Watson Realty’s Jacksonville Region has hit the $1 billion mark again this year and the company attributes the accomplishment to low interest rates, a troubled stock market, its relocation program and the largest sales force in Jacksonville.
The closed sales figures for this year totaled $1,001,294,129.90 by mid-November, an increase of 11.77 percent over last year.
According to company spokesman Wendie Mayfield, “This is a far more solid performance than last year when we hit the billion dollar mark on the last day of November. We are hoping to reach $2 billion mark as a company overall this year, which would be a first for Watson.”
Mayfield believes that this trend will continue into next year.
“You can own your own home for less than you can rent and, as a result, people are purchasing homes who couldn’t have done so in the past,” she said. “You can get 100 percent financing with just 5 percent down and that has resulted in an increase in home purchases. Jacksonville has been named the most affordable community to live in Florida.
“People are taking full advantage of the favorable interest rates and the market in Jacksonville, it’s the time to buy.”
Relocation is another big reason for Watson’s success in the past year. The company holds a 25 percent market share in the Jacksonville region.
“People from up north who are looking to retire and or relocate to Florida are more and more looking at Northeast Florida as an option over South Florida where housing prices are far more expensive and that is helping to heat up the market as well,” said Mayfield. “They come here and see that they can get twice the home for half the money and add to that the affordability of the memberships at some of the local golf and country clubs and the decision is made to purchase here.”
The real estate industry has been the beneficiary of troubled financial markets and a lot of people are investing in real estate as opposed to stocks.
“People are putting their money in real estate as an investment tool. I have a son who lives in San Diego and can’t afford a home out there and is looking to purchase one here as an investment property,” she said. “The national economy may been in a slump but growth in Jacksonville has been booming.”