Is the Market Changing?
Brevard County real estate sales continue to thrive. New listings are down, sales are up, and interest rates are still at historically low levels. With sales up almost 20% year over year, and inventory down about the same, it seems as though the market is moving at a fairly decent pace. So ask the question: is the market changing?
Sales continue to show strong numbers, and inventory is decreasing. With 79% of the sales being under $200,000, buyers are still looking for the bargains. These "bargains" are going fast, as 37% of September sales sold in less than 30 days. That means that if the price is right, the house will sell, fast! I do not think we are in a sellers market, however, in the lower price points, it is starting to feel that way.
With 60% of homes being financed in the Brevard County area, buyers are still taking advantage of the historically low interest rates. With the majority of the financing being done through FHA and VA loans, many are enjoying the benefits of these government insured and guaranteed loans. With the $8000 First time Home Buyers credit still being offered, first time homebuyers are rushing to the market to find their dream home, however, the deadline is fast approaching.
All in all September's Brevard County mortgage and market data proved to be in line with the theme that the market is improving and changing. Sales are up, inventory is down, rates are still low, and with incentives to purchase for first time homebuyers, it is an amazing time to purchase real estate! So, make sure that you speak with a mortgage professional to get an idea of you purchasing power and financing options, and then go out there and get yourself a deal before the market has "changed"!