Where has all the homes gone?

So I wouldn't have believed this if you told me this in September, we are moving into a sellers market. Yes, the 5 + year skid in housing in Brevard County seems to be as low as it's going to go and we are seeing prices inching up. What happened? Very simply, the inventory has shrunk to a normal market.

In September 2010 we had 5800 single family homes on the market. Today we have only 3340 homes on the market, almost half. Of those 3340 single family homes, around 800 or so are short sales. This means that we have approximately 2500 homes on the market that you can actually buy and move into over the next 30-45 days. That's quite a change from our high of over 8500 single family homes on the market a couple years ago.

What does this mean to you? It means you are about to miss the boat. This will be one of those times that people will reflect back on and say "if we had only bought in 2010 or 2011"! The tough part for us as Realtors is that the consumer believes we are lying to them when we tell them about the market. Unlike most brokerages and realtors, we are doing fine and have been the past several years. We have also stayed true to our beliefs of honesty and integrity. None of my Agents would lie to get a sale. We know the importance of helping our customers realized their goals and dreams, not ours.

If you have been thinking about buying, this is probably the last best chance you will get over the next several months to a year. Once interest rates start going up, and it's just a matter of time, along with prices going up, the boat will have officially been missed. If you have any questions about the market or any other real estate issue, please don't hesitate to contact myself or any of our agents. We are always here to help!

Mitch