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Wednesday, April 29, 2015

On the Real Estate Fence? Look at this March 2015 Brevard County, Florida Real Estate Market Report

I just read a JP Morgan Chase & Co. survey that indicated almost 70% of prospective home buyers worry they may have already missed the chance to buy a home at the best time because of rising home prices.

Real estate is cyclical.  That is not something newly discovered.  In an ideal world buyers will know when its the best time buy and sellers will know when their optimal time occurs.

But the real estate market is dynamic - always in a constant state of change.  Timing the absolute bottom (or top) is not a realistic goal.

Although prices are rising (including in Brevard County, Florida), interest rates continue to be low.   See the text box which compares March 2015 to March 2014 residential sales.

If one is considering the purchase of a home the time to act is now rather than lamenting the missed opportunities. When interest rates also increase the hit will be even greater than that of just rising prices.  As interest rates rise purchasing power (loan amount) usually goes down as well.

If you are on the fence about buying a home discuss the current market with local experts (real estate agent and mortgage lender). 

Need a local Brevard County, Florida mortgage lender, give me a call for some suggestions.

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