Cash Buyers are Muscling Some Right out of the Market

The Brevard County Real Estate Market has been changing.

For awhile we were in a buyer's market, where buyers could take their time, look at a property, think about it for a week, go back, look at it again and think about it some more before even thinking about making an offer.  Well, that's changed here in Brevard.  For properties under $150,000 buyers are advised not to wait too long, because the competition is fierce.

Cash buyers and investors are strong arming first time buyers getting FHA loans, with 3 1/2% down, right out of the market.  And, investors getting conventional mortgages, making strong offers are also winning bidding wars over FHA buyers.  Often times the properties being offered for sale are short sales or foreclosures, which are typically sold in AS IS condition. So, if there are certain repairs that have to be made to a property as an FHA lender condition to closing, that pushes the FHA buyer right out of the running on certain homes.

The National Association of Realtors has indicated that the number of cash buyers has jumped to almost 33% from a mere 10% at the market downturn.  And, in April of 2012 first time homebuyers accounted for just 35% of home purchases as compared to previous percentages of 40% to 45%.

Sandy Shores, Melbourne FL Broker-Associate

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

SandyShoresMelbourne@hotmail.com

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