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Monday, April 15, 2013

In a changing market buyers should know the competition.....

Buyers in Brevard County, Florida are finding the competition for homes pretty keen as the housing market heats up.
 
With fewer homes for sale (current single family home inventory is around 2700 which is almost a five month month supply), buyers are now competing with other owner occupant buyers as well as big time investors.

These competitors have always been in the market but the picture has changed.

Investors were mostly local investors but now the large hedge funds and other investment groups see property appreciation potential as a good risk.

With a smaller inventory and available cash, investors provide added pressure on the market.

Likewise, owner occupant buyers who make cash offers, can put more cash down, can close in a shorter time with fewer purchase contingencies or who are willing to offer list price (plus)  are placing additional pressure on buyers.

If you are considering buying a house in Brevard County, Florida remember this... you are not the only player in the game.


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