Three Ways Low Inventory Is a Win for Sellers

The number of houses for sale today is significantly lower than the high buyer activity in the current housing market. According to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):

“There is no shortage of hopeful, potential buyers, but inventory is historically low.”

When the demand for homes is higher than what’s available for sale, it’s a great time for homeowners to sell their house. Here are three ways low inventory can help you win if you’re ready to make a move this fall.

1. Higher Prices

With so many more buyers in the market than homes available for sale, homebuyers are frequently entering into bidding wars for the houses they want to purchase. This buyer competition drives home prices up. As a seller, this can definitely work to your advantage, potentially netting you more for your house when you close the deal.

2. Greater Return on Your Investment

Rising prices mean homes are also gaining value, which drives an increase in the equity you have in your home. In the latest Homeowner Equity Insights Report, CoreLogic explains:

“In the second quarter of 2020, the average homeowner gained approximately $9,800 in equity.”

This year-over-year growth in equity gives you the ability to put that money toward a down payment on your next home or to keep it as extra savings.

3. Better Terms

When we’re in a sellers’ market like we are today, you’re in the driver’s seat if you sell your house. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally move into their dream home.

So, is low housing inventory a big deal?

Yes, especially if you want to sell your house at the perfect time. Today’s market gives sellers immense negotiating power. However, it won’t last forever, especially as more sellers return to the housing market next year. If you’re considering selling your house, the best time to do so is now.

Bottom Line

If you’re interested in taking advantage of the current sellers’ market, let’s connect today to determine your best move in our local market.

Spring Cleaning Tips

It is that time of year when the sun starts shinning a little brighter and the birds start chirping and people start cleaning, deep cleaning.

Here are a few tips for your spring cleaning.

1. Schedule a garage sale: decide on a date and start planning your garage sale now that the rules are relaxing from the COVID-19 pandemic. This way as you start to clean and declutter you can set items aside to make a little cash for the reward you deserve for getting all your spring cleaning done. This also gives you a deadline and can help counteract the procrastination.
2. Start with one room/area and complete it before moving on to the next to prevent overwhelming frustration. There is nothing worse than pulling everything out and not being able to complete the task then shoving everything back because you ran out of time for that task.
3. Work top to bottom. Start with the ceiling and work down that way all the dust falls to the ground and can be cleaned easily.
4. Check for safety. Replace the batteries in your smoke detectors and carbon-monoxide detectors, clean your dryer vents using this great tool you can get on Amazon for around $14.00. It’s called the <a href=”http://Hurricane Official As Seen On TV Lint Lizard Vacuum Hose Attachment by BulbHead, Removes Lint from Your Dryer Vent, and behind appliances. You can use it to vacuum all those tight places like behind and under the stove and refrigerator.
5. Do annual maintenance around your home as you clean. Calk around windows, sinks and tubs. Check and replace weather stripping around doors. Schedule an A/C maintenance. Inspect or have the roof inspected. Could the chimney use a sweeping?
6. Don’t forget the outside. Clean up those dead plants and replace with fresh ones to brighten and add curb appeal. Look for cracks, check caulking around the outside of your windows. Check faucets for leaks. Does the yard need treating? Could the front door use a coat of paint, how about the rest of the house?

If you would like a 15-20 minute Zoom meeting to find out the value of your home during COVID-19 please click the calendar below and schedule a time for a personal meeting.

PAULA WYNN – REALTOR® at EXIT Real Estate Gallery (904) 502-9432. Paula services the entire northeast Florida area which consists of Jacksonville, Argyle, Avondale, Orange Park, Green Cove, Middleburg, Lake Asbury, Jacksonville Beaches, and surrounding areas. With Paula Wynn, your real estate transaction is always a win!

ning checklist.

Unemployment Report: No Need to Be Terrified

Last Friday, the Bureau of Labor Statistics (BLS) released its latest jobs report. It revealed that the economic shutdown made necessary by COVID-19 caused the unemployment rate to jump to 14.7%. Many anticipate that next month the percentage could be even higher. These numbers represent the extreme hardship so many families are experiencing right now. That pain should not be understated.

However, the long-term toll the pandemic will cause should not be overstated either. There have been numerous headlines claiming the current disruption in the economy is akin to the Great Depression, and many of those articles are calling for total Armageddon. Some experts are stepping up to refute those claims.

In a Wall Street Journal (WSJ) article this past weekend, Josh Zumbrun, a national economics correspondent for the Journal explained:

“News stories often describe the coronavirus-induced global economic downturn as the worst since the Great Depression…the comparison does more to terrify than clarify.”

Zumbrun goes on to explain:

“From 1929 to 1933, the economy shrank for 43 consecutive months, according to contemporaneous estimates. Unemployment climbed to nearly 25% before slowly beginning its descent, but it remained above 10% for an entire decade…This time, many economists believe a rebound could begin this year or early next year.”

Here is a graph comparing current unemployment numbers (actual and projected) to those during the Great Depression:Clearly, the two unemployment situations do not compare.

What makes this time so different?

This was not a structural collapse of the economy, but instead a planned shutdown to help mitigate the virus. Once the virus is contained, the economy will immediately begin to recover. This is nothing like what happened in the 1930s. In the same WSJ article mentioned above, former Federal Reserve Chairman Ben Bernanke, who has done extensive research on the depression in the 1930s, explained:

“The breakdown of the financial system was a major reason for both the Great Depression and the 2007-09 recession.” He went on to say that today – “the banks are stronger and much better capitalized.”

What about the families and small businesses that are suffering right now?

The nation’s collective heart goes out to all. The BLS report, however, showed that ninety percent of the job losses are temporary. In addition, many are getting help surviving this pause in their employment status. During the Great Depression, there were no government-sponsored unemployment insurance or large government subsidies as there are this time.

Today, many families are receiving unemployment benefits and an additional $600 a week. The stimulus package is helping many companies weather the storm. Is there still pain? Of course. The assistance, however, is providing much relief until most can go back to work.

Bottom Line

We should look at the current situation for what it is – a predetermined pause placed on the economy. The country will recover once the pandemic ends. Comparisons to any other downturn make little sense. Bernanke put it best:

“I don’t find comparing the current downturn with the Great Depression to be very helpful. The expected duration is much less, and the causes are very different.”

Source: Keeping Current Matters

If you would like a 15-20 minute Zoom meeting to find out the value of your home during COVID-19 please click the calendar below and schedule a time for a personal meeting.

PAULA WYNN – REALTOR® at EXIT Real Estate Gallery (904) 502-9432. Paula services the entire northeast Florida area which consists of Jacksonville, Argyle, Avondale, Orange Park, Green Cove, Middleburg, Lake Asbury, Jacksonville Beaches, and surrounding areas. With Paula Wynn, your real estate transaction is always a win!

2664 Lake Shore Blvd

This stunning home right on the St. Johns river has a view to die for. The homeowner bought the lot, built the home and has done an incredible job maintaining this beautiful home. The landscaping has been done by the wife who is a Master Gardner and she has truly out done herself. When you walk thru the gardens you are transported to a place of tranquility with various resting places through-out.

The 3 bedroom 2 bath 2 story home has new hardwood floors down stairs and carpet upstairs. The open floor plan provides amazing views trough-out the main floor.

The entry has a gorgeous archway covered in jasmine which is in full bloom right now and smells heavenly. The gazebo provides a wonderful place to relax and watch the birds as they work to build their nest in the many bird houses scattered around the garden.

On the river side the beauty of the garden continues all the way down the long dock to the covered boat lift which has a brand new motor and straps. The dock was rebuilt in 2017. The of the house from the river is as beautiful as the river view itself.

PAULA WYNN – REALTOR® at EXIT Real Estate Gallery (904) 502-9432. Paula services the entire northeast Florida area which consists of Jacksonville, Argyle, Avondale, Orange Park, Green Cove, Middleburg, Lake Asbury, Jacksonville Beaches, and surrounding areas. With Paula Wynn, your real estate transaction is always a win!

8021 Weather Vane – Argyle

MUST SEE! Three bedroom two bath home in Chimney Lakes in Argyle with stainless steel appliances, fresh paint and a beautiful fireplace focal point.

Stunning Fireplace wall

This home is a beautiful 3 bedroom 2 bath home with lots of space to spread out. The kitchen has been updated with freshly painted cabinets and all new stainless steal appliances. The stunning fire place is a must see.

Home is located convenient to I295, CR23 and I10. It is 5 minutes from the Oakleaf Town Center and 15 minutes from the Orange Park mall.

The Argyle area is a beautiful area made up of wonderful schools, homes, shopping and parks.

1428 Ingleside Ave in Avondale

This adorable 1478 sf, 3 bedroom 1 1/2 bath home in Avondale is a must see. The homeowners took great care to preserve the character of the home while adding modern touches. Floor to ceiling windows in the sunroom is just one example. Stainless appliances and top of the line washer and dryer are included. If you enjoy a beautiful neighborhood with walkability then this home is for you. Near The Shoppes of Avondale, Riverside, 5 Points and St. Vincents Medical Center

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PAULA WYNN – REALTOR® at EXIT Real Estate Gallery (904) 502-9432. Paula services the entire northeast Florida area which consists of Jacksonville, Argyle, Avondale, Orange Park, Green Cove, Middleburg, Lake Asbury, Jacksonville Beaches, and surrounding areas. With Paula Wynn, your real estate transaction is always a win!

Protect Your Hard Earned Equity

The most important job you have in selecting a real estate agent is to protect your hard earned equity. Everyone talks about the valuation, some call it a CMA. There is even a company that calls it a Zestimate. What they don’t understand is that a listing without a checklist is a listing without a plan.

This is why my company and I provide a free, no obligation valuation along with an equity protecting checklist to our neighbors.

My advice is that you do nothing until you meet with me to discuss the equity that you have worked so hard for. The secret to the checklist is how it is prioritized. I focus on protecting your equity and this is why I consider myself a real estate adviser not just an agent selling a house.

PAULA WYNN – REALTOR® at EXIT Real Estate Gallery (904) 502-9432. Paula services the entire northeast Florida area which consists of Jacksonville, Argyle, Oakleaf, Avondale, Orange Park, Green Cove, Middleburg, Lake Asbury, Jacksonville Beaches, and surrounding areas. With Paula Wynn, your real estate transaction is always a win!

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5 Questions You Should Ask Before You List Your House

1. Is the market feasible for selling? Your agent can provide you with the data to help you determine if now is a good time to sell. Call your agent and ask for a free, no obligation home valuation. She should give you a value range base on what the market is doing, the condition of your home and other criteria.
2. Is now a good financial time to sell? Based on the valuation provided by your REALTOR® and what you currently owe on your house including all mortgages does it make sense to sell now? Will you make enough on the sell of your house to pay closing costs and still make money?
3. Is my house in good repair? Are there home maintenance projects you’ve been putting off? Your agent should do a walk-thru with you and provide a checklist of all the items that need to be addressed. Are there leaks, cracked windows, loose or missing caulk? For a more thorough list you might consider getting a professional home inspection done. Your agent should be able to provide you with a list of home inspectors in your area.
4. Is my house clean and clutter free? Areas appear more spacious when they are clean and clutter free. Have a garage sale, donate to a charity, or give away items you no longer need. Consider temporarily renting a storage unit to store items you want to keep but could live without for a couple months.
5. Does my house have good curb appeal? Mow the lawn, trim the hedges and add colorful plants. Does your mail box need updating? What about the front door, could it use a fresh coat of paint and a new welcome mat?

PAULA WYNN – REALTOR® at EXIT Real Estate Gallery (904) 502-9432. Paula services the entire northeast Florida area which consists of Jacksonville, Argyle, Oakleaf, Avondale, Orange Park, Green Cove, Middleburg, Lake Asbury, Jacksonville Beaches, and surrounding areas. With Paula Wynn, your real estate transaction is always a win!

Current Argyle Area Market Report

The current inventory is still very low. The current market report covers September 1, 2018 to March 1, 2019.

Great news for the Argyle area! The number of listings in the Argyle area is significantly up from 59 this time last year to 104 listings this year.

The current median listing price for the area is $229,500 up nearly $20,000 from last years median price at $209,900.

The current inventory is still very low we have about 2.26 months of inventory in the Argyle area. This means that if we do not put any more homes on the market all the homes will be sold within 2.26 months. Last year at this time we had about 1.2 months of inventory in Argyle therefore our inventory is up about 67.41% from this time last year. The median sale price is up by 13.81% and average days on market is up by 14.58% from this time last year.

PAULA WYNN – REALTOR® at EXIT Real Estate Gallery (904) 502-9432. Paula services the entire northeast Florida area which consists of Jacksonville, Orange Park, Green Cove, Middleburg, Lake Asbury, Jacksonville Beaches, and surrounding areas. With Paula Wynn, your real estate transaction is always a win!

Homestead Exemption Deadline TODAY

“The Florida homestead exemption and Save Our Homes assessment limitation help Florida homeowners save money on their property taxes. Benefits are also available to property owners with disabilities, senior citizens, veterans and active duty military service members, disabled first responders, and properties with specialized uses.

Taxable value of a home is reduced thru homestead exemptions to help the homeowner save money on property taxes. If your home is valued at $150,000 and you receive a $25,000 homestead exemption, your home will be taxed as if it is worth $125,000. In order to take advantage this benefit, you must submit an application by the deadline on March 1, 2019.”

How do I file a homestead exemption?

Visit the link below to locate instructions for your county. Some counties allow online filing while others require you to visit the property appraisers office. Click here to find your county instructions

http://floridarevenue.com/property/Pages/Taxpayers_Exemptions.aspx

Who qualifies for an exemption?

Anyone who owned a home on Jan. 1 and used it as a primary residence on that date is entitled homestead exemption.

Are other exemptions available?

If you qualify for the over-65 or disabled exemption, you are also entitled to a permanent, locked-in “ceiling” on the school property taxes on your home. In case of death, the over-65 or disabled homeowner’s exemption, but not the school tax ceiling, transfers to the surviving spouse, if the spouse is 55 years of age or older at the time of death and lives in and owns the home. The exemptions may be transferred to another property by using the former home’s tax “ceiling” calculation.

Do I have to apply each year?

No. If you had a homestead exemption on your home the previous year, you won’t need to reapply unless your chief appraiser requires it. However, if you have not received an exemption on your present home or if you have moved to a new home, you will need to file for an exemption the current year.

Is there a fee to file for the exemption?

There is no application fee; the service is provided free of charge. Beware of letters you may receive saying they will file for you for a fee.

What is the application deadline?

You are to file the completed application with all required documentation beginning Jan. 1 and no later than April 30 of the year for which you are requesting an exemption but if you. If you qualify for the age 65 or older or disabled persons exemption or the exemption for donated homesteads of partially disabled veterans, you are to apply for the exemption no later than the first anniversary of the date you qualify for the exemption.

In DUVAL county

“The deadline to timely file for a homestead exemption is March 1. Late filing is permitted through early September. (The deadline for late filing is set by Florida law and falls on the 25^th day following the mailing of the Notices of Proposed Property Taxes which occurs in mid-August.)”

SOURCES:  http://floridarevenue.com/property/Pages/Taxpayers_Exemptions.aspx

http://www.coj.net/departments/property-appraiser/exemptions.aspx

PAULA WYNN – REALTOR® at EXIT Real Estate Gallery (904) 502-9432. Paula services the entire northeast Florida area which consists of Jacksonville, Orange Park, Green Cove, Middleburg, Lake Asbury, Jacksonville Beaches, and surrounding areas. With Paula Wynn, your real estate transaction is always a win!