I recently read asking if house prices are, again, rising too quickly. The CNBC article indicated that inventories of homes for sale are down. Thus, causing an increase in property prices. Prices in some areas increased by 8% from December 2011 to December 2012.
For those in our area, buyers have to move quickly on a house when they see one they want to buy.
The scope of the market is continually changing. We are seeing multiple offers on houses under $125,000. The "good ones" are going first and quickly. That may be the most important information we are trying to get out to our buyers.
International buyers, second home buyers from Northern states, and investors are all scooping up deals on Brevard County real estate. We have heard that 20% to 40% of the buyers in the market today are investors, with 60% of them being new investors. 50% of our buyers are paying cash.
We’ve been in situations where we’ve had buyers find a house that suits their wants, their needs, and their budgets. The buyers are tickled. However, some buyers want to take time to think about the house they see and do some research before making a decision, and understandably so. This is the biggest purchase of their lives. However, a week or two later, when they are ready to make an offer, the house they want is under contract with another buyer.
It’s a difficult situation for a discouraged buyer that doesn’t get the house they have their heart set on. So, they begin their search again, looking for a house to suit their wants, their needs and the type of financing they are applying for. Then, it’s only natural for them to compare the other houses they see to the one that got away.
So, when out looking for a house in Brevard County FL, remember we are back to multiple offer situations. The good ones are moving off the market, quickly. Be sure you’ve got your preapproval letter in hand when you head out. And once we’ve done our homework, be sure you’re ready to go.
To read the full CNBC article on rising prices and dwindling inventory check here.
M & M Real Estate, Inc.
Residential, Investment and Relocations
We have a team of professionals to facilitate your Short Sale.
Melbourne Real Estate / Palm Bay Real Estate
321-253-4545 or 321-733-6080
Email me at SandyShoresMelbourne@hotmail.com
Serving Brevard County Florida for 16 Years
Brevard County Resident for 37 Years
Melbourne, Palm Bay, Suntree, Viera, Rockledge,
Cocoa, Canaveral Groves, Merritt Island, Titusville, Mims,
Melbourne Beach, Indialantic, Indian Harbour Beach,
Satellite Beach, Cocoa Beach, Cape Canaveral
I buy, sell, rent, own and manage Investment Property.