Because Jacksonville and northeast Florida never went through the crazy real estate speculation boom that affected other U.S. regions, things are looking up for property owners in our area. In fact, Jacksonville was named number 8 in a list of Ten Best Cities for Bargain House Hunters compiled by Forbes magazine.

A recent report by the Florida Office of Economic and Demographic research estimates that real estate value in Duval County will climb by 3% in 2008, making it one of only two counties in the state (the other is Leon) that will sustain an increase in the housing market. More good news for Jacksonville house hunters—the city ranked 19^th out of 100 markets in private sector job growth. Add to this the fact that Jacksonville’s inflation rate was below the nation’s average and we can consider ourselves fortunate to live in this lovely and stable community. (Plus, there’s that fabulous weather).

If you’ve been waiting to look for a home, now would be a great time to start looking. Ditto if you’ve been thinking of moving up or downsizing. In my many years as a real estate agent in Jacksonville, I can honestly say that there has never been a better time to buy…or sell. Let me help you turn your real estate dreams into reality.

Gina

If you’ve been waiting to sell your Jacksonville area home, here’s some good news on the real estate front. The Florida Association of REALTORS reported that existing home sales were up 10% from February to March of this year. That increase, along with Jacksonville’s ranking as #26 in the Forbes 100 Best Cities for Jobs in 2008, makes this a good time to put your house on the market.

The decision to sell your home is a complicated one that requires a lot of preparation and decision-making. As a long-time real estate agent in Jacksonville, I have many years of experience helping families price, market and showcase their homes. I have the marketing expertise and the know-how to make your home sell in the shortest possible time for the best possible price.

So, if you’re ready to sell, call me. Together we’ll take advantage of improving market conditions in the Jacksonville area to ensure the best possible home sale experience possible.

Gina

I won’t jump the gun and say that all is well but, according to an article in the Wall Street Journal, housing prices have been slowly, if steadily, declining since 2006. The author, Cyril Moulle-Berteaux, notes that in 2005 and 2006, the average home mortgage required 25% of a buyer’s monthly income. For first-time buyers, the numbers were more intimidating, with homes often commandeering up to 37% of the household income.  Ouch!

Over the past two years, as more people have been unable to purchase or maintain their current homes, housing prices have fallen 10% - 15%, while income is steadily growing. Home prices now are on par with where they were in the 1990s and, consequently, more people are able to afford to buy.  This is especially helpful to first time homebuyers. 

Will this decline in housing prices lead to a dramatic drop in home value for people who already own homes?  Not to worry, according to Mr. Moulle-Berteaux. As inventories of unsold homes decrease (due to increased affordability and people buying them), the market will start to swing upward again. This is a pattern that has occurred consistently in the U.S. housing market and there is no reason to expect that this time will be different. We can, however, hope that the growth will be slow and steady, and avoid the fireworks that led to drastic price increases, speculative loans and a rash of foreclosures.

If you’d like to see what is available in the Jacksonville area in your price range, give me a call.

Gina

Many of you have probably heard about CDDs—Community Development Districts—but may not understand exactly what they are. CDDs are boards that levy fees on homeowners in certain developments in order to build amenities such as pools, golf courses, club houses, etc, without having to raise the local tax rate. They are also used to construct roads and lay in utility lines that serve the homeowners who pay the CDD fees.

The good news about CDDs is that homeowners pay a certain amount every year, rather than being assessed for the entire fee up front. CDD fees are also tax deductible for the property owner, as opposed to HOA fees, which are not. They also enable builders to create upscale communities that wouldn’t be possible without the CDD fees, according to Florida state legislator Ken Littlefield.

However, Littlefield notes that buyers often don’t know the risks and aren’t told about all the things that can happen, such as fees going up or paying for amenities that don’t directly benefit the homeowners. Currently, Florida law only requires a sales contract to include a disclaimer stating that CDDs may be imposed on the property. Homeowners are often surprised to learn that the CDD fees may increase at the developer’s discretion, with no recourse available to them. This is because CDD boards are initially comprised of the developer’s associates and are not required to have any homeowner representation for up to the first six years of their existence.

My advice: if you’re purchasing a home in a self-contained community, be sure to ask your real estate agent, or the developer, if there is a CDD clause in the contract. As I stated earlier, CDDs have been the driving force behind many of the fabulous upscale communities that have been built in our area recently. But, as a homeowner, make sure that you are informed about any possible future financial effects of a CDD.

30-Year Rate Falls to 2-Year Low

Associated Press Saturday, January 12, 2008; Page G04

Rising worries about a weak economy pushed rates on 30-year mortgages below the 6 percent mark for only the second time in more than two years.
The mortgage finance company Freddie Mac reported Thursday week. that 30-year, fixed-rate mortgages averaged 5.87 percent this
That was down from 6.07 percent last week and was the lowest level for 30-year mortgages in more than two years. Only once during that time had rates fallen below 6 percent, dipping to 5.96 percent for one week in December.
Analysts attributed this week’s decline to the most recent employment report, which showed the jobless rate jumping to 5 percent in December from 4.7 percent in November.
It was the highest unemployment rate in two years and the biggest one-month increase since the 2001 terrorist attacks.
The weak employment picture has heightened fears that the steep slump in housing and a credit crisis that hit in August could be pushing the country into a recession.
However, economists believe that further rate cuts by the Federal Reserve and a possible economic stimulus package of tax cuts from the administration could still ward off a full-blown downturn.
Frank E. Nothaft, chief economist at Freddie Mac, said that because mortgage rates have dropped by more than a quarter-point in the past two weeks, there has been an increase in the number of people refinancing mortgages to more attractive rates, a development that should help spur the economy.
Other types of mortgages also showed rate declines this week.
Rates on 15-year mortgages, a popular choice for refinancing, dropped to 5.43 percent this week from 5.68 percent.
Rates on five-year, adjustable-rate mortgages declined to 5.63 percent from 5.78 percent last week, and the average rate on one-year ARMs fell to 5.37 percent from 5.47 percent.
The mortgage rates do not include add-on fees known as points.
Thirty-year, 15-year and one-year mortgages each carried a nationwide average fee of 0.4 point. Five-year mortgages had a fee of 0.5 point.
A year ago, 30-year mortgages stood at 6.21 percent. Rates on 15-year mortgages were at 5.96 percent, while five-year adjustable-rate mortgages averaged 6.03 percent and one-year ARMs were at 5.44 percent.

**There is talk that rates may drop again this week - January 31st! If you have been thinking about purchasing a new home this year, now may be the time to start looking! Please let me know how I may help you! Call Gina today! 904-866-1182

Some remodeling projects will add to the value your home, but some won’t. For example, on kitchen remodeling projects and bathroom additions you can get back up to 90 percent or more of the cost. However, finishing a basement usually pays back less than 50 percent of the money you’ve invested.

Home Advisor at MSN.com has a chart of costs and average paybacks for typical home improvement projects. For example, adding a new heating or air conditioning system can cost between $2,000 to $4,500 with an average payback of 100% for heating; 75% for air conditioning. Whereas building a pool can cost $10,000 and up with an average payback of 44%.

The local real estate market and current property values are what determine if your remodeling project will increase the value of your home. If the market is slow, you’ll see less of a payback than you would in a fast market. Also, if you remodel your house until it’s twice as big as the other homes on the block, it won’t necessarily double in value.

The price of home improvements fluctuates depending on economic conditions and region. If remodeling costs are particularly high, or home sale prices particularly low, you may not recover as much of your investment as you would if costs were proportionate with sales prices.

Below are some web sites you might find useful if you are thinking about making home improvements:

· Improve Net gives design ideas and helps you plan your project.
· Michigan State University Extension offers an online encyclopedia of topics related to home maintenance.
· The Federal Trade Commission has warnings and advice on how to find a contractor.
· The Department of Housing and Urban Development offers tips on obtaining financing.

You can call me any time, to talk about which projects will pay off best when you decide to sell your home.

Moving into a brand new home is one of life’s true pleasures. You don’t have to live with the previous owner’s decorating scheme, the walls are newly painted, the appliances are sparkling clean and the carpet is free of dog hair and grime. You also have the opportunity to select a floor plan that suits your lifestyle, choose the tile and cabinets and convert that extra bedroom into a study or crafts room. In other words, your new home is truly an extension of your personality.

If you’re in the market for a new home, there are many exciting developments springing up in the Jacksonville, Florida area. You may be tempted to purchase one of these new homes without using a real estate agent, but I strongly advise against doing that. Read on to find out why.

10 reasons why you should use Gina LaBarbera when purchasing a newly-built home

1. Many people think they’re going to save the agent’s commission if they buy directly from the builder, but it’s not true—you may even spend more money! Builders have already figured in the cost of an agent’s commission in the price of the home. Without a professional real estate agent like Gina looking out for you, you are at the mercy of the on-site agent, who is working to make the most money for the builder.

2. The friendly on-site agent is not your financial friend. He or she works for the builder and does not care whether your floor plan, site location or amenities are the ones that best meet your needs.

3. Gina understands what you want in a home and she’ll make sure your home suits you. She’ll help you select the right home in the right area, with the floor plan and the upgrades best suited for you.

4. Gina will advise you as to which styles, amenities, upgrades and extras have the most resale value.

5. Through her years of real estate experience in the Jacksonville area, Gina is familiar with the different builders and can recommend the ones who have the best reputation for quality, timeliness and customer service.

6. Gina will negotiate and review the sales agreement to ensure that all your requests are met at the best possible price.

7. Gina will recommend an independent building inspector who will make sure that everything is built to code and no corners are cut.

8. Gina will represent you during any disputes that may arise with the builder.

9. At closing, Gina will review the contract to make sure that everything that was promised is delivered.

10. Gina’s goal is not to just sell you a home—it’s to find you the right home! 

Beautiful new communities to consider:

-St. Johns Forest - Featuring builders: David Weekley Homes; ICI Homes; Toll Brothers; Morrison Homes; American Home Builders; Kemick Homes; and Vintage Group. St. Johns Forest is a master-planned community offering large home sites, with lot and home prices ranging from the $300s to over $1 million. The community features a community activity center, pool complex, state-of-the-art fitness center, playing fields and basketball courts. In 2006 St. Johns Forest received the Best in American Living award.

-South Hampton - Featuring builders: ICI Homes; Beazer Homes; Providence Homes. South Hampton residents can take advantage of a variety of recreational amenities including an 18 hole Mark McCumber Golf Course and clubhouse, aquatics center, tennis courts, community clubhouse, social membership and full golf membership with every new property purchase. Homes at South Hampton are available in a variety of styles with prices starting in the 400s.

-St. Johns Golf & Country Club - St. Johns Golf and Country Club is located in the northwest corner of St. Johns County. Developed by renowned builder, St. Joe, the community offers a variety of home styles in a location that’s close to great schools, shopping and restaurants and is an easy commute to downtown Jacksonville.

-World Golf Village - Golfers come from all over the world to visit and play at World Golf Village in historic St. Augustine. The Village, just 20 minutes south of Jacksonville, also has residential communities, known collectively as The Neighborhoods of World Golf Village. The Neighborhoods offer residences that range from single-family homes to coach homes, patio homes and condominiums. Prices begin in the $200s.

-Palencia - Palencia is located along two miles of the scenic Intracoastal Waterway and Marshall Creek. The community offers 2,642 residential homes, 300,000 square feet of retail space and 600,000 square feet of office space. Amenities include an athletic park, a swim and fitness center, an 18-hole Arthur Hill championship golf course, a 10-court tennis center, a golf clubhouse and more than 30 acres of parks with walking, biking and jogging trails.

-Nocatee - Just minutes from the Atlantic Ocean and an easy drive to Jacksonville, the planned community of Nocatee offers neighborhoods and home styles to suit every preference. Each of the community’s neighborhoods has its own personality and amenities. Choose from single-family homes, luxury estate homes, condominiums and townhomes constructed by some of Florida’s finest builders. Most of the neighborhood villages will have an elementary school within walking or biking distance. Nocatee has allocated land for six elementary schools, two middle schools, and one high school. Construction for the high school has already begun, and is scheduled to open in the fall of 2008. Following the philosophy of “Smart Growth,” Nocatee is integrated into the natural beauty of the land. Village-like neighborhoods with their own gathering places and amenities are connected via bike paths, trails and roadways to the Town Center.

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Check out this new Single-family property that I just posted on my Web site. It is at 4333 Springmoor Drive East in Jacksonville. This Single-family property has 3 bedrooms and 2 baths. Home is priced below recent appraisal! Bring your buyers to see it today! .