As the much-needed rains continue to fall on Brevard County, the grasses get greener and the birds and wildlife are happier. As the buyers continue to bring the deluge of contracts on properties, the bankers, the sellers, and the Realtors begin to smile. Life in Brevard keeps getting better.
The interest rates flutter but we are promised continuous optimism in the financing arena. The stock market echoes our prediction of economic strengthening and the nation comes a little closer to ending our crisis. With still an abundance of inventory in our area, there is a long way to go before properties appreciate.
The market in 2004, 2005 and part of 2006 jumped so very high, that in order to bottom out, it had a long hard fall. It is estimated that values today in our area, are in the range of 2002 prices.
In a few states and cities that showed a minimal depreciation factor over the past several years, it should be noted that those areas did not show a significant amount of appreciation in 2004 to 2006. Those areas are in the minority as most states and cities across the United States jumped high and now have fallen back.
Continuous efforts to increase the market value are stifled by the conservative nature of the lending institutions who are wrapped in tighter regulations. Loan processing is tougher and longer than in the past year. Lenders require more information and documentation from buyers prior to a loan commitment.
Insurance rates have, for the most part, shown a slight decrease, and more significant decreases are seen if a wind mitigation inspection shows construction that withstands hurricanes.
Incentives for storm protective features, energy/green features, grant rewards to buyers and sellers who purchase quality upgrades.
Buyers show continuous confidence that the real estate market is at or very near the bottom. Fewer "for sale" signs dot our neighborhoods, and some are not sure if the signs floated away in the rains or properties have sold. I will vouch for the sold. The activity in sales contracts each month since February have continued to increase.
Brevard County is a very special place to call home. The concern for the homeless, the hungry and the poor, by all of our residents, reflects the sensitivity and the caring nature of the people who live here. Even the Loggerhead turtles search every shore in the world and choose here to lay their eggs and give us the pleasures of witnessing their hatching.
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