Please join us Thursday June 17th in the Grant Valkaria are to view two spectacular properties for this Beatiful Home Showcase .
With one listing from The Waterman Team of National Realty and Shari Ayers from Keller Williams, this is sure to be an event that you will not want to miss!
Please contact Shari Ayers or The Waterman Team for directions, or with any questions on properties.
Are you engaged or recently Married[1]?June is the month of weddings, and to get in the wedding spirit, my June special is geared towards those lovebirds now looking to purchase a home.
If you make application with Joe Harris from Morgan Financial, in the month of June[2], and close your loan with him by September 30, 2010 he will pay $300 of your closing costs at closing[3].
Whether you are already working with a different lender, or have no lender relationship at all, please contact Joe Harris today to see how he can help.
If you do not fit into this special, but know someone who does, please let them know. Contact Joe at Joe@joeKnowsMortgages.com.
Thank you and best wishes!
[2] For application taken from June 1st 2010 through June 30th 2010
[3] Must mention this promotion, and must close your loan with the services provided by Joe Harris at Morgan Financial.
Brevard County Mortgage and Brevard County Real Estate Market Data For February 2010
It is a great time to be involved in the Real Estate industry; home prices are great, interest rates are at historic lows, and there are 
still government incentives to purchase a home. The government incentives are set to expire, and you will need an executed contract by the end of April to take advantage of the tax credit. There is still time to get in on this once in a lifetime deal, so do not delay, act now! 
The trend of lower price listings selling continues into February. With almost 80% of the transactions in Brevard County under $200,000, there seem to be great deals out there, with buyers purchasing value. These low prices are allowing those who were not able to purchase what they where looking for a few years ago, to get into the right home at the right price now.
While 50% of homes are still being financed, this February 2010 we had 254 cash Transaction which accounted for 49% of the market. With almost 50% of all homes in Brevard county being purchased 
with cash, following January’s trend, it appears as though Cash is still ruling the market. This is a sign that people see no better place for their money than in real estate. This is a true signal that we are at or near the bottom.
While we have almost returned to a “normal” market, it has been shown that homes are selling. If the home is priced right, it will 
sell in a reasonable amount of time. New listings that are aggressively priced are quickly sniffed out by those looking to buy, and usually have offers in on them in a short amount of time. If you find a home that you love, and it is priced right, then you have to act fast. With interest rates as low as they are, government incentives still on the table, and homes aggressively priced – It is a great time to be a buyer. If I can help you discover your purchasing power, or take a look at your financing options, please contact me today!
Brevard County Mortgage and Real Estate Market Data For January 2010
Welcome to the first market data report for Brevard County Real Estate of 2010. While 2009 turned out to be a good year for both the reduction in invento
ry, and sales of existing inventory, it also proved to be the year of lending changes, and bottoming out prices. With 2009 in the distant past, we now get our first glimpse into the new decade for 2010.
Not too surprising, the vast majority of sales were under $200,000 with 76% of all residential transaction selling between $0 and $199,999. This trend has been consistent over the past year as the first time homebuyers are greatly incentivized to come in and purchase. However, we did see an increase in the average price sold of homes to $160,079 in January 2010 versus $148,474 in January 2009. This data could be telling us that we have hit bottom, and are going up.
The biggest surprise for January is the sheer number of cash transactions that are taking place. This January 2010 we had 252 cash Transaction which accounted for 52% of the market. Again, Real Estate has historically been a decent investment, and with so few places to put your money right now, buyers are choosing to use their cash instead of financing. When the cash on the sidelines starts coming into the game at this pace, that is a sign that we have hit bottom.
Whether or not the Brevard County market has hit its bottom or not, one thing is certain: it is an outstanding time to buy real estate. If you 
are a first time homebuyer, the government is still offering the $8000 tax credit, however, there is an end date, so you better act soon to find your home and claim your government incentive. Also, we know that the federal government will stop their Mortgage Backed Security purchase program which will almost instantly add to the increase of interest rates. So, if you are on the fence, or if you know someone who is thinking about buying, now is the time to act. If you have any questions, please contact me.
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”!
Another Great month For Brevard County Real Estate!
Here is a powerful and positive little fact: sales for single family residences for Brevard County are up over 22% for July of 2009 verses July of 2008. That is an astounding year over year number. Additionally, new listings are down slightly over 20% this July verses last July. So, it looks like sales are up and inventory is down; this is a strong sign that the market is improving, and we are bottomed out. If we continue on this track, this current real estate “sale” could end. 
There are no real surprises in the market data from July against that of June. Sales continue to show strong numbers, and inventory is decreasing. With 78% of the sales being under $200,000, buyers are really looking for the bargains. One thing that we have found is that these “bargins” are going fast, as 36% of July sales sold in less than 30 days. That means that if the price was right, the house sold fast!
With 66% 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.
All in all July’s Brevard County mortgage and market data proved to be in line with the theme that the market is improving. 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 be purchasing 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 “sale†is over!
According to the Brevard County MLS, 30% of the single family residence sales, year to date, are marked as bank owned properties. I am not sure of the exact amount that are short sales, however, these are also dominating the market. While we may be reaching the bottom of the market, these transactions are not going away anytime soon.
With the continual arrival of new foreclosed properties in the market place, I thought it would important to review and dispel some myths about bank owned properties from my personal experience. This information comes purely from personally experience, and has not been derived from things I have read, or things that are taking place in other markets. This information has come from the purchase of Real estate Owned (REO) in Brevard County.
Myth 1) Banks will not pay any closing costs.
Banks look at the bottom line. They are holding onto a depreciating asset, and are motivated to sell properties in order to mitigate future losses. With this in mind, they are willing to do what a normal seller would do in this buyers market; this includes paying closing costs, contributing down payment and closing costs to a gift fund, and sometimes even paying for repairs.
Myth 2) I can low ball an offer on a foreclosure.
While there are many great deals out there, banks are looking to get as close to market value on their listings as possible. Before a foreclosure is listed a BPO is done, as well an appraisal. The bank has a good idea of the real market value of the property in its current condition. Also remember that foreclosures are usually listed on the low end of market value, so there may be many parties interested in the property. You may not have the ability to go back and forth with the seller. You may only have one shot to give your highest and best. Make sure your offer is strong.
Myth 3) You’re the only party interested in that foreclosed property.
In many cases I have seen multiple offers on the same property. I have even seen foreclosures sell above the list price. I have also seen over 30 offers in on the same property. Granted the property was a great deal, it just shows that others are out there looking for that great foreclosure deal. Again, make sure your offer is strong.
Myth 4) This is like any other real estate transaction.
For the most part the above statement is true, however, it can become slightly more complicated. Remember, the seller you are dealing with has an oversupply of product, and an undersupply of staff. Things can take longer than expected, and have the capability of becoming slightly more complex. Most issued are solved, and most transaction close as long as all parties are in agreement. It is always best to work with people who understand the process.
Myth 5) The foreclosure property will be move in ready.
While foreclosures remain an excellent way to get a great deal on a property, there may be some downside. Many of these properties may have been vacant for months, poorly maintained, damaged, vandalized, and in some cases gutted. If the house has been poorly maintained, and there is apparent damage, it is possible that the house may not qualify for conventional or standard government financing. These properties may be excellent candidates for rehabilitation or construction financing.
While you may hear that this is a buyer’s market, once you start looking, you may find that is not the case. With properly priced properties moving at a decent pace, it may take a couple of offers on different properties before you actually come to an agreement. With some outrageous deals out there, interest rates still low, and the first time homebuyer incentive is still in effect, it is a great time to be a homebuyer. Don’t wait, you may just find that you missed your window of opportunity!
Single Family Residence Sales for May 2009 Show Continued Increase
                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 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!
 
Everyone Wants a Lower Price, But What About the Impact of Interest Rates?
When shopping for a home, the natural tendency of any buyer is to want to pay the lowest price possible. It’s important to keep in mind, however, that the sales price is not the only factor that determines what the monthly payment will be. In fact, the impact of higher interest rates can easily nullify any benefit of waiting for a lower price.
Why Should I Rush to Buy?
While you may have heard discussions in the media about the decline of property values here for Brevard County Real Estate, the rate of decline appears to be stabilizing.
That being said, it would not be unreasonable for buyers to want to hold out for an additional decline of 10%, hoping to capture the best possible price. However, as property values have declined in many areas to 2003 levels or lower, waiting longer to pull the trigger could be a mistake. Many markets are reporting that lower property values have been bringing out investors and the result has been multiple offers on many properties. Properties priced correctly are not declining and, in fact, are creating a lot of interest.
Interest Rate Complacency
The problem is that many home buyers have been lulled into a sense of complacency because of extremely low interest rates. Since the Federal Reserve initiated its program of buying mortgage-backed securities, which control the rates people pay for their home loans, rates had been range bound, bouncing between 4.50% to 5.00% for a 30-year fixed-rate loan. So the interest rates for a Brevard County Mortgage is still low.
But buyers shouldn’t be confused by this. These rates are artificially low! Historically, interest rates have been above 6.00%. And any rate obtained below this number is a great deal, especially on homes with price tags from 2003!
Markets are Unforgiving
The last two weeks of May showed just how unforgiving the markets can be for people who choose to procrastinate. In just five days, interest rates from many lenders increased anywhere from .50% to 1.00% as fixed-income investors demanded more for their money.
For anyone who was waiting for prices to drop even more, a 1.00% increase in interest rate would bring a higher monthly principal and interest payment on a home, even if the price of that same home had fallen an additional 10% in value.
If you or your clients are waiting for prices to fall even lower, be aware that while holding out for a lower price may help them win the battle, they could lose the war in terms of monthly payments and overall affordability. With the Federal Reserve scheduled to end its buying of mortgage-backed securities this year, rates only stand to go higher for those that wait. In fact, interest rates are already on the rise and could go higher from here.
Clock is Ticking on Free Money
If you are planning on purchasing your first home this year, you need to take possession before 12/01/2009 to be eligible for a tax credit of up to $8,000. In a survey conducted in March by Move.com, nearly 50% of home buyers are currently unaware that this free money exists in the marketplace. And since over 50% of all buyers are first-timers in today’s market, this impacts many buyers.
If you have questions about this update, give us a call. I can show you how waiting for the lowest price could really cost you or your clients more in the long run.
