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Friday, May 29, 2015

Single Family Home Sales - Brevard County, Florida in April 2015 (By Sale Type - Standard, Foreclosure, Short Sale)

As a continued sign of an improving real estate market almost 79% of single family homes closed in Brevard County, Florida during April 2015 were fair market sales.  Fair market sales composed about 71% of the transactions in April 2014.   Regardless of the type of sale selling prices rose over the April 2014 prices.

The details are shown in the below table provided by the Florida Realtors®.   

Ready to buy a home in Melbourne, Florida? I can help!

Thursday, May 28, 2015

Single Family Home Selling Prices - Brevard County, Florida April 2015

With the average selling price as well as the median selling price rising in April 2015, the single family home segment of the Brevard County, Florida real estate market is not showing any signs of slowing at this time.

The details are shown in the below tables provided by the Florida Realtors®.   

With interest rates remaining low this may be the best time to buy a home in Brevard County.   Call me at 321-693-3850 if you are considering buying or selling a home in Viera and Melbourne, Florida.

Brevard County, Florida Single Family Home Sales Market Data - April 2015

Brevard County, Florida single family homes sales in April 2015 reflected a 15.8% increase over April 2014 with both median and average selling prices increasing.  The details are shown in the below table provided by the Florida Realtors®.   

For information on buying a home in Brevard County, Florida call me at 321-693-3850.

Tuesday, May 26, 2015

Home Buyer Tips: Do sexual offenders live in this neighborhood?

The real estate process consists of a lot of boxes that get checked off along the way from viewing the first house to getting keys at the closing table. 

A key point about these steps is some are only good for that particular point in time

A couple of these "good for today only" processes are the home inspection and check for sexual offenders/predators.

Just as I always recommend buyers have a property inspection performed on a home they want to purchase I always recommend prospective buyers check the sexual offender's database.

These are part of the due diligence a buyer should do along with things like surveys and a review of the homeowner/condo association finances and rules.

The property inspection and check of the sexual predators/offender database are both good for today only because things change.  The property inspection provides a check up of major systems as of the day performed.  Will the AC quit next month, in six months?  Who knows?  What about a roof leak?  Who knows?

Likewise, your immediate neighborhood may be free of offenders or predators - today.  But what about next week or next month?  Home buyers nor sellers can predict who will or will not move into a neighborhood.

So buyers must make decisions on current information with no guarantees.

If you are buying a home in Florida one of the resources buyers should avail themselves of is the Florida Department of Law Enforcement Sexual Offenders and Predators Database.
Click image to go to FDLE Search Page
Click image For FDLE Offender Search Website

In Brevard County, Florida there is also another database maintained by the Brevard County Sheriff's Department.

I recommend buyers always check early on in the process - even while looking - but especially before an offer is made on any home.  

Like most things in life, nothing is forever....including your neighbors. \

Considering buying or selling a home in Viera or Melbourne, Florida?  Call me at 321-693-3850 if I can help in any way.

Friday, May 15, 2015

Sunset Lakes in Merritt Island, Florida - Home Sold

Congratulations Mike and Diana on your new Sunset Lakes, Merritt Island home!  Thank you for hiring me to represent you in the purchase!

Welcome to Florida!  Enjoy the sun, the beaches and your pool!  

Considering a move to Merritt Island, Florida?  Let me help you!  

Ready to sell your Sunset Lakes, Merritt Island home?  Call me for your market analysis!

Thursday, May 14, 2015

Sonoma in Viera - Market Activity May 2015

Sonoma in Viera is one of Brevard County's most desirable gated communities offering home owners a convenient location near shopping, restaurants, golf courses (Viera East, Duran Golf Club) and much more. 

Conveniently located near some of Brevard County's finest schools and medical facilities (Viera Hospital), Sonoma is also very convenient to I-95, Orlando and the beaches of central Brevard County.

With the single family home inventory down there are presently only three homes for sale in Viera's gated Sonoma development.   The three active listings range in price from $244,999 to $450,000.  The lowest priced home is just over 2,000 sq.ft. which is one of the smaller floor-plans built in Sonoma. 

The other two listings are around 2,900 square feet under air.and both priced above $419,000.

Over the previous six months there have been 13 closed sales in Sonoma with 12 of these being standard sales.   Since April 1, 2015 there have been three closed sales.
  • 4606 Merlot Drive - 2005 built 3,391 sq ft two story home on a  lake with 5 bedrooms 3 bathrooms and 3 car garage which sold for $444,000.
  • 3610 Chardonnay Drive - 2005 built 2,200 sq ft one story home with 3 bedrooms 2 baths plus 3 car garage which sold for $305,000 on April 28, 2015.
  • 3018 Coppola Way - 2004 built 2,506 sq ft lake front home with 4 bedroom 3 bathrooms and three car garage plus pool sold for $375,000. 
For information on homes for sale in Viera, please give me a call at 321-693-3850 or send me an email.

Friday, May 08, 2015

Real Estate Tips: Multiple Offers, Appraisals and Financing.

As the temperature rises and summer approaches, the Brevard County, Florida housing market is warming up as well. With decreasing inventory, more buyers entering the market and continued low interest rates, multiple offer situations have become more common.

But who really wins in multiple offer situations where buyers are submitting competing offers (bids)?

With multiple offers buyers must guard against getting into an emotional bidding war.  The win at all cost mentality may be okay in Monopoly where the money is pretend but not when buying a house.

On the surface it seems there will be two winners.   First, the obvious winner is likely the seller.  The other winner is the buyer - maybe

But if offers are contingent on financing then the winner may not be decided until later....after the appraisal has been done.

But if the buyers are paying cash then the buyer and seller are guaranteed winners, right?  Maybe.

Most astute buyers will include an appraisal contingency with cash offers as well.  Even though there is no mortgage the buyer wants the property to be worth the selling price.  Thus, the appraisal.

A word or two about appraisals... Real estate appraisers independent.  They have no "horse in the race."  Appraisers use established techniques to determine the value of real property.  It is this value lenders use to make loan decisions.  

So back to the title question....Who wins in multiple offer situations?   Maybe the seller, maybe the buyer, maybe both, maybe no one.

Every transaction is different.  Sellers should always remember, "Under contract is not sold!"

Read more about appraisals and offers in this related reading.

Is an appraisal contingency necessary with a cash offer?
What if the appraisal comes in low?
When is the highest offer not the best offer?
Terms define the real price?

Ready to buy a home in Viera, Florida?  Call me at 321-693-3850 if I can help.

Have a question, send me an email.

Monday, May 04, 2015

What does days on the market tell a buyer?

One of my previous posts talked about the days a property has been on the market and what it meant.   Buyers should use all available information  including days on the market when deciding on how much to offer for a property.  

If a house has been on the market for an abnormally long period or more than the usual what does it tell the buyer?  

Your Brevard County, Florida buyer's agent will be able to determine how many cumulative days a property has been on the market as well as the current days on the market
Cumulative days on the market is the total from listing date to current day.  It does not take into account any contracts, temporary withdrawals, etc.  The current days on the market is most useful as it reflects reflects the time since some event occurred such as a price reduction or a property's return to the market.
In a brisk residential real estate market like Brevard County, a buyer should interpret fewer days on the Marketa as a signal to look now because properly priced homes in move in condition do not last.   And if viewed and liked, decide now - not next week.

So why do some homes stay on the market longer?   There are a host of reasons ranging from priced too high,  priced wrong for condition, circumstances of sale (short sale, foreclosure) and other reasons.

Sometimes it may simply be a property is unique in style or its price range.

For example, high end properties (over a million dollars) have a smaller potential buyer pool in Brevard County, Florida.  There are currently 13 properties for sale in Brevard County listed at $3,000,000 or more.  There are ninety six residential properties listed at or above a million dollars.  The number of buyers shopping in this range is certainly limited.  No wonder some of these sit on the market for years.

Regardless of the specific DOM standard used the time a property has been on the market is an indicator of something.

Extended days on market always indicate an issue - whether disclosed or not!  Here area a couple of related articles....

Ready to buy a home in Brevard County, Florida?  Call me at 321-693-3850 if I can help.

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