Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Aug. 24, 2021

Brevard Market Snapshot - July 2021

 

A quick recap of the Brevard County Single-Family Report for July 2021:

  • Closed Sales are down -13.3% for July 2021 in which the number of units closed was 1,043 compared to 1,203 in July 2020, with an increase in cash sales of +17.4%.
  • New Pending Sales are down -6.5% and New Listings are up +12.2%.
  • The Median Sales Price for Brevard Single Family homes is up +20.9% to $322,000 compared to a year ago, which was $266,235.
  • Months Supply of Inventory is down -45.0% to 1.1 months, a decrease from 2.0 months in July 2020.
  • Traditional Sales are down -12.4%, with a median sales price of $325,000.
  • Foreclosure/REO Sales are down -61.9%, with 8 closed sales and a median sales price of $257,000.
  • Short Sale Closings are down -25.0% with 3 closed sales in July 2021 and 4 Closed sales in July 2020.
 
A quick recap of the Brevard County Townhouses & Condos Report for July 2021:
 
  • Closed Sales are down -22.3% for July 2021 in which the number of units closed was 251 compared to 323 in July 2020, with an decrease in cash sales of -10.9%.
  • New Pending Sales are down -16.1% and New Listings are up +21.7%.
  • Median Sales Price for Townhouses & Condos is up +9.3% to $235,000 compared to a year ago, which was $215,000.
  • Months Supply of Inventory is down -51.7% to 1.4 months in July 2021 from 2.9 months in July 2020.
  • Traditional Sales are down -22.0%, with a median sales price of $235,000.
  • Foreclosure/REO Sales are down -100.0%, with 0 closed sales and a median sales price of $0.
  • Short Sale Closings are unchanged with 0 closed sales in July 2021 and 0 closed sales in July 2020.
Posted in Market Updates
Aug. 13, 2021

What Does Being in a Sellers’ Market Mean?



Whether or not you’ve been following the real estate industry lately, there’s a good chance you’ve heard we’re in a serious sellers’ market. But what does that really mean? And why are conditions today so good for people who want to list their house?

It starts with the number of houses available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):What Does Being in a Sellers’ Market Mean? | MyKCMWhen the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which leads to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer. As this happens, home prices rise, and sellers are in the best position to negotiate deals that meet their ideal terms.

Right now, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and the ongoing rise in remote work have prompted buyers to think differently about where they live – and they’re taking action. If you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers.

Bottom Line

Today’s ultimate sellers’ market holds great opportunities for homeowners ready to make a move. Listing your house now will maximize your exposure to serious buyers who will actively compete against each other to purchase it. Let’s connect to discuss how to jumpstart the selling process.

Posted in Buyers, Sellers
Aug. 2, 2021

Brevard Public School Calendar 2021-2022

Brevard Public School Calendar 2021-2022

Early Release Day every Friday beginning August 13th

* Make-Up days for inclement weather include Nov 25th, Jan 4th, Jan 5th and Feb 15th

 

August 10th (Tuesday)  - First Day for Students

August 13th (Friday) - First Day for Kindergarten

September 6th (Monday) - Labor Day / Holiday for All

October 11th (Monday) - Teacher Work Day / Student Holiday

November 11th (Thursday) - Veteran's Day / Holiday for All

November 24th (Wednesday*) - Teacher / Student Holiday - Make Up Day if needed

November 25-26th (Thurs-Fri) - Thanksgiving Holiday for All

December 17th - 21st (Friday - Tuesday) - Exams / Early Release Days

December 22nd - January 5th - Winter Break (1/5 - Make Up day if needed)

January 6th (Thursday) - Teachers / Students Return

January 17th (Monday) - Martin Luther King, Jr Day / Holiday for All

February 7th (Monday*) - Teacher / Student Holiday - Make Up day if needed

February 18th (Friday*) - Student Holiday - Make Up day if needed

February 21st (Monday*) - Student Holiday - Make Up day if needed

March 11th (Friday) - Student Holiday

March 14th - 18th (Mon-Fri) - Spring Break

April 15th (Friday)  - Student Holiday - Make Up day if needed

May 24th - 26th (Tuesday - Thursday) Exam / Early Release Days

May 26th (Thursday) - Last Day for Students

 

* Make-Up days for inclement weather

Visit Brevard County Schools Website to stay up to date with information

Aug. 2, 2021

Key Questions To Ask Yourself Before Buying a Home

Sometimes it can feel like everyone has advice when it comes to buying a home. While your friends and loved ones may have your best interests in mind, they may also be missing crucial information about today’s housing market that you need to make your best decision.

Before you decide whether you’re ready to buy a home, you should know how to answer these three questions.

1. What’s Going on with Home Prices?

Home prices are one factor that directly impacts how much it will cost to buy a home and how much you stand to gain as a homeowner when prices appreciate.

The graph below shows just how much experts are forecasting prices to rise this year:Key Questions To Ask Yourself Before Buying a Home | MyKCMContinued price appreciation is great news for existing homeowners but can pose a significant challenge if you wait to buyUsing these forecasts, you can determine just how much waiting could cost you. If prices increase based on the average of all forecasts (12.46%), a median-priced home that cost $350,000 in January of 2021 will cost an additional $43,610 by the end of the year. What does this mean for you? Put simply, with home prices increasing, the longer you wait, the more it could cost you.

2. Are Today’s Low Mortgage Rates Going To Last?

Another significant factor that should inform your decision is mortgage interest rates. Today’s average rates remain close to record-lows. Much like prices, though, experts forecast rates will rise over the coming months, as the chart below shows:Key Questions To Ask Yourself Before Buying a Home | MyKCMYour monthly mortgage payment can be significantly impacted by even the slightest increase in mortgage rates, which makes the overall cost of the home greater over time when you wait.

3. Why Is Homeownership Important to You?

The final question is a personal one. Before deciding, you’ll need to understand your motivation to buy a home and why homeownership is an important goal for you. The financial benefits of owning a home are often easier to account for than the many emotional ones.

The 2021 National Homeownership Market Survey shows that six of the nine reasons Americans value homeownership are because of how it impacts them on a personal, aspirational level. The survey says homeownership provides:

  • Stability
  • Safety
  • A Sense of Accomplishment
  • A Life Milestone
  • A Stake in the Community
  • Personal Pride

The National Housing & Financial Capability Survey from NeighborWorks America also highlights the emotional benefits of homeownership:Key Questions To Ask Yourself Before Buying a Home | MyKCMClearly, there’s a value to homeownership beyond the many great financial opportunities it provides. It gives homeowners a sense of pride, safety, security, and accomplishment – which impacts their lives and how they feel daily.

Bottom Line

Homeownership is life-changing, and buying a home can positively impact you in so many ways. With any decision this big, it helps to have a trusted advisor by your side each step of the way. If you’re ready to begin your journey toward homeownership, let’s connect to discuss your options and begin your journey.

Posted in Buyers
July 25, 2021

Brevard County Market Snapshot June 2021

A quick recap of the Brevard County Single-Family Report for June 2021:
 
  • Closed Sales are up +11.2% for June 2021 in which the number of units closed was 1,168 compared to 1,050 in June 2020, with an increase in cash sales of +68%.
  • New Pending Sales are down -19.3% and New Listings are up +23.7%.
  • The Median Sales Price for Brevard Single Family homes is up +20.9% to $314,250 compared to a year ago, which was $260,000.
  • Months Supply of Inventory is down -57.1% to 0.9 months, a decrease from 2.1 months in June 2020.
  • Traditional Sales are up +12.8%, with a median sales price of $315,000.
  • Foreclosure/REO Sales are down -58.8%, with 7 closed sales and a median sales price of $201,000.
  • Short Sale Closings are down -100% with 0 closed sales in June 2021 and 4 Closed sales in June 2020.
 
A quick recap of the Brevard County Townhouses & Condos Report for June 2021:
 
  • Closed Sales are up +39.0% for June 2021 in which the number of units closed was 321 compared to 231 in June 2020, with an increase in cash sales of +33.9%.
  • New Pending Sales are down -16.1% and New Listings are up 34.5%.
  • Median Sales Price for Townhouses & Condos is up +6.7% to $232,000 compared to a year ago, which was $217,500.
  • Months Supply of Inventory is down -61.3% to 1.2 months in June 2021 from 3.1 months in Jun 2020.
  • Traditional Sales are up +38.1%, with a median sales price of $232,000.
  • Foreclosure/REO Sale reported, 1 closed sale and a median sales price of $307,500.
  • Short Sale Closings reported 1 closed sale in June 2021 and 0 closed sales in June 2020.
Posted in Market Updates
July 16, 2021

Hot Topics in the Housing Market Right Now



If you’re a prospective buyer or seller, it’s important to understand the current real estate market conditions and how they affect you. The Counselors of Real Estate (CRE) just released its Top Ten Issues Affecting Real Estate report. Here are three hot topics from the list and how they impact today’s housing market.

Technology Acceleration and Innovation

The past year ushered in many changes to the real estate industry, especially when it comes to technology. The CRE report elaborates on this:

“Lockdown-driven changes in our work, in the economy, in social structures, and in our personal behavior have pushed our reluctance aside. The acceleration and adoption of technology during the pandemic has impacted everything, and real estate is no exception.

For real estate, innovations like digital documentation, virtual tours, and video chat enable agents to connect with clients no matter their location. These options are ideal for prospective buyers and sellers who aren’t local to the area or those that need the added flexibility signing documents online or doing virtual tours provide. That’s why many trusted real estate advisors will continue to use these technologies moving forward to best serve their clients.

Remote Work and Mobility

Working from home became the reality for many individuals during the pandemic, and the latest list from the CRE identified remote work and mobility as an important influence on the real estate market. As the report notes:

the pandemic universally caused a movement away from urban cores, particularly for those with higher incomes who could afford to move and for lower-income individuals seeking lower costs of living. Most of these relocations remained within their original region—84%—and, while some are returning, it is unknown as to the permanence of these movements or whether they represent a true urban exodus.

With the added mobility remote work offers, where people are moving and where they can ultimately purchase a home is less dependent on a physical office location. This newfound flexibility is giving remote workers the opportunity to move to more affordable areas and buy more home for their money.

Housing Supply and Affordability

Finally, the limited supply of houses for sale and the related affordability challenges also makes CRE’s list of key factors this year:

“According to the National Association of Realtors®, the state of America’s housing inventory is dire, with a chronic shortage of affordable and available homes needed to support the nation’s population.”

There is good news. Homes are still more affordable than they have been historically thanks to today’s low mortgage rates. And while housing supply is still low, we’re seeing steady increases in the number of homes coming to market, which gives hope to homebuyers. As the supply of homes for sale improves, buyers will have more options.

Bottom Line

New technology, remote work, housing supply, and home affordability are key factors in the housing market right now for both buyers and sellers. If you want to better understand how these topics can impact you, let’s connect today.

Posted in Buyers, Sellers
July 9, 2021

Why This Isn’t Your Typical Summer Housing Market



In real estate, it’s normal to see ebbs and flows in the market. Typically, the summer months are slower-paced than the traditionally busy spring. But this isn’t a typical summer. As the economy rebounds and life is returning to normal, the real estate market is expected to have an unusually strong summer season.

Here’s how this summer is stacking up against the norm and what it means for you.Why This Isn’t Your Typical Summer Housing Market | MyKCM

Inventory is increasing.

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), inventory levels have been rising since February of this year. Looking at the graph below, there’s a clear upward trend, as shown in the green bars. Currently, there’s roughly a 2.5 months’ supply of homes for sale. And while inventory is trending up as more houses are coming to the market, it’s still much lower than several of the previous summers, as the orange bars indicate.Why This Isn’t Your Typical Summer Housing Market | MyKCMIf you’re looking to buy, some relief is on the way in the form of more homes coming to the market. Just remember, we still have less inventory than the norm, so be patient in your search.

If you’re thinking of selling, now is the time. Work with your agent to list your house before it has more competition on the market.

Time on the market is still shorter than normal.

Unlike the typical summer trend, time on the market is moving at the fastest speed we’ve seen since NAR started collecting this survey-based information in 2011. The most recent Realtors Confidence Index shows that the average home is on the market for just 17 days, as shown in green in the graph below. This means houses are selling at a much faster pace than a typical summer, which the orange bars represent.Why This Isn’t Your Typical Summer Housing Market | MyKCMIf you’re looking to buy, this means you need to be prepared to move fast. Brace for a quick pace and rely on your agent to stay in the know on the available homes in your area.

If you’re thinking of selling, data shows your house will likely sell quickly. If you’re worried about where you’ll go once your house sells, consider a newly built home as a good way to move up.

Price appreciation is still rising.

The last big factor making this an unusually strong market this summer is home price appreciation. According to the State House Price Index from the Federal Housing Finance Agency (FHFA), we’re currently experiencing double-digit house price appreciation and have an average of 12.6% appreciation across the country. The graph below uses data from NAR to show a more granular view of how prices have changed month-to-month over the past few years. The green bars show the current price appreciation we’re experiencing today. Our current levels are well above what we’ve seen in recent summers, shown by the orange bars.Why This Isn’t Your Typical Summer Housing Market | MyKCMIf you’re looking to buy, competition and bidding wars are driving prices up. Getting pre-approved can show the seller you’re serious and help you know what you can afford. Once you do, work with your agent to make a strong offer that stands out.

If you’re thinking of selling, seize this opportunity to use your additional equity from this price appreciation to power your next move.

Bottom Line

This isn’t a typical summer. Whether you’re buying or selling, let’s connect to talk about how you can capitalize on today’s market conditions to sell your house or find your dream home.

Posted in Buyers, Sellers
June 25, 2021

Brevard County Market Snapshot May 2021

A quick recap of the Brevard County Single-Family Report for May 2021:
 
  • Closed Sales are up +39.2% for May 2021 in which the number of units closed was 997 compared to 716 in May 2020, with an increase in cash sales of +124.4%.
  • New Pending Sales are down -7.6% and New Listings are down -2.1%.
  • The Median Sales Price for Brevard Single Family homes is up +16.0% to $290,000 compared to a year ago, which was $250,000.
  • Months Supply of Inventory is down -70.4% to 0.8 months, a decrease from 2.7 months in May 2020.
  • Traditional Sales are up +42.0%, with a median sales price of $290,000.
  • Foreclosure/REO Sales are down -81.3%, with 3 closed sales and a median sales price of $212,000.
  • Short Sale Closings are unchanged with 0 closed sales in May 2021 and 0 Closed sales in May 2020.
 
A quick recap of the Brevard County Townhouses & Condos Report for May 2021:
 
  • Closed Sales are up +70.7% for May 2021 in which the number of units closed was 285 compared to 167 in May 2020, with an increase in cash sales of +93.2%.
  • New Pending Sales are up +27.2% and New Listings are down -7.0%.
  • Median Sales Price for Townhouses & Condos is up +36.9% to $230,000 compared to a year ago, which was $168,000.
  • Months Supply of Inventory is down -71.4% to 1.0 months in May 2021 from 3.5 months in May 2020.
  • Traditional Sales are up +73.2%, with a median sales price of $230,000.
  • Foreclosure/REO Sales are down -66.7%, with 1 closed sales and a median sales price of $163,000.
  • Short Sale Closings are unchanged with 0 closed sales in May 2021 and 0 closed sales in May 2020.
Posted in Market Updates
June 2, 2021

Things to Do along the Space Coast this Summer

Things to Do along the Space Coast this Summer

Did you know the National Geographic Traveler named Florida's Space Coast the top vacation destination in the U.S.?  We have 72 miles of fun things to do from the beaches, shopping as well as Kennedy Space Center which has plenty of spectacular launches.

Here are a few things to do, whether you are visiting the Space Coast or you live in here and are looking for fun things to do this Summer (or year round).

 

Kennedy Space Center

Port Canaveral

Canaveral National Seashore

Merritt Island National Wildlife Refuge

Cocoa Beach Pier

Ron Jon Surf Shop

Cocoa Village

Indian River Lagoon

Brevard Zoo (Voted #8 in the Country)

Eau Gallie Art District

Sebastian Inlet State Park

 

Of course we have plenty of shopping, restaurants and more along the Space Coast!  What is your favorite day trip?

 

May 24, 2021

3 Things To Prioritize When Selling Your House



Today’s housing market is full of unprecedented opportunities. High buyer demand paired with record-low housing inventory is creating the ultimate sellers’ market, which means it’s a fantastic time to sell your house. However, that doesn’t mean sellers are guaranteed success no matter what. There are still some key things to know so you can avoid costly mistakes and win big when you make a move.

1. Price Your House Right

When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing price. Believe it or not, that’s not always true. Even in a sellers’ market, listing your house for the right price will maximize the number of buyers that see your house. This creates the best environment for bidding wars, which in turn are more likely to increase the final sale price. A real estate professional is the best person to help you set the best price for your house so you can achieve your financial goals.

2. Keep Your Emotions in Check

Today, homeowners are living in their houses for a longer period of time. Since 1985, the average time a homeowner owned their home, or their tenure, has increased from 5 to 10 years (See graph below):3 Things To Prioritize When Selling Your House | MyKCMThis is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you purchased or the house where your children grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from that sentimental value.

For some homeowners, that connection makes it even harder to separate the emotional value of the house from the fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.

3. Stage Your House Properly

We’re generally quite proud of our décor and how we’ve customized our houses to make them our own unique homes. However, not all buyers will feel the same way about your design and personal touches. That’s why it’s so important to make sure you stage your house with the buyer in mind.

Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. Stage, clean, and declutter so they can visualize their own dreams as they walk through each room. A real estate professional can help you with tips to get your home ready to stage and sell.

Bottom Line

Today’s sellers’ market might be your best chance to make a move. If you’re considering selling your house, let’s connect today so you have the expert guidance you need to navigate through the process and prioritize these key elements.

Posted in Sellers