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Friday, October 07, 2011

Home Buyers: You are a lucky group!

Supply and demand forces are especially evident in today's real estate market.

Why are homes not selling?

First of all, homes are selling.  In Brevard County, Florida there were 615 single family homes, townhouses and condos sold in September 2011.

The real question should be "Why are more homes not selling?"

It is not because the cost of a mortgage is so high (about 4% today).  In Brevard County it is more likely tied to the economic uncertainties that exist today (unemployment 11+%).

Demand is down.

Buyers are aware further declines are quite possible.  The impact of jobs lost with the end of the space shuttle program has not been completely felt yet.

When considering a home purchase, is it good to know how much the seller paid for a house?

How much the seller paid has no bearing on the selling price of a home.   The seller does not control the buyers – only the decision to accept or reject an offer.

As a buyer, it is good to know how much the seller paid (especially if in the last 5-7 years)
as it will really show how lucky they are to be buying now than back then!




 

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