Jacksonville is a beautiful city found in Onslow County in North Carolina. It is a military TOWN and is home for probably the largest Eastern Seaboard Marine Corps Base. If you are looking to live in a town with a great beach and military, feel this is the place for you.
However, before moving to Jacksonville, there are fundamental questions you need to ask yourself and your partner before you buy a house in a new place. What will you do if your work requires you to move to another city? What will you do with the house? Will you rent or sell? If it were me, I’d ask myself, what if renting is not an option, will I be able to sell my house fast?
Answering these questions will give you an idea as to whether it is the right investment buying a house, not just in Jacksonville, NC, but in any other part of the country. For a person who buys, upgrades, and then flips houses, there are vital factors to consider before purchasing a home in a particular market.
The following factors will help determine whether it is worth it to buy a house in Jacksonville, NC. These factors are a good indicator of whether I will be able to sell my house nc quickly when the need arises.
Is the housing and property market a buyer’s or seller’s market?
When I want to sell my house, an essential factor to look at is the real estate market. Is the area or city having a buyers’ market or a sellers’ market? A buyer’s market allows the buyer to negotiate the price of a house. It means that the owner of a home has little to no option but to bring the price down.
A buyers’ market is mainly due to having an abundance of houses, making the buyer have numerous options. The buyer has the upper hand on the negotiation table, and the seller, in most cases, sells at a lower price than was desired.
The opposite is exact when it comes to a seller’s market. There are fewer properties or houses, meaning that the prices of homes can rise with the prevailing market condition. A seller’s market is a good indicator of a healthy economy. Therefore, a seller can find himself overseeing a bidding war between buyers for the same property.
Jacksonville, NC, is a sellers’ market when it comes to residential property due to the low inventory in the region. If you want to sell a house in the area, you will find that it will be straightforward because the demand for residential houses is always high.
If I were looking for a reason to sell my house fast Jacksonville nc, then I would buy a home in the city, since I know I can sell at a more massive profit and in quick time when the need arises.
Are the real estate prices affordable in Jacksonville, NC?
A look at the housing market trends gives me the impression that the houses in Jacksonville are affordable than in many U.S cities. The national average for a three-bedroom home was $222000 in 2019. However, in Jacksonville, NC, the average price is $189000, 15% lower than the national median price.
This means that I will be successful if I want to sell my house fast. With an affordable market, you will never be out of buyers who can are capable of paying for the house when the need to sell arises.
What is the trend in population growth?
According to recent statistics, the population in the area has grown by almost 14%. It is 139% faster as compared to the national mean. What this translates to is that the demand for housing will continue to rise. More people means more buyers.
The increasing population is an essential reason if I want to sell my house fast Jacksonville nc. There are more buyers in the market, and with high demand, economics dictates that the price will increase. Therefore I will be able to sell at a higher rate than the buying price.
The reason for this increase in population can be attributed to the Fortune 500 Companies located in the region. Jacksonville is home to four of them, making it the only city in Florida to have that number of top companies. What’s more, the town has thirteen of the 500 Forbes Global located there.
This attracts more people in the area with the hope of getting employment. The amenities are excellent, and the health sector is world-class. There are over twenty hospitals and an ever-growing bioscience community. There are many reasons for people to move to Jacksonville, NC, without even mentioning the zero income tax.
How is the job creation in Jacksonville, NC?
In 2019, Jacksonville experienced an annual growth rate of more than 3%. The value is 111% higher than the national yearly average rate of 1.47%. Therefore, it means that the region is experiencing higher rates in job creation than any other city in the country.
The employment growth in the city is forecasted to be 39.21% over the next decade. What this means is that there will be increased vacancy positions in the region, meaning people will be streaming in the city, leading to an increased population. This places pressure on the housing sector leading to increased profits.
The trend is likely to continue as more people and companies move to enjoy the zero income tax and the city’s 5.5% flat corporate tax rate. It, therefore, means there will be more people with the willingness and ability to purchase houses. Therefore, if I need to sell my house fast, then I will not have to wait for long before I find one.
The above reasons show that it is worthwhile buying a house in Jacksonville, NC. The city’s cost of living is below that national’s average, the climatic is fantastic, and the business environment is friendly to all. What’s more, the population in the city is likely to grow in the future. All these factors make the city one of the best real estate markets in the city.