What Record-Low Brevard Housing Inventory Means for You
by Realtor Bobby Freeman
What Record-Low Brevard Housing Inventory Means for You
The real estate market is expected to do very well in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts to remain favorable throughout the year. One challenge to our local housing industry, however, is the lack of homes and condos available for sale today.
In Brevard County, the inventory of homes and condos for sale is currently at an all-time low. According to my most recent real estate market report, the number of single-family listings for sale is down 43.7% from this time last year.
“Condos and townhomes inventory are down 28% from one year ago in Brevard,” says Jennifer McCoy, Broker/Owner of McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“Nationally, for sale inventory sits at an all-time low as well,” says McCoy.
What Does This Mean for You?
If You’re a Buyer:
Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and know that a shortage in inventory could mean you’ll enter a bidding war.
Calculate just how far you’re willing to go to secure a home and lean on your real estate professional as an expert guide along the way.
If You’re a Seller:
Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in a good position to negotiate the best possible terms.
Whether it’s the price, moving date, possible repairs, or anything else, you’ll be able to request more from a potential purchaser at a time like this – especially if you have multiple interested buyers.
“My listings are selling quickly and more money than the last comparable sales,” says Jennifer McCoy. “Sellers don’t be unreasonable, but do need to understand that they probably have the upper hand.”
Bottom Line
The housing market will remain strong throughout 2021. Know what that means for you, whether you’re buying, selling, or doing both. Let me know how I can help you achieve your real estate goals. McCoy Freeman Real Estate 321-693-1694