OPEN HOUSE! Sunday, April 29th 1-3pm

Join us at Emerald Seas, Open House! Sunday, April 29th 1-3pm
3400 Ocean Beach Blvd 214, Cocoa Beach, FL 32931
This condo really is a gem, beautiful ocean views, VERY well maintained with lots of upgrades. The community features a pool, hot tub, sauna, exercise room, clubhouse, tennis courts and private beach access. Emerald Seas is tucked away at the end of Ocean Beach Blvd, super quiet complex but walking distance to the Cocoa Beach Pier, Ron Jon, Parks, Shopping, Dining and much more. The charming Cocoa Beach trolley stops here too! We would love to see you there on Sunday!

Email or text for more info, 321teamross@gmail.com Joe 321-765-3783 Elle 321-765-9073

COCOA BEACH CONDO, STEPS TO THE BEACH FOR $148,000!!

Bedrooms: 2 Total Bathrooms: 2 Full Bathrooms: 2 Half Bathrooms: 0 SqFt: 1,113 Style: 1B $148,000 1277 S Orlando Ave 1b, Cocoa Beach, FL 32931 MLS #756544 Look no further, THIS is the one! Perfect location, just one block from the beach! Emerald Harbor is a secluded community located in quiet South Cocoa Beach. This gorgeous, remodeled Florida style condo features many modern upgrades: High quality bamboo flooring throughout, updated kitchen cabinets and counter-tops, stainless steel appliances, new tile in bathrooms, shower and bathtub surround, upgraded bathroom vanities, HVAC system installed 3 years ago, newer windows and French doors that lead to an open and inviting outside patio area, perfect for entertaining. Presented by Joe Ross LaRocque & Co., Realtors 321-765-3783 321-765-3783 joerossrealtor@gmail.com http://www.joeross.realtor

Why Should You Buy Now?

If you're thinking about buying, chances are you've already heard this from friends, family or someone in the industry: Buy Now. But with low inventory, and more financial regulations than ever before, why should you buy now?

Here we are, six and a half years after the "Great Recession," and finally feeling as if the market is beginning to recover. Some fear it is even recovering too quickly, evoking worries of another housing bubble. But experts assure us this upturn is positive growth. And it could be a really great thing for those who stood their ground through the recession, and came out on the other side with credit score in tact and loan-worthy debt to income ratio.

Though it may not seem like much at closing, this helpful info-graphic simply shows how a just a couple percentage points can make a huge difference over the life of a mortgage.

Interest rates are on the rise, as are market values. If this trend continues, not only will you be saving yourself money, but gaining more equity in your property, too!
If you're throwing good money away on rent every month and wondering if you could be qualified to buy, the answer is a phone call away! Getting a pre-approval is a quick and simple process, often accomplished with an online application in a matter of days. With the right lender and realtor, buying a house can be fun and personally gratifying. Contact us today to get started!

314 Woods Lake Dr, Cocoa, FL 32926

Check out our virtual tour video on youtube!

New Listing in Beautiful Woods Lake!

Click HERE to view the full MLS version of this listing!

Welcome home! Beautifully well maintained 3/2 in the highly sought after Woods Lake Subdivision. Brand new maple wood cabinets, granite counter tops, vinyl high efficiency double pane windows and much more! New 20x20 metal detached building and slab installed in 2010. Roof and HVAC replaced in 2005. Relax in front of the wood burning fireplace, or enjoy the pond view on the wrap around screened porch. Other features include an air conditioned laundry room, oversized 2 car garage, lush tropical landscaping, and his & her's master bedroom walk in closets. This is a quiet neighborhood with great access to shopping and amenities. Visit this wonderful home today, you will be happy you did!

Can holiday shopping affect the processing of your home loan?

Yes!

     As many new home buyers may not be aware, it is very important to be careful with your finances when applying for a mortgage. This is especially true if you already have a pre-approval for the loan and are in contract for the purchase of your home. Mortgage lenders have a fairly substantial laundry list of Federally mandated requirements for home loan qualification. For obvious reasons, credit and debt to income ratio are two of the most important factors that are considered when a lender is qualifying consumers for home loans. However, there are many other variables to consider that may be just as important and they are far more common around the holidays. With the higher volume of shopping and gifting around the holidays, it is crucial to pay close attention to how you spend, deposit and transfer your funds.It's easy to fall for the allure of savings when you are offered additional discounts on top of sales prices by applying for a store credit care but you need to think twice about how much this "savings" could cost you. I've seen quite a few funny social media memes about this very subject over the last few years. "That moment when your buyer just opened a credit card to save 10% on a $50 purchase the week of closing, now they don't qualify." It's not as funny as it sounds when a home buyer has worked so hard to purchase their new home. The reality of the situation is this is not without merit. Even the slightest income, debt and credit changes can disqualify you from acquiring financing. Something as simple as applying for a credit card let along using it or another card you own can have severe consequences on your credit profile. Under no circumstances is it advisable to buy that brand new car or other related major purchases for a loved on during this process, especially if it means there will be payments made on the item.

     Other variables to consider are transferring money between accounts and gift money you receive. Keep your funds in one place, transferring larges sums of money between accounts can be a major red flag for the lender. This could result in concerns about undocumented assets and financial troubles that the lender failed to recognize earlier in the loan process. If your friends and loved ones are accustomed to giving cash, checks, money orders, etc as gifts it is best be careful how and when you deposit these funds if at all. It might be better to hold onto the cash, cash the check at the bank on the check and cash the money order in the same manner. If these funds reach your bank account, it could have serious detrimental impacts on the home loan and may even disqualify you from the purchase. If you already have major assets in your accounts the risk might not be as great but if you are in the very common situation where you may only be able to come up with just enough cash to close with a minimum down payment, don't risk making those deposits. Think of it like a profit and loss statement that the lender is required to balance and show evidence thereof. If you make large undocumented deposits or the total undocumented deposit amounts for that statement period need to be removed from your "assets" the lender may not be able to furnish evidence that you have enough cash to close. This would undoubtedly prevent you from qualifying for the mortgage, even if it's days away from closing. Be prepared to furnish evidence and a paper trail for all large deposits and withdrawals along with letters of explanation that the lenders "hope"the underwriters will allow. Keep in mind when acquiring "acceptable gift funds" for closing, these funds can only be from a blood relative or relative by marriage. The gift will also require a gift letter and bank statement from the donor showing not only that they had the funds in the account but it must also show the withdrawal amount matching the amount you deposited. The funds your relative gives you must be documented as well so don't try dumping money into that person's account without a paper trail.

 There are so many other factors to consider when obtaining financing on your new home so it's best to consult your mortgage lender and ask a ton of questions. Before you make any deposits, withdrawals or pretty much anything that will affect your credit or debt to income ratio, consult your loan officer for advice. Did I mention don't switch jobs during the loan process? Mortgage lending practices and requirements are changing all the time so be sure to talk to your lender about other concerns not covered here.

 For more information, please click here to read the source artice: "Preapproved? Don't Let Holiday Shopping Kill Your Home Purchase" on Forbes.com

1760 Manatee Ct Video

New virtual tour, 1760 Manatee Ct, Merritt Island. Beautiful waterfront home priced BELOW recent appraised value. Text me at 321-765-3783 to view this wonderfully well maintained home. 

NEW LISTING!

Beautiful Waterfront Home In Merritt Island

Location: 1760 Manatee Court,Merritt Island, Florida, United States, 32952 SPECTACULAR! Beautifully well maintained waterfront 3/2 home in the North Banana River Drive area. This home is in immaculate condition with numerous high priority upgrades. NEW ROOF in 2011, NEW seawall, NEWLY upgraded 200 amp all copper electrical system, NEW tinted storm windows and doors, NEW stucco and exterior paint, NEW gutters and downspouts, newer carpeting, NEW interior doors, BRAND NEW recessed lights in kitchen, well for irrigation and much more. This home features a boat dock with a 10,000 LB lift. The home is situated on a lot with U-shaped canal frontage which gives the view a more open feel. Huge screened porch! Great water views from nearly every room! The well maintained condition will help the home qualify for nearly any loan type or programs available to your buyers.

INFORMATION CONTACT INFORMATION Joe Ross License #: 3256865 Mobile: 321-420-1565 Download as PDF Company: LaRocque & Company Realtors PRICING Price:$ 342,500 PROPERTY LOCATION 1760 Manatee Court Merritt Island, Florida, United States, 32952 MOBILE TOUR Use Smartphone to View Home Tour FEATURES Bedrooms: 3 Square Footage: 1687 sq. ft. Lot Size: 7841 sq. ft. MLS #: 735327 Bathrooms: 2 Year Built: 1980 Property Type: Single Family Home ATTRIBUTES APPLIANCES Dishwasher Microwave Range/Oven INTERIOR AMENITIES Central Heating Breakfast Bar Pantry EXTERIOR AMENITIES Patio COMMUNITY AMENITIES Garage parking LINKS Flyer:http://www.virtualtourcafe.com/flyer/5456565 Tour:http://www.virtualtourcafe.com/tour/5456565 Video:http://www.virtualtourcafe.com/video/5456565 MyCafeGallery: http://www.virtualtourcafe.com/mycafegallery/joeross PHOTO GALLERY View SlideShow

SIMPLY STUNNING! CUSTOM HOME ON THE 10TH TEE OF THE SAVANNAHS AT SYKES CREEK!

AWESOME beach side condo for sale in sunny Cocoa Beach, Florida!

Great location, one block from the beach! Beautifully remodeled 2 bedroom, 2 bath condo in secluded South Cocoa Beach. High quality bamboo flooring throughout, open floor plan with upgraded kitchen cabinets and counter tops,breakfast bar, and stainless steel appliances. New HVAC system 2 years old, new tile in bathrooms, shower and bath tub surround,upgraded bathroom vanities and toilets with push button flush. New windows throughout with french doors in kitchen which lead to a wood deck, perfect for entertaining or a barbecue on those warm Florida Summer days.


Check out the full listing:
Click here

Would you like to buy the Castle of Count Dracula, wha-ah-ah-aahhh!

Well of course, I'd love to sell it to you- Bran Castle, listed at a mere $75 million USD. The castle has been meticulously restored by the current owners.  As popularized by Bram Stoker in his literature, the castle is situated deep in the mountains of Transylvania, now known as Romania.  It was rumored in legend that the castle was once home to Count Dracula, AKA Vlad the Impaler AKA, Vlad Tepes. Sorry to disappoint but the actual residence of Vlad the Impaler was located a few miles from Bran Castle and is in ruins, which I discovered reading this Halloween appropriate article from the Florida Association of Realtors website.  Too cool!

Have a safe and happy Halloween!

Slow and steady, wins the race.

Let's face it folks, in the last few years there has been much speculation on market projections in housing. There always is, but since the mid 2000's market collapse, the subsequent bursting of "ye olde" bubble and housing market reconstruction, economists and analysts have widely debated the immediate and long term future of the market. Many changes in lending practices have been made at the Federal level to protect against mortgage fraud and indirectly, the formation of housing bubbles among other things. Though it's also debatable, most would consider the better part of 2011 to be the bottom of the market. Since 2012, most markets appear to have seen fairly steady levels of growth with occasional dips and spikes as expected. For all those pattern recognize-rs and bubble formation projectionists who were worried about annual growth levels higher than 10% in most of 2013 and early this year, the analysts in this article from the Florida Association of Realtors say you can relax for the time being.

 Now that we're well into the fourth quarter, all data shows that most markets are experiencing slowing but healthy growth percentages across the country. While real estate professionals, investors and current home owner's alike would prefer to see more rapid growth as was felt in the last 18 or so months, this slow and steady pace is much better for the housing market in the long term. This is also good news for buyers because the data shows that the the more stable property value growth will help attribute to a possible paradigm shift into more of a buyer's market. The logic is that buyer's will have more of a competitive edge because while sellers are much more comfortable listing their homes in the current market, the increase in inventory expected should make sellers more flexible in negotiations. These stable growth levels and the still historically low interest rates should keep housing rather affordable yet still enticing to sellers to list their homes.

FANNIE AND FREDDIE TO RETIRE?

In a bi-partisan effort, both Democrats and Republicans reached a deal on the future of Fannie Mae and Freddie mac. Members of the U.S. Senate Banking Committee are in the beginning stages and are currently outlining their plans to "wind down" Fannie and Freddie and replace these two financiers with another government reinsurer to change the face of the game. Democratic Committee Chairman Tim Johnson and Republican Senator Mike Crapo spearheaded talks that have been in the works for months. This agreement was based on a proposal some time ago by Democratic Senator Mike Warner and Republican Senator Bob Corker. Senators Johnson and Crapo say that they fine tuning the details of the bill which they plan to introduce "in the coming days." Senator Crapo stated "This agreement moves us closer to ending the five-year status quo and beginning the wind down of Fannie and Freddie, while protecting taxpayers with strong private capital, building the components for a stable secondary market." The new entity would mandate private financiers to take at least 10% or more of the hit on the first losses of mortgage debt. Then and only then, would the government provide assistance to these private lenders. Another component of the plan stipulate that is sure to be controversial is the strong underwriting standards which will require everyone except first time home buyers to put a minimum down payment of 5%. For obvious reasons, this will be difficult for a lot of home buyers out there who are otherwise, well qualified. There are a lot of hard working Americans with good credit who may have trouble coming up with a 5% down payment. This of course depends on the purchase price but if you factor in the typical closing costs, inspections and an appraisal, things start to get expensive. Take for example, an $80,000 home. The buyer will have to put $4000 down at closing, $300-500 for inspections, $300-$400 for appraisal and closing costs can run between $2500 and $7500. Sometimes more! That's a lot of money. "There is near unanimous agreement that our current housing finance system is not sustainable in the long-term and reform is necessary to help strengthen and stabilize the economy. This bipartisan effort will provide the market the certainty it needs, while preserving fair and affordable housing throughout the country." Senator Johnson said in a statement. The two Senators also remarked that their plan is to "eliminate affordable housing goals" and replace it with housing related funds. The Senators hope to ensure that housing is available to all types of borrowers and renters. Analysts and experts don't expect to see any reform take place until after the 2016 Presidential election. My prediction is that the uncertainty will be counterbalanced by temporarily lowered rates to ease concerns over the long term effects. There are so many variable though, who knows. I have a feeling that though there are obvious issues present, it is ultimately in the best interests of home buyers and tax payers alike. Not to mention that even if the bill is passed in the Democratic controlled Senate, it may reach opposition in the Republican controlled House of Representatives. Perhaps that will provide for some much needed further discussion and possible alterations of the bill.

ALL ABOUT THE NEW MORTGAGE RULES

As not many home buyers may know, the Consumer Finance Protection Bureau (CFPB), introduced new mortgage rules that began in mid January, 2014. The rules do make it difficult, or let's say even more difficult than recent years, to get financing on a new home.  Of course it seems unfair to make an already stringent process even worse but it really is all for good cause.  Like our parents used to say, "You may not understand now, but when you're older, you will realize that we do this because we love you."
I can't in all honesty go as far as to say that the cfpb instituted these regulations for those reasons, but they do care and hopefully what they're doing will have positive long term affects.

If you know much about the mortgage game at all, you know that it's been very challenging to get a mortgage since the bubble burst in the mid 2000's.  Any deposit $500 needs a paper trail, debt to income ratio could not exceed 43% (there are extenuating circumstances of course) and good documentation of income among other things, were and are scrutinized under the microscope.  The new rules are basically tightening the belt and enforcing the best practices that were already in place along with the addition of some new protections.
I have briefly outlined them below:

1) NO SURPRISES

• Ability to repay- mortgage lenders are now required to qualify borrowers ability to repay for many years as opposed to the first few months of a mortgage with lower introductory rates that don't provide and accurate analysis of a borrowers ability to pay.  Now lenders must consider more variables and factors- borrower's ability to repay including income,assets, debts and credit history.
• New class of mortgage products, Qualified Mortgages (QM)-  the cfpb instituted new rules for this new type of QM:  1) Borrower must be able to repay: 43% debt to income, now more strict. 2) The mortgage must be safer and easier to understand and cannot contain any detrimental features like interest only plans and negative amortization. 3) QM, a fair deal-  This means caps on points and fees lenders can charge to consumers.  A mortgage $100K or over cannot be a QM unless the points and fees are 3% or less of the loan amount.  

2) AIRBAG

• "Steering" as it's known in the mortgage business is not allowed- anyone who is paid to offer or assist a consumer in finding a loan product cannot receive more compensation by directing consumers to more costly loan products.  No double dipping!  If you pay someone directly for assistance in a mortgage, they generally, are not allowed to be compensated by another party for the same thing. 

3) THE TOURIST

• Qualified Mortgages will be easy to find.  
• Certain loan products, especially existing government programs will automatically fall into this category. 
• The cfpb doesn't necessarily ban certain non-conforming loan products that may help borrower's who are otherwise qualified but are having trouble documenting certain things like income from self employed borrowers. 

4) FITTER HAPPIER

• clearer monthly statements
• early notifications of adjustable rate increases.
• same day credit for payments
• fix errors promptly

5) PARANOID ANDROID

• borrowers who fall behind, now have more options and control.
• lenders must call borrower to collect no later than 36 days after non payment
• lenders cannot initiate foreclosure proceedings until 120 days after non payment.
• no more dual tracking, if a borrower applied to lender for help with the debt, the lender cannot begin harmful foreclosure proceedings while trying to work it out with the borrower.
• customer service reps in call centers must have the right answers to borrower's questions and have access to crucial documents.
• Servicers will have to provide borrowers with accurate information about the status of a foreclosure as long as the borrower requests the status in a timely manner.  
• Lenders must let borrowers who fall behind know ALL of the options available to them when requesting assistance.  This will help eliminate the need for borrowers to submit multiple applications for different assistance programs.  
• If the servicer denies a loss mitigation application from a buyer who submitted it in time, they must provide an accurate reason for denial.  Borrowers will also have the opportunity to appeal the decision. 

6) KARMA POLICE

• the cfpb will stand behind borrowers and homeowners to ensure they are treated properly by lenders.
• the cfpb will also accept complaints about lenders who mistreat borrowers or are not abiding by the rules. 
• though the cfpb does not counsel homeowners who are in trouble, they will point you in the right direction for help and hope.

I think that this is great for borrowers, if they don't qualify, there are things that they can do and lenders will be able to work with borrowers to figure out an action plan.  In my opinion, though quality and condition of the property are of utmost importance, they need to relax a little bit on the Q&C standards that are providing for the ever changing definition of the phrase "move in ready".  I understand some of it but other aspects are just silly.  They require heating in a home but no cooling....ummmmm..we kind of live in Florida and it's swampy out there.  I would also understand if an elevated home had flooring removed and it was just a plywood subfloor, they say you can't move in without some kind of floor covering.  What about homes with a concrete foundation in which a seller or foreclosing bank removed smelly/soiled carpets prior to sale?  Not move in ready!? Unfortunately, no.  This is ridiculous.  Apparently, a fair amount of underwriters will accepta coat of paint on a bare concrete floor as a "floor covering" but won't finance it otherwise?  Silly.  They need to ease up on some of these issues.  Agree?

BEAUTIFUL AND UNIQUE A-FRAME GAMBREL HOME IN OLD ROCKLEDGE, JUST STEPS FROM THE INDIAN RIVER!

Check out the VIRTUAL TOUR!

MUST SEE! Eclectic, Gambrel A-frame style house with natural cedar inside and out. Newer dimensional shingle roof with full wrap on South end. The interior boasts an inviting lodge styling with ridiculously high cathedral ceilings & exposed beams. Cedar plank adorns the walls and ceiling all the way up to the beams! First level master suite, under stairs pantry and storage, original hardwood cabinets in kitchen, 12'' granite tiled counter top and laminate wood floors in main area. Second floor loft overlooking living area with a retro style metal fireplace. Two second floor bedrooms with a full bath to share! This house is very unique and a great value! Peekaboo river views from front year and living room. Home is just two lots West of the Indian River! Motivated seller.

• Bedrooms: 3
• Bathrooms: 2
• Square Feet: 1728
• Acreage: 0.24
• Year Built: 1978
• Style: A-Frame Gambrel

Home prices up 12.2%, highest in nearly 7 years!

New statistics from the National Association or Realtors shows that home prices and values for that matter have risen to a 7 year high.  Prices are up 12.2%!  While this sounds like a bad thing for buyers, in actuality it's great news,  Why?  Because as I have been blogging for the last few months, this will inspire a lot of sellers who have been holding out.

There are tons of short sales and foreclosures, there's no doubt about that but the ratio of standard listings to these other sales types is expected to shift.  In the last few years, private owners have been holding out and waiting for the market to recover so they can list their homes for sale.  Of course, a fast nickel doesn't always beat a slow dime and good things come to those who wait.  In this case, those rewards will be a 12.2% higher take away.

It is evident in the volume of new standard listings that have been added in recent weeks.  We're also seeing a lot of chatter from sellers that have been on the fence about listing, they're asking questions and talking more seriously about listing right away.  We do expect and influx of new listings over the next few months and especially towards the beginning of 2014.  While we don't expect a completely flooded market to happen, there is a good chance that home prices and values will continue to rise.

Consumers are happy about what they're seeing but they don't have confidence that it will continue in such a drastic way.  Their gut feelings are probably correct to a degree.  This is because as prices rise, so does inventory and just as a lot of economic models will show, the market has a way of balancing itself out.  This also seems to be a microcosm of the country's economic health as well.  What this means is that we can all rest at least a little easier these days. 

Rising interest rates, not necessarily a bad thing?

As many REALTORS and consumers alike have seen interest rates fall to historic lows at the beginning of 2013, rates have climbed back up nearly an entire percentage point in the last 6 months.  While this is sure to have an impact on the housing market and loans, the impact could be positive.  Of course it's natural for consumers to be wary about buying a home when interest rates are on the rise but rates are still far more competitive than they were a few years ago.  

In a recent blog post 2013 National Association of Realtors President, Gary Thomas, gives us his forecast on what rising interest rates could mean for borrowers.  In a nutshell, it's simple economics- mortgage lenders are seeing less demand for refinancing so they have to increase the supply of loan origination to balance the decrease in revenue.  They still have to make money somehow.  How do they do this you ask? Well, it is quite elementary.  Lenders may ease some of the credit standards and excessive stringency to increase their loan origination.  With rising interest rates, banks will need to make sure that credit is available to the highest number of qualified buyers. 

With the possibility of banks lowering the strict standards for loan qualification, it is expected that there will be an influx of new buyers who would have otherwise been denied credit.  It is also my hope that this theory coupled with the paradigm shift to a seller's market will bring more inventory as well.  Available homes on the market have been drastically low since 2011, almost 50% of what was available in certain markets in 2010 and early 2011.  Now that homeowners know prices are going up, they will feel more comfortable bringing their homes to market and we will hopefully see more buyers qualified to purchase these newly listed homes. 

That said, here's a little tidbit of hope from Gary Thomas: "We’re hopeful—and it’s more than just a glimmer—that if the economy can recover as much as it has under tight credit conditions, it may do even better as credit steadily returns to normal."

MLS 672646

MLS 672646

Check out this super cute beach home in South Patrick Shores, just 2 blocks from the Ocean!

Okay so I wanted to post this a month and a half ago but part of me wanted to see how Spring was going to I could talk about this in retrospect.  You know what they say, hindsight is 20/20, well in this case it's true but it's something anyone in the industry is well aware of.  Lack of inventory! Not just Brevard County.  Not just Florida.  The problem is country-wide,  pun intended (Get it? now bankrupt countrywide home loans?).  In 2012 our local MLS website had an average of 2500 residential properties for sale in the entire county, that's not a lot.  That's about 50% of what was offered the previous year.  Today we are hovering just over 2700 units which is a welcome increase but we need to see more homes coming to market.

The beginning of 2013 brought the paradigm shift to a seller's market which is great, prices are on the rise but not so fast as to deter buyer's.  It was projected that the Spring selling season would see faster increases in price than inventory.  While this is true to a certain extent, it seems to be keeping pace somewhat.  The results of the price increase has created a fair amount of market demand.  This is most readily visible in the offer stage of a real estate transaction.  Multiple offer situations are present nearly every time I contract a property for clients.  It has proved difficult to explain to buyers why they need to pay more than asking price if they really love their potential new home.  I have to advise clients plainly and simply, "If you really love this home, you're going to have to come in strong."  It is what is is I suppose but it is creating a challenging and aggressive real estate market for sure. 

Amidst all of the hypothesis and worries out there that another housing bubble is forming, I think we are safer than these predictions may indicate.  The simple fact that the structure of mortgage pre-qualifications has changed so dramatically is helping to keep the problem under control.  On the other side of the coin, it is making it difficult for otherwise well qualified buyers to purchase the home the desire.  This is most notable with regard to the properties Quality and Condition.  For example, a home that has bare concrete floors without any floor treatments would most likely not pass through underwriting standards with most lenders.  This really is a shame because some of these properties are in great condition with the exception of missing floor treatments. 

I suppose at the very least, the steady increases in price and value will help sellers feel more comfortable bringing their properties to market.  This has already become somewhat obvious with slight increases in inventory but the bottom line is- we need to see more inventory. 

Existing-home sales rise in January

According to the National Association of Realtors^®, prices are steadily rising above the levels of the last two years.  Total sales also rose in every region except the West which has been impacted the most by lowered inventory.  Limited inventory has plagued the market across the board for some time now, especially in Brevard County.  Buyer traffic has picked up significantly while seller traffic holds steady.  Lawrence Yun, the NAR's chief economist stated that buyer traffic actually rose 40% since a year ago.  This increase has resulted in higher demand for inventory that is low.  The paradigm shift to a seller's market has begun.  When buyer's hear "seller's market" it is understandable that they are wary to begin there search but this is actually a good thing.  It not only means that seller's may be more inspired to list their homes for sale easing the deficient inventory but it also means that prices and property values are on the increase.  That is a good thing!  The market is anticipating a seasonal rise in inventory this spring but given the buyer traffic, it is projected to be insufficient thus creating more multiple offer situations which tend to drive purchase prices up.

*This historic A.J. Sherwood House photo was provided courtesy of:
Creative Commons Attribution 2.0 Generic

Distressed homes sales-short sales and foreclosures- were actually on the decline slightly since the end of last year.  These types of transactions usually carry a discount off market value of on average around 20% for foreclosures and 12% for short sales.  While getting a "steal" isn't necessarily a bad thing, I for one am glad to see a decline in these properties.   A lot of times in foreclosures, the previous owner lets the home go into a state of disrepair and in some cases, intentionally destroys elements of the property as some sort of revenge against the bank.  This makes it very difficult for buyers who are financing their purchase to be in the game.  No lender is going to write a loan for a property in that's condition is that poor.  Not only that, and the same goes for short sales, the sellers are generally not going to make the necessary repairs to the property to get the transaction closed.  Who wants to wait three months or in some cases over a year for a short sale to close anyway?

Residential properties on average are selling four weeks sooner than last year and spending a lot less time on the market says NAR president Gary Thomas, broker/owner of Evergreen Realty in Villa Park,CA. In January,  31% of homes spent less than 30 days on the market!  First time home buyers accounted for 30% of all homes purchase in the same month.  These statistics should make buyers and sellers feel good what they're doing and the condition of the market.  I guess the only thing that concerns me to a degree is the limited inventory and whether or not it will create somewhat unrealistic price increases.  That could be especially concerning with some of the strict underwriting standards lenders have adopted since the 2008 collapse.  I guess time will only tell but I tend to think that these statistics will inspire more sellers to bring their houses to market.