2009 Year End Brevard Real Estate Statistics are out!
Well there is more good news and bad news…I know you get tired of hearing that and all I am trying to do it not make everything sound bad.
So the good news is that for 2009 home sales in Brevard County were up by 16% over 2008. This is very good news and it shows that buyers are taking advantage of the low interest rates and the $8000 Tax Credit. Remember they extended the tax credit until the end of April…you have to be under contract by the end of April 2009….for more info on the Home Buyer Tax Credit click here.
Now for the not so good news…homeowners saw the median price of homes fall 24% during 2009 or 2% a month. Keep in mind this is median home price, I believe you will find that as you go up the home value scale you will see a larger decline in value because we are not seeing many move up buyers in this market and the higher prices home sales are sluggish for the most part.
If you want to see the report with all the Florida Statistics including the Brevard Real Estate statistic click here.
Finally, as an add on to my previous post “Is Now The Right Time to Buy a Home?” , reason #9 for buying a home is the fact that FHA will be tightening up their mortgage guidelines in the near future to make it more difficult for borrows to get a loan…here they are…
As listed in the official announcement, there are 3 major guideline updates for the FHA:
- Upfront mortgage insurance premiums are increasing to 2.25% from 1.75%
- Minimum downpayments for applicants with sub-580 FICOs are rising to 10%
- Seller concessions are being limited to 3%, down from today’s allowable 6%
Trust me, these are big changes and will have a negative effect on buyers in the near future hoping to purchase in this buyers market. If you are a buyer now is the time to take action. Give us a call and let us help you find and purchase your next home.
Till next time,
Larry Fleckinger
RE/MAX Aerospace Realty
321-252-9767
www.BrevardRealEstateInfo.com
www.BrevardHomeSearch.com
www.ForeclosureHelpBrevard.com
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