for all of the help.
@Dimitri Paspalaris Why would you say its overpriced? Are you losing deals or are the canned numbers not working for you? The best deals are NEVER on MLS, they are found by wholesalers or from your own hard work of looking at homes, talking to people. There will always be people needing to sell and not wanting to wait on the MLS. I'm finding deals in Murray Hill and Lake Shore still in Jacksonville, but I don't look anywhere outside of 32205/32210. So maybe Southside or St. Johns County is hot, and may be overpriced, but homes are selling and even in Avondale 600k homes, like mine on the market has an offer for it 2.5 months after listing. Its a hot market, but what will stop it? Credit card debt? Student Debt? Junk Bond collapse? War? Unemployment is under 3% in Jax. A strong market.
@Jack Bobeck thanks for the insight. I have been running the numbers but maybe I am doing this wrong since I am so new to this. Everything I have looked at has been on the mls so I think a change of strategy is in-order. I think maybe I need to talk to a couple of wholesalers or find another avenue to find the deals. I just switched re agents because the original agent kept giving me properties that were going nowhere and had serious issues. Again thanks for the information and this whole process has been very enlightening.
@Dimitri Paspalaris - Something I learned a long time ago was to LOOK at the expireds. If you find a neighborhood you like, ask a Realtor to build a list of expireds for that zip code or area. Then make offers on expired listings. People still have a need to sell, you might get a deal of 10-15% off the asking. Maybe more. And even MLS properties are usually Realtors PUSHING the Market. So no issue with offering 10-20% off on a first draft, but be mindful of the time it takes a Realtor to keep making these offers. It can be stressful to keep making offers to get turned down, you may burn out your Realtor and need a few new ones. I wish you the best of luck with your search! - Jack
Just drive around every neighborhood you want to invest in and look for empty or abandoned homes. Also, tell everyone in that area that you buy houses and eventually they will come to you or someone will know one that hasn’t hit the market yet.
@Dimitri Paspalaris I will send you a DM to share my local connections with you. You are asking the right questions and the fact that you are taking your time instead of diving head first into a bad deal is the sign of an intelligent investor.