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Wednesday, February 29, 2012

Brevard County, Florida Residential Sales - February 2012 Sales

Below is an early comparison of residential sales in Brevard County, Florida for the month of February 2012.  These were extracted from the Brevard MLS system at 6p.m. on February 29 and may change a little as "leap day" closings are entered.

The below tables reflect residential sales in February 2012 of foreclosures only or short sales only.

Monday, February 27, 2012

Short Sales - Why You Should Care (Even if it is OPM)

It may be just a short sale.  It could even be a house you have never put a penny of your money into.   (There was a time when folks were getting 100% loans plus the closing costs added on as well.) 

Those days are gone and some now find themselves in a hardship situation due to the tough economic times.  They are now doing a short sale.

Now tell me again “What is a short sale?”

A short sale means there will not be enough money to cover the mortgage balances.  And the deficiency must be dealt with by the parties.

I have seen some lenders waive the balance while others have requested the seller bring cash to close or sign a personal note.  You usually never really know until the offer has been received and the negotiation starts.

Regardless, this deficiency is the reason why all short sale sellers should care enough to get the best price possible for their house or condo.

That means hiring a good real state agent who will represent you well in the process.  It includes a seller taking responsibility to make sure the home is maintained in the best condition possible and shows well.  It means negotiating any offer to get the most money possible for the lender (and yourself!).  I have heard some say, regardless of offer amount, "I will sign and just let the bank decide!"  That is not an approach I would recommend.

Sure, you may be playing with OPM (other people's money) but it is your credit and future that is in play as well!

If you are a Brevard County Florida home owner and considering a short sale, give me a call at 321-693-3850 or email me.

Brevard County, Florida Real Estate Tips - Negotiation strategies to close the deal!

There are tons of books out there on how to close the deal.  As a buyer it is not necessary that you be the expert negotiator.  You have a real estate agent working for you who should have the local market knowledge and skills necessary to advise you in the correct price and negotiating approach.

Still, even against the advice of their real estate agent, some buyers take an approach that jeopardizes any chance of coming to an agreement with the seller.

I think buyers should take one of two approaches when preparing an offer to purchase.
  1. Make it a reasonable "let's talk" offer so we can meet somewhere acceptable in the middle or, 
  2. Make an offer that represents best and only offer and let the seller know it [not meant to alienate the seller, just to save everyone time].
There is one approach I caution against always - low ball offers with an accompanying list of reasons to justify the offer.

Sellers very often have an emotional attachment to their home.  You may not like something but still the seller may have special memories you (or no one else) can see.  This may be perceived as a personal attack! 

There is possibly one exception to the above -  a short sale.  In a short sale where the seller is playing with other people’s money (as in 100% loan and none of their own money in the house) they may be willing to look at the list of "reasons" as something the bank would accept as well. 

Regardless of approach, any offer to purchase should include an inspection contingency. 

If the results of the inspection are not satisfactory then a buyer reserves the right to
  • walk away, 
  • present a list of repairs required to proceed, or 
  • offer a lower price because of the "list." 
Of these the only one a seller would be required to accept would be the walk away!  Still an inspection contingency is a must!

When you are ready to sell your Viera, Suntree or Rockledge, Florida home, give me a call at 321-693-3950 or email me.

Sunday, February 26, 2012

Brevard County Florida Real Estate–What to expect as March 2012 approaches….

I recently read an article about how rising rents may spur on real estate sales.   The housing crisis has created a lot changes and market conditions including reducing home ownership rates to a 14 year low and causing an increase in rental demand.

In Brevard County, Florida I have noticed the residential sales inventory has been dropping consistently.   As of today there are less than 3,000 active residential listings – only about 2,500 if you are not looking in the 55+ communities like Heritage Isle or Grand Isle!

And with rental demand increasing there are now just over 1,000 active rental listings in Brevard County and only 385 of these are single family homes.

So with the traditional spring buying season approaching what are buyers looking at?

Decreased supply, increased demand.  It is happening with rental properties.  It is only a matter of time before it happens with residential sales.  That is the nature of the business.

So with the traditional spring buying season approaching what are sellers looking at?  Quite possibly a better time to sell your Brevard County, Florida home!

When you are ready to buy or sell a home or condo in Brevard County, Florida, call me at 321-693-3850 or send me an email.

Saturday, February 25, 2012

Home Buyer Tip: Should you consider a short sale?

Seems that a day does not go by that I do not receive an inquiry regarding short sales.   Most of these inquiries are folks who have heard about the great deals available in the short sale market.

There are some very attractive deals in the Viera, Suntree and Rockledge areas of Brevard County Florida in "short sale" listings! But, not all buyers are ideal candidates for a short sale.

Who is a good candidate to buy a short sale?

First of all, flexibility is key.   A flexible schedule is a must.

Why?  Because in short sale situations a "third party" approval is required.  Short sales involve situations where the probable sales price will be less than monies owed therefore the lender must sign off on the offer.  This can tale up to three to six months or even longer.

So, if your time is pretty fixed, a short sale may not be the best route for you.  [A "normal" transaction usually takes at least 30-45 days unless you are a cash buyer!]

If you have the cash to put down, a mortgage lined up, a willingness to possibly "start all over" if the offer is rejected (or someone else gets the deal), and patience...then you sound like a good candidate for the short sale market.

If you would like information on short sale opportunities in the Viera, Suntree and Rockledge area, please give me a call or drop me an email.

Friday, February 24, 2012

Selling Your Viera Florida Home: What is it worth?

If you call me (or any other real estate agent) to discuss selling your Viera, Florida home eventually you will get asked this question  "What do you think your home is worth?"  And many times the answer will surprise me.

Helpful hint:  Don't answer this question firstHere is why!

I find most often prospective sellers come in four varieties.

First is the tech-savvy seller.  With wide availability of Internet resources these days it is quite common to find many who are "self-comping."  They find the value by going by some guesstimate by a web site that is thousands of miles away and relies on dated data.

Or they may even go to the local property appraiser site and see what has sold recently but fail to consider the nature of the sale (family, foreclosure, quick sale, estate sale, short sale).  In addition to circumstances of the sale they do not account for the property condition and other factors.

Second is the "this is what I paid" seller.  These are usually folks who have lived in their home about 6-10 years who purchased during the run up in prices and expect to get that back plus a profit.

The third type of seller is the "hybrid" which includes part of the "this is what I paid" thinking but adds a maintenance surcharge.   They want to recoup full value of any maintenance items (AC, new roof) at a dollar per dollar return on investment.

Finally there is the reality based seller.  They are the ones who say up front "I understand the market is down.  It is a buyer's market.  I have made these repairs and improvements.  I know I will not get what I paid back but I know it will add something to the selling price. What do you think it is worth?"

When you are ready to sell your Brevard County, Florida home call or email me for a free market analysis.

I will provide you my opinion what I think your Brevard County, Florida home is worth in today's market under your circumstances (condition of property, reason for sale, timeline, etc).

Setting your price based on the Internet is right up there with self-diagnosis of an illness - not always accurate.

Here are a few other articles on pricing your Brevard County, Florida home to sell.  Please contact me if you have any questions.
If You Price Your Home Higher than Similar Properties in Your Neighborhood Make Sure the Differences are Real (and marketed)
Using the “sold” Data to Price your home
Pricing to get a "let's talk offer."


Tuesday, February 21, 2012

Home Seller Tip - If You Price Your Home Higher than Similar Properties in Your Neighborhood Make Sure the Differences are Real (and marketed)

I read an article this morning that posed a simple question – “Should one expect two similar sized homes in the same neighborhood that are priced the same price be in the same condition?”

The logical answer should be yes but I have witnessed the opposite many times.

Another question to consider is “Should one expect two exact same sized and aged homes in the same neighborhood be priced somewhat similarly?” 

This afternoon while reviewing market activity in Rockledge, Florida's Ashwood Lakes development I noticed there were three homes for sale.  Two of these are short sales.  Each has 2,252 sq.ft. under air and a two car garage.  They are priced $65,000 apart ($224,900, $159,900).  Both were built in 2001. One has a pool.

Is there a $65,000 difference?  There could be I suppose.

By the way the other home for sale in Ashwood Lakes is a standard sale at $118,999.  Why don’t they just say $119,000?

An important reminder for sellers…If you are going to price your home significantly higher than similar properties in your neighborhood or area make sure the differences are really there and marketed.

Ready to sell your Viera or Rockledge, Florida home?  Call me at 321-693-3850 or email me for a free market analysis.

Brevard County Florida Real Estate–Why I am Showing Viera Homes for Rent Today

The Washington Nationals are starting their spring training this week at their facility here in Viera (Melbourne, Florida).   Of all the spring training games played at Space Coast Stadium none will be as popular as the March 15 game against the New York Yankees.

Baseball…nothing is more exciting than watching the ball fly over the fence – the home run!

As a real estate agent working with buyers and sellers in Brevard County, Florida I love it when I hit a home run – sell a nice home.

But today I will be working with a rental customer showing homes for rent in Suntree and Viera.   Many real estate agents prefer to either work exclusively with buyers or sellers.

Why am I working with rentals?

Because renters sometimes become buyers and buyers many times become sellers.

Very often those relocating to Brevard County, Florida prefer to rent a home for a year to learn the area.   If you are moving to Brevard County, Florida and are considering whether you should rent or buy, send me an email

If you are a property owner and need tenant placement or property management services, send me an email. 

Saturday, February 18, 2012

Home Buyer Tip - Look at Home Purchase like a Car Purchase

There was a time not so long ago when home buyers were looking at their homes as investments.  Buy, hold, flip, make a, flip, make a profit...and then it surprised some when the cycle stopped.

Rather than look at your home as a pure investment I suggest you view your home purchase as if it were an automobile purchase.

Most of us purchase cars for a specific reason.  It could be a sporty image or professional business image.  Or most likely it is for functionality.

Ultimately it is purchased because it will serve a real purpose within a defined useful life.

What is the useful life of your home?  I am not referring to the physical structure itself but rather how long it is of suitable use for you?

Lives evolve.  Where you find yourself at this point in your life is likely not where you will be in five or ten years.

Could it be you are just starting in a career path that will lead to more money later on.  Perhaps you are married and don’t anticipate children for four or five years.  Or maybe you have a couple of small children who will be growing later.

Just as your circumstances may require you drive a smaller inexpensive or used car your circumstances may require you purchase a smaller home that will serve a purpose - a useful life for this period of your life.

When you get ready to purchase a house or condo, contact a lender and get a pre-approval.  Find a real estate professional to work with you.

And then define your needs for this period in your life

Remember lives evolve.

When you are ready to buy a home in Brevard County, Florida...

Friday, February 17, 2012

Carriage Park Condos in Suntree (Melbourne, Florida)

The Carriage Park Condo community in Suntree (Melbourne) Florida continues to offer attractive prices for condo living in along the eastern central Florida coast.

This gated condo community near Baytree Golf Course offers 2 and 3 bedroom condos constructed in 2000-2003 featuring attached garages, a community pool and reasonable condo fees (less than $300).  ***The monthly association fees cover pool maintenance, cable TV, lawn care, pest control, security, trash and insurance.   

Currently there are only three properties in Carriage Park currently on the market.

Of the three condos on the market at this time, two are short sales.  One unit looks particularly attractive at $105,000 for a three bedroom two bath unit with over 1,800 sq.ft.  The other two units are two bedroom units priced under $125,000.

The most recent sale in Carriage Park closed in January 2012.  It was a two bedroom two bath first floor end unit with over 1500 sq.ft. which sold for $127,000.  First floor end units are a little more desirable in my opinion.  There is a 2/2 short sale currently under contract.

Over the past 14 months there have only been eight units sold in Carriage Park with selling prices ranging from $80,000 to $128,000.  Since November 1, 2011 there have been three units sold with an average selling price of about $121,000.

For information on condos for sale in Suntree and Viera, call me directly at 321-693-3850 or email me.

***Review condo documents including financial statements carefully before purchasing. Do not rely on this blog.

Thursday, February 16, 2012

Are there any Rockledge, Florida homes for sale with at least one acre of land?

Click on Map
Recently I received an email inquiry regarding any Rockledge, Florida homes for sale with at least one acre of land?   My response included much of the below information about homes for sale in Rockledge with at least one acre.

Tuckaway Lake Estates

The first development (and oldest) is located just off Fiske Blvd and I-95 in Rockledge.  These homes were all constructed around the mid-1990s and offer easy access to I-95, close proximity to shopping, golf and excellent schools.

At this time there are three homes on the market in Tuckaway Lake Estates.  The list prices range from $215,000 for a 3 bedroom 2 bath with a 3-car garage to $415,000   for a 3 bedroom 2 bath with a four car garage.  Please note that not all homes in Tuckaway Lake Estates are on one acre lots.

Only one home sold last year in Tuckaway Lake Estates - a short sale (1,975 sq.ft.  4/2/2 with pool) sold for $195,500 about $99 per sq.ft.

Rockledge Acre Estates

Rockledge Acres Estates is a well hidden gated community of executive homes where all homes are on one acre lots.  With its own private lake, central location with less highway noise and traffic, and easy access to all Viera offers, Rockledge Acres is one of the best kept secrets in Brevard County's oldest town - Rockledge.  Homes currently on the market are priced from $279,000 4/3/3/ 2,505 sq.ft. short sale with pool to $600,000 for a 6/3.5/2.

Some of the differences between Tuckaway Lake Estates and Rockledge Acres Estate  include homes were built in 2000 – 2005, a gated community and all homes on one acre lots.

Want to build your own home in this community?   There are a couple of one acre vacant lots for sale as well!

Summer Lakes

The last development I want to mention in the gated Summer Lakes community that is technically in Viera but has a Rockledge address.  In the Rockledge area these executive homes are among the highest priced and largest homes.
Summer Lakes homes are priced in the $700,000 to $975,000 range ($200+ per sq.ft.) and offer larger homes (3-5,000+ square feet under air, 4-5 bedrooms, 3-4 car garages with pools).  I have been in several Summer Lakes properties and I have not seen one yet that did not come with all the bells and whistles.  These homes will likely exceed the expectations of even the choosiest buyer!

For information on the above subdivisions, please send me an email or give me a call at 321-693-3850.

Other executive communities in Viera that may be of interest include Wyndham at Duran, Fairway Lakes at Viera, Charolais Estates and Ravencliffe.  Ask me about those as well!

Wednesday, February 15, 2012

Rockledge Florida Home For Sale - 134 Laurel Drive $135,000

Short Sale! Price Reduced! St. Michel subdivision! Rockledge Florida Home For Sale - 134 Laurel Drive $135,000

Tuesday, February 14, 2012

The Easiest Way to Sell Your Home: Stand Out-Be Noticed-Be Remembered

Sellers must do only one thing to get a buyer for their home.  Here is it in a nutshell...stand out - be noticed - be remembered.

The key is to make sure you stand out for the correct reason like
  • attractive price (not the same as lowest
  • value offered (not the same as lowest price) 
  • tastefully presented 
  • nice curb appeal 
  • inviting entrance
What are some of the wrong ways to stand out?  If you have ever shopped for a home you have possibly seen them like
  • Unappealing exterior/poor landscaping 
  • too much clutter for the space 
  • dirty (if you can smell it, can't sell it) 
  • pets jumping all over prospects trying to see the home
  • highly personalized paint/wallpaper (think neutral)
  • unbelievable price (as in what were they thing?) 
To sell your Brevard County home, whether located in Wyndham at Duran in Viera or Chelsea Park in Rockledge, it must stand out in the mind of a prospect when they pull into your driveway and be remembered after they walk out the front door.

Remembered for the right reason, of course!

Home for Sale in Rockledge Florida–Short Sale Price Reduced–134 Laurel Drive

This three bedroom two bath two car garage home located at 134 Laurel Drive in the St. Michel development in Rockledge, Florida is being offered for only $138,000.

This is a short sale.  What is a short sale?

The open floor plan offers a separate dining/living rooms as well as a breakfast area and split bedrooms.

Sliding glass doors open to a screened patio (bird cage) and a fenced back yard.   Located near community parks, excellent schools, shopping and within  an easy commute to Melbourne or the beaches, this is an attractive opportunity for anyone wanting to buy a home in Rockledge.

For information on homes for sale in Rockledge and Viera, Florida, please contact me at 321-693-3850 or email me.

Grand Isle in Viera – Homes are selling in this 55+ community.

Real estate activity in the gated 55+ community of Grand Isle in Viera was pretty steady in January 2012.

Currently there are eight homes for sale in Grand Isle.  Over the previous month there have been three homes in Grand Isle sold while another two homes went under contract in January 2012.

The selling price for the three sold properties ranged from $212,000 to $229,000 (the other price was $218,000).  All three of these properties were between 2,011 sq.ft. and 2,178 sq.ft. under air conditioning with two car garages.  All were built in 2002/2003 and two of these had private pools!

Below are links to previous market reports for Grand Isle in Viera (November 2011 – January 2011) so you can see what has been going on over the past 3-6 months.
Grand Isle in Viera–Market Activity November 2011
Grand Isle in Viera – Homes For Sale in December 2011 (Market Activity May-November 2011)
Homes for Sale in Grand Isle–Viera Florida’s “other” 55+ Community
If you have just started researching 55+ communities in Viera Florida (Melbourne, Florida), here are a few links I hope will be useful including several about Heritage Isle.
Heritage Isle in Viera - The 55+ community in Florida!
Retiring to Florida: Don't Forget to Consider the Health Care Systems

If you are looking for a 55+ community in Florida, give me a call or send me an email for information on Brevard County, Florida 55+ active lifestyle communities. 

Monday, February 13, 2012

Auburn Lakes in Viera–Homes For Sale... All Same Except for Price!

Anyone familiar with Auburn Lakes in Viera (Melbourne, Florida) knows this 2003-2005 built development contains mostly "cookie cutter" homes built by the same developer.

I am not sure how many different floor plans there are in Auburn Lakes but but my guess is four bedroom two bath with slightly over 1,900 sq.ft. under air and a two car garage is one of the most common!

Three of the active listings in Auburn Lakes today are 4/2/2 1,911 sq.ft. homes on .14 to .17 acre lots.   All were built in 2003. 

The primary difference is price – $145,000 (short sale), $169,900 (foreclosure) and $179,990. 

Currently there are five homes in Auburn Lakes under contract (four are short sales).  All of the short sales are 4/2/2 with 1900+ sq.ft..

Three Auburn Lakes homes closed (sold) in January 2012.   Selling prices were $118,500 (4/2/2/ 1911 sq.ft. short sale), $123,000 (3/2/2 1,520 sq.ft. short sale) and $147,500 (3/2/2 standard sale).

Anyone looking for nice homes in quite neighborhoods, near excellent schools and parks should consider Auburn Lakes in Viera.   Commuters to Melbourne or Patrick Air Force Base will find the location ideal as well.

For information on homes for sale in Viera, Florida, give me a call or send me an email.

Sell your home now and recapture equity later…

Mortgage applications soared nearly 10% this past week as record low interest rates lifted refinancing activity according to an industry trade group.  Also growing were the mortgage refinance applications said the Mortgage Bankers Association.

With 30 year interest rates hovering just above the 4% mark many buyers are obviously jumping on the band wagon while home prices are still low.

Some are likely selling (or recently sold) so they can buy more house for the money now.

Sellers may not make much (or even anything) on the sales but the opportunity to possibly recapture the lost equity later when the market changes (and it will) is something they likely understand.

Sunday, February 12, 2012

Home Inspections…Pre-List, Post-Contract

Home inspections are necessary mandatory because, in the words of a friend Russel Ray "The perfect home simply does not exist."  

Some key points about home inspections include...
Very often I recommend a pre-listing inspection - especially if the seller has lived in the home a long time or even if the property is older.   Even the most attentive homeowner may miss a potential problem area.

More importantly, a pre-listing home inspection can prevent post-contract blues!   

When you are ready to sell your Viera, Suntree or Rockledge, Florida home please call me to discuss how I can assist you in the process.

Saturday, February 11, 2012

Short Sale or Foreclosure? I will just wait for them to take it….

I spoke with a lady a few days ago about selling her home.  She had decided to just wait and let them talk her home.  She was giving up because she could no longer afford to pay her mortgage.

I explained to her what a short is and the differences between a foreclosure and a short sale.

Of course my explanation was from a real estate agent position and not a legal one as I am not an attorney.   I am not qualified to give legal or tax advice - consult the appropriate professionals. 

When there is an opportunity to go the short sale route why not give it a try?   I have even seen some lenders like Bank of America recently offering incentives for home owners to pursue a short sale and avoid foreclosure.

I have seen some who go through the foreclosure process instead of a short sale but it was at the end of a bankruptcy and they had already forfeited the house as part of the bankruptcy.  Again, I am not an attorney.

If you are facing a hardship that makes keeping your home doubtful, give me a call to discuss the possibility of a short sale.  It may be a change in employment, health issues, a death in the family, a job relocation or some other hardship.

A short sale may be a consideration.

Melbourne Florida Real Estate Blog - Post# 2,100

This blog started initially about Florida Homes For Sale, Brevard County Florida Real Estate, Moving to Brevard County Florida.

My first post was on March 09, 2006.  This is post 2,100. 

It has expanded through the years to include other topics about buying a Florida Home, property taxes, short sales, and even some off topic stuff.

If you are considering buying or selling a home in Brevard County, Florida - especially the areas of Melbourne, Suntree, Viera and Rockledge, check this site out.  I am sure there will be something of interest!

Have a question.....

Friday, February 10, 2012

Home Seller Tip - Knowing your limitations will save you money...

I heard a suggestion this morning about a change to a software program that sounded like a good idea.

My response was a simple "I am not a programmer but I would think it would not be that difficult to do."

Then I thought about what I had just said.

As a real estate agent who has seen a few do-it-yourself disasters through the years, I realized it sounded a lot like "I am not a contractor but adding on a room should not be that hard to do."

Sometimes the cost of poorly done projects will be reflected in a reduced offer price or a request for repairs be made prior to closing. 

All of us need to know our own limitations when considering any do it yourself job....would you change the brakes on your car yourself? 

Just Because You Can Climb A Ladder Does Not Mean You Should Go On The Roof!


 Best Home Improvements For the Money

Home Buyer Tips–How Much Leverage, If Any, Does a Cash Offer Really Have in the Current Real Estate Market?

How much leverage, if any, does a cash offer really have in today’s Brevard County, Florida real estate market?

Phrased a little differently "Does a seller really care if it is cash offer or an offer with a reasonable down payment with financing?"

Cash is cash - period.  While the amount offered is a significant issue its specific source is not usually a significant point.

However, a seller may look at a cash offer as one less hurdle for the buyer to jump over - no financing contingency.  [Most real estate offers come with a couple of contingencies - an inspection and financing.]

The answer to the advantage gained by a cash offer, in my opinion, depends on the individual property, type of sale (short, estate) and market price.

If the property is a rehab project or has significant issues, financing may be a non-issue.  Lenders have requirements concerning habitability, etc. that must be met before a loan will be approved. [There are some loans that allow the inclusion of repair costs in the loan. Speak to a lender about these FHA loans.].

If the subject property is located in  a condo community that does not qualify for financing then cash is likely an only option. [Or perhaps owner financing]

If the sale is an estate sale you may find sellers trying to liquidate and a cash offer may be viewed more favorably.

Finally in a situation where the property is very desirable (priced right, good location) cash may gain the buyer leverage.   These are those situations I refer to as a multiple offer situations - a good place for a seller to find themselves in!

So, is cash a good strategy?  Talk to your real estate agent about the property and the circumstances of the sale.

If you are considering buying a home in Brevard County, Florida, give me a call if I can assist in any way.

Thursday, February 09, 2012

Home Seller Tip - Don't Answer This Question First When Interviewing A Real Estate Agent to Sell Your Home

When interviewing a real estate agent to sell your home you should expect to receive a lot of background questions from the real estate agent.  Most of these questions are targeted toward finding out about your property and may include general information like...
  1. Reason for selling.
  2. How long lived in your home, 
  3. Whether leaving the area or buying a new home, 
  4. Your time line, 
  5. Your experience/familiarity with the real estate sales process, 
  6. Any improvements made to your home, 
  7. Your favorite things about your house.
The answers to the above questions are all useful to any real estate agent who is trying to get hired by you to market your home.

I have left off one question you should never answer first when interviewing a real estate agent:

How much do you think your is worth in this market?

So how should a seller respond to this question?

By asking the questioner the same question first. 

Any real estate agent being interviewed to sell your home should be able to tell you a reasonable market price or list price without being influenced by your answer

And if that answer is different than what you had in mind you should request an explanation of how the agent derived the recommended price.  Better yet ask them to provide you with a written comparative market analysis to review.

If you are considering selling your Melbourne or Rockledge home contact me for a free market analysis.   I will answer "the question" first instead of asking you!

Here is a list of questions you may want to ask any real estate agent you interview to sell your Brevard County home.

Homes For Sale in Brevard County Florida - Half of Homes for Sale in Viera Located in 55+ Communities

Inventory is not what it once was…

How many single family homes are on the market in Brevard County, Florida on February7, 2012?  Only 2511.  That still sounds like a lot, doesn’t it?

When you consider there were 376 single family homes that sold in January 2012 that would make the market inventory about 6.8 months – actually slightly less if you take the 122 single family home 55+ community listings out of the general active population.

Looking at one of the more popular areas of the county only, **Viera, you find 244 active single family homes for sale.

Seems like a lot but subtract the 122 located in the various Viera 55+ communities (Indian River Colony Club has the most), you only have 122 single family homes for sale in Viera.  Very easy math here, half of the single family homes for sale in Viera are in the 55+ communities. 

How many single family homes sold in Viera in January 2012?  Thirty six (36).  How many of these homes sold were in 55+ communities?  Six (6).

So the reality is there is not as much choice within the Viera area as many buyers would like to believe.  This is a good sign for sellerseventually.   After all, the over used phrase about location still holds much truth!

And although short sales do influence market prices, don’t look for a lot of influence in Viera at this time as there are only 24 active short sale single family home listings in the Viera area!

Viera offers its residents so much to choose from including excellent schools, shopping, recreation, restaurants and more.... and buyers may have to pay a little more for it as inventory shrinks!

For information on homes for sale in Viera and Suntree, give me a call at 321-693-3850 or email me.

** Viera is used in this context as the areas west of I-95 and east of I-95 and north of Wickham Road (which includes a small portion of Suntree as well.

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