REAL ESTATE REPORT: High Buyer Demand, Few Houses for Sale Creates Ultimate Sellers’ Market in Brevard
By Bobby Freeman, Realtor // June 22, 2021
66% Fewer Homes for Sale Than Last Year
BREVARD COUNTY, FLORIDA – Yes, we are in the ultimate sellers’ market right now. If you’re a homeowner thinking about selling, you have a huge advantage in today’s housing market – especially here on Florida’s Space Coast.
High buyer demand and very few houses for sale in Brevard make this the optimal time to sell for those who are ready to do so.
Here’s an overview of what’s creating the prime opportunity to sell this summer.
■ High Buyer Demand
Demand is strong, and buyers are actively searching for homes to purchase. In the Realtors Confidence Index Survey published monthly by the National Association of Realtors (NAR), buyer traffic is considered “very strong” and the average home for sale today receives five offers from hopeful buyers.
These increasingly frequent bidding wars can drive up the price of your house, which is why high demand from competitive homebuyers is such a win for this summer’s sellers.
■ Low Inventory of Houses for Sale
Purchaser demand is so high, the market is running out of available homes for sale. In Brevard, there are 66% fewer homes for sale compared to this time last year.
“The buying frenzy will be less with more inventory coming on the market in the future as buyers will have more homes to pick from,” says Jennifer McCoy, of McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“Rising interest rates could also cause less buyer demand as well,” says McCoy.
Unsold inventory sits at a 1-months’ supply at the current sales pace. This is far lower than the historical norm of a 6.0-months’ supply. Homes are essentially selling as fast as they’re hitting the market.
At the same time, homebuilders are increasing construction this year, but they can’t keep up with the growing demand. While reporting on the inventory of newly constructed homes, the U.S. Census Bureau notes:
“The seasonally‐adjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.”
■ What Does This Mean for You?
If you’re thinking of putting your house on the market, don’t wait. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening here on Florida’s Space Coast.
■ Bottom Line
As vaccine rollouts progress and we continue to see the economy recover, more houses will come to the market. Don’t wait for the competition in your neighborhood to increase.
If you’re ready to make a move, now is the time to sell. Let’s connect today to get your house listed at this optimal moment in time.
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.
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