Melbourne Florida Homes for Sale

For those that like to crunch numbers, here are the home sales statistics for Brevard County, Florida for March 2011. The trends at the end of last year and into the beginning of this year continue to be on a slow rise. It is still early to be deemed a victory but the housing market in Brevard County is showing early signs of improvement.

Homes that sold in March 2011 versus March 2010 are up more than 13%. The average sales price is down just under 10%. Condos are flat at holding their average price while single family homes were down almost 13%. Watch the condo market this year, it could mean that there are going to be a lot of good bargains.

*New Listings are down from March 2010 – (27.00%)

*Sold Listings are up from March 2010 – +13.12%

*Volume Sold is up from March 2010 – +1.91%

*Average Sale Price is down from March 2010 – (9.91%)

Here is what is selling in Brevard County, Florida in average sales price:

$0-$49,999 – 187 units sold (22.3%)

$50K-$79,999 – 187 units sold (22.3%)

$80K-$99,999 – 86 units sold (10.3%)

$100K-$159,999 – 169 units sold (20.2%)

$160K-$199,999 – 69 units sold (8.2%)

$200K-$249,999 – 51 units sold (6.1%)

$250K-$299,999 – 36 units sold (4.3%)

$300K-$399,999 – 27 units sold (3.2%)

$400K-$499,999 – 10 units sold (1.2%)

$500K+ – 15 units sold (1.8%)

55.0% of all homes sold in Brevard County were priced between $0 and $99,999. 28.4% of homes were priced between $100,000-$199,999. The average median sales price in Brevard County for March 2011 was $124,056 which is up from February by 3.43%. 59.3% of all homes sold in March 2011 were paid for with cash which continues to be much higher than the national average.

Current inventory on the market is broken down like this:

Residential Homes 3,768 on the market – 1,013 are short sales – 395 are bank owned

Condos 1,037 on the market – 150 are short sales – 111 are bank owned

Townhomes 301 on the market – 65 are short sales – 46 are bank owned

Total 5,106 homes on the market – 1,228 are short sales – 552 are bank owned

Just over 24% of homes on the market in Brevard County are listed as a short sale. Almost 11% listed on the market are bank owned properties. There are concerns that as the overall listings are dropping that there is the prospect of a lot of shadow inventory in the pipeline. Shadow Inventory refers to homes that are in the foreclosure process or the banks have taken back that are not on the market. Those numbers are hard to speculate but they are out there. However, if inventory continues to drop, expect more homes back on the market from banks needing to unload or prices starting to creep back up.

That is how Brevard County, Florida looks in March 2011.

Auburn Lakes is a great entry level community for the Viera East Homeowner’s Association. The homes were built by Holiday Builders between 2003 and 2004. The community is within walking distance of Ralph Williams Elementary school and the Viera East Community Park which features a pavillion, tennis courts, basketball courts, volleyball court, playground and facilities.

Here is what is happening with homes in Auburn Lakes as of February 2011.

There are currently 4 homes on the market available to purchase; 1 HUD home, 2 short sales and 1 home offered by traditional sellers. The homes are all 4 bedroom, 2 bathroom homes and they are priced between $135,000 and $190,000.

There are 5 homes currently under contract and 3 closings in the month of February.

That is the latest with Auburn Lakes in Viera, Florida. If you need some details on any of the homes on the market or what has closed, do not hesitate to ask.

Coral Key is a small community located just off Malabar Road west of I-95 in Palm Bay, Florida. It is really close to shopping, restaurants, medical facilities and within a quick drive of the Indian River and public boat launches.

D.R. Horton’s newest community is going to feature large home sites, brick paver driveways, 18″ tile in all wet areas, double pane low-E windows and stain resistant Shaw carpets. The builder is currently charging no premiums on any of the home sites and they are in pre-sales so it is the best time to choose where you would want your home to be.

The homes in the community start at $179,990 and go up to $252,990 without any selected options. The homes offer 4 or 5 bedrooms and 2 up to 4 bathrooms. There are also floor plans with 3-car garages versus 2-car garage options for the other floor plans. There are some pre-selected homes already available to purchase:

*Lot 5 – 4 Bed/3 Bath/3 Car – 2,546 sqft – $212,585
*Lot 4 – 5 Bed/4 Bath/3 Car – 3,340 sqft – $244,180
*Lot 3 – 4 Bed/2 Bath/2 Car – 2,046 sqft – $193,770
*Lot 2 – 4 Bed/3 Bath/3 Car – 2,546 sqft – $214,955

These are large homes and there are only a limited number of home sites. If you are interested in these homes or any other new construction, give me a call. Coral Key may be the newest builder community by D.R. Horton but there are many other options like Brentwood Lakes, Manchester Lakes, Hammock Trace, Lynnwood and Holly Trace. That is just for Palm Bay, Florida – there are more cities to choose from. Let me know how I can help you find what you need.

For those that like to crunch numbers, here are the home sales statistics for Brevard County, Florida for February 2011. The trends at the end of last year and into the beginning of this year seem to be on a slow steady continuation. It is far from a time to scream recovery but it begins to paint an optimistics outlook on the real estate market for 2011 overall.

Homes that sold in Feburary 2011 versus February 2010 are up more than 25% with over a 70% increase in condo sales and a 20% increase in single family home sales. For those that have been shopping condos in the last couple of years, they are aware that there were much stricter guidelines for loans on condos which is why we have seen a surge this month and possibly will see that all year long. Prices have come down in condos too which could be a factor that will affect overall average sales price. The average sales price is down more than 15% but that probably has to do with the number of condos that were sold this month which were down more than 36% in average price from the previous year. Watch the condo market this year, it could mean that there are going to be a lot of good bargains.

*New Listings are down from February 2010 – (19.04%)

*Sold Listings are up from February 2010 – +25.66%

*Volume Sold is down from February 2010 – +6.57%

*Average Sale Price is down from February 2010 – (15.19%)

Here is what is selling in Brevard County, Florida in average sales price:

$0-$49,999 – 169 units sold (24.7%)

$50K-$79,999 – 153 units sold (22.3%)

$80K-$99,999 – 79 units sold (11.5%)

$100K-$159,999 – 114 units sold (16.6%)

$160K-$199,999 – 53 units sold (7.7%)

$200K-$249,999 – 45 units sold (6.6%) *That’s a surge upward!!

$250K-$299,999 – 27 units sold (3.9%)

$300K-$399,999 – 21 units sold (3.1%)

$400K-$499,999 – 11 units sold (1.6%)

$500K+ – 13 units sold (1.9%)

58.5% of all homes sold in Brevard County were priced between $0 and $99,999. 24.4% of homes were priced between $100,000-$199,999. The average median sales price in Brevard County for February 2011 was $119,522. 59.6% of all homes sold in February 2011 were paid for with cash.

Current inventory on the market is broken down like this:

Residential Homes 4,097 on the market – 1,099 are short sales – 517 are bank owned

Condos 1,112 on the market – 159 are short sales – 121 are bank owned

Townhomes 314 on the market – 78 are short sales – 40 are bank owned

Total 5,523 homes on the market – 1,336 are short sales – 678 are bank owned

Just over 24% of homes on the market in Brevard County are listed as a short sale. Over 12% listed on the market are bank owned properties. There are concerns that as the overall listings are dropping that there is the prospect of a lot of shadow inventory in the pipeline. Shadow Inventory refers to homes that are in the foreclosure process or the banks have taken back that are not on the market. Those numbers are hard to speculate but they are out there. However, if inventory continues to drop, expect more homes back on the market from banks needing to unload or prices starting to creep back up.

That is how Brevard County, Florida looks in February 2011. We are working towards a better year in 2011 with a solid start.

I got an email the other day from a buyer I just started to work with on their home purchase in Florida. I sent them to a lender for a pre-approval and their score was not quite where it needed to be. So the buyer asked me what I thought she could do first to help improve her credit score the most. So I had a little conversation with her to help her understand how her credit score is established.

FICO scores are probably the most common scores that lenders review from the big three credit reporting agencies (Equifax, Experian and Transunion) in regards to a home purchase. There are other scoring models and items that a lender could or does review, but the FICO is a good one to understand. Most loan programs base their qualifications on some sort of FICO score minimum or basis.

So What Makes Up the FICO Score Results??

*About 35% of the score is a result of an individual’s payment history.
*About 30% of the score is based on the amount of credit lines that are used or the amount owed. For instance, if you have 2 credit cards each with a $5,000 limit and you only owe $1,000 in credit card debt then you are using only 10% of your available credit which is scored favorably.
*15% is based on the length of the credit history.
*10% is based on the number of new accounts like when was the last time you opened a new account and how often are you applying for new credit. If it is frequent you may be scored more as a risk.
*10% is based on the types of credit. For instance, are all the credit lines for an individual, specialty credit cards or is there a home loan, auto loan, student loans and major credit cards. An individual is scored more favorably if they have a mix of loan products that are paid on time.

As I explained the make up of her score, it became apparent that there are things that she could do more easily than others. She cannot at this point really positively impact the length of her credit history (she could negatively if she closes her oldest account which would be a HUGE mistake). She should not open new accounts because that would impact her negatively and her mix of credit usage should be fixed at this point if she is not opening and closing accounts.

So my advice was for her to focus on being current on all her accounts and be sure to pay those accounts on time monthly. I also thought that it would be best for her to try and bring down her credit balances so that she was showing more available credit on different trade lines. I explained that I was not a financial expert and that she may want to consult someone who is but based on what I know about credit scoring those are the best places to start. It is not an overnight fix but really there is not an overnight fix to repairing your credit. I also advised her to contact the lender and see what they recommend to their consumers if she wanted other adivce.

Of course, if there were disputable items on her report then she should start working to remove those . . . but that’s for another blog!!

Located in the Villages of Viera East, Auburn Lakes is a 249 home community that is surrounded by lakes and natural preserve. The community features a swimming pool and is within walking distance of the Viera East Community Park which features a large pavilion, tennis courts, basketball courts, volleyball net, playground and facilities. There is also a walking trail through the preserve which connects with Heron’s Landing, another one of the communities in Viera East. The community is also within walking distance of Ralph M. Williams Elementary which is very convenient for school aged children.

Holiday Builders built the homes in the community in 2003-2004. At the time, they were the 25th builder in the United States and had a very strong local reputation since their corporate office was located in Melbourne, Florida. The homes range from about 1,500 sqft to almost 2,100 sqft and offer 3 to 4 bedrooms. As of February 2011, there are only three homes on the market in Auburn Lakes ranging in price from $150,000 to $199,000.

Auburn Lakes is located off of Clubhouse Drive in Viera and is close to numerous shops, restaurants and activities. Banks, grocery stores, pharmacies, medical facilities and many more conveniences are all within minutes. Just across I-95 one can find Space Coast Stadium home of the Washington Nationals and the Brevard Manatees. The Avenues, a pedestrian shopping mall, is home to Rave Motion Pictures and their 16 screens of viewing pleasure. The Brevard Zoo is very close to the community and offers annual passes at a discount. The community is also very close to I-95 and US 1 for those that need to commute in the morning.

There are plenty of people out there that need to relocate for a new job. Some find that renting their primary home is the best option for them while they are three states away in a new job. That is not always a workable solution for everyone. But some homeowners who are not motivated to sell due to market conditions or can avoid a short sale because they can maintain the primary property and another home through the downturn decide to make the property an income source. That is fine and dandy but there are certainly things that the homeowner will need to consider while they rent their property.

1. Check the Mortgage – Some lenders have written interesting clauses into mortgages intended to protect their asset that backs the loan. Some lenders have included clauses that insist that the property be owner-occupied. Check the language in your mortgage papers to see if that is the case before you rent. It would be terrible to start renting the place to only have the entire loan called by the lender completely defeating the purpose of renting it out in the first place.

2. Change Your Insurance – It would definitely be a good idea to consult your insurance company that handles your homeowner policy. They are probably going to require changes since you are changing your residence into an income property versus your primary owner-occupied residence.

3. Prepare for Tax Season – Here it would be well advised that you consult a tax professional as to the implications of renting your primary residence. You should be able to keep normal deductions for repairs and such, but you may have to report the rent as income or on the downside be able to claim lost rent as a business loss. Either way, your situation should be taken up with a tax professional for professional advice specific to your situation.

4. Homestead Exemption - In Florida, if a homeowner claims their property as their primary residence there are tax benefits that home owners receive that reduce their property taxes. Local tax collectors and assesors have been much more aggressive with keeping up with the accuracy of homestead exemptions because there is potentially lost revenue from filings that are not a primary residence. Be sure to consult your local tax assesor or even seek legal advice to check on the implications of not filing information correctly where homestead exemption is concerned.

5. Check Local Laws – Some municipalities require a homeowner to file a business permit. Some municipalities have requirements that make the homeowner file the property as a rental property. Whatever the situation may be, you should check your local municipalities and make sure there are no requirements you would have to satisfy. Fines from the city or county are not fun to deal with when you are three states away.

So these are just some things to consider if you decide to rent your primary residence if you have to move away for whatever reason. There are also things to consider like setting aside reserves for repairs and dealing with deposits. It may be wise to consult a local property manager to assist in the renting and managing of the property in your absence as well.

This year has started off quickly. I cannot believe that I am already doing a monthly set of statistics for 2011. There is a buzz in the air and an energy this buying season. There are definitely a lot of agents that seem more optimistic this year than last and it will be interesting to see if the results match those sentiments.

First off, a piece of good news for inventory is that new listings for January 2011 are down more than 12% from January 2010. Homes that sold for January 2011 versus January 2010 are up more than 16% and the amazing increase was seen in condos. Condos are up more than 40% from a year ago. For those that have been shopping condos in the last couple of years, they are aware that there were much stricter guidelines for loans on condos which is why we have seen a surge this month and possibly will see that all year long. Although the number of transactions are up from 2010, the total dollar volume has declined. The average sales price is down more than 20% but that probably has to do with the number of condos that were sold this month which were down more than 30% in average price from the previous year. Watch the condo market this year, it could mean that there are going to be a lot of good bargains.

*New Listings are down from January 2010 – (12.26%)

*Sold Listings are up from January 2010 – +16.38%

*Volume Sold is down from January 2010 – (7.63%)

*Average Sale Price is down from January 2010 – (20.63%)

Here is what is selling in Brevard County, Florida in average sales price:

$0-$49,999 – 135 units sold (23.4%)

$50K-$79,999 – 118 units sold (20.4%)

$80K-$99,999 – 52 units sold (9.0%)

$100K-$159,999 – 127 units sold (22.0%)

$160K-$199,999 – 55 units sold (9.5%)

$200K-$249,999 – 24 units sold (4.2%)

$250K-$299,999 – 26 units sold (4.5%)

$300K-$399,999 – 23 units sold (4.0%)

$400K-$499,999 – 6 units sold (1.0%)

$500K+ – 12 units sold (2.1%)

52.8% of all homes sold in Brevard County were priced between $0 and $99,999. 31.5% of homes were priced between $100,000-$199,999. The average median sales price in Brevard County for January 2011 was $126,922. 59.5% of all homes sold in January 2011 were paid for with cash.

Current inventory on the market is broken down like this:

Residential Homes 4,367 on the market – 1,169 are short sales – 656 are bank owned

Condos 1,155 on the market – 180 are short sales – 139 are bank owned

Townhomes 342 on the market – 67 are short sales – 67 are bank owned

Total 5,864 homes on the market – 1,416 are short sales – 862 are bank owned

That is how Brevard County, Florida looks in January 2011. We are working towards a better year in 2011 and the start is pretty even ground.

The slow down over the last couple months may have spurred the step up in business for September. The annual trend is showing that listings are up a little more than 4% from last year while sold listings are just under flat from last year in Brevard County. The volume sold is down from last year but that is because the average home sales price has been in decline. The volume is down 6.98%. The average price is down from last year by 6.92%.

*New Listings are up from September 2009- +5.92%

*Sold Listings are up from September 2009- +.84%

*Volume Sold is down from September 2009- (10.13%)

*Average Sale Price is down from September 2009- (10.88%)

Here is what is selling in Brevard County, Florida in average sales price:

$0-$49,999 – 152 units sold (21.5%)

$50K-$79,999 – 144 units sold (20.4%)

$80K-$99,999 – 78 units sold (11.0%)

$100K-$159,999 – 150 units sold (21.2%)

$160K-$199,999 – 59 units sold (8.3%)

$200K-$249,999 – 49 units sold (6.9%)

$250K-$299,999 – 23 units sold (3.3%)

$300K-$399,999 – 25 units sold (3.5%)

$400K-$499,999 – 11 units sold (1.6%)

$500K+ – 16 units sold (2.3%)

52.9% of all homes sold in Brevard County were priced between $0 and $99,999. The average median sales price in Brevard County for September 2010 was $130,912. 55.3% of all homes sold in September 2010 were paid for with cash.

Current inventory on the market is broken down like this:

Residential Homes 4,798 on the market – 1,244 are short sales – 618 are bank owned

Condos 1,219 on the market – 214 are short sales – 122 are bank owned

Townhomes 348 on the market – 75 are short sales – 71 are bank owned

Total 6,364 homes on the market – 1,533 are short sales – 689 are bank owned

It is as simple as that. Everyone who is a registered voter should get out and vote and make your opinions heard. This is what your armed services fight for when they are forced to war is to protect the ideals and civil liberties that we have as Americans. So embrace your rights and get out and vote!