Joe Knows Mortgages

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”!

There is much talk out there of retail lenders in Brevard County not closing loans in 30 days.  I am still closing loans in 30 days.  While there are instances where more time may be needed, a normal transaction can be completed in this time. With the First time homebuyer program coming to an end on November 30, make sure that you are working with someone who can close your loan in a reasonable amount of time.

Of course that timeline comes with some conditions, and here are the caveats: I need to have all necessary documentation including a clear fully executed copy of the contract and all addendums, and all needed buyer documentation and signed disclosures.  There may be items outside of my control ie…appraisals, inspections, audits, and the like that could affect that timeframe, but again these are outside of anyone’s control.

With many different options and choices for my valued clients and business partners, there is no reason to go anywhere else.  I have a level of service that will astound any client or business partner, and I always keep all parties informed throughout the process.  With a proven track record, and hundreds of wowed clients I am the person who you can trust with your business.