Check out these images, you can see all this data at NEFAR This gives you perspective in Jacksonville, FL of when you should have bought as compared to where we are now.
Newbies into Real Estate, know that while we may never get back to 2011 prices, there is no need to buy at the top of the top of the market.
Thanks @Jack Bobeck
Hindsight is a beautiful thing. it is well known that JAX in general had solid growth in the last few years.
Do you believe we are now at the top of the market In JAX?
Do you see any other suburbs in JAX that are not at the top yet?
We have to be near the top. Makes me want to unload a few units.
I have been searching suburban JAX for months, but only see overpriced properties. I also think the market is near the top. Any suggestions on where to find a deal?
the market is near the top, but great deals are still very plentiful...if you look in the right places..in 2011 we crushed it and I am sure a lot of people did...super cheap houses
you cant expect to find deals on MLS right now or auction.com....you need to be looking at tax deed sales and county foreclosure auctions. We even do direct mailers, and instead for wholesaling the properties we keep them for rentals.
We have gotten more properties this year than we did last year.
People that say they cannot find deals right now lack the ability or courage to look outside the box...its that simple.
If you have a day job, I would recommend you build a list of wholesalers who are buying foreclosures or homes in the market that are distressed. As @Mark Fries states, there are deals out there, but you have to have a system to get the homes. Do not BUY a system from a "guru", work with the local wholesalers, ask people on BP, go to the REIA (leave your wallet at home) and meet other wholesalers, network, network, network NOW. It will pay off for you in the long run.
I have NO crystal ball, but I cannot believe that the int rates will continue to rise, the global economy is not that strong and if the dollar rises too far, it could cause economies overseas (to fail) and this will rattle the markets and people do not buy, anything, when they are nervous. So I see low rates, which is great, great growth in Jacksonville. Low unemployment in Jax, and an explosion going on downtown and the suburbs. Great time to be a Realtor in Jacksonville!
If you are going to watch for anything, watch 32202. The downtown has over 500 empty buildings, there is buzz that the Jacksonville Jaguars owner is going to redevelop 13 acres along the waterfront with a convention center, hotels, and more destination stores and restaurants. Now might be a good time to look at Buildings or condos downtown, because I believe it will happen and it will raise the value of everything downtown. Lofts, warehouses, they are all good options if you can add retail down below and rentals up above. I think the area is ripe for real growth.
So don't buy anything because we are at the top of the market? Yes if we knew that then for sure hide in a whole with all your cash and wait till the dust settles so you can gobble up houses for pennies. But is buying a house for 40-50k and renting it out for $800-900 now not a good deal anymore because you could of got It for $15-25k in 2011?
@Kevin Martin I feel you. Now, I am nowhere as experienced as some other guys on this forum, but I feel like, if you're always anticipating the markets, you'll always be on the sideline. A good deal is a good deal. Also, if you are buying as a rental, do those market changes really matter that much? From what I understand, market changes effect home buyers (flippers) more than they effect renters (buy and hold).
@Heshel Mangel I agree with you on buy and holds. Flipping and wholesaling are day jobs trading time for money....rentals are an investment. If you hold something long enough it will pay off eventually.