Submitted by Gerry Clare
Roving Reporter
Lois Jost, current president of the Amelia Island Nassau County Association of Realtors and Broker Associate of Seahorse Properties, Inc. on Sadler Road, sent me this interesting response to the greatest challenges in the real estate business for 2014…
“I am hard pressed to say what our biggest challenge for real estate is going to be other than there does not seem to be enough hours in the day! Realtors are very busy these days and we are not complaining!
Last year our numbers were greatly improved compared to 2012. I guess if I had one concern it would have to be that inventory in certain price ranges is our biggest challenge. Homes priced in the150’s – 250’s are hard to come by and when they do come on the market they generally do not last long.
Foreclosures are increasing but again there is high demand for foreclosure properties. Buyers just need to do their due diligence by having homes inspected by a professional home inspector to make sure they know what they are faced with in regards to repairs.
Flood Insurance issues are another problem with the new FEMA maps. Many homes that were not in flood zones are now in flood zones and the rates are very high in some cases. This is an issue being addressed on all levels, local, state and nationally by the National Association of Realtors.
The following statistics for Single Family Homes are based on 2013 compared to 2012
- Closed Sales for 2013 were up by 30.7%
- New Listings for 2013 were up by 19.4%
- Average Sale Price was up by 6.2%
- Days on market was down by -26%
- Inventory of homes was up 10.7%
- Foreclosure Sales were up 15.5%
- Short Sales were down by less than 1%
Interest rates remain historically low and by all indications they should remain low. Distressed sales such as foreclosures and short sales have remained about the same with slight increases.
I believe the harsh winter is going to have a positive impact on Florida! I have had several phone calls over the past few weeks from people in the “North” indicating that they are fed up with the snow and bad weather! They are heading south!
Overall 2014 is looking to be a fantastic year for both buyers and sellers. Prices are increasing slightly in most areas. Our area remains to be a highly desirable area to buyers from all ages and all walks of life.”
Editor’s Note: Gerry began free lance writing for fun and is the author of a published book (available on Amazon and at Books Plus) about funny real estate experiences. Gerry is a longtime member of our local American Business Women’s Chapter, a volunteer cancer driver and church deacon who loves to read, travel and meet interesting people.
February 27, 2014 1:00 a.m.