About a year and a half ago I told people that the market in Brevard County has bottomed out and that all the great deals were going away quickly. In Sept. 2010 the market was down to 5,800 Single Family listings on the market. Now, July 2011, we are down to around 3,000 listings with only 1,700 or so available for purchase now, the rest are short sales which are only closing at a rate of about 20%.
Yes, those who were waiting for the market to fall apart more have missed the boat as predicted. The question now is, do you continue to wait while the Internet rates start rising. It's just a matter of time that the rates will rise out of the 4.5% range and some predict as high as 7% by the end of next year. If you had been thinking about buying, I wouldn't be waiting. Currently homes are going for close to 95% of their list price and many of these have multiple offers.
I know you have been listening to the media. They talk about the market continuing to go down. I'm a numbers guy. The numbers don't agree with the media. In fact, I just read a report from Orlando that their prices had jumped in June to $155k average up from $112k average a year ago! It's time!
As always, if you have any questions, please let us know, we are always here to help!
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