Single Family Residence Sales for May 2009
The Brevard county real estate market continues to improve at a rapid pace. Looking at the data for May 2009, sales are up 7% over April 2009. Sales are also up over 18% year to date through May verses last year. Sales are up, rates are low, and prices are still favorable. This is a great time to buy a house.
Even if you think that prices may still drop, the impending increase in interest rates will more than likely outweigh a small decrease in price (check out this article on this subject). And with sales on the rise, it is only a matter of time before pricing rebounds.
While most of the single family residences sales in May seem to be below $100,000, 62% of the sales are above $100,000. The properties below $100,000, in addition to the first time homebuyer credit, still present an excellent opportunity for those first time home buyers. If you want to buy a house, but are waiting, you may lose $8000.
Don't forget, contrary to popular belief, financing is still available. 66% of those homes purchased in May of 2009 were financed. Rates are still historically very low, and people are closing on homes with financing. It is always in your best interest to consult a mortgage professional to go over your purchasing power and financing options.
Homes are still priced very aggressively, and interest rates are also at historical lows. If you have the means to do so, or are even thinking about it, you need to speak with a mortgage professional to see if you can make it happen. Not only will we not see these low prices again, we may not see these low interest rates; and if you are a first time homebuyer, or have not owned a property in three years you may be entitled to an $8000 tax credit. Now go out there and buy a house!