Melbourne Real Estate News, Brevard County Florida by Sandy Shores Melbourne FL Realtor

• In Florida from 2000-2005 there were 115,000 new real estate sales licenses issued. That's triple the figure from 1994-1999!
  
• 2,688 of those licenses were issued here in Brevard County, according to figures from the Florida Department of Business and Professional Regulation. That nearly quadruples the figure from the previous 5 years when 708 new licenses were issued.
  
• In 2007, the number of new Brevard County licensees dropped by about 1/2 of those in 2005.
• Today, nearly 1/4 of real estate licenses are in inactive status.

Is this an indication of the shift in our local market? Are licensee numbers declining because new agents found the business more difficult than expected? Did they find that it required more hard work and knowledge than originally anticipated? Many wanted to be agents because it "looked" so easy and "agents were making so much money".

Or, is it because buyers got buried in their overpriced purchases? And, it was inevitable for the market to readjust, thus creating a market slowdown? Competition at the peak of the market was fierce. Often times, ethics were thrown out the window in many areas of the market.

So, now it's time for those of us agents "here for the long haul", to help buyers and sellers "attempt" to pick up the pieces and move forward. Perhaps, it is time to bring back a bit of "normalcy" and good old fashioned ethics to all sectors of the real estate marketplace.

Did you know that you can cut years off of your mortgage and save thousands? 

By making one additional principal payment each year on your 30 year fixed rate mortgage, you can cut approximately 8 years* off of the length of your loan and save tens of thousands of dollars.

Have you heard about bi weekly mortgage payments? 

These are when your mortgage payment amount is divided in half and you make the payment every 2 weeks, in effect adding one additional payment to your loan by the end of the year. Often times they cost a hefty fee to set up and the lending institution charges a monthly fee to process the payment. You can create the same effect by making an additional mortgage payment each year.**

Are you thinking that you just don't have the extra money to mail in an additional principal payment each year?

Well, try this... divide your monthly mortgage payment by 12.  Every month mail the additional 1/12 payment amount in with your monthly payment. So, if your monthly mortgage payment is $1200, $1200 divided by 12 =$100. Every month mail in $1300.  At the end of the year, you will have made an additional principal payment.

It is advisable to send the extra principal payment to your lender in a separate check.  It is important that you specify that the extra funds are to be used as a principal reduction. Check your online statement regulary to be sure this is being done.

Before starting a plan like this, be certain that your loan has no prepayment penalties.  

*This figure may vary depending on the type of your loan. 

**A true analysis can be done by using a mortgage calculator and running an amortization schedule to determine which program will provide the greatest benefit to you.  Check with your lender for additional information.

Did you know that you can get your free Experian credit score & report online?*

This fun and easy to use website will also provide you with a free report that estimates the current value of your home, including the average amount of appreciation. It can also provide you with a budget report of your monthly finances. And you can get a rainy day fund report that indicates how much money you will need in reserve in case of emergency.

*Please note: This score may be different than your actual FICO score. 

Have you had your My Safe Florida Home Inspection done yet?

My Safe Florida Home program is offering free wind inspections to Florida homeowners who qualify. The program can offer advice on what areas of your home are potentially at risk in case of a hurricane. And, it can often provide substantial discounts on your homeowners policy.  We have seen owners save several hundred dollars.

The inspections are performed by state approved inspectors and you must apply and be approved to be eligible for the free inspection

The program has also been offering matching grants in order for homeowners to upgrade specific areas of the home to make it more hurricane safe.

According to My Safe Florida Home the wind inspections and the grants are on a first come, first serve basis.  Their website indicates that the grants may have stopped today, however, per a phone call I was able to confirm that the grants are still currently available, but may stop at anytime. So check to be sure at My Safe Florida Home.

Properties that not eligible for free wind inspections include mobile homes and manufactured homes, apartments, condominiums, multi-family dwellings and businesses.