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Tuesday, August 30, 2016

Offering More Than List Price... When, Why and the Pitfalls.

How can a buyer compete with others when they are short on closing cost cash?   The most common response is to ask the seller for closing cost assistance. 

But how can one do this in a market like Melbourne, Florida where there are often multiple offers?   This most often involves a higher than usual offer price.  It would be unrealistic to expect a seller to "pay closing costs" if another offer is on the table at the same price.  

This is a strategy FSBO sellers will sometimes use when trying to sell to a buyer who has an agent.   The "For Sale By Owner" seller will try to get a higher sale price to "offset" real estate agent fees.

If this technique is employed the buyer should be advised up front.  Some buyers will opt to pay their own real estate agent when buying from a FSBO.

Of course bumping an offer price up involves  potential pitfalls which all should be aware of from the start.   The major pitfall?  The appraisal comes in low.

So what  are the options of the appraisal is low?    Here are the answers....
Ready to buy a home in Viera (Melbourne), Florida?  Call or text me at 321-693-3850.

agent@moving2brevard.com

Monday, August 29, 2016

Demand Drives Price - Buying a Boat in a Storm!


As it is now hurricane season and the tropics are picking up the title could reference buying a loaf of bread or bag of ice in a storm.   Anyone who  has been through one of those pre-hurricane periods in Florida will understand the frantic last minute rush to buy.

I have witnessed a simialr response buy prospective home buyers who waited until the storm (rising prices) was upon Florida before they sought to purchase!

Many prospective home buyers in Florida are finding the market has changed significantly over the past year or two.   People who were looking at homes for sale in Brevard County, Florida two years ago and wanted to wait for the
prices to "bottom out" find themselves in a completely different market. 

Take a look at this comparison of average and median sales prices of single family homes in Brevard County Florida for the years 2014 and 2016.


Current home-buyers who have been dragging their feet over the past six months are finding their choices limited and budgets strained by rising prices and dwindling inventory of move in ready (or new ) homes.

If you are considering buying a home in Florida in the near future the time to act is now!  

While the interest rates are still low who knows the direction on the future.  While there has been some hinting of an increase by the Fed of a rate increase before year end. we have no way of knowing. 

Still, while the interest rates are uncertain, prices will likely continue to rise in Brevard County, Florida.

Demand is acting on the price of homes, like buying a boat in a storm, it is the environment that determines price.  

agent@moving2brevard.com

Image courtesy of graur codrin at FreeDigitalPhotos.net

Sonoma at Viera - Market Update August 2016 - Viera Homes for Sale


The gated subdivision of Sonoma at Viera located in the planned unit development of Viera in central Brevard County, Florida, was one of the first subdivisions constructed when expansion moved west of I-95.

Sonoma at Viera is in a very convenient location 
Also the location is ideal for commuters to Orlando (40 miles),  Melbourne  as well as the Kennedy Space Center.  Click link to view the Sonoma at Viera home owner association web site.

What is currently for sale in Sonoma at Viera?

Currently there are six active listings in the Sonoma at Viera community.   List prices range from $265,900 to $479,990 (why not $480K?) with a median list price around $360,000.   All are standard sales which mirrors a trend in the Brevard County real estate market.

Most homes currently for sale in Sonoma at Viera are larger with only one having less than 1,600 sq.ft. and  the others between 2,000 and 2,900 sq.ft. under air.   Most have four bedrooms and three bath with three having private pools as well.

Like most homes in the development these were all built in the 2003 to 2025 time frame.  There are another three under contract awaiting closing at this time.

What has recently sold in Sonoma at Viera?

Over the past six months there have been eighteen homes sold in Sonoma at Viera.   Selling prices ranged from $232,000 to $487,000.

Since August 1, 2016 there have been four homes sold in Sonoma at Viera with selling prices running from $232,000 to $385,000.

The most recent sales included:
  • 4050 Chardonnay Drive - With 1,578 sq.ft. this 2006 built 3 bedroom 2 bath 2 car garage home sold for $232,000.
  • 4370 Chardonnay Drive - A foreclosure with 2,488 sq.ft. under air offering 4 bedrooms 3 baths and a pool sold for $298,000.
  • 4190 Chardonnay Drive - With 1,813 sq.ft. under air this 4 bedroom 2 bath 2 car garage pool home sold for $299,995.
  • 4731 Chardonnay Drive - 2,619 sq.ft. 3 bedroom 2 bath pool home sold for $385,000.
For information on homes for sale in Viera (Melbourne), Florida call or text me 321-693-3850. 

agent@moving2brevard.com
www.moving2brevard.com


Sunday, August 28, 2016

Chelsea Park in Rockledge, Florida - Homes For Sale - Market Update August 2016

Chelsea Park subdivision in Rockledge Florida offers homeowners deed restricted living in a centrally located development near everything.  Chelsea Park's relatively low association fees, amenities, proximity to several golf courses and shopping keep the homes in demand. 
Typical Look Chelsea Park

Located very close to I-95 and US1, commuting from Chelsea Park to anywhere in Brevard County is very easy.    Orlando and the attractions are also less than an hour away.

Children living in Chelsea Park attend Manatee Elementary in Viera, McNair Middle School and Rockledge High School (verify school boundaries here). 

Homes for sale in Chelsea Park

Currently there are seven active listings in the Chelsea Park community.  List prices range from $220,000 to $425,000 with a median list price around $370,000.   All of the homes for sale in Chelsea Park are standard sales which mirrors a trend in the Brevard County real estate market where very few distressed sales exist.

Most homes for sale in Chelsea Park are larger with only one having less than 1,600 sq.ft. under air conditioning and the remaining homes  at 2,300 - 3,400 sq.ft.   Most offer five or six bedrooms and three or four bathrooms.

Five of the seven listings have private pools.  The large presence of private pools is likely because Chelsea Park does not offer a community pool (has park,playground, tennis).  This also contributes to the lower HOA fees in Chelsea Park.

Most of the current homes for sale in the development were built in the early 2000s with one constructed in 2015.   There are another seven under contract awaiting closing at this time (all standard sales as well).

What has recently sold in Chelsea Park?

Over the past six months there have been ten homes sold in Chelsea Park.  Selling prices ranged from $229,000 to $368,000.

Since August 1, 2016 there have been four homes sold in Chelsea Park.  Selling prices ranged from $259,000 to $368,000.

These most recent sales included:
  • 398 Brookcrest Circle - 2,108 sq.ft. 4 bedroom 2 bath pool home built in 2002 sold for $259,000.
  • 567 Glenbrook Circle -  2,740 sq.ft. under air offering 4 bedrooms 3 baths 3 car garage two story sold for $305,000.
  • 564 Glenbrook Circle - With 2,229 sq.ft. under air this 2016 built 4 bedroom 3 bath 3 car garage home sold for $352,000.
  • 322 Castlewood Lane - 2,800 sq.ft. 4 bedroom 3 bath 3 car garage pool home sold for $368,000.
For information on homes for sale in Chelsea Park in Rockledge, Florida, call or text me at 321-693-3850.

agent@moving2brevard.com


Thursday, August 25, 2016

Home Seller Tips: Is it "move in ready" or not?

Not too many years ago the term "move in ready" was defined as no leaks, all appliances present and capable of being financed!

Maybe that is a bit of a superficial definition.  

My point is people were not as picky back in the 2004-2006 time-frame when there were way more buyers than sellers.

During the big run up of a decade ago, buyers would often acquiesce and buy before the prices went even higher.

Times have changed.

This is a seller's market and move in ready homes are commanding top dollar here in Florida.

But buyers (and appraisers) are no longer lax in their definition of move in ready or finance-able.

If you are considering selling your Viera, Florida home consider the competition.  

Sellers logically want to get top dollar.  And with a shortage of inventory of homes buyers are willing to compete for "the house."

Move in ready is defined by the buyer however common expectations among buyers include things like:
  • Roof - End of life or in need of replacement roof is a turn off. Who wants to pay top dollar and put a roof on in a few years?  Besides, buyers may have issues with obtaining homeowner insurance. 
  • Air Conditioning - This is Florida.  It is AC weather about ten months out of the year.  Energy efficiency is an issue for many buyers. Do not be surprised if the buyers want to see the utility bills for the past year or two. And don't forget that "original equipment" water heater.  Sure it may last twenty years but should it?  
  • Kitchen - Old appliances and "vintage" kitchen cabinetry are not positives. 
  • Flooring - Worn carpet, old vinyl is more than a cosmetic turn off.  Again, buyers want to move in and rarely buy flooring or even paint right away.  
  • Bathrooms - Like the kitchen, old, vintage and classic are not descriptions buyers are seeking when reviewing your agent's marketing materials!
If a seller is intent on receiving top dollar for their move in ready home, then it is critical they see their home through the eyes of the buyer!

agent@moving2brevard.com

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