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Monday, May 01, 2017

Brevard County, Florida Real Estate Values

In an ideal real estate world a buyer would know when the market low will hit while a seller hopes to time the sale at the height of the market.  But the ideal is rarely recognizable.

A recent buyer asked me if the values will go up later.  Such a prediction is not within my skill set although historically values have trended upward. 

The below chart from the Brevard County Property Appraiser website show a values trend for Brevard County, Florida.

This chart shows how market values in Brevard County followed the real estate sales boom to 2006 and the subsequent bubble burst. The split in non-school taxable/school taxable values in 2007 is a result of the voter-approved additional $25,000 Homestead Exemption to qualified homeowners. Savings as a result of the Save Our Homes (SOH) cap reached near $0 when values bottomed out in 2012. A tick upwards indicates that homeowners’ assessed values are again being capped well below market value per Florida law.

Similarly, a recent buyer prospect told me they would keep looking while they wait for the prices to drop.

But there is more to the real estate market than just the current prices.  There are other factors such as interest rates.  An increase in interest rates can impact a borrower's purchase amount by decreasing mortgage limits.  

Right now in Brevard County, Florida home prices have been rising steadily fueled by tighter inventory levels.   And the prospect of an increase in rates with rising prices may have hurt some protective buyers this cycle.

But, as long as affordability is still possible, the time to buy is now - not when the prices go down next time  - whenever that is.  Besides, when the prices do fall, when will a buyer know the bottom has been reached.

Ultimately the decision to buy a home is all about affordability and long term goals.

Considering buying a home in Florida, let me help you. Call or text me at 321-693-3850.


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