Melbourne Real Estate News, Brevard County FL Real Estate by Sandy Shores REALTOR®

Is this it? 

Is this the turn in the market that we have been warning buyers about?

Are interest rates heading up? 

Is it truly time for buyers to get off the fence and take that step to buy NOW before rates go up?

This week the Federal Reserve opted not to cut the Fed Funds Rate again. 

In the past, a cut in the Fed Funds rate often times was followed by a drop in mortgage interest rates.  However, that has just not always been the case, recently, as there has been so much money lost in all sectors of the banking and real estate industry.  We have seen rates sometimes fluctuating on a daily basis.

But, what about the Fed's decision this week?  The Fed has been aggressively cutting interest rates, hoping to avoid recession.  They opted to not cut the Fed funds rate at all.

What does this mean to the real estate market? 

Is this a sign of what's coming next?

We are now hearing that the government is concerned about inflation.

Buyers have been asking the same question, Is it Time to Buy? I say yes!!!!

Today, with higher gas, food prices and energy costs we have the risk of inflation spreading.  Thus, we are hearing rumors that the next move for the Fed may very well be to increase the Fed funds rate before the end of the year!

Will mortgage rates go up with a Fed funds increase, too?

How much?  

And then, how much after that?

If this is the case, buyers in areas experiencing price declines and market corrections that are waiting to buy may not benefit AT ALL from waiting for prices to continue downward.  They could be faced with higher interest rates, thus affording them less house for their money spent.

I have heard reports that the Fed could start raising interest rates as early as their August 5 meeting or their December 16 meeting. Some are saying no, that this won't happen. That this may be too big a blow to our already shaky economy. Some feel that we may not see rate increases until sometime next year. But, sometime WHEN next year?  They're not disputing that rates will be going up to ward off inflation.

Who knows? 

In my opinion, it's time for buyers to get serious about getting into the market and buying that house they've been waiting for, NOW.

If only we had a crystal ball to predict the future...

Here in Melbourne Florida, located in Brevard County there are currently First Time Homebuyer Programs available.  I wish I was a first time buyer! New buyers are receiving down payment and closing cost assistance to make it easier to get into their first home.

Home prices have been gradually becoming more realistic and smart buyers are snapping up deals.

Currently there are 270 homes for sale priced $150,000 and below in Melbourne, Florida.  In January 2005 at the peak of our market there were less 4 homes available for sale in the North Melbourne area priced below $200,000, and none of those were priced below $150,000!  Our market has certainly come full circle.

So, don't miss the opportunities available today. The last 4 buyers that I have worked with have used First Time Homebuyer Programs for their purchase.  They were all provided with great packages to assist them with their purchase.

So, check with Brevard County to see what programs are available.

Or the City of Melbourne

or check with FHA

or the Department of Housing and Urban Development

or call me at 321-253-4545 , and I will be more than happy to give you additional information.

Here in Brevard County Florida our rainfall levels are still below average for this time of year.  But, over the past week we have been getting some very heavy showers in the afternoon, including heavy thunder and lightning.

Our average rainfall amounts are 17-18 inches for this time of year.  However, we have only had about 12 1/2 inches of rain so far.  It seems that our rain usually picks in July and August.  In the afternoons around 3:00 in usually starts to get cloudy.  And then we get a 30 to 45 minute shower, that cools everything off and then it clears right back up.

We love to see when we finally get the rainfall that we need.

My sister Jean from Ft. Walton Beach is visiting us for about a week, here in Melbourne Florida.  So, my teenage daughters and I have decided that we are going to drive over to Orlando to visit one of their many theme parks. 

Here in Brevard County we are only about 45 to 55 minutes away from most of the major theme parks in Orlando. 

Our dilemma is that there are so many fun theme parks in Orlando, we have a hard time figuring out which one we want to go to.  There is Walt Disney World Magic Kingdom, MGM Studios, Animal Kingdom, Epcot, Sea World, Universal Studios, Wet N Wild,  Blizzard Beach, Universal Studios, and Islands of Adventure.  Our favorite park is Walt Disney's Magic Kingdom.

We love living in Brevard County Florida, home of the Kennedy Space Center and World Famous Cocoa Beach because we are so close to everything.

In Brevard County, we are home to Port Canaveral, where the cruise ships come into port. A couple of years ago, my famiy and I took a cruise out of Port Canaveral to the Caribbean.  The drive from our home in Melbourne Florida was about 30 minutes.  It was so convenient.  And, the cruise was incredible!

In 2009 nearly twice as many Port of Call visits are scheduled to come here locally.  Port of Call visits are when a ship that is not based in our ports comes and brings passengers for a half a day or more and allows them to take shore excursions.  Excursions in Brevard will include destinations such as Historic Cocoa Village.  If you''ve never been there, it is a beautiful, historic old town, filled with art, antiques, memorabilia and restaurants. It is situated on the beautiful Indian River Lagoon with a sprawling park, with a large stage for different types of performances. 

Other excursions will be to Orlando, about 30-40 minutes away,  to the major theme parks, Disney, MGM, Animal Kingdom, Epcot, Univeral Studios, Islands of Adventure, Sea World and more. 

Port Canaveral currently has long term contracts with Carnival, Royal Caribbean and Disney Cruise Lines to place some of their newest ships here in Port Canaveral.  These ships typically travel to Caribbean destinations.

These shore excursions to Brevard are estimated to bring approximately $6 million to Brevard, as each visitor spends approximately $100 per day while in port.

If you've never been on a cruise, it is absolutely fantastic!  Get on over here, and jump on one of the ships for anywhere from 3 days to 2 weeks. There are some beautiful destinations to see! And the food is absolutely phenomenal!  I'll bet you will come back 5 pounds heavier than you left! (But it's worth it!)