So, you have decided to buy your first home? No doubt, it is a major milestone, and Jacksonville, Florida, is an excellent choice with its beautiful beaches, vibrant culture, and affordable living.
However, finding the right property and going through the whole buying process can be a daunting task. But don’t worry! This guide will help you go through Jacksonville’s real estate market, find the right neighborhood, and understand the buying process.
So, let’s get in!
Understanding Jacksonville’s Real Estate Market
Jacksonville’s real estate market is currently experiencing steady growth. According to Norada Real Estate Investments, closed sales in Duval County were up 13.4% in February 2024 compared to the previous year. This means there are opportunities to find great homes, but it’s also important to be prepared to act quickly.
For April 2024, the realMLS provided the following data for our area:
- Median Sales Price: $362,000
- Closed Sales: 2622
- Median Price per Square Feet: $207
- Median Days on Market: 34
Determining Your Budget
Before starting your home search, it’s important to know where you stand financially. Analyze your income and current debts to determine how much you can comfortably afford for a monthly mortgage payment.
Getting a pre-approval letter from your bank or a mortgage broker is very important. This makes it easier to see how much you can borrow and makes your bid more competitive with other purchasers. Sellers will always ask for this letter before they talk to you about buying the house.
There are state programs for first-time home buyers that can assist you with your down payment. The amount varies from year to year.
Also, don’t forget to consider additional expenses such as an appraisal, home inspections, and closing costs, all necessary prior to moving forward with the purchase of your new home.
Do you need help getting pre-approved for a mortgage? We can connect you with experienced lenders in the Jacksonville area!
Finding the Right Neighborhood
Choosing the right neighborhood is also important to your long-term happiness as a homeowner. Consider factors like the quality of schools if you have children, access to important amenities like parks or restaurants, and your typical commute time.
The Jacksonville area is huge, 840 square miles which is the largest in the U.S., so there are many different areas and neighborhoods, both old and new, including at the beach, in the suburbs, and even in St Augustine.
Some of the older, historic neighborhoods around the downtown area are Springfield (the oldest neighborhood), San Marcos, Riverside, Five Points, and Avondale. They have charming bungalows and 2-story homes as old as 1910. Park or ride your bike to trendy restaurants and shops. Enjoy the trails and nightlife.
In newer areas, you’ll find a mix of condos, townhomes, and single-family homes. You can find neighborhoods with resort-style living. These neighborhoods often come with additional monthly fees. Also, oftentimes these neighborhoods are a longer drive from downtown.
The average home price in Jacksonville varies depending on location and size, but you can expect to find options within a range that suits your budget.
House Hunting Tips
Here are some tips you can keep in mind while on your house hunt in Florida:
- Partnering with a local real estate agent experienced in the Jacksonville market will make your house-hunting journey significantly smoother. They can provide invaluable insights into neighborhoods, negotiate on your behalf, and guide you through the process.
- Open houses and virtual tours are fantastic ways to get a feel for a property’s layout and potential. Don’t hesitate to schedule multiple visits for homes that you are interested in.
- There are many new home construction sites in Jacksonville such as in North Jacksonville and Green Cove Springs. Visit the model homes.
- If you have chosen a real estate agent to work with, always let those working on open houses and in new construction know that you’re working with a real estate agent.
Making an Offer
Once you’ve found your dream home, it’s time to make an offer. Your real estate agent will assist you in setting a competitive offer price based on market trends and the property’s condition.
Once the Seller has accepted your offer, you will apply for a mortgage loan. You will also get the home inspected to identify potential maintenance or repair issues that could later affect your budget.
Closing the Deal
Closing refers to the final stage of the home-buying process, where you finalize paperwork and officially become a homeowner. Your agent will walk you through the closing documents, ensuring you understand their significance.
Always remember to complete a final walkthrough of the property before closing to ensure everything is in the agreed-upon condition.
Contact the utility company to transfer service to your new home. Call for Cable TV and internet service, schedule a locksmith to change the locks, and purchase a home warranty program.
Moving In
The excitement doesn’t stop at closing! Now it’s time to prepare for your big move.
Remember, buying your first home is an investment in your future. Enjoy the journey, settle into your new community, and enjoy the beautiful city of Jacksonville.
Don’t hesitate to contact us for continued support and Jacksonville real estate expertise! We’re here to help you every step of the way.