7 Reasons to Buy a home in Jacksonville Florida today

1.  Jacksonville Ranked One of Ten Best Cities For Bargain Househunters

Jacksonville was named number eight of the Ten Best Cities for Bargain House-hunters.  “Jacksonville didn't go through an obscene speculation boom, making its recovery cycle far less daunting than other Florida spots. Job growth isn't outstanding, about average for the cities we measured, but the foreclosure rate is lower than any of the Florida cities we looked at, making the high inventory rate more likely to improve than get worse .”   Forbes.com, February 2008.

2. Jacksonville Area Among Those Areas Most Likely To Attract New Residents

Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida, says the state’s lower-cost markets are most likely to attract residents. Orlando, Tampa Bay and Jacksonville will recover more quickly than Miami/Fort Lauderdale and Naples/Fort Myers, he believes .   Sean Snaith, University of Central Florida.

3.  Home Values To Show Positive Growth

“A recent report by the state’s Office of Economic & Demographic Research estimates ...values in Duval County will climb by 3% in 2008. Duval and Leon, which includes Tallahassee, are the only two counties in the state that will show positive growth in those values next year, according to the economists .”  Duval Housing Market to grow a bit in ’08”, The Florida Times-Union, Dec. 10, 2007

4.  Job Growth Anticipated in Jacksonville Area

Jacksonville was ranked #26 in the Forbes 100 Best Cities for Jobs in 2008 . Forbes.com 2008.

Jacksonville ranked 19th among the 100 markets in private sector job growth. The metro had 561,700 private-sector jobs and an unemployment rate of 3.8 percent in June 2007 . Jacksonville Business Journal, Sept. 2007

 “Area inflation less than rest of nation... Inflation jumped higher in the Jacksonville area in 2007, but it was still better than the rest of the country ” Mark Basch, UNF Economic Indicator Project, Jan. 17, 2008.

5.  Jacksonville Quality of Life Positive

Bizjournals ranked Jacksonville ninth in its top ten list of the nation’s 50 largest metro areas. The ranking was based on pollution levels, climate, crime, unemployment rate, finances (including income levels and monthly home payments) and health. Bizjournals, Feb. 2008

6.  Economic Outlook Will Impact Housing Market Rebound

 “Long range development plans for Cecil Commerce Center, part of which borders north-central Clay County, may include an additional runway to allow simultaneous takeoffs and landings as well as additional general aviation support facilities.  Also, Cecil managers are seeking aviation, aerospace, manufacturing, distribution and logistics and information technology companies to join Boeing and the other businesses that have located at the former naval air station since it was decommissioned in 1999 .” MyClaySun.com , Jan. 25, 2008

 “…what soon will become a big economic engine for Jacksonville - the site of the terminal that will house the operations of the giant Japanese shipping company Mitsui O.S.K. Lines Ltd…This time next year, Smolder said, the terminal will be operational...the creation of 1,800 good-paying jobs created at the port…Another 4,000 or so spin-off jobs. Those new jobs will help the housing market rebound… ”   Ron Littlepage column, The Florida Times-Union, Jan. 24, 2008

“…another piece of property that is slated to house the operations of another Asian
shipping company, Hanjin of Korea… the Hanjin terminal could be up and running in three years. That, of course, would mean even more new jobs that would further strengthen Jacksonville's economy .” Ron Littlepage column, The Florida Times-Union, Jan. 24, 2008

“Jacksonville's three marine ports see more than 8 million tons of cargo annually, including more than 700,000 shipping containers and 600,000 automobiles.  The traffic is expected to double within the next year as Japanese shipping company Mitsui O.S.K. Lines Ltd. begins operations at Dames Point. In coming years, traffic could triple with the addition of Korean shipping line Hanjin… by 2011 .”  “Port considers eminent domain to acquire parcel”, The Florida Times-Union, Jan. 26, 2008

7.  Real Estate Outlook – Recovery Has Begun

Quote from economist Hank Fishkind: “the worst of the so-called housing crisis has probably been mitigated by the actions of the Fed.  Recovery will take a while, but it has begun.” 

Florida's real estate market has started a new year with the largest selection of homes and condominiums available for buyers in more than a decade. But factor in a continuing inflow of new residents to Florida and the indication is that inventory levels are likely to decline in 2008.

“While inventory levels are high in most Florida markets, the number of for-sale homes is expected to begin to decline in 2008.”  Economist Hank Fishkind expects Florida to grow by about 265,000 new residents and add 130,000 new jobs in 2008. 

At roughly 2.2 people per household, that would create demand for roughly 135,000 new homes, helping to soak up excess inventory in many markets. Meanwhile, the production of new homes in Florida is expected to remain flat. Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida in Orlando, expects about 116,000 starts in 2008 compared with 117,000 home starts in 2007. 

However, the decline will be much sharper in some markets, such as Lee County (Naples), where Fishkind is projecting about 5,000 new-home starts compared with 30,000 in the peak year of 2005.  "A cutback in housing construction is a positive sign for the market, because it will help lower inventory and firm up home prices," Fishkind said . Why buy in Florida now? Large inventories offer more options”, The Florida Times-Union, Jan. 26, 2008.

•Experts predict 2008 will be the bottom of the real estate market and the start of improving conditions .  Florida Trend, Jan. 1, 2008

•Orlando-based economist Hank Fishkind predicts that “recovery will take a while, but it has begun.” He also predicts lower inventory and more stable home prices with the following specifics: 

1. 265,000 will move to Florida in 2008 and create demand for 135,000 new homes
2.  The production of new homes will be flat.
3.  The number of for-sale homes will decrease in 2008 . The Florida Times-Union, Jan. 24, 2008