Home Values Recover To Pre-Recession Values, Making It A Great Time To Sell

The Great Recession was one of the most challenging times in US history. The US lost nearly 9 million jobs, unemployment nationwide hit an astounding 10%, and housing prices fell a whopping 33%, causing American households to lose of $16 trillion dollars in net worth.

But luckily, the economy started improving in 2010. The GDP grew an impressive 19% from 2010 to 2017, and the economy added jobs for a record-breaking 88 consecutive months, recovering all the jobs lost during the recession. Not to mention, unemployment fell to 4%.

But one area that was a bit slower to recover was home values. Many homeowners who lost a significant portion of their home’s value in the recession have been hesitant to sell—especially if they purchased their home when prices were high.

But according to Evaluating The Housing Market Since The Great Recession, a recent report from CoreLogic, homeowners who lost value in their homes during the recession finally have something to celebrate. According to the report, the average house price is now 1% higher than it was at the peak of the real estate market in 2006, growing 51% since bottoming out in 2008.

The Takeaway

If you’ve been waiting to sell your home for it to recover its pre-recession value, now is the time to make a move. Not only have housing prices recovered to their peak values, but the inventory crisis is driving up prices, making it the perfect market to finally sell your home.

 

Did you know…

A CDD is a Community Development District. The CDD Fee pays for the cost of the new roads, road improvements, schools, etc. Basically, the fee covers infrastructure improvements.

The builder puts the cost of the infrastructure improvements such as roads, maintainence, sidewalks, sewer, schools, parks, community pools, tennis courts etc. into a BOND. The bond is split amongst the homeowners until it is paid off, generally, 25-30 yrs.

The bank, where the municipal bonds are purchased and held, work directly with the CDD Management company to provide information (investor information/individual contribution/etc), balance/sum of the bonds, refinancing, etc. Therefore, your best bet would be to contact the CDD management company.

A common misconception is that once the municipal bonds are paid off; the homeowner no longer has to pay CDD fees – this is not correct. CDD Fees are comprised of O&M (Operation & management fees), Municipal Bond Fees (the portion that is allocated toward repayment of the actual municipal bonds), and county taxes. Therefore, once the Municipal Bonds are paid in full (typically a time frame between 20-35 years -unless there is a refinance), the homeowner’s CDD fees will be the sum of O&M and county taxes (their payment will no longer include the previous amount allocated for repayment of the Municipal Bonds).

For example: A homeowner’s annual CDD fees = $4,000.00. $2000 is allocated for county taxes, $1000 is allocated toward O&M, and $1000 is allocated toward repayment of Municipal Bonds. Once the Municipal Bonds have been paid in full (and providing in this example that taxes and O&M costs remain the same), the homeowner’s annual CDD fees would reduce to $3000.00 (since they no longer have to pay the $1000 previously allocated toward the repayment of the municipal bonds).

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!

Pool home in Fleming Island, FL

This magnificent pool home is filled with extras from the sauna in the master bath to the central vac system to the ”Big Green Egg” smoker. Featuring 4 bedrooms and 3.5 baths this 3400 sq ft home is spacious and comfortable. With 3 sets of french doors leading to the enclosed pool where there is also a beautiful summer kitchen, you will have access from every part of the home. For safety, this home also has hurricane shutters on the upper windows. Both the indoor and outdoor kitchen feature granite countertops and gas cooktops. You will also have access to all of the Eagle Harbor amenities. Give me a call for a private tour 904-502-9432.

 

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!

New Listing in Orange Park, FL

This remodeled 3 bedroom/3 full bath home located in the Holly Point neighborhood just before the Doctors Lake Bridge on Hwy 17 in Orange Park Florida is a must see. The owners spared no expense in this amazing kitchen from the granite counter-tops to the double convection oven. They retained the historic feel on the home by leaving the exposed brick in the kitchen pairing it with all the modern touches.

The newly marcited pool provides a wonderful area for entertaining with a Florida room and huge backyard.

 

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!

Condo in Oakleaf Plantation

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Take a look at this immaculate Oakleaf Plantation condo. Well-planned location! Entry opens to dinning/office area and leads to ample kitchen complete with island, pantry & cabinets galore. The kitchen flows into the livingroom w/ glass sliding doors leading out to the patio. Upstairs you will find a large master bedroom w/ master bath and 2 nice bedrooms and an additional bath. Exterior was recently painted. Amenities include clubhouse, 2 pools, and fitness center. This spacious condo in the wonderful Oakleaf neighborhood is conveniently located to shopping, dinning, town center & easy accessible to I295. It is within walking distance to the elementary, middle and high school.

http://www.homesandland.com/UnbrandedVirtualTour/?44959899&VirtualTourId=5054041

 

Open House at 1105 Fishermans Way, Fleming Island

This Saturday, August 13th from 1-3, I will be hosting an open house at 1105 Fishermans Way, Fleming Island, FL 32003 in Doctor’s Lake.

Come see this well maintained waterfront home and enjoy the breathtaking views of beautiful Doctors Lake. Less than a five minute boat ride to the St Johns River. This one-owner brick home features a newly installed kitchen including custom counter tops & cabinets and stainless steel appliances. New tile in foyer, living room, and hallway. Fireplace has an electric heater insert but can easily be converted back to wood burning. Master Bath has separate vanities and huge walk-in closet. The views from the Greatroom are spectacular. Enjoy the hot tub or lounging on the dock watching the sunset. In addition to the 100ft. frontage, a navigable canal boarders entire east side of the property. A boat slip is ready for use too. Roof is 3 yrs old. All A rated schools & no CDD or HOA fees

Similar properties but not in the same neighborhood.

For More information please call Paula Wynn, REALTOR® at (904) 502-9432

Open House at 2871 Circle Ridge Dr, Orange Park, FL

This Saturday, July 16th from 1-3, I will be hosting an open house at 2871   Circle Ridge Dr, Orange Park, FL 32065 in Foxridge.

 

Beautifully maintained home in the desirable Foxridge community! Features laminate floors in the main living areas and all the bedrooms, tile in the kitchen, breakfast nook and wet areas, a formal living room, dining room and family room, and a covered screened porch overlooking the large fenced rear yard! Stainless appliances in the kitchen, granite overlay countertops, and fresh paint throughout, plus a long driveway with a side-entry garage, extra paved patio areas in the back, and gorgeous light fixtures make this a must see!

Similar properties but not in the same neighborhood.

For More information please call Paula Wynn, REALTOR® at (904) 502-9432

Open House at 4373 Savanna Ave.

This Saturday, May 21st from 1-4, I will be hosting an open house at 4373 Savanna Ave. Jacksonville FL 32210 in Confederate Point.

This beautiful home is nearly 2200 Square feet with 3-Bed, 2.5 Bath. It is a corner lot Pool Home with mature trees, side entry garage, newer roof, new electric Panel. Well maintained, freshly painted, and ready for its new owner.

Similar properties but not in the same neighborhood.

For More information please call Paula Wynn, REALTOR® at (904) 502-9432

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