• Closed Sales are down -5.5% for April 2023 in which the number of units closed was 978 compared to 1,035 in April 2022, with an decrease in cash sales of -27.5%.
• New Pending Sales are up 6.7% and New Listings are down -10.3%.
• The Median Sales Price for Brevard Single Family homes is 0.0% to $360,000 compared to a year ago, which was $360,000.
• Months' Supply of Inventory is up 133.3% to 2.1 months, an increase from 0.9 months in April 2022.
• Traditional Sales are down -5.9% with a median sales price of $360,000.
• Foreclosure/REO Sales are up 66.7% with 5 closed sales and a median sales price of $215,000.
• Short Sale Closings are up 200.0% with 3 closed sales and a median sales price of $650,000.

• Closed Sales are down -17.0% for April 2023 in which the number of units closed was 254 compared to 306 in April 2022, with a decrease in cash sales of -29.4%.
• New Pending Sales are down -10.4% and New Listings are down -8.7%.
• Median Sales Price for Townhomes/Condos is up 4.0% to $300,000 compared to a year ago, which was $288,350.
• Months' Supply of Inventory is up 163.6% to 2.9 months in April 2023 from 1.1 months in April 2022.
• Traditional Sales are down -17.0% with a median sales price of $300,000.
• Foreclosure/REO Sales are N/A with a median sales price of (no sales.)
• Short Sale Closings are N/A with (no sales) in April 2023 and (no sales) in April 2022.

You’re probably feeling the impact of high inflation every day as prices have gone up on groceries, gas, and more. If you’re a renter, you’re likely experiencing it a lot as your rent continues to rise. Between all of those elevated costs and uncertainty about a potential recession, you may be wondering if it still makes sense to buy a home today. The short answer is – it does. Here’s why. 

Homeownership actually shields you from the rising costs inflation brings.

Freddie Mac explains how: 

“Not only will buying today help you begin to build equity, a fixed-rate mortgage can stabilize your monthly housing costs for the long-term even while other life expenses continue to rise – as has been the case the past few years.”

Unlike rents, which tend to rise with time, a fixed-rate mortgage payment is predictable over the life of the mortgage (typically 15 to 30 years). And, when the cost of most everything else is rising, keeping your housing payment stable is especially important.

The alternative to homeownership is renting – and rents tend to move alongside inflation. That means as inflation goes up, your monthly rent payments tend to go up, too (see graph below):

A fixed-rate mortgage allows you to protect yourself from future rent hikes. With inflation still high, when your rental agreement comes up for renewal, your property manager may decide to increase your payments to offset the impact of inflation. Maybe that’s why, according to a recent survey, 73% of property managers plan to raise rents over the next two years.

 Having your largest monthly expense remain stable in a time of economic uncertainty is a major perk of homeownership. If you continue to rent, you don’t have that same benefit and aren’t as protected from rising costs.

Bottom Line

A stable housing payment is especially important in times of high inflation. Let’s connect so you can learn more and start your journey to homeownership today.

For many of us, visiting the same vacation spot every year is a summer tradition that’s fun, relaxing, and restful. If that sounds like you, now’s the time to think about your plans and determine if buying a vacation home this year makes more sense than renting one again. According to Forbes: 

“. . . if the idea of vacationing at the same place every year makes you feel instantaneously relaxed, buying a vacation home might be a wise move.”  

To help you decide if making a move like this is right for you, let’s explore why you may want to consider purchasing a vacation home today. 

Benefits of Owning Your Vacation Home

You don’t have to worry about finding a place to stay. It can be a challenge to find a rental where you want, when you want. Some summer vacation destinations are more popular than others, meaning your favorite place may be booked up in advance. Bankrate explains why owning your vacation home means you don’t have to worry about that sort of inconvenience: 

“. . . a second home can offer a place to have quality time with your family and ensures that you always have a vacation destination.”  

It’s an investment. Home values typically appreciate over the long haul. That holds true for your vacation home as well, especially if it’s in an area with growing market demand. This can help grow your net worth with time.  

Vacation homes may provide tax benefits. If you own a vacation home, you may be eligible for tax deductions based on where it is. However, before buying, you’ll want to consult with a tax professional to discuss first as taxes can vary by location.

It could potentially turn into a retirement location. If you love the location of your vacation home, you could potentially sell your primary residence and retire there in the future.

How a Pro Can Help You Find Your Perfect Match

As you’re preparing for summer vacation, remember, you could potentially visit your second home instead of another rental unit or hotel. If that sounds appealing to you, a

local real estate agent is your best resource. They have the knowledge and resources to help you understand the area and what vacation homes are available in your budget. Plus, these agents can explain the perks of how owning a second home can benefit you. 

Bottom Line

If any of these reasons for owning a vacation home resonate with you, let’s connect. You still have time to enjoy spending the summer in your vacation home.

Brevard County, Florida is a popular destination for outdoor enthusiasts. With miles of beautiful beaches, diverse wildlife, and stunning natural landscapes, there are plenty of opportunities for visitors to experience the great outdoors. In this blog post, we'll highlight some of the top outdoor activities in Brevard County, FL.

Surfing and Beach Activities

Brevard County is known for its world-class surfing beaches, including Sebastian Inlet, Cocoa Beach, and Satellite Beach. Visitors can also enjoy a variety of beach activities, such as swimming, sunbathing, and beach volleyball. Many of the beaches offer amenities such as restrooms, showers, and picnic areas.

Kayaking and Canoeing

Brevard County has numerous waterways that are perfect for kayaking and canoeing, including the Indian River Lagoon, the Banana River, and the St. Johns River. These waterways offer a variety of experiences, from peaceful paddles through mangrove tunnels to scenic routes with views of dolphins and manatees. Fishing

Brevard County is a popular destination for anglers, with its abundance of fresh and saltwater fishing opportunities. Visitors can try their luck at catching snook, redfish, tarpon, and other species in the Indian River Lagoon or head out to the Atlantic Ocean for deep-sea fishing.

Hiking and Wildlife Viewing

Brevard County is home to several wildlife preserves and parks, including the Merritt Island National Wildlife Refuge and the Enchanted Forest Sanctuary. These areas offer miles of hiking trails, bird watching opportunities, and chances to see manatees, alligators, and other wildlife in their natural habitats.

Biking and Cycling

Brevard County offers miles of scenic bike paths and cycling routes, including the Space Coast Trail, a 36-mile trail that runs from Titusville to Viera. Visitors can also explore the beautiful landscapes of the Merritt Island Wildlife Refuge or the scenic coastal roads of A1A.

Golfing

Brevard County has some of the best golf courses in Florida, with beautiful courses designed by world-renowned golfers. Visitors can tee off at courses such as Duran Golf Club, Baytree National Golf Links, and Viera East Golf Club.

Brevard County, FL offers a wide range of outdoor activities for visitors to enjoy. Whether you're looking for a day at the beach, a peaceful kayak trip, or a challenging round of golf, Brevard County has something for everyone. Plan your next outdoor adventure in Brevard County today!

• Closed Sales are down -5.5% for March 2023 in which the number of units closed was 1,031 compared to 1,091 in March 2022, with an decrease in cash sales of -6.3%.
• New Pending Sales are down -6.3% and New Listings are up 0.2%.
• The Median Sales Price for Brevard Single Family homes is up 1.0% to $353,580 compared to a year ago, which was $350,000.
• Months' Supply of Inventory is up 214.3% to 2.2 months, an increase from 0.7 months in March 2022.
• Traditional Sales are down -5.7% with a median sales price of $355,000.
• Foreclosure/REO Sales are up 60.0% with 8 closed sales and a median sales price of $163,500.
• Short Sale Closings are down -100.0% with 0 closed sales and a median sales price of (no sales).

• Closed Sales are down -7.9% for March 2023 in which the number of units closed was 269 compared to 292 in March 2022, with a decrease in cash sales of -6.5%.
• New Pending Sales are down -1.

Have you been saving up to buy a home this year? If so, you know there are a variety of expenses involved – from your down payment to closing costs. But there’s good news – your tax refund can help you achieve your goals by paying for some of these expenses.

SmartAsset estimates the average American will receive a $1,798 tax refund this year. The map below provides a more detailed estimate by state:

According to Freddie Mac, there are multiple ways your refund check can help you as a homebuyer. If you’re getting a refund this year and thinking about buying a home, here are a few tips to keep:

• Saving for a down payment – One of the largest barriers to homeownership is saving for a down payment. You could reach your savings goal more quickly than expected by using your tax refund to help with your down payment.
• Paying for closing costs – You have to pay fees to your lender, real estate agent, and other parties involved in the homebuying transaction before you can officially take ownership of your home. You could direct your tax refund toward these closing costs.
• Lowering your interest rate – Your lender might give you the option to buy down your mortgage interest rate during the homebuying process. That means, you could pay upfront to have a lower interest rate on your fixed-rate mortgage.

The best way to prepare to buy a home is to work with a trusted real estate professional who understands the process. They’ll help you navigate the costs you may encounter as you begin your homebuying journey.

Bottom Line

Your tax refund can help you reach your goals of homeownership. Let’s connect to discuss how you can start your journey today.

Over the last year, the housing market’s gone through significant change. While it’s still a sellers’ market, homes that are priced right are selling, and they get the most attention from buyers right now. If you’re thinking of selling your house this spring, it’s important to lean on your expert real estate advisor when it comes to setting a list price. As Realtor.com explains:

“Move-in-ready homes with curb appeal and in desirable areas—and that are priced to sell—are especially likely to move quickly this spring.”

In today’s market, how you price your house will not only make a big difference to your bottom line, but to how quickly your house will sell.

Why Pricing Your House Right Matters

Your asking price sends a message to potential buyers, especially today.

If it’s priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.

If it’s priced too high, you run the risk of deterring buyers. When that happens, you may have to lower the price to drive interest when your house sits on the market for a while. But be aware that a price drop can be seen as a red flag by some buyers who will wonder what it means about the home.

To avoid either headache, price it right from the start. A real estate professional knows how to determine the ideal asking price. They balance the value of homes in your neighborhood, current market trends, buyer demand, the condition of your house, and more to find the right price. This helps lead to stronger offers and a greater likelihood your house will sell quickly.

The visual below helps summarize the impact your asking price can have:

Bottom Line

Homes priced at the current market value are selling faster and at a better price right now. To make sure you price your house appropriately, maximize your sales potential, and minimize your hassles, let’s connect today.

Are you having trouble finding a home that fits your needs and your budget? If so, you should know there’s an option worth considering – condominiums, also known as condos. According to Bankrate:

“A condo can be a more affordable entry point to homeownership than a single-family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.”

That’s why expanding your search to include additional housing types, like condominiums, could help you accomplish your homeownership goals this spring, especially if you can be flexible about the space you need. Condos are typically smaller than a single-family home, but that’s part of what can make them more budget-friendly (see graph below):

In addition to providing more options in your home search and possibly your price point, there are several other benefits to condo living. They tend to require less upkeep and lower maintenance – and that can give you more time to spend doing the things you enjoy. Plus, since many condos are in or near city centers, they offer the added benefit of being in close proximity to work and leisure.

Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner so you can start building wealth in the form of home equity. In time, the equity you develop can fuel a future purchase if your needs change.

Ultimately, owning and living in a condo can be a lifestyle choice. And if that appeals to you, they could provide the added options you need in today’s market.

Bottom Line

It could make a lot of sense to add condos to your home search. Let’s connect today if you’re ready to check out the options in our area.

• Closed Sales are down -6.9% for February 2023 in which the number of units closed was 819 compared to 880 in February 2022, with an decrease in cash sales of -17.4%.
• New Pending Sales are down -9.9% and New Listings are down -9.7%.
• The Median Sales Price for Brevard Single Family homes is up 4.2% to $349,000 compared to a year ago, which was $335,000.
• Months' Supply of Inventory is up 214.3% to 2.2 months, an increase from 0.7 months in February 2022.
• Traditional Sales are down -6.9% with a median sales price of $348,430.
• Foreclosure/REO Sales are 0.0% with 5 closed sales and a median sales price of $365,000.
• Short Sale Closings are down -100.0% with 0 closed sales and a median sales price of (no sales).

• Closed Sales are down -23.7% for February 2023 in which the number of units closed was 190 compared to 249 in February 2022, with a decrease in cash sales of -17.5%.
• New Pending Sales are down -16.6% and New Listings are up 8.3%.
• Median Sales Price for Townhomes/Condos is up 14.2% to $302,500 compared to a year ago, which was $265,000.
• Months' Supply of Inventory is up 244.4% to 3.1 months in February 2023 from 0.9 months in February 2022.
• Traditional Sales are down -23.7% with a median sales price of $302,500.
• Foreclosure/REO Sales are N/A with a median sales price of (no sales).
• Short Sale Closings are N/A with 0 closed sales in February 2023 and 0 closed sale in February 2022.
•  

Though the housing market is no longer experiencing the frenzy of a year ago, buyers are showing their interest in purchasing a home. According to U.S. News:

“Housing markets have cooled slightly, but demand hasn’t disappeared, and in many places remains strong largely due to the shortage of homes on the market.”

That activity can be seen in the latest ShowingTime Showing Index, which is a measure of buyers actively touring available homes (see graph below):

The 62% jump in showings from December to January is one of the largest on record. There were also more showings in January than in any other month since last May. As you can see in the graph, it’s normal for showings to increase early in the year, but the jump this January was larger than usual, and a lot of that has to do with mortgage rates. Michael Lane, VP of Sales and Industry at ShowingTime+, explains:

“It’s typical to see a seasonal increase in home showings in January as buyers get ready for the spring market, but a larger increase than any January before after last year’s rapid cooldown is significant. Mortgage rate activity this spring will play a big role in sales activity, but January’s home showings are a positive sign that buyers are getting back out there . . .”

It's important to note that mortgage rates hovered in the low 6% range in January, which played a role in the high number of showings. What does this mean? When mortgage rates eased, buyer interest climbed. The jump in home showings early this year makes one thing clear – while rates may be volatile right now, there are interested buyers out there, and when mortgage rates are favorable, they’re ready to make their move.