While national real estate media often highlight stories of high demand and low supply, the situation in Jacksonville is noticeably different, according to veteran real estate agent Tobin Bossola of Coldwell Banker Vanguard Realty. In a recent interview, Bossola questioned the prevailing national narrative, emphasizing that Florida markets are experiencing conditions that run counter to positive headlines.
“If anything, when you see on the news people talking about tremendous demand and short supply, I would say that Florida and a few other markets that have done very, very well in the previous three to four years really aren’t fitting that category,” said Bossola, who has nearly 20 years of experience in Jacksonville real estate and has closed over 200 foreclosure listings during his career.
The Jacksonville market now shows inventory levels nearly six times higher than at the peak of COVID, marking the highest levels in more than a decade. Bossola also notes that the buyer pool has dropped to the lowest point he has seen in his career.
Bossola points to several factors driving the difference between national reporting and local reality. The average time on market for homes in Jacksonville has increased to around 110 days, compared to the low 40s two to three years ago. This nearly triples the marketing time for homes.
“You can’t paint a broad brush across the country like maybe you could in 2021 or 2020 where everything was rock and roll,” Bossola explained. Builders in Jacksonville continue to construct and sell new homes, using incentives and flexible pricing to remain competitive with individual homeowners.
The resale market faces particular difficulties as new construction continues. “That builder can compete so much more aggressively than a homeowner. So the resale market is very challenged right now, very, very challenged,” Bossola noted.
The disconnect is especially clear when looking at affordability. Bossola believes affordability has reached record lows in Jacksonville, causing a mismatch between what sellers expect and what buyers can afford. He uses a straightforward example with clients: homeowners paying $2,000 a month for their mortgage now expect buyers to pay $4,000 for the same home because of current interest rates.
“I say this to my sellers, you know, you sit down at the table with the seller, and they go, ‘Well, my house is worth X.’ And then I can say, ‘Yep, here are the last six months sales. I don’t disagree with you. Here’s a few examples where they have sold.’ But let me ask you a question: would you pay $4,000 a month for your exact same home today? And they know they absolutely wouldn’t.”
Bossola expects these challenging conditions to continue as long as interest rates remain high. He argues that national media tend to focus on positive messaging, overlooking the serious issues facing resale markets in previously strong areas like Florida.
“We all want to be positive. You can’t do this business without being a very positive person. I’m a very, very positive person. But the reality is, you know, inventory’s the highest it’s been in more than a decade, buyer pool is lower, affordability is at the all-time low.”
