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Tuesday, August 25, 2015

Home Buyer Tips: When Should a Buyer Modify Their Search Criteria?

We all know there is rarely ideal house in the re-sale market.   Perfect homes are usually custom built although perfect can still be limited by budget.

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.   
Search 1 results in three homes priced between $275,000 and $319,900.   Search 2 results in thirteen potential properties found priced $259,000 to $325,000.  While none of the non-pool homes may be the ideal at least the buyer has more to consider now.  

A few other questions to consider....
agent@moving2brevard.comWhile none of us can predict the future these are just thoughts to ponder when buying a house in Melbourne and Viera, Florida.



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