Melbourne Florida Homes for Sale

Existing home sales in Brevard County were up in October, ending a four-month sales slide. The median sales price, though, remains at a level last seen in 2002.

According to the Florida Association of Realtors, 536 single family homes sold here, up from 479 in September and 423 in October 2009. The median sales price was $115,800, up slightly from September’s $114,700, but down nearly 25 percent from $152,200 a year earlier.

Condo sales were up to 118 from 112 in September and 79 in October 2009. The median sales price was $105,700, down from $120,000 in September and $133,800 a year earlier.

You have heard this phrase repeatedly from the National Association of Realtors, NAR, and any of their members for the last two years now that “Now is the Time to Buy!” Yet, the NAR has come under fire from lenders and its own members saying “STOP IT!! Markets are declining and now is not the time to buy.” However, what I think these agents are saying is “Now is not a good time for my longtime business partner/investors to buy and make 30% profit in 30 days with a quick flip!”

The home investors in the market were definitely part of the driving force that caused the crash of the housing markets nationwide. Think about it. We have a simple case of supply and demand that went WAY wrong. Normally in supply and demand, as demand increases, prices increase and theoretically supply increases to match up with demand and balance the price tag yet still deliver the goods that are being demanded. Builders were ready to ramp up and meet supply, the lenders jumped in and changed their lending requirements to fund the supply that was being demanded but their never truly was a demand out there to purchase the homes in the long run other than investors with the intention of selling to this mysterious pool of buyers that were really no where to be found. And in residential construction, because building a supply to match this “increasing level of demand” there is a lag. It takes a year or so to build and permit a home locally.

So, what happens on the downside of supply and demand when there is no one demanding the goods at a price that they are being offered for?? Well, no one buys them and their prices have to be lowered to meet what people are willing to pay for them. Prices begin to decline and eventually find “buyers” in the market. Some are wanting to be home owners and some are those investors that think now they can find new bargains and make money off them again. So, there was this huge supply, little demand and prices dropped, sounds like supply and demand at work.

So, after this long drawn out economics lesson . . . what does it all mean? Well, it just means that the real estate market is returning to a level of normalcy and that it is a good time to buy. It is especially good if people treat real estate like they traditionally did meaning that people would save some money, put in a sizeable down payment and plan to live in the house for at least 3-5 or sometimes 7-10 years. If someone buys now or next year they are going to be in a healthy situation to see returns on their investment but in the Brevard County market it is going to take maybe 3 years or more to get there.

So, believe the hype. Now is the time to buy if you are in a healthy financial position to do so. Don’t buy a home just because you are a first time buyer and you think a free government check of up to $8,000 is worth it. Really?!?! You are going to take out a $100,000 loan or higher to make back $8,000 in cash. Not a good plan and not a good investment. Be in a position to buy, shop around, make a sound offer and go for it. After several years you will find a return when you have saved up and are ready to become a second-time, move-up buyer.

The U.S. Commerce Department says sales rose 6.2 percent to a seasonally adjusted annual rate of 430,000 from an upwardly revised 405,000 in September. Sales of new homes rose more than expected last month to the highest level in more than a year as the housing market shows stability after its historic collapse.

Home shoppers in October were acting before lawmakers decided to extend a tax credit for first-time buyers and expand it to existing homeowners. Nevertheless, sales were up 5.1 percent from a year ago, the first yearly increase since November 2005.

The median sales price of $212,200 was off 0.5 percent from $213,200 a year earlier, but up 0.7 percent from September’s level of $210,700.

The Space Coast Business Guild is looking for new members all the time. The organization is comprised of gay-owned businesses and gay-friendly businesses in Brevard County. Check them out on the web for more information. They service all of Brevard County and have members from Palm Bay, Melbourne, Cocoa Beach, Cocoa, Merritt Island, Port St. John, Rockledge, Titusville and everywhere in between. You can link to the website here.

Some people think that is much easier to go through the holiday season without having their home on the market. Guests, family visitors, friends . . . all types of people are coming through that are not normally there so rather than have the home show ready this time of year I am just not going to have it listed. But that is the wrong way to think in this market. It may take a little effort but here are some reasons why you should list your home during the holiday season.

1. Serious Buyers – Although there are less buyers this time of year, those that are out there are serious buyers. I mean, would you really want to shop for a home this time of year unless you had to. EXACTLY!! That is why those that are shopping for a home now are serious and probably looking to move-in quick.

2. Less Competition – Just like the introduction stated, a lot of people think the same way. And although there are less people buying, there are also less people typically with their home on the market. This drop in inventory could be the competitive edge you are looking for to attract those serious buyers from reason #1.

3. Decor Can Make the Home Feel Like . . . Well Home – There is plenty of opportunity to dress the home in holiday decor which can spark a lot of emotion in a buyer this time of year. You have to be careful to keep it on the tasteful side and don’t drape everything that doesn’t move with tinsel and knick knacks. But carefully placed wreaths, candles, holiday swag and a beautifully decorated tree can all conspire to have that buyer draft an offer.

4. Time to Relocate – Whether its the weather or the abundance of companies shoring up their balance sheets and adding employees, there does tend to be a strong percentage of people that relocate this time of year. It is an easy time because the kids are out of school, everyone can pitch in over the holiday period to move because a lot of people have time off from work. And of course, being Florida, we have many escapees from the north that feel like this is the season to buy in warmer weather even if it is just a vacation home.

5. Tax Purposes – Its the end of the year and any financial means that have to be made to satisfy tax write offs or offsets for special tax reasons usually have until December 31 to get done. If someone has a property tax exchange they have to complete or want to get in one round of mortgage interest of their taxable amount will want to buy a home in December.

So, there you have it. It may be tougher keeping the home show ready with all the guests and visitors. But wouldn’t it be worth it if one of those people that came in saw how lovely your home was and decided, now is the time to buy.

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As we approach the holiday season, most people think about the preparation for parties, last minute gifts for Uncle Joe or being able to work off all those calories from Aunt Edna’s casserole. However, with all the rush of the season, it is easy to forget those that we do not work with or interact with on a daily basis. We are so busy with making sure that our families have everything together that it is easy to forget about the plight that others have this time of year as well as all year round. That is why it is just as important as any other time to become involved in local charity work. “But, I don’t have the time,” you say. Well, you do not necessarily have to give your time; there are plenty of other ways to help without stressing any more than you already do.

A lot of organizations try to do special events and offer special meals. It could be as simple as hosting a canned food drive for your favorite charity and it is not very time consuming. I am a board member for the Space Coast Business Guild and we joined up with a local bar which offered drink discounts to people who brought in food donations. Over three nights we collected enough food and monetary donations to provide 500 pounds of food to the Central Brevard Sharing Center and Project Response.

Another easy way to get involved is to tie in your charity to something you are already doing and just make it the frosting on the cake. I host an annual Christmas party with a healthy attendance and everyone is always wondering what to bring. I usually end up with a lot of bottles wine (which I am more than happy to consume or use for future guests), chocolates and assorted great gifts. And although I have not had the best year financially, I still felt like this was an opportunity to do more for others. So, on my party invitations this year I have asked for all of my guests to bring either a toy for children at Project Response or to bring a cash/check donation to UNICEF instead of any presents for me. This way, there is no pressure for them to find an interesting or unique gift for the host, but my guests and I are also doing something for the community. As a result, one of my neighbors agreed to pick up toys for over 20 children on the list and it sounds like the toy drive at Project Response will be a success.

So, although this time of year it is easy to get caught up in family gatherings, office parties, the mad shopping rush and end of the year planning for next year, make it a point to remember others and give back to your community. There are plenty of easy ways to do it that will not burden you this time of year. Happy Holidays!!

I have been quiet and I have been laying low but I am back in action and back to be the best agent that I can be for you. Read through some of the updated reading here on buyer, sellers and renters. Also, if you have questions or have real estate needs, be sure to contact me. I would be glad to help you!!