Home buying in Brevard County is becoming increasingly hard for those on the hunt for property. The economy is up and interest rates are low, at least for now. Many are taking advantage of these facts and taking the leap.
According to the National Association of Realtors, existing home sales were up 3.2% in the month of June nationwide. This increase marks an eight-year high. If you are in the market for a new home start your search in advance and be prepared to write an offer if you see a home you like.
Last week, Lisa Herendeen (owner of Real Estate Ink) scheduled 5 showings where when we arrived for your viewing the home was already under contract. It is not unusual right now to see the nice, move in ready homes being snatched up as quickly as 2-3 days on the market.
Here on the Space Coast we are in the midst of a “seller’s” market. Current reports for Brevard say that in June of 2015 the supply of new homes was down around 21.3% compared to June of 2014. What this means is that their inventory is at 3.7 months’ worth of homes available for buyers. A balanced market typically has 6 months of inventory.
Demand is high and supply is low. Supply is that much lower if you remove all of the homes that are no move in ready and have much needed renovations in order to be made a home. All of these factors contribute to the sellers’ market we are experiencing at this time. This statistic is incredible and there does not seem to be an end in sight anytime soon.
If you are looking to buy don’t let the seller’s market deter you from finding your dream home. We are also still well below rebuild cost and rates remain record low which means that as a buyer there has still never been a better time to buy. Historically, prices to buy still make our available inventory a true bargain.
Added to the short supply of homes is the fact that interest rates are projected to rise in the upcoming months, possibly as soon as September. Our firm has seen an influx of buyers recently and homes are going under contract in record time. The average time for single-family homes on the market is currently 30 days as opposed to 36 days only a year ago. 30 days on market typically means they are going under contract within a week of listing and closing – SOLD – in 30 days.
That is fast and it means you need to be working with a professional agent who has the ability to jump and jump fast in this market to make sure you are left standing on the sidelines. This also means that everything is moving faster and agents are busy – you want to make sure you working with an agent who isn’t going to drop a ball to the detriment of you as the buyer or seller. If ever there was a time to have a realtor on your side, this is it!
Inventory is down and pending new sales are up. The median sales price for condominiums and townhomes increased 18.3% during the month of June. Single-family home sale prices are up a staggering 16.7% with the average sale price being around $170,000.
The decision to purchase a new home is one of the most important you will ever make. Why not equip yourself with the most knowledgeable and caring broker possible? Real Estate Ink is here to answer your questions no matter how small. We want to see you living the life you always dreamed of in your new home. Contact us today.