Jan. 18, 2018

January 2018 RE/MAX National Housing Report

2017 Closes Strong, Record High December Home Prices

While sales dropped slightly from a year ago, December capped off a 2017 of record home prices, speedy sales and low inventory.
 
The January RE/MAX National Housing Report shows the median home price rose 8.1% year-over-year, with 50 of the report’s 54 markets posting increases. At the same time, December sales dropped 3.3% from December 2016, with 39 markets reporting fewer transactions. Making sales harder was a Months Supply of Inventory of 3.7 which is the lowest December figure in the nine-year history of the report. That corresponds with a 14.6% decline in inventory, lengthening a streak of monthly declines that began in November 2008.
 
Also setting a report record for December was the speed of home sales: 57 days. That figured into an overall 2017 median for Days on Market of 52.5 — nearly a week less than the 2016 median of 58.5 days.
 
Home buyers paid record prices in 2017, led by June’s Median Price Sold of $245,000. Prices increased year-over-year in every month of 2017, with December marking the 21st consecutive month of year-over-year price increases dating back to April 2016.

 

READ THE FULL REPORT HERE

Posted in Market Reports
Jan. 12, 2018

What Does MLK Have To Do With Real Estate?

What Does MLK Have To Do With Real Estate?

Fill in the blank…

“I have a _________…”

I’m about 100% sure I can guess what word you chose.

Was it “dream”?

Good chance it was. We all know this line from Martin Luther King, Jr.’s famous speech. So when we hear those first three words, it sort of naturally comes to mind.

But what many people aren’t aware of is how much he affected the lives of real estate agents, buyers, and sellers.

It was his death that gave Congress the last push needed to pass the Fair Housing Act, back in 1968. It’s pretty involved, so we won’t get into it all here, but to put it simply…

This was put in place to ban racial discrimination in housing. You can’t be refused the rental or purchase of a house, based upon your race.

Seems simple enough to most people now. A given, if you will. But it didn’t happen overnight. And believe it or not, it still can and does come up.

But guess who’s a big part of making sure this Act is followed…

On the front lines, it is people like us. Real estate agents. We’re tasked with making people aware that discrimination based upon race (and many other things) are not acceptable, and we must refuse to work with anyone who wants to do so.

And we are proud to be a part of this ongoing history.

Just figured we’d take this appropriate moment to pay him some respect, and give you some insight into how much more responsibility a real estate agent has than meets the eye.

That’s all for now…

…and may your dreams come true,


P.S. While my dream of helping people find their dream home is certainly not comparable to Martin Luther King’s dream…

Owning a home has become a huge part of the American Dream.

Please know how seriously we take this career. And how much heart and soul we put into helping people find their dream home right here on the Space Coast of Florida.

If you know anyone dreaming of finding a home, please have them give us a call… we’d love to be a part of helping make their dream come true.

(Or maybe you even have a dream we should talk about…)

Posted in For Fun
Jan. 9, 2018

Brevard County Market Share 2017!

Check out Brevard County Market Share for January 1, 2017 – December 31, 2017!

RE/MAX Elite is the #1 Real Estate Company in Brevard!

Another record breaking year!!!

This was made possible by having some of the most dedicated Realtors on the Space Coast consistently delivering extraordinary results for our Elite Nation Fans! This past year has been another amazing ride for us that has been full of excitement. With our support personnel, lead generating systems, tools, technology coaching, business/accountability mentoring and so much more that is helping take our agents real estate careers to the MAX! We added an additional support role, Managing Broker, Kerry Ramage and the merger with RE/MAX Olympic we were able to add our 5th location in Brevard County. Our team is led by Justin Brown aka “JB” who is a Billion Dollar Broker that is homegrown with over 20 years of experience selling in Brevard. JB is constantly in research & development mode analyzing new products and services that will keep our Elite family on the cutting edge. We have gained priceless wisdom through the years that has fueled our success today, which will continue to inspire us to achieve greatness tomorrow.

Jan. 8, 2018

3 Top Housing Trends for 2018

When buying or selling a home, an understanding of current market trends could help optimize your time and money. Here are a four real estate trends that defined 2017 and are expected carry on into the new year.

1. Competing Generations

The recent shift in home buying preferences is a generational one. Millennials are starting to abandon their condos in the city for starter homes in the burbs, putting them in direct competition with downsizing baby boomers.
With these two groups both looking for similar housing, well-maintained single-family homes are expected to go very quickly in 2018.

2. Tightening Inventory

The fall of 2017 was tight in regards to the number of homes available for sale. In fact, total housing inventory was down 13.4 percent in October 2017 compared to the same time the year before, according to the RE/MAX National Housing Report.
For most of the country, sellers currently have the advantage. Will that change in 2018? It’s possible, but buyers should prepare for a market where they will have to be aggressive to purchase the home they want.

2. Advancing Tech

Like most other industries, real estate today is profoundly affected by the advance of technology. Homebuyers and sellers can easily access information about a house or the market with the click of a button, and virtual walk-throughs allow a buyer to enter a prospective home for the first time with few surprises.
In real estate, technology has the potential to reward those who do their homework and make the most of digital options before deciding how to use their precious time.

The Takeaway: Navigating It All Requires an Expert
The above trends figure to play a prominent role in virtually every home sale and listing across the country.
How do these trends affect our market? I can help you navigate our market. If you’re thinking of buying or selling next year, I’ll help you come up with a complete market analysis to help you reach your real estate goals.

 

Posted in Homeowner Tips
Dec. 29, 2017

Brevard County Housing Statistics - November 2017

Brevard County Housing Statistics - November 2017

A quick recap of the Brevard County Residential Report for November 2017:

  • Closed Sales are up 5.2% for November 2017 in which the number of units closed was 752 compared to 715 in November 2016, with a decrease in cash sales of -1.6% compared to November 2016.
  • New Pending Sales are up 14.2% and New Listings are up 1.6%.
  • The Median Sales Price for Brevard Single Family homes is up 15.3% to $218,000 compared to a year ago, which was $189,000.
  • Months Supply of Inventory is up 12% to 2.8 months, an increase from 2.5 months in 2016.
  • Traditional Sales are up 9.1%, with a median sales price of $220,000.
  • Foreclosure/REO Sales are down -38.8%, with a median sales price of $141,250.
  • Short Sale Closings are down -50%, with a median sales price of $161,863. 
A quick recap of the Brevard County Townhouses/Condos for November 2017:
  • Closed Sales are down -3.9% for November 2017 in which the number of units closed was 195 compared to 203 in November 2016, with a decrease in cash sales of -8.4% compared to November 2016.
  • New Pending Sales are up 2.3% and New Listings are down -4.5%.
  • Median Sales Price for Townhomes/Condos is up 12.7% to $160,000 compared to a year ago, which was $142,000.
  • Months Supply of Inventory is down -5.6% to 3.4 months in November 2017 from 3.6 in November 2016.
  • Traditional Sales are down -5.2%, with a median sales price of $166,000.
  • Foreclosure/REO Sales increased 12.5% with a median sales price of $97,000. 
  • Short Sale Closings are up 100%, and had a median sales price of $136,500 in November 2017.

Courtesy of Florida Realtors® Industry Data and Analysis Team

To see these and previous reports on Brevard MLS Statistics, please click here »

Posted in Market Reports
Dec. 22, 2017

Housing Prices are NOT Heading for Another Crash

Housing Prices in Brevard are NOT Heading for Another Crash

As home values continue to increase in Brevardounty at levels greater than historic norms, some are concerned that we are heading for another crash like the one we experienced ten years ago. We recently explained that the lenient lending standards of the previous decade (which created false demand) no longer exist. But what about prices?

Are prices appreciating at the same rate that they were prior to the crash of 2006-2008? Let’s look at the numbers as reported by Freddie Mac:

Housing Prices are NOT Heading for Another Crash | Simplifying The Market

The levels of appreciation we have experienced over the last four years aren’t anywhere near the levels that were reached in the four years prior to last decade’s crash.

We must also realize that, to a degree, the current run-up in prices is the market trying to catch up after a crash that dramatically dropped prices for five years.

Bottom Line

Prices are appreciating at levels greater than historic norms. However, we are not at the levels that led to the housing bubble and bust.

Posted in Buyers, Sellers
Dec. 20, 2017

Top 5 Benefits of Hiring a Real Estate Agent

The National Association of Realtors (NAR) recently released their 2017 Profile of Home Buyers and Sellers in which they surveyed recent home buyers and sellers about their experiences. An entire section of the profile is dedicated to buyers’ experiences with their real estate agents.

If you are looking to buy in Brevard County in 2018, here are the top 5 benefits of using a real estate agent when buying your dream home as cited by recent buyers:

1. Helped the buyer understand the process – 60%

If you are new to the home buying process, an experienced real estate professional can explain exactly what to expect during the entire transaction so you aren’t caught off guard.

2. Pointed out unnoticed features/faults with the property – 56%

Whether it’s pointing out possible uses for an extra bedroom/office, or using their trained eye to see potentially disastrous hazards that may be hiding out of site, your agent is there to protect your interests and make sure your home buying experience is a good one.

3. Negotiated better sales contract terms – 47%

When it comes to negotiating the complex terms of your contract and coming to an agreement with the seller, it never hurts to have someone who has been there before on your side. If earlier in your search you found a couple of less than desirable features on the home you are going to purchase, your agent can make sure that contingencies are in place for you to pay the best price. Their analysis of comparable properties in the area will also help to make sure that your dream home is priced properly for the market.

4. Provided a better list of service providers – 46%

Real estate agents are titans of networking. Many have a list of preferred providers who they have worked with in the past and who they trust to work as a part of your team to make your dream come true. This can include mortgage professionals (listed as the #8 reason to use an agent at 22%), home inspectors, plumbers, contractors, painters, landscapers, home stagers, and so many more!

5. Improved the buyer’s knowledge of search areas – 44%

Local real estate professionals are often members of community organizations and are usually well versed in their area’s history. Their ties to the community make them a great resource whether you plan to relocate to a new area or across town.

Bottom Line

If your plans for 2018 include purchasing your dream home along Brevard County, let’s get together to discuss your options and to help you make the most powerful and confident decisions for you and your family.

Posted in Homeowner Tips
Dec. 17, 2017

December 2017 RE/MAX National Housing Report

December 2017 RE/MAX National Housing Report

Sales Up Despite Years of Rising Prices, Falling Inventory

November became the sixth month of 2017 to post an increase in year-over-year home sales, bucking prolonged trends of home price increases and inventory declines, according to the December RE/MAX National Housing Report.
 
The sales increase of 1.1% came on the strength of increased transaction closings in 36 of the report’s 54 markets. At the same time, buyers felt increasing headwinds as the Median Sales Price rose to $227,500 and marked the 20th consecutive month of year-over-year home price increases. In fact, the Median Sales Price has increased year-over-year in 69 of the last 70 months dating back to February 2012.
 
November's inventory decline of 14.5% extended the streak of consecutive months of fewer homes on the market to 108. The current streak started nine years ago, in November 2008, shortly after the RE/MAX National Housing Report was introduced.
 
Setting new report lows for November were Days on Market at 54 and Months Supply of Inventory at 3.6
 
“The end of the year is typically a slower selling season with low inventory, but our numbers are telling a different story,” said Adam Contos, RE/MAX Co-CEO. “We don’t see any sign of home buyers slowing down their house hunting. In fact, many are taking advantage of lower competition for available homes in the ‘slow season.’”

 

 

READ THE FULL REPORT HERE

Dec. 15, 2017

RE/MAX Market Share in Brevard

Sold Homes in Brevard County, RE/MAX clearly outsells any other Brokerage.

Posted in Market Reports
Dec. 3, 2017

2 Charts That Show the Truth about Home Affordability

2 Charts That Show the Truth about Home Affordability

There is a lot of discussion about the current state of housing affordability for both first-time and move-up buyers, and much of the narrative is tarnished with a negative slant. However, the truth is that housing affordability is better today than at almost any time in our history.

The naysayers are correct in the fact that affordability today is not as good as it has been over the last several years. But, we must remember that home prices collapsed during the housing crash, and distressed properties (foreclosures and short sales) kept home values depressed for years. When we compare affordability to the decades that proceeded the crash, a different story is revealed.

Here is a graph of the National Association of Realtors’ Housing Affordability Index. The higher the graph, the more affordable homes are.

2 Charts That Show the Truth about Home Affordability | Simplifying The Market

We can see that affordability is better today than in the fifteen years prior to the boom and bust.

CoreLogic just published a report showing the National Homebuyers’ “Typical Mortgage Payment.” Here is a graph of their findings:

2 Charts That Show the Truth about Home Affordability | Simplifying The Market

It reveals that, though a ‘typical’ housing payment was less expensive in 2012 (remember distressed properties), it is currently less expensive than it was in 2000 and is still projected to be lower next year than it was in 2000.

Bottom Line

Mark Fleming, Chief Economist at First American, explained it best:

“While borrowing power for the potential home buyer has fallen relative to the low point of 2012, it remains high today and will remain high next year, relative to the long run average. If you don’t want to rent anymore and are considering becoming a homeowner, even if mortgage rates rise next year, your borrowing power will remain strong by historic standards.”

Posted in Buyers