Well it's about time the News Media has said something positive about the Real Estate market. Home sales for July were up 2.5%! That may not be the gigantic gain, but it's on the plus side versus the negative side!
Currently we have under 6800 single family homes on the market. We are down from over 7000 homes on the market just two months ago. It's a sure sign that the market is starting to turn around.
The only thing getting in the way of a great rebound right now might be the Internet Rates. There are signs that the rates may go up after the first of the year. So, if you are on the fence about buying, this is probably one of the best times to purchase that home you have been waiting to buy.
There is one line that I love for those who are waiting for the market to reach the bottom. "You will never know when we hit bottom until the market starts to go back up."
As always, if there is anything we can do for you, that's what we are here for!
Have a fun night!
Mitch
Wednesday, August 27, 2008
Saturday, August 23, 2008
Everything is fine in Brevard County after Tropical Storm Fay!
I must have received 50 calls from our customers who are looking to mover to Brevard County. They are all fearing the worst that might have happened to us sitting here in the eye of the storm. I just wanted to let everyone know that we are fine and in most areas the water has gone down tremendously. I was away when I got my first call from my wife. She was frantic because we were getting water coming into our bathroom. I thought the worst, but it really wasn't to bad. What really happened is we had some plumbing issues fixed a couple of years ago and the people that did it, didn't do a great job sealing the block. So the water just kept coming in. Of course listening to my wife panic while I was in Denver was pretty scary.
It was a relief to know that it was really ok when I got home. I just had to take the baseboards off, dry it out, and once dry I will put the boards back on. I probably have about an inch of sheetrock to cut off. Not bad.Yes, we were lucky. There were a few homes around the county that didn't fair so well. This was the most rain, up to 30 inches, that this area has ever seen.
So I started wondering how people would react to this storm. Luckily, it really hasn't made any difference. We are still busy showing homes this weekend and life goes on. Let's face it, no matter where you live you have something to deal with from Mother Nature. We deal with hurricanes and tropical storms. The north deals with blizzards. California deals with earthquakes. The midwest deals with tornados. In the end, if the good Mother wants to get you, she will!Anyway, I just wanted to give you a quick update of our situation here.
For some it has been really tough but for most of us it's what we deal with to live in paradise! I wouldn't change a thing!
It was a relief to know that it was really ok when I got home. I just had to take the baseboards off, dry it out, and once dry I will put the boards back on. I probably have about an inch of sheetrock to cut off. Not bad.Yes, we were lucky. There were a few homes around the county that didn't fair so well. This was the most rain, up to 30 inches, that this area has ever seen.
So I started wondering how people would react to this storm. Luckily, it really hasn't made any difference. We are still busy showing homes this weekend and life goes on. Let's face it, no matter where you live you have something to deal with from Mother Nature. We deal with hurricanes and tropical storms. The north deals with blizzards. California deals with earthquakes. The midwest deals with tornados. In the end, if the good Mother wants to get you, she will!Anyway, I just wanted to give you a quick update of our situation here.
For some it has been really tough but for most of us it's what we deal with to live in paradise! I wouldn't change a thing!
Tuesday, August 5, 2008
Brevard County July Stats
Hi Everyone!
It certainly appears that home sales are holding steady. Our inventory is at a new low with 6860 single family homes on the market. Currently there are only 2454 townhomes and condos on the market and 3445 lots for sale.
July Sales were:
Single Family Homes - 439 sales
Condos and Townhomes - 97 sales
Land - 36 sales
June Sales were:
Single Family Homes - 456 sales
Condos and Townhomes - 117 sales
Land - 41 sales
As you can see, sales remain steady and based on the number of people contacting us daily, it appears the market should remain steady in the near future. Prices seem to be stable and homes that are priced correctly are selling in quick fashion. We have had many listings selling within 30-45 days as long as they are willing to listen to us on our pricing to sell. We tell all sellers you can either be in the market or on the market. We are not interested in listings homes for the sake of listings homes. We will only list homes that are "in" the market! Last month only 439 homes were in the market.
The foreclosure market has definitely affected the resales of non foreclosures. With so many foreclosures (494) and short sales (1513) on the market, sellers are going to either not sell their homes or sell them competitively with these bank related properties.
Short sales remain a pain in the neck to deal with and time frames have not increased to get answers from the banks. Many times we are waiting 3 or more months for an answer and still less than 35% of these homes are actually going forward to closing. Our advice is still to stay clear of short sales. You are better off going after foreclosures or other resales. Of course if you have plenty of time to kill and are not in any hurry, short sales can be a good deal. Remember though, the listing price of a short sale is not necessarily the price the bank will take on the property. We still receive many banks countering our offers much higher than the asking price.
Interest rates are remaining stable also. It's just a matter of time until the rates start to go up, but for now, it still remains a great time to buy a home. As I have said many times, the only thing we know for sure right now are the prices and the interest rates. Even if prices stay the same or go down a little, interest rates have no where to go but up. Buy now and don't wait for the unknown. Keep in mind, we won't know that we are really at the bottom until the prices start going up again.
Hopefully you can see a snapshot of Brevard County Florida. If you have any questions or would like to see any properties, don't hesitate to contact us. Have a great night and good luck in your home search!
Mitch
It certainly appears that home sales are holding steady. Our inventory is at a new low with 6860 single family homes on the market. Currently there are only 2454 townhomes and condos on the market and 3445 lots for sale.
July Sales were:
Single Family Homes - 439 sales
Condos and Townhomes - 97 sales
Land - 36 sales
June Sales were:
Single Family Homes - 456 sales
Condos and Townhomes - 117 sales
Land - 41 sales
As you can see, sales remain steady and based on the number of people contacting us daily, it appears the market should remain steady in the near future. Prices seem to be stable and homes that are priced correctly are selling in quick fashion. We have had many listings selling within 30-45 days as long as they are willing to listen to us on our pricing to sell. We tell all sellers you can either be in the market or on the market. We are not interested in listings homes for the sake of listings homes. We will only list homes that are "in" the market! Last month only 439 homes were in the market.
The foreclosure market has definitely affected the resales of non foreclosures. With so many foreclosures (494) and short sales (1513) on the market, sellers are going to either not sell their homes or sell them competitively with these bank related properties.
Short sales remain a pain in the neck to deal with and time frames have not increased to get answers from the banks. Many times we are waiting 3 or more months for an answer and still less than 35% of these homes are actually going forward to closing. Our advice is still to stay clear of short sales. You are better off going after foreclosures or other resales. Of course if you have plenty of time to kill and are not in any hurry, short sales can be a good deal. Remember though, the listing price of a short sale is not necessarily the price the bank will take on the property. We still receive many banks countering our offers much higher than the asking price.
Interest rates are remaining stable also. It's just a matter of time until the rates start to go up, but for now, it still remains a great time to buy a home. As I have said many times, the only thing we know for sure right now are the prices and the interest rates. Even if prices stay the same or go down a little, interest rates have no where to go but up. Buy now and don't wait for the unknown. Keep in mind, we won't know that we are really at the bottom until the prices start going up again.
Hopefully you can see a snapshot of Brevard County Florida. If you have any questions or would like to see any properties, don't hesitate to contact us. Have a great night and good luck in your home search!
Mitch
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