In the early hours today, the sun was rising and the water was like glass. It was just perfect.
In a spectacular three minutes, five dolphins splashed in the wake of our boat. They must have known my granddaughter was with us as they put on their performance.
Welcome to the waterfront in Brevard County.
News reports continue to boast that Brevard County is undervalued. When I search the Multiple Listing System on Realtor.com, I must agree that some of the best buys are on the waterfront.
Oceanfront condos still lead the way in an oversupply, thus, tremendous values are in this category. Canal-front homes are certainly available in price points that are hard to believe.
Riverfront under $1 million is a price range that did not exist in Brevard County for many years, yet is available in today's market.
The economy is consistently showing signs of improvement. Is this oversupply in housing going to exist for many years? Are people continuing to purchase at an increased rate? The fact is, the contracts are being written and negotiated to a meeting of the minds, with an increased rate of activity that continues. Still, I predict an oversupply in housing for several years.
A balanced market is not forecasted for two to three years if this action is consistent throughout a two-year period. Sellers who are wanting to buy in this market must agree to sell low and understand that they, in turn, will buy low. This will offset the impact of a low offer.
Now that the interest rate has increased -- but is still at a very low rate -- one needs to jump into this housing market before there's another rate increase.
Increases or decreases in rates are controlled by the secondary money market and the economic situation. Rates under 5.5 percent still are excellent rates. The truth is, one does not know what the future rates will be. Appraisals still are coming in on the low side. If a buyer or seller has no consistent proof of the price that is negotiated in a contract for sale and purchase, it is recommended that a special clause showing the contract is contingent upon an appraisal reflecting at least the value of the contract price and performed within two weeks of date of acceptance, be added to the contract.
Your Realtor can assist you with the wording. If the appraisal results are known up front -- that is, in the early stages of the loan process -- any adjustments that must be agreed by both buyer and seller are done prior to the seller moving out of the property.
Hopefully, this market devaluation will not remain in existence much longer. It is the low sales of the past that influence the value indicated by the appraiser. A cash contract is an exception as no appraisal is needed. Bring on the cash contracts.
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