Current Brevard County Real Estate News
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What will $200,000 purchase in Brevard County, Florida in July 2016? Here are a few samples of recent closed sales where the selling price was $2000,000 (+/- $5,000). All of the below sales were listed as standard sales in the Brevard County Multiple Listing Service.306 N Roundtree Drive, Cocoa - 3 bedroom 2 bath 2 car garage pool home built in 1964 located on .21 acres sold on July 5, 2016 for $200,000.2418 Carriage Ct G1, Melbourne - 2 bedroom 2.5 bath 1 car garage townhouse with 1,680 sq.ft. located one block from the beach sold on July 15, 2016 for $200,000.3565 Finch Dr, Melbourne - 3 bedroom 2 bath 2 car garage 1989 built single family house with fireplace and in ground pool sold on July 22, 2016 for $202,000.1725 Morning Glory Dr., Viera - 3 bedroom 2 bath 2 car garage 1994 built single family house with 1,366 sq.ft. under air sold on July 15, 2016 for $199,900. 1461 Talamore Lane, Viera - 3 bedroom 2 bath 2 car garage 2000 built with 1,600 sq.ft. under air sold on July 1, 2016 for $200,000.2150 Atlantic St. 412, Melbourne Beach - Located in The Breakers Condo, this 2 bedroom 2 bath 1 car detached garage condo with 1,215 sq.ft. sold on July 13, 2016 for $199,999.998 Dupont St., Palm Bay - 3 bedroom 2 bath 2 car garage with 1,444 sq.ft. and in ground pool sold for $199,000 on July 1, 2016.2606 Quail Trail, Titusville - 1 1982 built 3 bedroom 2.5 bath 2 car garage located on 1.1 acres sold for $203,000 on July 15,2016.6035 Serene Place, West Melbourne - 2012 built 4 bedroom 2 bath 2 car garage with 1,793 sq.ft. sold for $198,000 on July 7, 2016.1765 Timicuan Drive, Viera - Located in the gated Grand Isle 55+ community, this 2 bedroom 2 bath 2 car garage single family home was built in 2004 and sold for $198,000 on July 15, 2016.For information on homes for sale in Brevard County, Florida please call or text me at 321-693-3850.
A quick recap of the Brevard County Townhouses/Condos for June 2016 compared to June 2015 as provided by Space Coast Realtors.Closed Sales are down 3.3% for June 2016 with 264 units closed compared to 273 in June 2015 with a decrease in cash sales by 22.1% compared to June 2015.New Pending Sales are down 18.3%.New Listings are up 5.3%.Median Sales Price for Townhomes/Condos increased 14.9% to $154,500 compared to a year ago which was $134,500.Months Supply of Inventory went up 2.7% to 3.8 months compared to 3.7 months in June 2015.Traditional Sales are up 6.8% with a median sales price of $157,000.Foreclosure/REO Sales are down -67.6% with a median sales price of $84,250.Short Sale Closings stayed the same with a median sales price of $32,500.For information on buying a condo in Brevard County, Florida, please call or text me at 321-693-3850.
A quick recap of the Brevard County Residential Report for June 2016 compared to June 2015 as provided by the Space Coast Realtors:Closed Sales - Increased 9% for June 2016 with 1033 units closed compared to 948 in June 2015 with a decrease in cash sales by 10.5% compared to June 2015.New Pending Sales - Down 8.3% New Listings - Up 4.4%.Median Sales Price for Brevard Single Family homes - Up 11.8% to $189,925 compared to a year ago ($169,900).Months Supply of Inventory - Down 6.9% to 2.7 months (2.9 months last year).Traditional Sales - Increased 22.8% with a median sales price of $195,000.Foreclosure/REO Sales - Decreased 56.6% with a median sales price of $115,000.Short Sale Closings - Down 50%, with a median sales price of $135,500. Brevard County, Florida remains a seller's market with prices increasing and inventory stable.
Indian River Colony Club is an active 55+ community which, unlike the other two 55+ communities in Viera, Florida (Heritage Isle, Grand Isle), offers an extensive (total) maintenance program. [Read about the monthly fees here.]For more information on IRCC read these articles...What is Indian River Colony Club? What will you find at Indian River Colony Club? What is Indian River Colony Club? Where is Indian River Colony Club?What is currently for sale at Indian River Colony Club in Viera?Currently there are twenty four active listings in Indian River Colony Club. Listing prices range from $139,000to $329,900. Median list price fro homes on the market in IRCC is $179,000. The majority of the listings are priced under $200,000 (17 listings). While square footage under air varies from just over 1,100 sq.ft. to more than 3,200 sq.ft. most properties are in the 1,900 to 2,100 sq.ft. range. Most of the homes were built in the late 1980s and 1990s with just one being built in 2000. There are four homes under contract awaiting closing.What has recently sold in the IRCC community?In the past six months there have been twenty five homes sold in IRCC as reported in the Brevard MLS system. Since June 1, 2016 there have been seven homes sold in IRCC. Selling prices ranged from $123,000 to $245,000 with the median sales price at $168,000. The most recent sales included 1855 Freedom Drive, a 1,952 sq.ft. 3 bedroom 3 bath pool home which sold for $245,000. On June 27, 2016 the home located at 960 Mayflower Avenue sold for $182,000. This 3 bedroom 2 bath 2 car garage home was on the market for 81 days.For information on homes for sale in Viera, Florida's 55+ communities, call or text me at 321-693-3850.
In a seller's market it often the swift who succeed.The Brevard County, Florida residential real estate market is a seller's market. A seller's market is simply a market where the inventory is less than three months thereby creating competition among buyers.This is indeed a challenging time to be a buyer unless one is prepared in advance to be a buyer.How does one "prepare to be a buyer?"The first step is do the homework. This means understand the buying process. This means get your mortgage pre-approval in place and choose your buyer's agent as step one.Your lender will discuss financing options, recommend loan products and provide a mortgage pre-approval letter. In a seller's market a copy of the pre-approval should be submitted with the offer. If a buyer is a cash buyer then a proof of funds statement should be provided. Your real estate agent will help you focus your attention by assisting you with identifying your needs within the constraints of your budget and goals.It is critical that "must have" characteristics be identified early on (size, age, price, school assignment area, etc.). Just as critical the "can't have" characteristics must be identified as well.Now your real estate agent can find the homes that meet your critical criterion:budgetmust have characteristics can't have characteristics.With limited inventory homes that meet the above criteria must be evaluated as soon as possible. Limited inventory often does not provide the luxury of lining up homes to see next weekend or whenever.Check Out This Related Reading: Cheat Sheet for Home BuyersCheat Sheet for Home SellersOne final word about buying in a seller's market... Waiting to see just a few more homes after finding "the one" that meets your criteria may result in losing "the one."
You want to not sell your house? Well here is a short primer on how not to sell your home. Smell. Odors, whether from smoking, last night's fish or whatever will turn a prospect as quickly as anything.Inaccessible. Rarely will a house sell if a buyer has to jump through hurdles to get inside. Having an "agent must accompany all showings" or "24 hour notice required" will not promote viewings.Competition/price. There is a reasonable price range based on your competition. If too much above it, then buyers may skip your house.Location. This goes right along with the pricing and competition. Your neighborhood or location will command only a certain range of prices.Neighbors. Although its only the house for sale it is also your neighborhood and neighbors. Loud music, cars parked on the lawn, overgrown, and neglected lawns all tell a story. Photos and clutter. The home is for sale. Too many photos or personal items (actually anything whatsoever) that distracts from your house is not a good thing. If it has a handle buyers will open it! Dated. I had someone stop by an open house on Saturday. They have their home for sale. They proudly stated they were the second owners since it was built in 1957. They also indicated it needed updating as it still had the original pink stove, etc. Most buyers do not want original equipment in a 1960s or 1970s house. Shag carpet was nice back then!Want to know how to sell your home? Consider doing the opposite of the above items...CleanDe-clutter De-personalizeBe flexible with scheduling showingsEnlist your neighbors helpDo some basic updating (within reason and budget)Price it right for your location, motivation and circumstances (choose the right real estate agent!)
I remember a few years back when I advised a Viera, Florida home buyer that there were multiple offers and the seller wanted his best offer. He responded with a simple question,"Is this a scam?"In the real estate world I must assume the existence of other offers to be real. Realtors operate under a code of conduct. Still, I have no concrete evidence of other offers. Multiple offers happen frequently when it is a seller's market AND a property is priced right. [Read Signs Your Home is Not Priced Right.]Sellers who receive multiple offers are in the catbird seat - maybe. Offers are more than price only. Each offer must be evaluated independently. Still, regardless of "winning" price, if a mortgage is involved then the property has to appraise.Those are words every seller and buyer should understand.Just this week I had buyers get into a situation that involved multiple offers. In this case my buyers understood the situation and knew what they were willing to spend. That is the key point.These buyers were not emotional. They had not formed an attachment to the property. As much as sellers would like buyers to view the process as a competition, not all buyers fall into an emotional trap.They did not. If you plan to buy a home in the Viera, Florida area I want to help. I will make sure you understand the market, your budget and the home buying process.
Fresh paint sounds like an automatic positive selling point. In many cases it certainly would be. But, as a buyer, there is one time when new paint may not be your friend.Flips...you know, investor quick sales. No, this is not an accusatory post. Rather, consider it as a cautionary post.As a general rule sellers disclose and buyers verify. But very often investors are quick to point out they have "no disclosure because seller never lived in house."Still investors should know if they previously repaired a leak in the roof, had an AC issue or whatever if there were tenants in place for any given time. And with a foreclosure sellers may have idea of previous issues based on the condition when purchased.So when buyers walk into a new foreclosure flip, the new paint will look clean, the plumbing fixtures and the like will be new but what about any underlying issues.That is the reason I always urge buyers to have a property inspection performed.While a property inspector may not be able to tell a prospective buyer what is behind the paint they may be able to tell if moisture is present. And they do a lot more!Here are a few more articles on buying a home.Cheat Sheet for Home BuyersBuying a foreclosure - Due Diligence is Required.If its a defect, its a defect!Contract to Closing in 20 Steps.Keys to a Successful Closing When Buying a Home in FloridaReady to buy a house in Viera, Florida? call or text me at 321-693-3850 if I can help in any way. If you prefer, send me an email.
Anyone who has ever been on more than a few listings appointments has likely heard the words "I don't have to sell" uttered. To be honest it is most often followed by a "I am not going to give it away" statement.As a Melbourne, Florida real estate agent I don't get defensive or respond to these comments in an adversarial manner.Very often, what is said is not what is meant. So, what does it really mean?On the surface it means...uh oh...not motivated! The gut response from an agent who is only interested in listing their house is "Why did you call me then?"But deep down it could mean something else...Any real estate agent worth listing your home for sale (good real estate agent) should have the skill-set to address this response appropriately.Part of being a good real estate agent is being a good listener.Part of being a good real estate agent is knowing what questions to ask (and when).Part of being a good real estate agent is being able to advise in a positive, reassuring, easily understood manner. Part of being a good real estate agent is knowing that "Why did you call me?" is rarely an appropriate response."I don't have to sell" may really mean "I have an interest in selling but I am not desperate." It may signal a distrust of the real estate agent in front of them at the moment. It may be the seller's way of saying...Tell me why I should hire you to sell my Melbourne, Florida home. Sellers need to know their real estate agent is working for them and not against them.Part of being a good real estate agent is being a team builder beginning with the prospective seller....even if they don't have to sell!Ready to sell your your Melbourne, Florida home? Call me or text me at 321-693-3850, please!
Presented here is a recap of the Brevard County, Florida Townhouse/Condo market for May 2016 compared to May 2015:Closed Sales were up 10.5% in May 2016 with 262 units closed compared to 237 in May 2015 with an increase in cash sales by 4.8% in May 2016.New Pending Sales are up 4.2% and New Listings are up 4.3%Median Sales Price for Town homes/Condos stayed the same at $140,000.Months Supply of Inventory is down 9.8% to 3.7 months compared to 4.1 months in May 2015.Traditional Sales increased 21.8% with a median sales price of $143,200.Foreclosure/REO Sales were down 61.3% with a median sales price of $110,200.Short Sale Closings were down 49.7% with a median sales price of $102,550.
Florida Realtors and National Assoc Realtors News
What Are Americans’ Top Housing Concerns? July 27 2016
FinCEN GTOs Expand Beyond NYC and Florida July 27 2016
Housing Shortages Stifle Sales Contracts July 27 2016
New-Home Sales Post a Strong Rebound July 27 2016
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