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Wednesday, February 21, 2018

Brevard County, Florida Housing Market Report January 2018

Presented below is the January 2018 real estate market summary for Brevard County, Florida as provided by the Space Coast Association of Realtors.

The residential/single family report for January 2018 as compared to January 2017:

  • Closed Sales - dipped 6.2% for January 2018 with 563 units closed compared to 600 in January 2017 Cash sales also decreased 19.3% compared to January 2017.
  • New Pending Sales - just barely down 0.5%.
  • New Listings - decreased 3.7%.
  • Median Sales Price for Brevard Single Family homes - up 10.3% to $215,000 compared to a year ago which was $195,000.
  • Months Supply of Inventory - increased 7.7% to 2.8 months, an increase from 2.6 months in 2017.
  • Traditional Sales - down 1.3% with a median sales price of $215,750.
  • Foreclosure/REO Sales -  down  a massive 64.4% with a median sales price of $162,500.
  • Short Sale Closings - dropped 25.0% with a median sales price of $215,000. 
A quick recap of the Brevard County Townhouses/Condos for January 2018:
  • Closed Sales - down 9.7% for January 2018  with 168 units closed compared to 186 in January 2017 with a decrease in cash sales of -21.9% compared to January 2017.
  • New Pending Sales - increased 2.7% and New Listings are up 14.6%.
  • Median Sales Price for Townhomes/Condos - up 4.9% to $149,950 compared to a year ago which was $143,000.
  • Months Supply of Inventory has stayed the same at 3.8 months in January 2018 and January 2017.
  • Traditional Sales - down 7.3% with a median sales price of $149,950.
  • Foreclosure/REO Sales -  down 85.7% with a median sales price of $130,000. 
  • Short Sale Closing statistics are not available with one sale in January 2018 with a median sales price of $400,000 and no sales in January 2017.
Ready to buy a home in Florida?  Call me at 321-693-3850 or send me an email.

Tuesday, February 20, 2018

Would You Tell Someone Their Baby is Ugly?

Always tell the truth.  Seems like a pretty safe approach to life.  But the sentence has been cut off.  It should read...

Always tell the truth at the right time and with the right words.

As for human babies, they are all beautiful.

The baby I am referring to in this post is someone's house.

After fifteen years in real estate I can attest to the prevalence of poor taste.  I can attest to varying ideas of cleanliness.  I can attest to the old saying about beauty being in the eye of the beholder.

Finally I can attest to how personal the bond is between people and their homes.

When viewing properties, especially owner occupied homes, I always caution buyers to not say anything beyond "neutral" comments when touring a house.  The intent of my direction is not to teach manners but rather to urge caution to "not show your hand."

How would negotiating strategy be impacted if a seller heard a prospective buyer comment that "This is the one.  I want this house!"

Technology is a wonderful thing.  fifteen to twenty years ago it was not common to have video systems recording activity in homes.  Now systems are common and often undetectable.

Remember when you go in someone's home enter knowing you may very well be monitored.  The monitoring is most likely a security issue rather than a "spying" issue.  Sellers have no idea who these strangers are who come traipsing through their home.

Most real estate agents do not personally know their customers.  Real estate agents try to monitor all activity when they show customers a home.   Still, sellers need to do what they can to protect themselves and their property.  And sometimes it is video monitoring.

If you are perusing homes in search of a new Florida home remember to respect the space, respect the owner

Buyers, take notes. Make generic comments. Ask legitimate questions.

And when you get outside speak your mind about the seller's baby.
Here are some articles about buying a home in Florida.
Here are some related articles about selling your Melbourne, Florida home... 
Ready to sell or buy a Viera (Melbourne), Florida home?  Call or text me at 321-693-3850.

Image courtesy of olovedog at

Thursday, February 15, 2018

Buying a Home in Florida: Don't Play With "House Money."

When working with buyers who want sellers to "give" them closing cost monies I like to remind them that they are "playing with house money."

Of course the "house" I am referring to is the "house" they "want to buy."

There is often an assumption among buyers that a seller has extra money available to offer them  The assumption by many buyers is their offer will be the best or only one coming.  No matter how much a seller needs to sell they may not have the "house money" to concede.

First of all,  sellers have overhead costs.  Sellers possibly have a mortgage to pay off.  Sellers have different motivations.  [Just because an MLS entry says "sellers motivated" doesn't mean they are desperate (or even motivated).] 

In the current real estate market there are plenty of folks looking to buy a new home in Florida  

My last Brevard County, Florida housing data I viewed (December 2017) revealed the inventory of single family homes  to be just above 2.5 months with home prices up about 19% over the previous December.   The likelihood of sellers not receiving additional or even multiple offers is pretty slim.

Multiple offer situations can create a real dilemma for buyers in a seller's market.  Care should be exercised to not get into a "bidding war" that results in a win that is a loss!   Seek the counsel of your real estate agent and don't let emotions take rule!

In a multiple offer situation the key is to provide the cleanest offer consistent with the budget constraints.   The cleanest offer means the fewest contingencies necessary to seal the deal.  Read "What is a contingency?

Buying a home is very often the largest financial decision many buyers make and should be undertaken with the guidance and counsel of a professional Realtor who knows your market.

If you are considering buying a home take a look at the below articles.  If you have questions about the home buying process in Brevard County, Florida, call me at 321-693-3850.

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