REAL ESTATE MARKET WATCH: What Record-Low Brevard Housing Inventory Means for You
By Space Coast Daily // February 12, 2021
Condos and townhomes inventory are down 28% from last year in Brevard
BREVARD COUNTY, FLORIDA – 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 the Space Coast 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,” said 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.
ABOUT THE AUTHOR
Bobby Freeman, a lifetime resident of Brevard County, has been a top Realtor in the area for over two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards from some of the largest real estate firms in the world.
Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. Together they have more than 40 years of extensive experience in all aspects of the real estate industry, have sold over $420 million and are ranked in the top 1% of all Florida Realtors.
Among McCoy-Freeman Group’s achievements are Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine, and SpaceCoastDaily.com.
For more information log on to BrevardRealtyConnection.com
TO SEE CONDO LISTINGS LOG ON TO CocoaBeachCondoGallery.com
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