There are 6,450 or so single family houses for sale in Brevard County Florida. That is a lot although less than the almost 8.000 or so from some time ago. This excess inventory includes a lot of short sales and REO/Bank owned properties.
Short Sale is a sale where the probable sales price will be LESS than the monies owed and will require third party (lender) approval. REO properties are bank owned/foreclosure properties.
How many short sales and other third party approval (bank owned) listings? 1,385! Lets see..that is about 21% of the entire inventory of single family dwellings!
So, if you are a "regular seller," consider your competition. These distressed properties are putting immense pressure on your marketing efforts and chance of success. Obviously if you are not a short seller, you have the financial resources (funds, equity, etc) to to sell without being "short" at the closing.
But, should you sell now? Only you know the answer to this question. Some folks are retiring. Some folks still have a lot of equity in their homes and will still end up in positive territory. Some folks are relocating due to job change.
One thing I have noticed is that folks who really have no need to sell are not rushing to test the market! This is a good sign. Only when the inventory decreases will the market stabilize.
If you are considering selling your home in Viera, Rockledge or Suntree (north Melbourne, Florida), please give me a call. By the way, I also serve the Cocoa and Merritt Island areas as well!
I would welcome a chance to discuss the market and my marketing program as well as answer any of your questions. Gary Waters, Century 21 Baytree Realty, Rockledge, Florida. Email me at email@example.com or call me directly at 321-693-3850.