Monday, June 1, 2015

Home Buyer Tips: Brevard County, Florida Residential Market Favors Sellers - Buyers Be Prepared

I remember a few years ago when asked about their home purchase budget a prospective buyer responded to me that "money is no object."  I was not impressed nor comfortable with that response.  

Money is always an object.

In a brisk real estate market such as the current Brevard County, Florida residential market, most buyers know that move in ready homes do not stay on the market long.

The median days on the market for single family homes sold in April 2015 was only 34 days.  That meant half the homes sold were on the market less than a month.  Another key fact - homes were selling for an average of 94% of original listing price.

The above statistics show the Brevard County market favors sellers.  Sellers are not negotiating a lot off their listing prices.

When buyers begin their home search they must be prepared.   Buyers must know what they are looking for and how much they are willing to pay when they find it.

Being prepared includes obtaining the mortgage pre-approval.    Being prepared also means knowing how much a buyer is willing to spend.   The mortgage pre approval limit should not be considered a starting point.

Knowing that sellers are not negotiating much off list price buyers should not start their home search at the top of their budget.  I suggest buyers see what is available below their maximum level.  And then move up in price if necessary to locate their desired property. 

And as your search price increases understand that the Brevard County, Florida market favors sellers so do not expect sellers to reduce their list price substantially.

Being prepared also includes having a local, knowledge real estate professional working for you. 

When you are ready to buy a home in Brevard County, Florida, call me at 321-693-3850 if I can help in any way.  I specialize in central Brevard County areas of Viera, Suntree, Rockeldge, Merritt Island and Melbourne.

If you are looking for a condo in Cocoa Beach and Cape Canaveral, Diana Zaccaro can help.

Waters Realty of Brevard - a small company delivering big results.