Prices are up!

It's been a busy year which is why I haven't had much time to write. Ok, three months without writing is a little much! Anyway, today I wanted to spend a few minutes talking about prices in Brevard County Florida. Through the end of July 2011, our single family home prices are up 19% over last July (2010). That's incredible news for those of us who own homes here and should be motivating news to those who are thinking about moving to Florida.

I've been telling people since January 2010, in my opinion, that the bottom of the real estate drop was that month, January 2010. Nobody believed me. However, if I know anything, I do pay attention to prices and trends in our market. After all, real estate is a local commodity no matter what you hear on the news these days. Brevard County prices are up and our inventory is low.

Low inventory is going to start increasing our prices even more. We are almost two years into the recovery in our area as I see it. If you are thinking about buying, this might be your last chance for great deals. Our prices are still about 50% off the peak and interest rates still over just above 4%. That is a great opportunity to buy the vacation home, retirement home, investment or a move up home.

The most important aspect of course are the interest rates. Even if prices don't budge another dollar, interest rates have to start going up at some point. I can't see them going much lower if lower at all, than they currently are at. Just remember, for every point that the interest rates go up, that's another $200+ per month you are paying for the same house you can buy today at 4% or so.

If you have any questions, or would like to discuss the market, feel free to call or email me as I'm always glad to help.

Have a great day!