High demand from buyers, few homes for sale create ultimate sellers’ market in Brevard
66% fewer homes for sale than last year
BREVARD COUNTY, FLORIDA – Yes, we are in the ultimate seller market right now. If you own a home and are considering selling, you have a huge advantage in today’s housing market, especially here on Florida’s Space Coast.
High demand from buyers and very few homes for sale in Brevard make this the optimal time to sell for those who are willing to do so.
Here’s a look at what creates the top selling opportunity this summer.
■ Strong demand from buyers
Demand is high and buyers are actively looking for homes to buy. In the survey on the Confidence Index of Real Estate Agents published monthly by the National Association of Real Estate Agents (NAR), buyer traffic is considered “very strong” and the average home for sale now receives five offers from hopeful buyers.
These increasingly frequent bidding wars can drive up the price of your home, which is why strong demand from competitive home buyers is such a win for sellers this summer.
■ Low inventory of houses for sale
The demand from buyers is so high that the market is running out of homes available for sale. In Brevard, there are 66% fewer homes for sale compared to the same period last year.
“The buying frenzy will be less with more inventory coming into the market in the future, as buyers will have more homes to choose from,” said Jennifer McCoy, of McCoy Freeman Real Estate serving the entire space coast of Florida.
“Rising interest rates could also lead to lower demand from buyers,” McCoy says.
The unsold inventory stands at a one month supply at the current pace of sales. This is well below the historical norm of a 6.0 month supply. Houses sell essentially as fast as they get on the market.
At the same time, home builders are increasing construction this year, but they cannot meet the growing demand. In reporting on the inventory of newly constructed homes, the US Census Bureau notes:
“The seasonally adjusted estimate of new homes for sale at the end of April was 316,000. This represents a 4.4 month supply at the current sale rate.
■ What does this mean to you?
If you are thinking of putting your home on the market, don’t wait. A seller will always negotiate the best offer when demand is high and supply is low. This is exactly what is happening here on Florida’s Space Coast.
■ Net income
As vaccine rollout progresses and we continue to see the economy recover, more homes will hit the market. Don’t wait for competition to increase in your neighborhood.
If you are ready to take a step, now is the time to sell. Let’s log in today to get your home listed at this optimal time.
ABOUT THE AUTHOR
Bobby Freeman, a life resident of Brevard County, has been one of the area’s top real estate agents for over two decades. During his first year as an agent, Freeman received a Rising Star award from his brokers. Since then, it has won numerous auction awards from some of the largest real estate companies 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 over 40 years of in-depth experience in all aspects of the real estate industry, have sold over $ 420 million, and are ranked in the top 1% of all Florida real estate agents.
Some of the McCoy-Freeman Group’s accomplishments include Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and County’s Top Real Estate Agent. by Brevard. The group has been featured in numerous 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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