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Monday, August 29, 2016

Demand Drives Price - Buying a Boat in a Storm!

As it is now hurricane season and the tropics are picking up the title could reference buying a loaf of bread or bag of ice in a storm.   Anyone who  has been through one of those pre-hurricane periods in Florida will understand the frantic last minute rush to buy.

I have witnessed a simialr response buy prospective home buyers who waited until the storm (rising prices) was upon Florida before they sought to purchase!

Many prospective home buyers in Florida are finding the market has changed significantly over the past year or two.   People who were looking at homes for sale in Brevard County, Florida two years ago and wanted to wait for the
prices to "bottom out" find themselves in a completely different market. 

Take a look at this comparison of average and median sales prices of single family homes in Brevard County Florida for the years 2014 and 2016.

Current home-buyers who have been dragging their feet over the past six months are finding their choices limited and budgets strained by rising prices and dwindling inventory of move in ready (or new ) homes.

If you are considering buying a home in Florida in the near future the time to act is now!  

While the interest rates are still low who knows the direction on the future.  While there has been some hinting of an increase by the Fed of a rate increase before year end. we have no way of knowing. 

Still, while the interest rates are uncertain, prices will likely continue to rise in Brevard County, Florida.

Demand is acting on the price of homes, like buying a boat in a storm, it is the environment that determines price.

Image courtesy of graur codrin at

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