In the current Brevard County, Florida residential market sales are growing while inventory is not keeping pace with the resulting rise in prices. This trend has been in place for a while (see chart below) although July seems out of place somewhat.
Most focused buyers define their future home's "must have" characteristics early on in the home buying process. [Read Understand Your Needs When Buying a Home.]
Most of the must have characteristics of a house are the things that can't be easily changed (location, size, age, school zone, price, etc.). Sometimes other characteristics can get on the must have list which can limit potential properties.
For example, consider the impact of just requiring a home have an in-ground pool can do to prospective homes that come up in this search of Brevard County, Florida homes for sale.
- Search 1: Price range $250,000-$325,000; size home 20000+ sq.ft. under air; built 2000-2015; not located within 55+ community; in Viera, Florida; WITH POOL.
- Search 2: Using the same search criteria but WITH/WITHOUT POOL.
A few other questions to consider....
- What is the cost of adding a pool later?
- What if the search for the pool home takes another year while prices are rising?
- Is there a point where a home without an existing pool would have been the better choice? Sometimes the imperfect home is perfect.
- What if interest rates rise in the interim? What is the cost of waiting to buy a home?