I am on my way out to show houses.
This first time home buyer has been actively looking for a house for over 2 months in a 5 mile radius of Palm Bay. She has realistic expectations. She and her husband aren't looking for a home that is out of the ordinary. She'd like a 3 bedroom, 2 bath, 2 car garage about 1500 square feet of living. In the under $125K price range she should be able to find what she is looking for. She is an FHA buyer, so to stay within FHA guidelines the home she chooses must have a newer roof, newer A/C unit, some type of heat, a stove, no broken windows, and if it has a pool it can't look like a swamp monster lives in it.
Easy right?
Well, maybe not right now.
We have looked at every house in her price range in the area she would like to live. Many are short sales or foreclosures. Many of the foreclosures will not qualify for FHA because of their poor condition. We have checked and double checked the list of houses for sale and haven't yet found a property that works for them.
I remember not that long ago, we were in a buyer's market. There was an huge inventory of homes available for sale. Buyers had no problems finding a property to suit their wants and their needs. But, in some areas and price points in Brevard County today, that has changed. We are finding there is a shortage of good, clean affordable homes under $125K.
Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate
Brevard County Real Estate & Investing
I also buy, sell, rent, own and manage Investment Property.
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Good points Sandy, more and more of what is on the market is properties that people have walked away from and are in disrepair. A product of the market we are dealing with.