JACKSONVILLE, Fla. -- Jacksonville's economy appears to be turning around. Realtors in the area say suddenly business is booming. And the River City is bouncing back quicker than any other city in the state.
Its a seller's market here in Jacksonville right now. Which means things are getting competitive for buyers. There are good deals to be had but you have to be aggressive.
"Inventory is actually down so you have more buyers out there than can't find the properties that they're looking for," said realtor Lesley Vitel.
For Vitel, it is a sign of the times, and for the first time in a long time--a good sign. In the River City, when it comes to the housing market, things are finally looking up. Buyers are out there--many are even paying cash. And people aren't really having any problems with financing.
"It's kind of an amazing turning point in the market right now," she said. "And its the last I will tell you 90 days have been crazy."
Vitel says she's getting multiple offers on properties, and homes are selling like hotcakes -- the point they can't keep houses on the market.
She also says the forclosure inventory is down right now, which is another good sign for our local economy.
And Lesley says the best news of all is: This doesn't look like a repeat of 2008 when folks scrambled to snatch up homes they really couldn't afford - then got in trouble later.
"Most of the buyers and at least in my business the buyers I'm dealing with are being very smart about what they're buying," said Vitel. "They're buying even less than what they can actually afford because they don't want to be overextended."
She says most buyers aren't even considering how much the bank will approve them for. They're focusing solely on how much of a monthly payment they're comfortable with.
