NAR Says Nearly Half of Homes Sold in 30 Days

NAR Says Nearly Half of Homes Sold in 30 Days

The National Association of Realtors indicates that 45% of homes listed for sale across the country sold within 30 days on the market.

The survey indicates that houses in Florida sold within 46 to 60 days.*

In May 2015, homes were on the market for an average of 40 days.  This is the shortest market time since May 2011.

The homes that sold in 30 days were in Colorado, Texas, Washington, Idaho and Kansas.

The homes that took the longest to sell were in Alabama, West Virginia, Mississippi and Arkansas at 90 or more days on the market.

*This seems interesting to me, as we are seeing buyers flocking to homes at certain price points the first few days on the market.  And, often we are in multiple offer situations. When priced right, homes here are gone in the first week. 

‘Just Looking’ for Homes… Those Days are Gone

'Just Looking' at Homes for Sale... Those Days are GoneI was googling a search online this morning and found an article I had written in November 2008 about buyers ‘just looking’ at homes for sale.  I had written that the number of homes currently in the Brevard County real estate market was plentiful. Buyers could look at a house multiple times and take their time in making a decision on whether they would make an offer to purchase it.

Well, today, times have changes. Our inventory of homes available for sale is currently down. Today, buyers don’t have the luxury of looking at a home over the course of a couple of weeks. The good homes are gone in the first week… sometimes even in the first couple of days. We are seeing multiple offers on homes, at varying price points.

Sometimes buyers have to move quickly when they see a house they like. They can’t linger on the decision too long. It could mean the difference between getting the house and someone else getting it.

Some buyers are getting in bidding wars just to ‘win’ the house they want. But, be cautious, bidding wars can trigger emotions and make some buyers pay more for a home than they normally would or should. Remember, the house has to appraise, based on comparable homes that have recently sold, in the area. If it doesn’t appraise, the buyer and seller may have to agree to a compromise to make the transaction happen… the seller would reduce the price to the appraised value or the buyer would have to bring additional money to closing, above the contract price (if his lender allows). If they can’t come to terms, then both parties could be right back to square one. The house may have to go back on the market and it would have to appraise for the next buyer, unless a cash buyer with no contingencies wants it. And, the buyer would be out looking at houses for sale again in this market of dwindling inventory.

In the Brevard County Real estate market, for now, the days of ‘just looking’ at homes for sale are gone.

Read the article here, Just looking at homes for sale November 2008.

HGTV Dream House 2016 in Merritt Island Brevard County FL

HGTV Dream Home 2016 here in Merritt Island, Brevard County FLHGTV has announced their 2016 Dream Home Location.

They will be bringing their architects, construction crews, producers and cameras to renovate a Merritt Island Home here in Brevard County, Florida. I have to say that the HGTV ad for Florida’s Space Coast highlighted so many aspects of our area beautifully.

What a gorgeous place that we live in!

Florida is the Lightning Capital of the US

Florida is the Lightning Capital of the USEarlier this week, we headed out for a trip to the Tampa Amphitheater at Tampa Fairgrounds to see the Tesla, Styx and Def Leppard Concert.  Tampa is just over 2 hours away, on the west coast of Florida. We arrived at the concert in the middle of a terrible lightning storm, that hung over the fairgrounds for over an hour. The first band, Tesla, cancelled their show, as the weather was showing no signs of subsiding. We waited in the van until the lightning passed.

Here in South Brevard we’re fortunate to be located in an area that is central to some great venues that showcase very talented artists.

Maxwell C King Center for the Performing Arts and the Wickham Park Pavilion in Melbourne are just 5 minutes from us. At the King Center we’ve been fortunate enough to see Peter Frampton, Dennis DeYoung from Styx, Daryl Hall and John Oats and Riverdance.  Next month we will be driving 5 minutes down the street to see the 80’s band, Whitesnake.

The Wickham Park Pavilion hosted Runaway Country that showcased Blake Shelton and Luke Brian, the last 2 years. The show brought more than a dozen artists and tens of thousands of fans here in Melbourne.

We’re about an hour away from the House of Blues Orlando and the Osceola County Fairgrounds, that showcase various events.

And, we’ve got the Tampa Amphitheater at Tampa Fairgrounds, where Styx and Def Leppard put on an incredible concert last night. Def Leppard sounded amazing! They were better live than their recoded albums. After the show, we headed back to the van feeling a bit like drowned rats, dodging raindrops and trudging through mud puddles.

I love to be able to jump in my van and enjoy a great show for an evening. And during the summer months, we are reminded that we are living in Florida, the lightning capital of the United States.

Where are Mortgage Interest Rates?

Where are Mortgage Interest Rates?In real estate, mortgage interest rates are always a hot topic. Interest rates have been hovering above 4.00%. The projection is that they are going up. When interest rates go up, that affects a consumer’s buying power.  Higher rates often mean a lower purchase price of a home, as lenders look at the debt to income ratio of a borrower. Debt to income ratio is the percentage of a consumer’s monthly gross income that goes towards paying debts in comparison to their monthly income.

The interest rate on my mortgage is currently 5.875%.  I remember refinancing to get that rate. It wouldn’t benefit me to refinance again, to get a lower rate now, as I anticipate having it paid off within 18 months.  I wouldn’t be able to recoup the cost of the refinance in just the 18 months I take to pay if off.

I remember when interest rates were 13%. Heck, I remember when they were 18%. But, I also remember when houses were selling here in Melbourne for $25,000 to $50,000. Those same houses today are going for $150,000 and up.

Interest rates are projected to go up. And the word from analysts is to buy before they get too high. That’s probably pretty good advice.

To get an idea of what interest rates look like, check here. Your best source of information will be a local lender.

Where are mortgage interest rates?

Come On, Jump in for a Swim

Come on, Jump in for a Swim
Come on, Jump in for a Swim

The weather here has been a sweltering 90 degrees, with high humidity.  I can feel the sweat rolling down my back when I’m outside in the middle of the day. It’s hard to find a place to cool off.  It seems like the air conditioner never clicks off, trying to keep the inside temperature comfortable.

We’ve been swimming in the pool, at the end of these blistering days, to cool off. The water temperature is great! I remember when my girls were younger and they were in the pool all the time. They were like two little fish. During the Summer it seems like they lived in their bathing suits. Our backyard was filled with kids. Their skin would be shriveled like raisins from swimming so long. We’d practically have to drag them out, to get them to take a break to eat. Most nights we’d all swim after dinner and play family pool games. Those were the days.

We see quite a few homes with pools here in Florida. In higher price points, in some areas, homebuyers expect to find a screened pool in the backyard of a home for sale. If a house doesn’t have one, some buyers will move on to the next property. Depending on what area and what price range the house is in, determines how much value a screened pool will add to a property.

As the years have passed, our girls are grown, life is a bit more hectic. They’ve got full time jobs and they are both in school. It’s a bit of a challenge to coordinate family time together, but we try every chance we can. The pool is no longer full of teenagers, but when the sun starts setting, if we don’t have appointments with clients, we stop to relax for a dip and enjoy our quiet time.

Come on, Jump in for a Swim

Melbourne FL Real Estate Market Watch Report

Melbourne FL Real Estate Market Watch Report

Melbourne FL Real Estate Market Watch Report

There are currently 476 homes (single family, half duplex, condo & townhouses) available for sale in Melbourne Florida compared to 514 in August 2014.

Here’s the breakdown,

Under $100,000                –   79, compared to 123 in August 2014 

 $101,000 –  $200,000      –   134, compared to 162 in August 2014

 $201,000 –  $300,000       – 123, compared to 125 in August 2014

 $301,000 –  $400,000       –   63, compared to 53 in August 2014

 $401,000 –  $500,000        –   37, compared to 18 in August 2014

 $501,000 –  $750,000       –   19, compared to 18 in August 2014

$751,000 – $1,000,000     –    17, compared to 10 in August 2014

$1,001,000+                        –   4, compared to 5 in August 2014

Prices ranges from $49,900 for a 2 bedroom 2 bath condo with 1072 square feet of living in West Melbourne to $2,100,000 for a 5 bedroom 4 full, 2 half bath home situated on 10 acress with 7800 square feet of living in the Lake Washington area.

Today, 409 of the 480 properties for sale are standard listings (not a short sale or bank owned property). In August 2014, 416 out of 514 properties are standard listings (not a short sale or foreclosure).  Today 7 of these are short sales. (sellers owe more on their homes than they are worth in today’s market. They are asking their mortgage companies to accept today’s market value as payment in full and write off their remaining mortgage balance.) In August 2014, 21 properties were short sales. Today, 61 are bank owned properties. In August 2014, 77 of these are bank owned, foreclosures, auctions or being offered through HUD (the Department of Housing and Urban Development.) 

Today, there are 362 properties under contract, in escrow, with a negotiated sales price between buyer and seller, waiting to close. In August 2014, there were 188 properties under contract. 

Today, there are 1046 properties that have sold and closed in Melbourne in 2015. In August 2014 there were 1374 properties that had sold and closed since the beginning of 2014.

See the August 2014 Melbourne Real Estate Market report.