TIGHTENING SUPPLY ARE MAKING IT TOUGH FOR MANY PEOPLE WHO ARE LOOKING TO BUY A HOME.
NOW, A RECENT POLL FROM GALLUP
FOUND THAT ONLY 30% OF
AMERICANS, BUT WE’VE NOW IS
GOOD TIME TO BUY A HOUSE. IT’S
LOWEST LEVEL ON RECORD SINCE
GALLUP BEGAN SERVING
AMERICANS. AND JOINING ME NOW
TO TALK ABOUT IF NOW IS THE
RIGHT TIME TO BUY A HOME IS
THE PRESIDENT OF THE
NORTHEAST, FLORIDA ASSOCIATION
OF REAL ATTORNEY MARK ROSE
THANK YOU SO MUCH FOR JOINING
US THIS MORNING. THANK YOU
HAVING ME. SO IT’S DEFINITELY
A TOUGH TIME FOR EVERYONE.
WHAT ADVICE DO YOU GIVE TO
THOSE WHO MIGHT BE LOSING HOPE
ABOUT THEIR ABILITY FOR BUYING
A HOME.
>> I THE BEST ADVICE THAT I
COULD GIVE A BUYER IN TODAY’S
MARKET IS TO CONNECT WITH A
REALTOR, GET TO KNOW THEM
TRUST AND RESPECT THEM AND
ABIDE BY THEIR GUIDANCE AND
THEIR ADVICE WE’RE TRAINED, BE
ABLE HELP PEOPLE THROUGH THAT
PROCESS AND WE COULD HAVE WAYS
THAT WE CAN BE VERY CREATIVE
ABOUT STRUCTURING YOUR OFFER
TO WIN AND WHAT ARE SOME IDEAS
YOU CAN GIVE THE HOMEOWNERS
PEOPLE WHO MIGHT BE LOOKING TO
BUY.
>> ADVICE? WELL, I BE PATIENT.
BE FLEXIBLE IN TERMS OF YOUR
TIME. SO WHEN A NEW HOME COMES
ON THE MARKET THAT FITS YOUR
NEEDS, BE READY TO MAKE A GO.
SEE IT A FALL IN LOVE WITH IT
AND QUICKLY PUT TOGETHER AN
OFFER.
>>CORLEY PEEL: AND, YOU KNOW,
THERE MIGHT BE A LOT OF PEOPLE
WHO, YOU KNOW, THEY HAVE TO
BUY HOUSE RIGHT AWAY. SO WHEN
THEY ARE SEARCHING WERE SOME
THINGS THAT THEY SHOULD LOOK
OUT FOR JUST TO MAKE SURE
THEY’RE GETTING THE BEST DEAL.
>> WELL, I THINK THE BEST DEAL
IS THE HOME THAT FITS YOUR
NEEDS AND THE LOCATION THAT’S
DESIRABLE FOR THAT YOU’RE
GONNA BE ABLE TO SPEND YOUR
TIME AND WRITE. SO IT’S NOT
NECESSARILY A FINANCIAL DEAL,
BUT DOES IT BEST FITS YOUR
NEEDS? AND I THINK YOU REALLY
NEED TO BE FLEXIBLE WITH THE
LOCATION SO THAT YOU CAN
REALLY FIND A HOME THAT IS
MOST AFFORDABLE FOR YOU. AND
CAN YOU TELL US A LITTLE BIT
ABOUT WHAT WE’RE SEEING HERE
IN THE HOUSING MARKET IN
JACKSONVILLE? YOU KNOW, I’VE
BEEN HEARING THAT THIS IS ONE
OF THE
>>CORLEY PEEL: HOTTEST SPOTS
RENTS GOING UP. IT’S
>> BECOME A LOT MORE EXPENSIVE
FOR HOMEBUYERS. IT ABSOLUTELY
YOU KNOW, WE’VE SEEN ABOUT A
24% INCREASE IN THE MEDIAN
PRICE YEAR OVER YEAR. BUT THE
GOOD NEWS FOR BUYERS AND EVEN
FOR SELLERS IS THAT SEEMS TO
BE MODERATED QUITE A BIT
RIGHT. THE MONTH OVER MONTH
INCREASES IN MEDIAN PRICES
SINCE ABOUT NOVEMBER HAVE
FALLEN IN THAT 3 TO 5% RANGE.
SO IT IS KIND OF MODERATING,
WHICH GOOD NEWS.
>>CORLEY PEEL: AND YOU KNOW,
WHAT ABOUT FEARS THAT WE MIGHT
SEE SOMETHING SIMILAR TO 2007
RIGHT?
>> AND THAT’S NATURAL. I MEAN,
THAT WAS QUITE A TRAUMATIC
EXPERIENCE FOR A LOT OF
HOMEOWNERS. AND EVEN THE
MILLENNIAL POPULATION WHEN
THEY SAW THAT HAPPENING TO
THEIR FOLKS AND THEIR PARENTS.
RIGHT. SO I GET IT. BUT THIS
IS VERY, VERY DIFFERENT MARKET
THAN IT WAS. THEN. NOW IT’S A
VERY, VERY BASIC ECONOMICS.
IT’S A SUPPLY AND DEMAND. AND
THERE’S NOT ENOUGH SUPPLY AND
THERE ARE STILL SIGNIFICANT
DEMAND AND THAT THAT THAT’S
JUST NOT THE SAME THING THAT
WE HAD.
>> BACK IN 2007, I MEAN, AND
THAT’S NOTHING TO THAT. WE’VE
BEEN SEEING THE PRICE OF
LUMBER, EVERYTHING TO BUILD A
HOME IS ALSO INCREASE.
ABSOLUTELY. I MEAN, INFLATION
IS AN ISSUE. IT’S THAT WHAT
NUMBER ONE THING ON PEOPLE’S
MINDS TODAY AND GAS PRICES,
GROCERY PRICES OF ALL OF THAT,
RIGHT? SO WE GET THAT
>> BUT HOME FROM EVERY
ECONOMIST THAT I’VE TALKED TO,
WE SEE LEVELING OUT NOT
DROPPING.
>>CORLEY PEEL: OKAY. SO I THAT
REALLY NOT COOLING OFF ANY
TIME SOON. WELL, DEPENDS WHAT
YOU MEAN. BY COOLING WILL
THERE BE A DRAMATIC DROP IN
HOME VALUES? KNOW? OKAY. WE’LL
AT LEVEL OUT. ABSOLUTELY. WHEN
DO YOU THINK WE COULD SEE THAT
THIS YEAR? REALLY OKAY. THINK
WE’RE ALREADY SEEING THE SIGNS
THAT PRICING IS THAT IS GOOD
BECAUSE I KNOW THERE’S BEEN A
LOT OF PEOPLE PROBABLY HOLDING
OUT BUYING HOME RIGHT NOW.
AND, YOU WITH INTEREST RATES
INCREASING, THAT IS PROBABLY
THE NUMBER ONE FACTOR IN TERMS
OF HOME AFFORDABILITY OVER THE
LAST 3 MONTHS WITH MORTGAGE
RATES RISING VERY
SIGNIFICANTLY. I’M STILL IS
AFFORDABLE, RELATIVELY
SPEAKING THAT 5% INTEREST IS
STILL LOW BY HISTORIC
STANDARDS. DON’T WAIT. OKAY.
DON’T WAY. AND I LAST TIPS YOU
MIGHT GIVE TO SOMEBODY WHO
MIGHT BE WANTING TO BUY A HOME
RIGHT NOW.
>> I THINK IT IS MAKING SURE
THAT YOUR OFFER IS THE BEST
THAT YOU CAN MAKE IT RIGHT,
WHETHER IT’S NOT JUST PRICE
BUT OTHER TERMS FIND OUT
WHAT’S IMPORTANT TO THE SELLER
THROUGH YOUR THEY CAN FIND OUT
IS IS A TIMING OF CLOSING. ONE
OF THE IMPORTANT THINGS FOR
THE SELLER. AND IF YOU CAN
STRUCTURE YOUR OFFER TO MEET
THE NEEDS OF THE SELLER.
>> YOU HAVE A HIGH PROBABILITY
OF WINNING THAT THAT THAT. ALL
RIGHT. WELL, THIS IS SUCH GOOD
INFORMATION. THANK YOU SO