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

Today, we are seeing good deals on properties being offered as short sales and bank foreclosures. Often times there are multiple offers on these lower priced properties, especially on homes in good condition.  This is making it difficult for some buyers to get the home they really want.

Investors are back in the market and are snapping up these properties with cash.  In some areas cash buyers comprise about one quarter of the purchasers. These investors are driving the prices up over asking price and winning the highest bid.

It's good news that we are moving many of these properties off the market.

However, the buyer looking to occupy the property as his primary residence, buying with a traditional mortgage, often times feels as if he just can't compete.

The banks are finding the cash offers more attractive, since there are no inspection contingencies or financing contingencies. Thus, there is no concern as to whether the investor is overpaying for the property or whether it will appraise for today's market value.

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

Wow, Summer break is almost over! Where did it go?

Brevard County students are headed back to school on August 10, two weeks earlier than students in other school districts. 

Brevard, labeled a high academic district, with a letter grade A,  requested the early start date. The district wants to allow for additional time to prepare students for the FCAT exam, the Florida Comprehensive Assessment Test taken by third through tenth grade students. Eleventh and twelfth graders take the SAT or ACT, college entrance exams.

The new schedule means that students in Brevard will get out 2 weeks earlier than other districts.

The district has also decided this year that midterm exams will be given BEFORE students go on Winter break, unlike last year, when students took them AFTER Winter break.  This put much unnecessary stress on students and families during their Winter vacations.

The school day will begin 15 minutes later, and get out 15 minutes later than last year.

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

It seems that many of the phone calls that we have been receiving are from people interested in selling their homes. The faces change, but the story seems to be the same.  Owners remodeled their homes over the past several years, many during 2005-2006 and are looking to sell.  Some have already tried to sell, but can't.

And since then, the market has dropped.

But the same message keeps coming through, 'I've put alot of money into the home in remodeling and I'd like to get some, if not all of it back out."

It makes perfect sense, right?

But, is it possible? 

Today, probably not.

In 2004-2006 remodeling was all the craze. People were buying houses like hotcakes, remodeling them, and selling them, even before the paint was dry, because of the shortage of properties for sale.  There was an overabundance of qualified, ready, able and willing buyers.  

When the market went belly up, many owners, investors, and speculators were left holding those remodeled homes. We've all heard the story.

So, here they are today...with beautifully remodeled homes...that are sitting.  They won't sell. Some won't rent. Unfortunately, these owners often believe they still have a gem on their hands.

Everyone wants a remodeled home, right? Everything is brand new.

Well, many people may not want the property. 

WHY? 

Price, price and price, again.

Today, we are in a completely different market than a couple of years ago. The economy has changed. Some have lost their jobs. Money is tighter than it used to be. The price of items has gone up.  

There are an overabundance of properties on the market. Many are short sales and foreclosures. And in areas of Brevard County, especially in Palm Bay, many of these are brand new or barely lived in properties.  Regular sellers are having a hard time competing with the bargain prices being offered on these properties. And, sellers with remodeled homes are having an even harder time competing with these properties. 

Today, buyers are looking for a bargain. They are shopping price.  They are shopping for the monthly payment they can afford, They will take the home for $200 less a month that needs a coat of paint before they opt for the higher priced remodeled home. Don't get me wrong, if they can find that $200 less a month priced home in something that is move in ready, or nearly new that's their first choice. But, if not, today they'll agree to a lower price on a home that needs a little elbow grease. Money is tight.

A couple of years back, buyers would jump on the remodeled house and pay top dollar. But, not today. 

Our market has come full circle.

Sellers may be holding onto their remodeled homes for longer than they care to.

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

The Satellite High School JV Cheerleaders are having a car wash today from 10:00 to 2:00 at Taco Bell at the corner of Highway A1A and Scorpion Court in Satellite Beach.

The cost is $3.00.

The girls are raising money to help cover costs of running the organization.

It's a beautiful day, head on out, get your car washed and drive right across the street, and spend the rest of the day at the beach!

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

The Brevard County Sheriff's Office is offering the Teen Driver Challenge Program.  This is a free program for high school students, that have a restricted driver's license or regular driver's license.

The program was created by law enforcement officials and is certified by the Florida Department of Highway Safety Motor Vehicles. There are 2 days of learning. The first day is a 4 hour block in the class room. And the next day is all day on the driver's range in the student's own vehicle. Students learn safe driving habits, tips on avoiding a crash, vehicle control and many other important topics.

According to Sheriff Jack Parker, "The Brevard County Sheriff's Office is dedicated to reducing the number of injuries and deaths among our young drivers.  Their safety is our priority.  We believe this hands on course will improve skills, vehicle knowledge, create good driving habits and provide valuable tools for all of their driving years."

Classes are currently being offered throughout the year, on Friday and Saturday. However, seating is limited.

In completing the course, students are given a certificate of completion, that will help some drivers with discounts on their auto insurance. 

The course material goes above and beyond the info taught in Driver's Ed in high school.

For additional information on the Teen Driver Challenge Program, go the Brevard County Sheriff's Office Website.

Or watch the video.

My teenage daughter just finished this class this afternoon.  She thought that it was invaluable in teaching some of the worst things that could happen on the road.  She said that she was so happy that she took it, because she learned things that she never knew.  And she said it has given her the tools she needs to be a more careful driver.

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

'Where's our Bailout?' is the question that many distressed homeowners are asking.  This owner seems to be shouting it to the heavens, hoping someone will hear...

We are hearing so many stories of homeowners that can't afford to pay their mortgage payments any longer.  Whether it's because their adjustable rate mortgage has adjusted up, their taxes and insurance went up, or  they were laid off from their jobs, many have found themselves in precarious positions. 

Some people are crying out for help.

Are they getting the help they need? 

Are lenders working with homeowners on mortgage modifications? 

Are they more receptive to short sales than in the past? 

Are they working to help owners avoid foreclosure? 

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

According to the Melbourne Association of REALTORS here in Brevard County Florida,  Real Estate Statistics for June 2009 are as follows:

For single family residential units:

There were 571 new listings.

This is a decrease of 18.89% from June 2008 of 704 new listings.

Year to date in 2009 there have been 3527 new listings.

Year to date in 2008 there were 4837 new listings.

There were 340 sold listings.

This is a 17.65% increase from June 2008 of 289 sold listings.

Year to date in 2009 there are 1773 listings sold.

Year to date in 2008 there were 1571 listings sold.

The average sale price in June 2009 was $148,184.

This is a 30.03% decrease from June 2008 of $211,786.

Average days on the market for June 2009 were 111 days.

This is a 5.93% increase from June 2008 of 118 days.

For all properties, including single family residential, condo and townhouse:

There were 828 new listings.

There were 410 sold listings.

Average sales price was $141,271.

Average days on the market = 119

Types of financing used:

124 conventional financing

151 cash

 90 FHA

 24 VA

  2 Owner financing

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

Today, we see the words AS IS used quite a bit in advertising properties for sale.  Foreclosures are listed in AS IS condition, as they are bank/lender owned.  Often times these homes have deferred maintenance issues.  Some have some high ticket repairs that need to be taken care of, but not all.  Banks typically don't want to deal with the repair issues that come up. And, some are good, clean properties at bargain prices.

Typically, these properties have NO seller disclosures, a list of items of interest to a potential buyer. This checklist refers to the overall major operating systems of the house and how they function: appliances, A/C system, roof system, electrical system, plumbing or wells and septic systems, etc.  It can also provide other pertinent information about the property, local community and assessments. Sellers are required to diclose items that they know are a problem with the property.

As these bank owned property don't have seller disclosures, buyers should be cautious to get a home inspection done by a certified inspector.

Today, we also typically see short sale properties being offered in AS IS condition. The sellers are still the owners of the property, but their lender makes the final determination as to whether they will accept any offer(s) presented on the property. When an offer is accepted and the short sale is approved, many times we see the lenders not agreeing to complete any necessary repairs that may turn up on a home inspection. So these are AS IS also. Occasionally, we see some that have agreed to make some repairs.

But, what about the 'normal' seller?  What happens when he decides to offer his property in AS IS condition? 

Is this a buyer turn off? 

Do buyers automatically think that AS IS means that there are items of disrepair in the property?

Often times the question is, 'why is the home being offered in AS IS condition?'  What's wrong with it? 

Do buyers want to look at homes offered by sellers in AS IS condition?

Perhaps, if they are hoping to grab a good deal.

Is that the mentality?  If it's AS IS then I want a deal. 

What if there are no repairs needed on that property and it's priced very competively for the market?

Perhaps the seller is from out of state, and there are only minor repairs, but he doesn't want to be bothered with trying to coordinate them. Or the house is part of an estate sale? Many times these are AS IS just because none of the heirs have lived in the house.

Sometimes, for the 'normal' seller, there are good reasons to offer a property in "AS IS" condition. 

But, does this help or hurt a seller in getting the house sold?

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

The weather has been warm and we are always looking for ways to cool off around here.  A swim in the pool is a great option. Or, heading to the beach and jumping in the ocean is refreshing.

Or, I suppose that stopping in every neighbor's yard, that has their sprinklers going, and jumping right in, is another option.

Bailey loves the water and when we're taking him for a walk, he can't walk by without getting soaked. He loves to stop and play. He drinks so much water, sometimes I think he's going to float. 

We can't turn on the hose in the backyard, without him jumping in and grabbing a drink. He loves to be sprayed.  He has a ball!

After he's done playing in everyone's sprinklers we bring him home and give him a bath, otherwise he smells like well water - eggs - yuck!

This article is authored by

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.