Is the Jacksonville housing market changing?
The national housing market is showing signs of growth, which might affect those looking at houses for sale in Jacksonville. Foundation Financial Group CEO Mark Boyer told News 4 Jax he anticipates real estate prices nationwide to increase by 4 percent in each of the next five years. This could impact homebuyers, giving them more options to find homes acros the country.
"Once the values appreciate and start to stabilize it'll allow for lenders to widen the requirements a bit," Boyer told the news outlet.
Boyer acknowledged that the Jacksonville real estate market is displaying stability for the first time in years. As a result, there could be a notable rise in home purchases and an inventory reduction in the near future.
While some people have been pursuing 30-year fixed-rate mortgages to buy homes in the metro, Boyer noted 15-year options have been more appealing to homebuyers. This alternative shows that people are ready to invest more up-front money in local properties.
People could receive 15-year mortgages with interest rates of around 3.05 percent in May 2012, MarketWatch reports. However, new interest might lead to home price increases across Jacksonville. Potential homeowners should search the Jacksonville market sooner rather than later to obtain valuable properties for less.