Buyers are flocking to Brevard, and the reasons are clear. They have heard of the "eco tour" on our rivers, highlighting our natural wonders. They have heard of kayaking through the zoo to see animals in their natural habitat. Some have experienced skimming through the wetlands on an airboat. Others just enjoy the walk through the old towns, dining on the street cafes or enjoying the many theatrical performances our cities offer.
Although the interest rate edged up, the contracts continue to be written as buyers pounce on the great values in Brevard County. A good Realtor can help guide you through the process. Those looking at property on a daily basis know that the best buys are going quick. Yes, the market is beginning to change. The surplus still exists in all phases of the housing market, and prime properties are being scooped up by the knowledgeable buyers.
The time is right. Sellers who are pricing their properties correctly in this market are experiencing action and possible offers. Problems still plague the financing aspects of the real estate purchase, so buyers and sellers need to be aware of this possibility. Low appraisals also continue to be an issue.
The problem circumstances are highlighted in the condominium market. If the developer still owns a majority of the units, financing may be limited and almost, in some cases, impossible. If there is a program for special financing in these circumstances, I have not yet, found it but I am still searching.
Foreclosures continue, and short sales are changing. Investors specializing in short sales are contracting at a rapid rate, negotiating with the lender and flipping the property. Buyers and Realtors need to be aware that if the short sale is a flip, a lender for the buyer may require more time prior to financing. To further explain: a flip is when an investor contracts on the short sale and lists it for sale prior to the investor closing on such a property. Thus, it's reselling the short sale or flipping the property to a second buyer with the intent of capturing a profit in the second transaction. The transactions usually have a simultaneous closing where the investor closes in the morning and the buyer closes in the afternoon.
Fascinating! People are creative in every market. Knowledge is the key to closing on such a property. Researching the property, the seller, the lender and the flipping investor may be the keys to closing on this transaction if it is still a good deal for the buyer being represented.
Real estate is now a complex process. Working with a professional in the business full time is an absolute necessity in today's market.
The Realtors struggle with these changes as do the sellers and buyers, but a sunset walk on the beach will lower your stress level.
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