2548 Hugh Edwards Dr, Jacksonville, FL 32210

Here’s an updated and detailed look at the property at 2548 Hugh Edwards Dr, Jacksonville, FL 32210, incorporating the most recent market data for July 2025:

Property Details:

• Address: 2548 Hugh Edwards Dr, Jacksonville, FL 32210
• Property Type: Single Family
• Bedrooms: 4 beds
• Bathrooms: 2 baths
• Square Footage: 1,346 sqft (living area)
• Lot Size: 8,083 sqft
• Estimated Refinance Payment: $1,433/mo (This is the payment provided in your input.)
• Built in: 1962 (63 years old)
• Current Estimated Value: This is a key point. Your input states a value of $140,000. However, recent data from reputable real estate sites provides a much higher estimate:
  • Zestimate®: $200,500 (Zillow)
  • Redfin Estimate: $214,615 (Redfin)
  • Realtor.com Estimate: $204,000 (Realtor.com)
• Last Sale Price: The property last sold for $211,000 on December 21, 2022. This further supports the higher current estimated values.
• Tax History: Property taxes in 2024 were $2,202, increasing from $2,131 in 2023 and $1,907 in 2022.

Additional Property Features and History (based on public records and recent listings for similar properties):

• Construction: Concrete block and concrete construction.
• Roof: Shingle roof.
• Heating/Cooling: Central Air, Electric.
• Appliances: Dishwasher, Electric Cooktop, Electric Range, Electric Water Heater, Refrigerator (typical for homes in this area and updates).
• Parking: Carport.
• Fireplace: Yes, this home has a fireplace.
• Neighborhood: Homes in this area often undergo renovations due to their age, which can significantly impact their market value.

Jacksonville, FL Real Estate Market Trends (as of July 2025):

• Market Condition: Jacksonville is currently considered a Buyer’s Market and is even ranked as the #5 best buyer’s market in America. This means there’s more inventory than buyers, giving buyers more negotiation power.
• Median Sold Price (Jacksonville): $303,089 in June 2025, down 1.4% from last year. The median price per square foot was $186.
• Median Listing Home Price (Duval County): $304,130, a slight decrease of 0.5% since last year.
• Average Home Value (Jacksonville): Around $290,108, down 3.8% over the past year (through June 30, 2025).
• Inventory: Active inventory is up 13% year-over-year, with over 12,000 properties for sale in Northeast Florida, indicating more choices for buyers.
• Days on Market: Homes are staying on the market longer, with an average of 59 days in June 2025, up 26.8% compared to the previous year.
• Sales Activity: Total homes sold in Northeast Florida decreased by 5% compared to June 2024. Pending sales are down 31%.
• Buyer Advantage: Sellers currently outnumber buyers by a ratio of 5:1 in Jacksonville. Approximately 60% of homes sold in June 2025 went for under asking price.

Current Mortgage Refinance Rates in Florida (as of Sunday, July 20, 2025):

• 30-Year Fixed Refinance: Average APRs are around 6.82% – 6.95%.
• 15-Year Fixed Refinance: Average APRs are around 5.89% – 6.02%.
• 5-Year Adjustable-Rate Mortgage (ARM): Average APRs are around 7.108% – 7.420%.

Note: These are average rates and can vary based on individual borrower qualifications (credit score, debt-to-income ratio), specific lenders, and daily market fluctuations. APR (Annual Percentage Rate) includes some fees beyond the interest rate.

General Requirements for Refinancing a Loan in Florida:

• Home Equity (Loan-to-Value Ratio – LTV): Most lenders require an LTV of 80% or less for conventional refinances (meaning you have at least 20% equity). For cash-out refinances, you can often borrow up to 80% of your home’s value (VA cash-out refinances can go up to 100%). A new appraisal will be required to determine the current market value and calculate your LTV.
• Credit Score: A minimum FICO score of 620 is generally needed for conventional loans. A higher score (740+) typically qualifies for the best rates. FHA loans may offer lower minimums (e.g., 500-580+), but include mandatory mortgage insurance.
• Debt-to-Income (DTI) Ratio: Lenders typically prefer a DTI of 43% or lower, though some programs (like FHA) may allow up to 50%.
• Property Occupancy: The home is generally required to be your primary residence, and at least one borrower must occupy it within 60 days of closing.
• Stable Income and Employment: You’ll need to provide documentation such as pay stubs, W-2 forms, and tax returns to prove a consistent income and employment history.
• Closing Costs: Expect to pay 2% to 6% of the new loan amount in closing costs. These can sometimes be rolled into the new loan, but doing so will increase your loan amount and total interest paid over time.
• Mortgage Insurance (PMI): If your LTV is above 80% on a conventional loan, you will likely be required to pay Private Mortgage Insurance (PMI).

Analysis for this specific property:

The stated value of $140,000 in your input is significantly lower than recent market estimates and the property’s last sale price ($211,000 in December 2022). If the home’s current value is indeed closer to the $200,000 – $215,000 range, this would mean the homeowner has substantial equity. This higher equity position would be very favorable for refinancing, potentially allowing for a lower interest rate, a smaller loan-to-value ratio, and possibly avoiding PMI if enough equity is present.

The estimated refinance payment of $1,433/mo suggests that refinancing could be a beneficial option. Given the “buyer’s market” conditions in Jacksonville, it’s a good time for homeowners with equity to explore refinance options, as lending conditions are generally stable.

It is highly recommended that the homeowner:

1. Get a professional appraisal: To determine the precise current market value of the property.
2. Shop around for quotes: Contact multiple lenders (banks, credit unions, online lenders) to compare personalized interest rates, APRs, and closing costs.
3. Consult a mortgage professional: To discuss their specific financial situation and goals to see if refinancing is the right move and which type of refinance (rate-and-term, cash-out) is most suitable.