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

Recently, I was out with buyers, looking at houses in Titusville FL.  At this house the owner's father met us at the property to unlock the door and let us in.  He was gracious and stayed outside while we took our tour of this old colonial style property.  The house was free of furnishings and had many rooms.

As we climbed the stairs to the second floor, we were chatting about the property. When we rounded the corner, this guy scared the begeebers out of us.  We thought we were touring a vacant house.  So, it came as a total surprise when we happened upon this creepy looking guard hovering to protect his property, with a skull head served up on his platter.  After our initial shock, we couldn't stop laughing. 

What a great presence staring out the window of this 2 story beauty to scare strangers away!

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I specialize in Brevard County Real Estate - Residential, Investment & Relocations.

We have a team of professionals to facilitate your Short Sale.

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

According to REALTOR Magazine Experian has released the cities with the highest and the lowest average credit scores.  Experian finds that mortgage payments are a huge factor in compiling the scores.

 
Cities with the highest average credit scores:

· Minneapolis, Minnesota 787
· Madison, Wisconsin 785
· Cedar Rapids, Iowa 781
· Green Bay, Wisconsin 780
· San Francisco, California 780
· Boston, Massachusetts 779
· Peoria, Illinois 778
· La Crosse, Wisconsin 778
· Seattle, Washington 777
· Sioux Falls, South Dakota 777


Cities with the lowest average credit scores:

· Harlingen, Texas 684
· Jackson, Mississippi 698
· Corpus, Christi, Texas 700
· Shreveport, Lousiana 701
· El Paso, Texas 706
· Monroe, Lousiana 706
· Las Vegas, Nevada 707
· Bakersfield, California 708
· Myrtle Beach, South Carolina 709
· Tyler, Texas 709 

It not surprising to see Texas on the lowest average credit score list 3 times.  Nor is it a surprise to see Nevada and California.  However, where is Florida on that list?  Florida is a hard hit state that has seen large numbers of short sales and foreclosures.

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I specialize in Brevard County Real Estate - Residential, Investment & Relocations.

We have a team of professionals to facilitate your Short Sale.

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

Last week I took some buyers out to see a house that was being offered as a short sale.  The owner was home, and she eagerly took us on a tour of this nearly 4000 square foot home. She explained everything about the house to us, and showed us every nook and cranny. I typically don't like when the owners are home, however my buyer found it beneficial, as this house was a custom build.  It had features and upgrades that were not visible to the eye.  The property was very different than most homes that we see.

I had a copy of the listing in my hand, and all of the appliances were listed as staying, except for the refrigerator. So, I asked if it would be staying. 'Well I'm really not sure yet.  I haven't decided what I'm going to take at this point.  Since it's a short sale, I think I'm just going to go ahead and take everything.'  EEEE - gads!  "What would taking everything include?" I asked.  'Well I'm thinking about taking the refrigerator, the stove, the built in microwave oven, the trash compactor and anything else that's mine.'

Well, I hope she remembers to tell her listing agent that she is considering taking everything that is listed in the MLS printout as staying. Because, for some unknowing buyer, this could prove to be a rather difficult situation.

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We have a team of professionals to facilitate your Short Sale.

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

This picture was taken in Melbourne Beach Florida overlooking the Indian River Lagoon.

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I specialize in Brevard County Real Estate - Residential, Investment & Relocations.

We have a team of professionals to facilitate your Short Sale.

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

Today in the Brevard County FL area there are quite a number of short sale properties being offered for sale.  These are houses where the owners owe more than the property is worth in today's market. So, a short sale is advertised at what a selling agent believes to be close to market value.  The owner must be in a hardship situation, such as a job loss, a divorce, a death or a military transfer in order to qualify for a short sale.

The short sale process usually begins by a buyer making an offer on the short sale property.  If the seller and listing agent feel that the offer is near the list price, then the seller signs off on the contract and the offer is presented to the seller's lender with a complete package of information, outlining the seller's hardship.  The lender will determine if it's a true short sale.

The price on a short sale is not a guaranteed, out the door price.   The seller's lender must order a brokers price opinion or an appraisal to determine what the value of the house is.  The lender will agree to a percentage of the appraised value.  The closing costs and the real estate commission must be included in the agreed upon price.  If the buyer's offer is not high enough, the short sale lender will make a counter offer. And, the buyer must determine if they will pay more for the property and proceed with the purchase.  Then, the buyer's lender will do an appraisal of their own for the buyer's new financing.

The seller's lender can forgive all of the owner's debt, the difference between the selling price of the property and the mortgage balance.  Or, they may decide they would like the seller to sign a promissory note, promising to pay back a given dollar amount.  Or, the lender can ask the sellers to bring money to closing, which few short sale sellers are in a position to do.  The sellers have to decide if they are going to do either of the last two.  If not, then the "deal" could be off.

A short sale can take a couple of months or it can take longer.  I have closed them in as little as 2 months and one took nearly 15 months to get to closing.  It depends on the sellers lender, the sellers situation, and who is facilitating the short sale. It can also depend on if there are two mortgages on the property. If there is a first and a second mortgage, it can make the situation a bit more trying.  The lenders must come to terms amongst themselves on how much money each will "settle" on.

Short sales are typically offered in "AS IS" condition.  The selling lenders are not always agreeable to repairs on the property. Some are. Some are willing to do repairs to close the transaction.

There are some really nice, attractively priced short sale properties available for sale, today. They can be a great opportunity for the right buyer.  Other buyers are not in a position to wait through the short sale process.

I think short sales are going to be around for some time.  And, a buyer has to decide if a short sale is right for them.

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I specialize in Brevard County Real Estate - Residential, Investment & Relocations.

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

It's time to get your house on the market to sell it, but there are a number of items that haven't been fixed since you've lived there.  "Oh what the heck, just leave it for the guy who buys the place.  He can do it."  Well, not so fast.  That decision may cost you thousands.  If you don't feel like or can't do the work yourself, hire it out to someone who can. There are alot of people eager to work for $10 an hour to get that clean up done for you. (Be sure to get the proper work done by a licensed professional.)

Ten years ago I was approached by a seller that asked me to buy his house from him. He was an acquaintance I had known throughout the years.  He knew that I liked the neighborhood where he was living.  We discussed comparable sales, but he wanted to just walk away from the property, without doing any work on it.  We came to an agreement that worked for both of us.

We signed the contract for a closing in 45 days.  I knew I was going to have to scramble, as I wanted to take the equity from my current home and move it to the new property.  But, having lived in my house for 10 years, and not planning on moving, I knew there were items that needed to be addressed prior to selling.  The house had to be perfect and priced properly to sell it quickly.  I spent $2000 for fix up.  I cleared out all the excess stuff, pictures, furnishings and clutter, swapped out the carpeting in the bedrooms, scrubbed and painted the inside and the outside.  When I was done the house was spotless. 

I got an offer on the house the first day it went on the market for $10,000 more than I anticipated.  The extra money and effort that went into the property paid off beautifully. 

I went to closing 45 days later, closed on  prior house in the morning and bought the new one that afternoon.  

Had I not done the work, I don't know how long the house would have been on the market.

And, so the work began on the one I was buying.

Don't leave the work for the next guy, unless you want to sell your house at a bargain basement price.

And remember: don't put money in for fix up expenses unless you think you're going to get it back out.

Melbourne Real Estate

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I specialize in Brevard County Real Estate - Residential, Investment & Relocations.

We have a team of professionals to facilitate your Short Sale.

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

According to the Melbourne Association of REALTORS® statistics are as follows for Brevard County FL Real Estate:

Currently there are:

5257 residential listings for sale

1511 rental listings available

1358 condos for sale

 366 townhouses for sale

 110 income producing properties

2472 vacant parcels for sale

Brevard County FL Real Estate, including single family residential, condo, townhouse and vacant lots:

There were 801 new listings.

There were 328 sold listings.

Average sales price was $143,603.

Highest price sold was $1,950,000.

Lowest price sold was $ 1,667.

Average days on the market were 127.

For single family residential units:

There were 579 new listings.

This is an increase of 4.51% from August 2009 of 554 new listings.

There were 312 sold listings.

This is an 18.27% decrease from August 2009 of 312 sold listings.

The average sale price in August 2010 was $159,244. 

This is a decrease of 4.09% from August 2009 of $166,029.

Average days on the market were 103, a 8.04% decrease from August 2009 of 112 days.

Types of financing used for South Brevard County single family, condos, and townhouses:

178 cash

 73 conventional financing

 63 FHA

 19 VA

  1 Exchanges

  6 Owner financing

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I specialize in Brevard County Real Estate - Residential, Investment & Relocations.

We have a team of professionals to facilitate your Short Sale.

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

"Obstacles don't have to stop you.

If you run into a wall, don't turn around and give up. 

Figure out how to climb it, go through it or work around it."

- Michael Jordan

Picture was taken in St. Augustine FL.  This is one of my favorite places to visit.

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I specialize in Brevard County Real Estate - Residential, Investment & Relocations.

We have a team of professionals to facilitate your Short Sale.

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

While out looking at houses with buyers, in the Melbourne Florida area we are still seeing a number of houses that are overpriced. For some owners they owe more on their homes than they are worth in today's market, thus the high price tag. 

Other owners are still holding on to the hope that they are going to get those high ticket prices that sellers where getting in 2005 and 2006, at the peak of the market. 

But, those houses have to appraise based on recent, comparable sales in the area.

As owners drop their asking price, often they are still behind the market.  The reduction doesn't amount to enough to get the price near or below current market value. So, they are chasing the market.  And, it's pretty clear that the longer a house sits on the market, the lower priced the offers that come in are going to be. If there are any offers at all.

Today, statistics indicate that Melbourne FL Real Estate prices are back down to 2002 prices. Our median sales price in Brevard County is $100,000.

According to Trulia.com, across the nation, this is the third month in a row with the highest percentage of price reductions, up to 26 percent.

Trulia's statistics indicate that:

These cities had the highest percentage of price reductions in September 2010:

 1.  Minneapolis, Minnesota 43%  

 2.  Milwaukee, Wisconsin 40%

 3.  Phoenix, Arizona 39%

 4.  Mesa, Arizona 37%

 5.  Albuquerque, New Mexico 35%

 6.  Memphis, Tennessee 35%

 7.  Boston, Massachusetts 35%

 8.  Tucson, Arizona 34%

 9.  Baltimore, Maryland 34%

10. Dallas, Texas 34%

These cities had the lowest percentage of price reductions in  September 2010:

 1.  Detroit, Michigan 16%

 2.  Miami, Florida 18%

 3.  Oakland, California 19%

 4.  El Paso, Texas 19%

 5.  San Jose, California 20%

 6.  New York, New York 20%

 7.  Los Angeles, California 22%

 8.  San Antonio, Texas 23%

 9.  Denver, Colorado 23%

10. Fort Worth, Texas 23%

Melbourne Real Estate

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I specialize in Brevard County Real Estate - Residential, Investment & Relocations.

We have a team of professionals to facilitate your Short Sale.

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

Picture was taken at Lake Washington Park in Melbourne Florida

There's nothing better than the beauty of a sunset.

Melbourne Real Estate

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Visit Sandy Shores, Melbourne Real Estate Agent, Google Profile page

I specialize in Brevard County Real Estate - Residential, Investment & Relocations.

We have a team of professionals to facilitate your Short Sale.

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