Q. What can we expect for the Jacksonville 2021 housing market?
A. I'm asked this question a lot this time of year so here are my thoughts. Now that we have a Covid vaccine, I believe inventory levels will begin to improve as more homeowners who spent the last nine months working from home and home schooling their children realize they need a new house. This will move us from our current seller's market to a more balanced market. With interest rates at record lows and rental rates at all time highs, more first time buyers will enter our market. And with 2.7 million people in forbearance, we'll also see an increase in distressed sales (foreclosures and short sales). Finally, be on the lookout for more i-buyers entering the Jacksonville market. Big name firms such as Zillow and Opendoor buy homes direct to consumer bringing more competition to this already crowded landscape. Wishing everyone a happy and safe new year!
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