It's been a tough couple of years for the Real Estate Market in Brevard County Florida. Over the past two years there have been over 7,000 single family homes available on the market each month. Last month was the first time in two years that our inventory fell below 7,000.
To check out homes in Melbourne Florida, go to:
http://www.melbournehomesearch.com/index.cfm/Melbourne_FL_Real_Estate
Another area of Brevard County that looks like it is starting to come back is Palm Bay. Palm Bay was hit the hardest in this housing crunch. There were so many investors that walked away from their homes and so many people in Palm Bay that just gave up after paying too much money in 2004. Unbelievably now, you can buy a home in Palm Bay for less than $100k and you can get a brand new home for as little as $125,000 with 1250 sq. ft. under air.
Check out the deals in Palm Bay Florida. Go to:
http://www.melbournehomesearch.com/index.cfm/Palm_Bay_Real_Estate
So why is now the time to buy. Firstly, interest rates are starting to move up a little bit. Some industry experts expect the rates to go well over 7.5% by the end of the year. I have my doubts, but if you told me two years ago gas would be over $4 per gallon I would have laughed too. Secondly, the homes are about as low as they are going to go. We are back down to 2003 pricing which offers you some great deals!
In the end, most people don't buy anything at the bottom. The reason being is this. Our economy is on a curve. You either buy on the way down or on the way up. You don't know you have reached the bottom until the prices start to go up again. The one constant we know right now is that interest rates are hovering around 6.5%. When the interest rates go up, how will that affect your bottom line, the payment.
I believe Melbourne is on the road back. If you have any questions, don't hesitate to ask!
Mitch Ribak, Broker
