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Thursday, November 16, 2017

Moving to Florida - Every Market is Unique.

I read an article this morning that began with four critical words about real estate whether buyer or seller... Every market is unique.

Coincidentally I also had a call regarding a home for sale in a Melbourne, Florida 55+ community.  This particular caller "felt" the price was high considering the prices for similar homes "back home."

His use of the words back home reminded of a comment I heard about ten or so years ago..."ain't how we do it back home."

I  advised the caller I could not discuss home prices "back home" since I am a Florida real estate agent and know the local Brevard County real estate market.

When looking for a new home, whether in Melbourne, Florida or wherever, expect changes.
  • Expect changes in customs and procedures related to the purchase process.  In this area this is especially true with the closing process.  In some ares of the country real estate closings are done almost exclusively by attorney offices.  In Brevard County the primary provider for real estate transactions are title companies.  Another difference in Brevard County is it is customary for the seller to pay for the buyer's title insurance policy.
  • Expect changes in property prices. Every market is unique.   Even within different parts of the county the prices vary greatly.  Want to live on the "island" or beach side?  Expect to pay more.
  • Expect changes in the cost of property taxes and insurance.  Both of these are very specific to zip code/location.
Because every market is unique it is critical buyers choose a local knowledgeable real estate agent.  Choose an agent who knows your specific area of interest.  Choose an agent you are comfortable talking with and who is available when you need them.

Moving to Brevard County, Florida?  Call me at 321-693-3850 and lets discuss your specific needs.  I may be the right agent for you....and if not I can refer you to someone better able to meet your needs.

agent@moving2brevard.com


Tuesday, November 14, 2017

Selling Your Home: Is Feedback a Waste?

The topic of feedback is a universal one that every home seller asks about at some point. The question often comes up during the listing interview/process.   If not then, it will likely show up once prospective buyers begin to view the property.

Some sellers are so anxious for feedback they will accompany prospective buyers while they view the house asking for opinions the whole time.  This is not something I recommend if a seller wants to sell their home!

Can feedback be a buyer's prelude to a forthcoming offer?   I have seen this a few times over the years where the negative comments are dished out.   In many cases the listing agent can tell that the buyer's agent is setting the seller up (or seller's agent) up for a low ball offer.   Plant the seed, reap the harvest later is the strategy!

And then some serious buyers will not offer any feedback as they want to disguise their interest.  Interest shown is viewed by some as showing their cards.  Of course when the market favors sellers as in the current Brevard County market then this is not necessarily a prudent strategy.

Is feedback ever useful to a listing agent?  

Most listing agents want feedback fro two reasons.  The first reason is their clients (sellers) expect it.  Again, even if not useful most sellers want feedback.  What do I consider useless feedback?  This is he time wasters like  "shows well, thanks."  "Looks good, not interested."  "Priced right, still looking!"

Still some feedback is useful.  This is the feedback that supports an agent's position although sellers have been resistant.  These are  the constructive comments such as "price too high," "too cluttered, not enough open space,"  "needs paint" and the like.   Yes, negative feedback can be useful.

What is the best type of feedback?  An offer!  Even if an offer fails to be negotiated, a realistic offer means the price was competitive for the market, location and condition. 

Sellers remember this: You do not control the price....the market does.

Should you as a buyer offer feedback?  By all means... if it is constructive.

Ready to sell your Viera, Florida home?  Call or text me at 321-693-3850 if I can help.

agent@moving2brevard.com

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Friday, November 10, 2017

Buying a Home - Don't Sabotage Your Deal!

The home buying process is fraught with risk and uncertainty.   There are some things a buyer can't control such as:
  • home inspection results.  While the general condition should be apparent and any problems disclosed by the seller, things can show up during the inspection. 
  • appraisals can't be controlled.  If the buyer's agent has done their homework and the offer approached with a sense of reasonableness then this should (hopefully) not be an issue. 
Still, a buyer should avoid anything that may sabotage their deal!

What can a prospective home buyer do that could put their home purchase in jeopardy?  Well, unless it is a cash purchase, simple "life choices" can create problems.

What are some "don't" events that can jeopardize a real estate closing?
  • Don't quit your job. Changes in employment are real risky.  Discuss with your lender up front if there is a job transition occurring in the near future (before closing on your home).
  • Don't buy a car or boat.  Major purchases, especially if financed, create potential issues with available cash reserves and debt to income limits.  Also, depending on credit score it could be a bad move!
  • Don't apply for a credit card.  Think credit score and debt!
  • Don't charge anything.
I like to put it this way when my buyer clients start shopping for a new home and especially once their contract is in place:  Once pre-approved for a mortgage don't do anything except eat, sleep, pay bills on time, go to work, got to church or whatever until closed!

Buying a home requires your finances (savings, income, taxes) and employment to be an open book.  Don't hide anything.  Don't change anything.

Ready to buy a home in Viera, Florida?  Call or text me at 321-693-3850 if I can help!

gwatersc21@aol.com

Thursday, November 02, 2017

Real Estate Market Summary Brevard County, FL 3rd Quarter 2017

Presented below is a summary report of the Brevard County, Florida real estate activity and market for the third quarter of 2017 compared the same quarter a year ago.

Summary of the Brevard County Residential Market for Q3 2017:

  • Closed Sales - down -3.4% for Q3 2017 with 2,528 units closed compared to 2,617 in Q3 2016. There was also a decrease in cash sales of -11.7% in Q3 2017.
  • New Pending Sales - decreased -9.6%.
  • New Listings - increased 1.3%.
  • Median Sales Price for Brevard Single Family homes - climbed 11.7% to $220,000 compared to a year ago which was $196,950.
  • Months Supply of Inventory - grew 12% to 2.8 months from 2.5 months in 2016.
  • Traditional Sales (Fair Market) - dropped -0.6% with a median sales price of $221,620 although my guess is Hurricane Irma had some impact.
  • Foreclosure/REO Sales - down -41.8% with a median sales price of $135,000.
  • Short Sale Closings - also down -41.9% with a median sales price of $180,000.
Summary of the Brevard County Townhouse/Condo Market for Q3 2017:
  • Closed Sales - down -6.1% for Q3 2017 in which the number of units closed was 626 compared to 667 in Q3 2016, with a decrease in cash sales of -21.3% compared to Q3 2016.
  • New Pending Sales - dropped -12.9%.
  • New Listings - up 0.8%.
  • Median Sales Price for Townhomes/Condos - up 8.8% to $160,000 compared to a year ago which was $147,000.
  • Months Supply of Inventory - did not change (remained 3.4 months).
  • Traditional Sales (Fair Market Sales) - down -3.8% with a median sales price of $162,000.
  • Foreclosure/REO Sales - decreased -37.5% with a median sales price of $115,000. Short Sale Closings - decreased -62.5% with a median sales price of $329,500 in Q3 2017.
For information on buying a home in Melbourne, Florida, please call or text me at 321-693-3850.

agent@moving2brevard.com

Wednesday, November 01, 2017

Why Buying The Lowest Priced Home in the Neighborhood is the RIGHT MOVE - Pine Creek Development in Melbourne, FL Home For Sale

When it comes to buying a home there are a few things smart buyers should avoid including
  1. buying the largest house in the neighborhood. 
  2. buying the most expensive house in the neighborhood. 
  3. buy an over-improved house.
 Why would any of these become a problem?

When it comes to value the largest home's value will be held back by the neighboring homes.  And although it should not be considered a primary investment most home buyers look at their home as an increasing asset over time.

As for the most improved home in the neighborhood the gamble is the other homes will gain improvements and value.

As an owner you will want to personalize and make some changes.  While these improvements as well as maintenance necessities will add value the most important consideration is they are your choice.  

More importantly, most homes will  be sold in the future and it will always be easier to sell a home that is not the biggest and highest priced.

In the end it is the location that can't be changed so I encourage buyers to consider the the mid value and under in a neighborhood when looking at homes. 

So why did I discuss the reasons to look at the lower end priced homes in a neighborhood?  Because here is the best deal in the 55+ gated community of Pine Creek in Melbourne, Florida!
There are two active listings in Pine Creek priced at $198,000 and $263,000.  There is one under contract priced at $230,000.

Recent sales (over the past six months) were reported at $263,000. $262,400 and $234,200.

The home listed at $198,000 is located at 3613 Osceola Drive (property under contract is next door listed at $32K more).

The 3613 Osceola Drive home is a two bedroom two bath two car garage 2003 built home with 1,335 sq.ft. under air.  Don't let the sq.ft. scare you as the open design and high ceilings give the impression of much more space.   Besides, when one is downsizing is all that extra space really necessary?

This home's location within the community is a big positive because it is close to the club house and community pool (across street about 200 ft away!)   

With association fees at $500 a quarter the lawn maintenance and exterior maintenance is included [REVIEW HOA DOCUMENTS TO VERIFY WHAT IS COVERED BY DUES].

If you are looking for a home in a Melbourne, Florida 55+ community consider the reasons noted above and the recent sales... then call me at 321-693-3850.


gwatersc21@aol.com

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