Friday, March 27, 2015

Heritage Isle in Viera, Florida - Market Activity February and March 2015

Heritage Isle is one of the most popular 55+ communities in central Florida.  Why is this gated 55+ community so popular?   In a word "lifestyle!"   


This includes a 21,000 square foot club house with a  huge pool, tennis, fitness center and basketball courts.  If golf is your game there is the Duran Golf Club next door as well as several nearby course from which to choose. If you prefer, biking and hiking is outside your front door!


If one prefers to be less active try some of the offerings like ceramics, painting, computer classes, CPR training, billiards tournaments, shows in the ballroom, movie (or poker) night plus more.  


And don't worry about your lawn....lawn care and exterior maintenance is provided. And if you need help, a concierge service is available (at a nominal cost).  

Association fees vary but are in the $300 a month range.   Read  Choosing a 55+ Community in Viera.


What has recently sold in Heritage Isle in Viera?


Between February 1 and March 25, 2015, there were seven single family homes sold in Heritage Isle.   All seven of these properties were standard sales (three new construction, four resales).  Fortunately for the 55+ market it appears the distressed properties have almost completely left the market place.

The new construction homes sold in Heritage Isle recently included:
  • 3261 Anza Street:  This three bedroom three bath two car garage home with 2,032 sq.ft. under air sold for $257,090.
  • 3231 Anza Street:  Also a three bedroom three bath two car garage home with 2,032 sq.ft. under air sold for $252,090.
  • 3251 Anza Street:  A two bedroom two bathroom two car garage home with 1,866 sq.ft. under air sold for $234,090 .
The recent re-sales in Heritage Isle included:
  • 3532 Carambola Circle:  2006 built  two bedroom two bath two car garage home with 1697 sq ft under air sold for $225,000.
  • 7147 Broderick Drive:  2006 built four bedroom three bath two car garage home  with 1,983 sq.ft. sold for $235,000.
  • 6985 Lovington Way:  2006 built two bedroom two bath two car garage home with 1,847 sq.ft. sold for $224,000.
  • 3375 Sansome Circle:  Newer 2013 built four bedroom three bath three car garage home with 2,381 sq.ft. located on a pond which sold for $320,000.

During this same period there were twelve patio style/townhouse and half duplex properties sold in Heritage Isle with selling prices from $151,000 to $240,000 (half duplex).

The selling prices for half duplex properties ranged from $205,000 to $230,000.  All the half duplexes were 1,500 to 1,800 + sq ft with three bedrooms and two baths with either one or two car garages. (Two car garages more common.)

Selling prices for townhouses ranged from $151,000 to $204,000 with 1,400-1,500+ sq ft under air with one car garages.  More than half of these sales were properties built in 2014 and 2015.


What is for sale in Heritage Isle in Viera?


Currently there are 22 single family homes for sale in Heritage Isle.   List prices for these homes range from $224,900 to $414,900.   Of these, seven are new construction homes.

Most homes for sale in Heritage Isle are either 3 bedroom/2 bath or 4 bedroom/3 bathroom homes with two car garages being more common.

Home sizes vary from about 1,657 sq ft to more than 3,200 sq ft.  Thirteen of these 22 homes for sale are less than 2,020 sq ft.   The seven most affordable homes for sale in Heritage Isle are priced from $224,900 to $249,900.

Currently there are ten active listings for townhouse and half duplex style homes.  Five of these are new construction half duplexes (3br/2ba) priced at approximately $180,000 to $192,000. 

There are two re-sale half duplexes priced in the $229,000 - $249,000 range (both 3/2/2/).  The lowest priced townhouse is priced around $169,000.

agent@moving2brevard.comFor information on homes for sale in Heritage Isle including new construction, send me an email. 

 Ask me about Viera's other 55+ communities...Grand Isle and Indian River Colony Club.


 

Tuesday, March 24, 2015

Brevard County, Florida Townhouse and Condo Market Report (February 2015 vs. February 2014)

Below is a summary of the Brevard County, Florida townhouse and condominium market activity for February 2015 compared to February 2014 activity.
  • Closed Sales were up 8.6% in February 2015 with 190 units closed compared to 175 in February 2014 with an increase in cash sales of 6.6%.
  • New Pending Sales were also up 2.9% as were new listings (up 1.2%).
  • Median Sales Price for Townhouses/Condos up 14.8% to $133,750 versus $116,500 a year ago.
  • Median Days on the Market were down -18.9% to 43 days compared to February 2014 (53 days).
  • Months Supply of Inventory is down -29.5% to 4.3 months (last February 6.1 months).  
  • Traditional Sales are up 24.4% with a median sales price of $141,250.
  • Foreclosure/REO Sales are down -28.2% with a median sales price of $91,200.
  • Short Sale Closings are down -55.6% with a median sale price of $131,100.
agent@moving2brevard.com

 Data provided by the Space Coast Association of Realtors®

Brevard County, Florida Single Family Home Sales, Inventory and Trends as of February 28, 2015

The charts presented below, as provided by the Florida Realtors®, summarize in detail the state of the single family home residential market in Brevard County, Florida for the year ending February 28, 2015.

At the end of February 2015 all numbers appear to favor single family home sellers with increasing sales prices, decreasing inventory, more cash sales and fewer new listings.


Since September 2014 the year-over-year inventory of single family homes has decreased steadily with current inventory levels at the lowest level since May 2014 (except for a one month jump in October).



The majority of single family home sales in February 2015 were standard sales (76+%).  Foreclosures made up about 20% of sales while short sales continued to decrease to only about 4% of closed sales.



Median sales prices have steadily climbed as well except for the slight decrease in November 2014 (coincidentally following the one month bump in inventory in October).

If you are considering buying a single family home in Brevard County, Florida this may be your best time.   Look at the signs...
  • Prices are rising, 
  • Inventory levels are low, and 
  • Interest rates are still very attractive (around the 3.8% range for 30 year loans).
agent@moving2brevard.com

The above data provided by the Florida Realtors®


Monday, March 23, 2015

Home Buyer Tips: What Condition Should a Seller Leave Their House in at Closing?

One of the last steps in the home buying process is for the buyer to do a a final walk through inspection.  With my buyers I prefer to do this on the way to the closing table.

The main focus of the final walk through is to make sure the house is in the same condition it was in when contracted including the appliances and lights, etc. that are supposed to remain are still present.

Not nearly as valuable as the physical house and associated property there is also an expectation the property will be clean.   While there will not be a white glove inspection it is expected that the property will be emptied of trash and personal contents.

It is expected that hazardous materials like old paint cans and insecticides and flammable items will be gone as well and not left in the garage.

Trash at the curb is usually not a problem.  Even older appliances or TVs that will be picked up is not a problem as long as a special pickup scheduled by seller, of course

While it is not necessary to have Merry Maids clean your house before going to closing please respect your buyers by having your house ready for the new owners.

And if a gift certificate for Merry Maids is desired, in Brevard County, order here.

agent@moving2brevard.com

What is a "Walk Through?"







"Cleaning "image courtesy of AKARAKINGDOMS at FreeDigitalPhotos.net
"Garbage Truck Driver"  image courtesy of vectorolie at FreeDigitalPhotos.net

Thursday, March 19, 2015

Finding Your Real Estate Agent: Being on the Internet is not an endorsement.

In today's world everyone and everything can be found on the Internet.  That is especially true when it comes to real estate agents.

Just do a search for Brevard County, Florida real estate agent , moving to Brevard County, Florida  or Brevard County, Florida Realtor.   The results will be plentiful.  (By the way, I show up on page one of each of these searches.)

But being on the Internet is not an endorsement.

Being on the Internet is not a seal of approval... Having an Internet presence adds no legitimacy or competency to any business or professional.

What matters is results.  What matters is experience.  What matters is satisfied customers who would call on you again to meet their Brevard County, Florida real estate needs.  What matters is local knowledge.

Finally, what matters is an internet presenceNo, it is not an endorsement.  But 90+% of home buyers start their search on the internet so you need an agent who understands targeted internet marketing.

If you are considering buying a home in Brevard County, Florida, call me at 321-693-3850.

After we talk, if you are still interested, I will gladly provide references for you to check with about my service and results.

If you are ready to sell your Brevard County, Florida home, give me a call or send me an email.  I will be happy to talk with you, provide a free market analysis

agent@moving2brevard.com


Sunday, March 15, 2015

Home Buyer Tips: Would Disney World accept 80% on the posted admission price?

What kind of response would you get if you went over to Disney World in Orlando and went up to the admission gate and offered $84 for Disney World admission?

This really is meant to be a rhetorical question.  The response would likely be something like "Please step aside for those willing to pay the price of admission."

Now, lets change the scenario.

What kind of response do you think you would get if you went to a home seller in Viera, Florida and offered 80-85% of listing price?   [By the way, the $84 used  above represents 80% of the Disney World single day ticket price of $105]

Although several responses are possible the most likely one will be similar to the "Step aside and let the buyers in who are willing to make a serious offer."

What is a serious offer?  While price is usually issue number one when it comes to evaluating a serious offer it may not be the highest priority.   An offer that is above the market price may not appraise and subsequently will fail to close.

A seller may accept an offer that is less but cleaner (not excessive contingencies).  It may be the offer with the soonest closing date.  It may be the "as is" offer instead of the one with a repair contingency.  It may be an offer with conventional financing as opposed to FHA or VA loans.  It may be the offer without the personal property requests (TV, washer/dryer, riding mower, etc).

Suffice it to say home buyers, like Disney visitors, must be willing to pay the price of admission.  And while that price is likely negotiable starting at 80% of list price may not be the best strategy.  

Make it a Lets Talk Offer!

Serious Buyers, Motivated Sellers!

Wednesday, March 11, 2015

Real Estate Markets: Serious Buyers, Motivated Sellers

In real estate you often hear the term "serious" used to refer to a buyer more often than a seller.  Similarly, you will hear the word "motivated" more often used to describe a seller.

Like most words in the dictionary - use does not make them so.

When on a listing appointment and a seller tells me they are motivated I can pretty quickly decide if that is really the case. 

How does a buyer judge a seller's motivation?  It could be the price and/or the lack of barriers to showing the property (none of that 24 hour notice stuff).  It could be the preparation or lack thereof.

The current 2015 Brevard County, Florida residential real estate market definitely favors the seller side of the transaction.  Offers seem to come very quickly when a seller is really motivated - often in twos or threes!

Although it may not be spoken an offer, when received, proclaims a buyer's interest.    Once received the quality of the offer determines the level of buyer interest.  

How does a seller judge the interest?  First, it may be price but not always just the price.  It can be other things like the supporting documentation (mortgage pre-approval letter, absence of excessive contingencies, closing date, etc.).

This is key for the buyer to understand.  The quality of the offer will determine if a seller believes the buyer is a real prospect or just fishing.

There is still one word that I consider to be more important than serious or motivated.  

That word is... realistic.  

agent@moving2brevard.com


Monday, March 09, 2015

Preparing to sell your home: Why would someone want your house to be their next home?

When it is time to sell your home ask yourself  "Why would someone want my house to be their home?"

When on listing interviews I try to get the answer to this question by asking "What do you like most about your house?"  Then I follow up with the opposite "What do you like the least about your house?"

The answers to these questions will present opportunities and potential obstacles to marketing a property.

The positives are easy to build a marketing plan around.  Things like... Great neighborhood! Excellent nearby schools!  Nearby golf course!  Beach nearby!  New roof! Newly remodeled! It could be the proximity to schools or amenities like golf courses or beaches. 

The biggest challenge could be overcoming (or minimizing) the negatives.  Some buyers may not see the "perceived" negatives as a major shortcoming at all.

For example, a lack of storage may not be an issue for someone who is downsizing or just starting out.  It does take time to accumulate "stuff."     The busy thoroughfare may be a positive for a commuter.   The zero lot line lot (small) may not offer a lot of privacy but it may appeal to someone who doesn't desire a yard to be maintained.

Some of the real negatives can not be overcome due to costs.  Sometimes the return on the fix is not worth the effort.  The key is to address the potential problems that can be fixed.    Some easy negatives to overcome include highly personalized paint and replacing old worn or stained carpet.

Some negatives like smaller rooms or little counter space can be minimized by removing excess furniture from rooms and "stuff" from counters and making sure the rooms are well lit and bright!  Sellers should take the opportunity during the preparation phase to clean and de-clutter (think small closets and don't forget the garage).  Above all else address the minor problems and eyesores like weeds in the flowerbeds and stains on the driveway.

The irritations a home owner has "lived with" are not going to be viewed the same way by prospective buyers.

When a buyer walks in your front door they are seeking the answer to the title question "Why do I want this to be my home?"

If you are considering selling your Viera, Florida home, please give me a call at 321-693-3850 or send me an email for your free market analysis.

Have a question about the home selling or home buying process, just ask!




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Friday, March 06, 2015

What is the difference between mortgage pre-qualification and mortgage pre-approval?

A mortgage pre-qualification is a basic screening process  that  usually reviews income, liabilities, credit histories, etc.  This can provide a general idea of ones ability to obtain a mortgage but it is very cursory.  When it is time to write an offer the mortgage pre-approval can provide the seller a level of confidence the transaction can close (although there will be boxes to check off along the way to closing)..

The mortgage pre-approval letter is the major supporting documentation for any offer.  The mortgage pre-approval process requires the lender gather information for verification.  This will require the lender to pull a credit report, verify income and employment history.

The mortgage pre-approval process will result in an approved maximum amount.
A key point, especially for inexperienced buyers, is the "approved amount" does not equal "must spend amount." 
The above highlighted point is becoming more important as the Brevard County, Florida market has shifted to favor sellers.  It is now becoming very common for buyers to find themselves in a multiple offer situation.   When several buyers want the same home it can become an emotional bidding war - not good!

Prospective buyers should answer these two questions when before they find a home they like:
  1. How much can I really afford
  2. How much do I really want to spend?
The answer to those questions is likely not found on the mortgage pre-approval letter.

When you are ready to buy a home in Melbourne or Viera, Florida, give me a call at 321-693-3850.  If you would like some references for mortgage lenders, please ask.

agent@moving2brevard.com


    Wednesday, March 04, 2015

    Home Seller Tips: How Does a Seller Respond to an Offer in Week One?

    With the housing market in Brevard County, Florida showing more buyers looking and less sellers selling it is inevitable that offers will come quickly when a home is well prepared and competitively priced.

    In the current Brevard County, Florida market it is not unusual for sellers to receive offers within the first week or two - sometimes multiple offers.

    So the question on the mind of many sellers is "When should I accept an offer?"

    Some prescribe to the philosophy that an offer come too quickly.  I do not.  Offers must be evaluated on their merit - not the time of arrival.

    Image courtesy of Stuart Miles at FreeDigitalPhotos.net
    Sellers must initially assess the strength of the offer.  Is it a cash?   Is it a quick closing (longer between offer and closing then the more chance of a deal failing)?  Are there a lot of strings attached (unusual contingencies), etc?   Is there supporting documents with the offer (proof of funds, mortgage pre-approval, reasonable escrow/down payment)?

    Next, sellers must evaluate how the offer fits in with their goals.

    Early on in the listing process most real estate agents ask questions to obtain a picture of the seller's goals. It is these goals the offer must be weighted against.    Things like time line, what is next, how much they want for their property, carrying costs and the like.

    Once the quality of the overall offer is evaluated (price is only one component albeit the most important) sellers can be respond in one of three ways. 
    1. Accept. 
    2. Reject totally with no counteroffer. 
    3. Reject with a counteroffer presented.
    So, how does a seller respond to an offer received soon after the home is listed?  The same way they would respond to any other offer. 

    When selling there will be many unknowns.  Will there be another offer? Will it be higher or lower? (Sometimes the first offer is the best offer.)  When will it come?  (is a future higher price worth the carrying costs and hassle of showings?)

    Is any offer assured of closing per the contract?   No one, not even your real estate agent, has a crystal ball.   Evaluate the known and go forward with the decision made be it accept, reject or counteroffer!
     
    It is critical buyers and sellers have the right real estate agent working with them.   When you are ready to buy or sell a home in Melbourne, Florida (including Viera), please give me a call at 321-693-3850.

    agent@moving2brevard.com

    Monday, March 02, 2015

    Home Buyer Tips: What is the difference between a pre-qualification and pre-approval?

    What is the difference between a pre-qualification and pre-approval?

    A mortgage pre-qualification involves a basic screening process that usually reviews a potential buyer's income, liabilities, credit histories, etc.  The mortgage pre-qualification process can provide a general idea of one's ability to obtain a mortgage but it is very cursory.

    When it is time to write an offer it will be the mortgage pre-approval that will provide the seller a level of confidence the transaction can close if they accept the offer (although there will be boxes to check off along the way to closing)..

    When shopping for a home it is the mortgage pre-approval letter that is the major supporting documentation for any offer.  [If a buyer is a cash buyer then it is the proof of funds letter.]

    The mortgage pre-approval process requires the lender to gather information from prospective buyers for verification.  This will require the lender to pull a credit report, verify income and employment history.

    The mortgage pre-approval process will result in an approved maximum amount.   This is what home buyers should get before they start shopping for a home.

    One final word about mortgages in general.. the "approved amount" does not equal "must spend amount." 

    In a real estate market such as the Brevard County, Florida market which has shifted to favor sellers it is very common for buyers to find themselves in a multiple offer situation.  When several buyers want the same home it can become an emotional bidding war - not good!  Prospective buyers should answer these two questions BEFORE looking for a home.
    1. How much can I really afford
    2. How much do I really want to spend?
    If you are ready to buy a home in Melbourne, Florida, please give me a call at 321-693-3850 if I can help in any way (send me an email if you prefer).

     
    agent@moving2brevard.com





    Wednesday, February 25, 2015

    January 2015 Condominium and Town Home Sales - Brevard County, Florida


    The below tables reflect the January 2015 condominium and town home sales data for Brevard County, Florida compared to January 2014 as provided by the Florida Realtors®.

    Among the key data points:
    • While the total closed sales was lower the average selling price was higher at about $149,000 (+7.5%).
    • The median sales price for foreclosures was barely higher than a year ago.
    • The median sales price for standard sales was roughly the same as last January.
    • Only 7 of 166 properties sold were short sales.
    • The number of foreclosure sales decreased from 40 in January 2014 to 25 in January 2015.
    • Almost 81% of January 2015 condo and town home sales were fair market sales.


    Tuesday, February 24, 2015

    January 2015 Home Sales in Brevard County, Florida: Inventory down, prices rising.

    The below tables reflect the January 2015 single family home sales data for Brevard County, Florida compared to January 2014 as provided by the Florida Realtors®.

    Is the residential market in Brevard County stronger with more competition than it was a year ago?  The numbers seem to say yes.  Among the key data points:
    • Inventory down, prices rising vs. one year ago.
    • The median sales price for foreclosures (+4.6%) and standard sales (+15.6%) were both up over January 2014.
    • Short sales represented only 25 of over 600 closed single family home sale in January 2015.
    • Almost 71% of January 2015 single family home sales were fair market sales.
    • About 25% of closed sales were foreclosures.