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
Wednesday, July 2, 2008
Happy 4th of July!
I can't believe it's the 4th of July already! I remember my parents telling me that when you get older the time flies by! I really didn't buy it as I knew how long a school year seemed to last. Now my oldest son is telling me he can't believe he has been out of high school for 11 years and just turned 29 years old. Crazy!
When I think of the 4th of July and the memories this holiday conjures up, I mostly think of the American Flag, Fireworks, Family, Friends and of course our young men and women in harms way far away from their country. Their 4th of July is about staying alive and protecting their mothers, fathers, sisters, brothers, aunts, uncles and friends back home. If it wasn't for our soldiers over the past 200 years or so, we wouldn't have the opportunity to enjoy this coming weekend like we do.
The 4th of July should be our most patriotic day of the year. Without getting totally political here, I think over the past few years, and especially this year, many Americans are losing their patriotism. I talk with so many people that seem to not like the country we live in right now. Let's keep something perfectly clear though, our country is made up of you and I. Our country does not belong to politicians, it belongs to us. If we are to preserve what our current and past soldiers have died for, we are going to have to become more involved in what the politicians are doing to our country. I just read an email that stated that Pepsi has a new can of soda with the flag and the Pledge of Allegience. In the Pledge they left out Under God. Is this really happening to us. Are we so afraid of hurting someones feelings that we are going against the fiber and blood that our country was built upon. If this doesn't scare you, it should. It should scare you that our world is changing quickly before our eyes and our country is being negatively affected because of our lack of unity as a nation.
Let's all remember that when push comes to shove, we are all neighbors and we all need to learn to compromise. If for a moment, we the people, can bring back our patriotism, then we will have the ability to work together to solve some of our pressing issues. However, if we choose to continue to fight each other verbally to the point of hatred amongst Liberals and Conservatives, we will soon lose our country. We will go the way of all the Empires prior to The United States of America. I don't want that for my grand children, do you.
Unfortunately, if you are my age (47) or so, it is left upon us to straighten out this mess. We do not have the luxury and we have the moral obligation, to make our country whole again. Let's face it, our parents generation did a heck of a bad job over the past 30 years. Most of todays problems could have been resolved years ago if they actually acted on the problems of the day. I think back to 1974 and pumping gas at my friends dads gas station with huge lines. I remember the talk of not being held hostage by the Middle East and the need for alternative energy. Unfortunately it was just talk and nobody did anything. After all, the future problems would be the future...it's so far away. Well here we are 30 years later and the future is now.
Ok, I'm done ranting. I love our country. I love the people. I even love New Yorkers which is tough for me being a Boston Red Sox fan! I love what we stand for. I love the fact that when anyone in our country or around the world is suffereing from devestation, that we are the first ones to give. Not just from the government, but from you and I. We are America. Please help us protect our country and get involved. Remember, all the politicians are our employees. It's time to fire our staff and get a new one! Unfortunately we don't have that option this election, but we have 4 more years to really make a difference in the next election in 2012. Let's not let our grand children down, they are depending on us.
With all that said, I hope that you all have a Happy 4th of July weekend. I hope you reflect on what I have said here and what you can do for your country. I think one of our Presidents said "Ask not what your country can do for you, but what you can do for your country. It's time!
Happy 4th of July!
When I think of the 4th of July and the memories this holiday conjures up, I mostly think of the American Flag, Fireworks, Family, Friends and of course our young men and women in harms way far away from their country. Their 4th of July is about staying alive and protecting their mothers, fathers, sisters, brothers, aunts, uncles and friends back home. If it wasn't for our soldiers over the past 200 years or so, we wouldn't have the opportunity to enjoy this coming weekend like we do.
The 4th of July should be our most patriotic day of the year. Without getting totally political here, I think over the past few years, and especially this year, many Americans are losing their patriotism. I talk with so many people that seem to not like the country we live in right now. Let's keep something perfectly clear though, our country is made up of you and I. Our country does not belong to politicians, it belongs to us. If we are to preserve what our current and past soldiers have died for, we are going to have to become more involved in what the politicians are doing to our country. I just read an email that stated that Pepsi has a new can of soda with the flag and the Pledge of Allegience. In the Pledge they left out Under God. Is this really happening to us. Are we so afraid of hurting someones feelings that we are going against the fiber and blood that our country was built upon. If this doesn't scare you, it should. It should scare you that our world is changing quickly before our eyes and our country is being negatively affected because of our lack of unity as a nation.
Let's all remember that when push comes to shove, we are all neighbors and we all need to learn to compromise. If for a moment, we the people, can bring back our patriotism, then we will have the ability to work together to solve some of our pressing issues. However, if we choose to continue to fight each other verbally to the point of hatred amongst Liberals and Conservatives, we will soon lose our country. We will go the way of all the Empires prior to The United States of America. I don't want that for my grand children, do you.
Unfortunately, if you are my age (47) or so, it is left upon us to straighten out this mess. We do not have the luxury and we have the moral obligation, to make our country whole again. Let's face it, our parents generation did a heck of a bad job over the past 30 years. Most of todays problems could have been resolved years ago if they actually acted on the problems of the day. I think back to 1974 and pumping gas at my friends dads gas station with huge lines. I remember the talk of not being held hostage by the Middle East and the need for alternative energy. Unfortunately it was just talk and nobody did anything. After all, the future problems would be the future...it's so far away. Well here we are 30 years later and the future is now.
Ok, I'm done ranting. I love our country. I love the people. I even love New Yorkers which is tough for me being a Boston Red Sox fan! I love what we stand for. I love the fact that when anyone in our country or around the world is suffereing from devestation, that we are the first ones to give. Not just from the government, but from you and I. We are America. Please help us protect our country and get involved. Remember, all the politicians are our employees. It's time to fire our staff and get a new one! Unfortunately we don't have that option this election, but we have 4 more years to really make a difference in the next election in 2012. Let's not let our grand children down, they are depending on us.
With all that said, I hope that you all have a Happy 4th of July weekend. I hope you reflect on what I have said here and what you can do for your country. I think one of our Presidents said "Ask not what your country can do for you, but what you can do for your country. It's time!
Happy 4th of July!
Saturday, June 21, 2008
Don't let the Media fool you?
Hi Everyone!
I'm going to do my best not to get political during this blog. I will tell you that I"m not a big fan of the Media and I believe they are the largest contributing factor for our country going down the tubes. I believe the last two and a half years of the home price tumble was and is all media related. They have an agenda as they always do and the American people just line up and read their stuff whether it's true or not.
So how is the media fooling you? They are still telling you this is a bad time to buy. We have a customer last week who had wanted to do a short sale offer. It took months before we finally heard and during that time the Interest rates went from 5.875% to 6.5%. The prices hadn't changed in the past few months as they waited for an answer on their short sale offer, but look what happened to the cost of buying the home!
Price is important, but it's not the most important factor when buying a home. Our interest rates are going to go up and they need to go up for the economy's sake. We have all gotten used to the great rates of the past 5 years or so, but I fear that this is about to end. If so, many of you will have missed out on the best buying opportunity we have had here since 2003.
Once these rates go up, like gasoline, I will be very surprised to see the Interest rates come down below 6% or even 7% soon. My guess is once the election is over, it may get worse and we could see our interest rates back up over 8% like they were in 2001 and 2002. It wasn't that long ago ya know!
Why did the Media work so hard to kill the Real Estate market? To me it's very simple. Aside from the Iraq wore, the country as a whole was running fairly good. Most consumers were feeling pretty secure in our economy. After all, there can be a ton of things going on in the world, but as long as the individual is getting by ok and securing a good life for their family, then things are relatively good! If you remember, it was May of 2005 when the Media started on their rush to destroy the economy. The bubble was going to burst and don't get caught with your pants down! As they continued this throughout the rest of 2005 they started making a dent. Low and behold, just in time for the election in 2006, the Media convinced the masses that the housing bubble was done and foreclosures, inflation, home prices and more have destroyed our country's economy and of course it was the Republicans that did all this. It was very political.
Would we have had a bubble burst? I believe we were actually getting pretty close back in May 2005 for our prices to start adjusting. I think we probably would have had a 15% maybe 20% correction which is fairly normal. However with the Media harping on everyone, the drop was closer to 35% or more in some areas of Florida.
The moral of the story is don't wait to much longer to buy your home. If you are serious about buying, it will be come more and more difficult. Home prices are low but with Interest rates fast approaching 7% or more, you will not be able to buy the home you want as the payment will be too high.
As always, if you have any questions, please don't hesitate to ask or call. Thanks for using www.melbournehomesearch.com and www.mitchrealty.com .
Have a great night!
Mitch
I'm going to do my best not to get political during this blog. I will tell you that I"m not a big fan of the Media and I believe they are the largest contributing factor for our country going down the tubes. I believe the last two and a half years of the home price tumble was and is all media related. They have an agenda as they always do and the American people just line up and read their stuff whether it's true or not.
So how is the media fooling you? They are still telling you this is a bad time to buy. We have a customer last week who had wanted to do a short sale offer. It took months before we finally heard and during that time the Interest rates went from 5.875% to 6.5%. The prices hadn't changed in the past few months as they waited for an answer on their short sale offer, but look what happened to the cost of buying the home!
Price is important, but it's not the most important factor when buying a home. Our interest rates are going to go up and they need to go up for the economy's sake. We have all gotten used to the great rates of the past 5 years or so, but I fear that this is about to end. If so, many of you will have missed out on the best buying opportunity we have had here since 2003.
Once these rates go up, like gasoline, I will be very surprised to see the Interest rates come down below 6% or even 7% soon. My guess is once the election is over, it may get worse and we could see our interest rates back up over 8% like they were in 2001 and 2002. It wasn't that long ago ya know!
Why did the Media work so hard to kill the Real Estate market? To me it's very simple. Aside from the Iraq wore, the country as a whole was running fairly good. Most consumers were feeling pretty secure in our economy. After all, there can be a ton of things going on in the world, but as long as the individual is getting by ok and securing a good life for their family, then things are relatively good! If you remember, it was May of 2005 when the Media started on their rush to destroy the economy. The bubble was going to burst and don't get caught with your pants down! As they continued this throughout the rest of 2005 they started making a dent. Low and behold, just in time for the election in 2006, the Media convinced the masses that the housing bubble was done and foreclosures, inflation, home prices and more have destroyed our country's economy and of course it was the Republicans that did all this. It was very political.
Would we have had a bubble burst? I believe we were actually getting pretty close back in May 2005 for our prices to start adjusting. I think we probably would have had a 15% maybe 20% correction which is fairly normal. However with the Media harping on everyone, the drop was closer to 35% or more in some areas of Florida.
The moral of the story is don't wait to much longer to buy your home. If you are serious about buying, it will be come more and more difficult. Home prices are low but with Interest rates fast approaching 7% or more, you will not be able to buy the home you want as the payment will be too high.
As always, if you have any questions, please don't hesitate to ask or call. Thanks for using www.melbournehomesearch.com and www.mitchrealty.com .
Have a great night!
Mitch
Wednesday, June 4, 2008
Housing Inventory is starting to go down!
Hey Everyone!
Finally, after two years of rising inventories, our inventory for single family homes in brevard is down under 7,000 homes for sale to 6940 and condos and townhomes are down from 3500 to 2504.
This is extremely good news for our market. To me, it means we are pretty much at the bottom of the market and that as each month that goes by our lower priced homes will hold firm. Homes that are still over priced will still sit on the market a long time and will probably not sell until they become realistic.
So what does this all mean to you, our home buying customer? It means that if you have been waiting to pull the the trigger on buying a home, this might be the time. As inventory eases over the next several months, the prices will flatten and then start to rise again. My belief is by the end of this year we should be starting to see an uptick in pricing as the inventory will be low. According to our Supply and Demand Curve, lower inventories mean higher prices.
That's all for now, I just noticed this today and thought it was important enough to share with you. Remember, nobody really knows when the bottom of the market is, until it starts going up...by then you have missed it!
If you are thinking about when is the right time to buy, this is it!
Call or email if you have any questions.
Finally, after two years of rising inventories, our inventory for single family homes in brevard is down under 7,000 homes for sale to 6940 and condos and townhomes are down from 3500 to 2504.
This is extremely good news for our market. To me, it means we are pretty much at the bottom of the market and that as each month that goes by our lower priced homes will hold firm. Homes that are still over priced will still sit on the market a long time and will probably not sell until they become realistic.
So what does this all mean to you, our home buying customer? It means that if you have been waiting to pull the the trigger on buying a home, this might be the time. As inventory eases over the next several months, the prices will flatten and then start to rise again. My belief is by the end of this year we should be starting to see an uptick in pricing as the inventory will be low. According to our Supply and Demand Curve, lower inventories mean higher prices.
That's all for now, I just noticed this today and thought it was important enough to share with you. Remember, nobody really knows when the bottom of the market is, until it starts going up...by then you have missed it!
If you are thinking about when is the right time to buy, this is it!
Call or email if you have any questions.
Saturday, May 24, 2008
Memorial Day Weekend
Hi Everyone!
I just wanted to take a moment and give thanks to our men and women in the armed services. My son in law just got back today from Iraq. It seems lately we are hearing less and less about what is going on in Iraq. It's a shame the media doesn't cover the good things happening that every soldier I have spoken to about Iraq has mentioned.
My goal isn't to make a political statement. For those of you who know me, you know that I could write a book on the subject!
Please take a moment and reflect on the men and women over the past century or so that have fought for your freedom. You have the right to buy a home, sell a home, start a business, travel, and the list goes on and on. The reason is because of these brave young soldiers. Many have died for the cause of freedom and many have come back home with severe permanent injuries. I personally want to thank each and everyone of them for making the sacrifice they have made for my personal freedom. I also want to take a moment and thank the wives, husbands, mothers, fathers and children of these fine young adults.
If you see a soldier, even if you don't know him or her, walk up him or her and thank them for their service. In a day when politics gets in the way of our kids fighting the war they need to win we need to spend more time thanking them.
Have a wonderful weekend and don't forget the soldiers. Don't ever forget.
Mitch
I just wanted to take a moment and give thanks to our men and women in the armed services. My son in law just got back today from Iraq. It seems lately we are hearing less and less about what is going on in Iraq. It's a shame the media doesn't cover the good things happening that every soldier I have spoken to about Iraq has mentioned.
My goal isn't to make a political statement. For those of you who know me, you know that I could write a book on the subject!
Please take a moment and reflect on the men and women over the past century or so that have fought for your freedom. You have the right to buy a home, sell a home, start a business, travel, and the list goes on and on. The reason is because of these brave young soldiers. Many have died for the cause of freedom and many have come back home with severe permanent injuries. I personally want to thank each and everyone of them for making the sacrifice they have made for my personal freedom. I also want to take a moment and thank the wives, husbands, mothers, fathers and children of these fine young adults.
If you see a soldier, even if you don't know him or her, walk up him or her and thank them for their service. In a day when politics gets in the way of our kids fighting the war they need to win we need to spend more time thanking them.
Have a wonderful weekend and don't forget the soldiers. Don't ever forget.
Mitch
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