Is it still a buyer’s market today in Brevard County? As experts in the Brevard County real estate market, we get asked this question a lot. The answer isn’t as simple as yes or no.
The State of the Market for Buyers in Brevard County Florida
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same elements such as good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all of these elements are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for condos and townhouses, especially those a little off the beaten path, or with some funky features, it can be quite a different story. Prices were down in certain areas of Brevard County, but seem to be rebounding as the rental market increases.
Investment properties are also in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Palm Bay market in unique ways. Overall, those people in a position to pay cash for properties have been picking up the good deals in the housing marketplace. Many sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Some financial institutions are being incredibly strict, requiring a larger down payment and even changing the loan terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once. We’re investing in Brevard County because we live and believe in the community and the people here.
If you need to sell a property near Brevard County, we can help you.
We buy properties like yours from people who need to sell fast.