Brevard Real Estate Blog

In January we had a record low in sales at on 250 Homes sold in all of Brevard County!  Things inproved in February with 324 homes selling!  We are still hovering around the 7200 homes on the market for sale and 4% absorption rate.

Now what we have to watch is the growing number of short sales and bank owned property here in Brevard County... Right now there are 833 Short Sale properties being offered in the Brevard MLS and there are 335 Bank Owned properties being offered in the Brevard County MLS for a total of 1168 distressed sale properties that we know of in our MLS.  I am sure there are more as some of the agents do not imput the correct info when putting in distressed homes.

I know this number will continue to increase and will have a devestating effect on sale prices which are continuing to fall. 

If you are considering buying a home NOW is the time to jump in and make a GREAT buy on home here in Brevard County.  If you are selling, we can help you protect the equity in you home with our High Exposure Marketing Plan.  Give us a call today!  321-693-4322 Karen Fleckinger

Here is some great information on the latest govenment effort to hedge off foreclosures.  If you own Brevard Real Estate and are facing forclosure, you may want to visit both of the links below.  One of them is about the Mortgage bailout and the other is from a local Attorney who talks about the options you have if you are facing forclosure.

http://www.mortgagenewsdaily.com/1272007_ARM_Freeze.asp

http://www.aboutbrevard.com/sound/ShortSalesBrevard.html

If you have any questions or if I can help you in any way please feel free to give me a call at 321-693-0771

Larry Fleckinger

Hello Everyone,

Just wanted to update you on the Brevard Real Estate Market.  Right now there are around 7500 single family homes for sale here in Brevard County Florida.  In the month of November 324 homes sold...that is about a 4% absorbtion rate...or around a 23 month supply of single family homes if NO other homes come on the market.

Just today the Feds cut the interest rates another .25% trying to hold off a recession.  A recession in my opinion brought on by the heavily declining real estate market...do not be fooled by foolish people who are saying things are "getting better".  They are not getting better now and probably will not be better for quite some time until all the lender fallout and foreclosures have ran their course.

Good new is it is a GREAT Buyers Market with a lot of homes to choose from an if you have the right realtor, (The Fleckinger Team) you will make a good buy on a home right now!

Happy Holidays,

Larry Fleckinger
321-693-0771
www.BrevardHomeSource.com

I hope everyone had a Happy safe Thanksgiving...we sure did!

Did you know the one of the BEST times of the year to sell your home is during the Holidays...Brevard real estate has a better chance of selling during the Holidays...here are some of the reasons you should list and sell your Brevard home now.

Well tomorrow is our day to be Thankful for all we have and I thought that I would post some positive thoughts instead of talking about Brevard Real Estate. (I personally wake up every morning and give thanks for all I have)

I am thankful for and blessed with a lovely wife (Karen), 2 beautiful daughters (Haley and Casey), an awesome son (Taylor), a fun and healthy grandchild (Brayden) and GREAT parents (Lawrence and Fran Fleckinger) and all of my extended family and friends. 

I am thankful for my health and all that God has blessed me with in my lifetime.

I am thankful to be living in a country where, even though things are not perfect, we are blessed to have the opportunity to express our thoughts and worship without persecution.  We have so many opportunities to succeed in this country and are only held back by our negative thoughts and what we believe we can accomplish. 

Finally, I would like to say a prayer for and thank ALL of the men and women who have sacrificed their lives to allow us to have the Freedom we have in this country.  May God bless them and their families as they continue to protect our freedom and our country.

Have a Happy Blessed Thanksgiving.

Larry Fleckinger

Ok, it looks like we are coming into our hot selling season...the holiday season.  It is quite simple really, from now until around March we have all of our Snow Bird friends arrive here in Brevard either for a vacation or to stay in their 2nd home...they also bring friends and family in for the Holidays...so if you are thing about selling now is a great time...

Last month Brevard Real Estate sales rose slightly from 296 in September to 337 in October and presently we have 7500 homes on the market.  That means that around 4% of the homes on the market sold last month. 

Folks here is the reality...value in the market is going to continue to decline.  All indicators are we will not even find "bottom" and start to level out for another 2 -3 years.  Some say prices will probably end up where they were in 2000 before we return to a normal market with normal activity.  That being said, if you want to or need to sell, selling sooner is better than later if you want to protect the "real" equity you have in your home.  I will show you exactly how to do this in a declining market.

A quick update on short sales in Brevard County Florida...if you or someone you know are possibly facing foreclosure and would like to know about your alternatives just give me a call and I will let you know what a local attorney has to say about short sales. I will be happy to go over it in detail...I have an in depth recording that details all the ins and outs of short sales and exactly what it means to to a seller and how it will affect your life and finances.  Just give me a call at 321-693-0771.

Have a good one,

Larry Fleckinger

Alright, the new buzz word today in real estate is "short sale"....simply put a short sale is when a bank agrees to take less then what they are owed on a mortgage.

It sounds really simple when in reality make a "short sale" is quite complicated. You see there are no standard guidelines for lenders when it comes to having to give up their money.  In many cases, each lender has a different "short sale" policy.

The way it works for Brevard real estate in our Brevard MLS is even being challenged.  We are scrambling to try to come up with rules that will protect the buying and selling public when it comes to short sales...I will let you know later how this comes out.

The good news is that "short sales" afford a buyer the opportunity to "maybe" make an exceptional buy on a distressed property before it goes to foreclosure.  The key to making this purchase is very simple...you must have time and patience on your side...short sales can take anywhere from 7 days to up to 45 days to just get approval from the lender.

If you have the interest in trying your hand at purchasing a short sale here in Brevard County give me a call and we can meet and I will walk you through the process and give you all the pros and cons.  I will also set  you up so you can receive a copy of all the short sales available in our Brevard MLS.  Just shoot me an email or give me a call at 321-693-0771.

Thanks for reading and have a great day!
Larry Fleckinger
Re/Max Aerospace Realty
www.BrevardHomeSource.com
www.BrevardRealEstateGuide.com

larryfleckinger@yahoo.com

I recently talked to a past client just checking in to see how he was doing in his new out of state home.  He said he was very happy and thanked me for my help selling his home...he said he appreciated the fact that I pushed him VERY hard on listing the home at the RIGHT PRICE to get his home sold, because if he would have stayed with "his" price he would probably still be in the home or worse yet sold his home for $1000's of dollars less! 

This client like most of us want to believe our home is worth a lot of money...but in reality in this market it is only worth what a buyer is willing to pay for it.  And the sooner you get your home sold in our declining market, the more of your hard earned equity will be going into your pocket at closing.

Many people, who purchased Brevard Real Estate more that 3 years ago and did not refinance when we had our Brevard Real Estate boom, still have a substantial amount of equity in their home created by the boom.  So, if you are one of these lucky folks and you want to get your Brevard home sold, give me a call and I will tell you the TRUTH about exactly what it will take in this market to sell your home....Call me at 321-693-0771

Have a great day!
Larry Fleckinger
larryfleckinger@yahoo.com
www.BrevardRealEstateGuide.com

Recent real estate sales statistic about the real estate market indicate prices are continuing to slide at 1.8 percent per month...where will it stop, nobody knows.

Here in Brevard county our real estate numbers in then month of September showed we had around 7600 single family homes for sale and only 308 homes sold.  I wish I could give you a real number for the average Days On the Market but our system only lets us average the DOM for the most recent realtor who has or had the property listed.  In a huge number of the listing many properties have been listed several times by many different realtors.  So, we can not factor in the true TOTAL days on the market for a property.  The numbers we have now show around 110 Days on the market...if we could factor in the information above, I would think we the the true average DOM is propably around 200 or higher.

I just watched the Big Don (Donald Trump) on a CNBC and he said he thinks real estate is still a good investment and we should start considering investing in the next 6 months to a year...maybe he is setting us up to help him earn some huge profits at that time<grin>

In my humble opinion and from other stats I have been reading it looks like our market may not even find bottom until maybe 2011...no one has a crystal ball and only time will tell.

Side note for people thinking of selling on their own (FSBO)...NAR stastics showed that last year (in 2006 the market was actually better then) the the average FSBO sold at a rock bottom price of $187,200, while the average Realtor Assited sale was at a whopping $247,000, leaving $59,800 of their hard earned equity on the table. Good news is the FSBO did save the 6% commission...if you want to know exactly how I can sell your home for more than you can, give me a call and I will give you the 6 Rock Solid reasons you should never sell your home For Sale By Owner and I will also explain exactly where buyers come from so you will fully understand why you need to list your home with me now.  Give me a call at 321-693-0771

That's all for now...Larry Fleckinger
larryfleckinger@yahoo.com

www.BrevardRealEstateGuide.com

Five Important Factors Affecting the Real Estate Market and Your Home Sale

1. Largest standing inventory of new homes, new construction and new subdivisions in the past 30 years.

a. Builders are your direct competition

b. They have deep pockets and will do anything to move their inventory.

c. They are offering buyers everything from furniture, no payments for one year to paying all of the buyers closing costs and more.

2. Statistics confirm that in 2004-2006 at least 40% of all sales in the US were investor sales.

a. Investors are dumping their homes on the market trying to salvage their equity.

b. They have given up on trying to rent because rents are also dropping.

c. They are highly motivated because they do not want to keep making large monthly payments or worse yet end up in foreclosure.

3. Adjustable Rate and Interest Only Mortgages are coming due. Lenders handed these mortgages out to anyone with a heartbeat from 2002-2006.

a. Many of these folks with have mortgages that are way higher than the value of their home, making it difficult to refinance or make payments.

b. They are now being forced to try to sell at a loss or worse yet face foreclosure.

c. They are flooding the market with homes also.

4. Predictions for 2007 and 2008 are that 1.5 – 1.7 Million homes are going to be repossessed.

a. This will add a huge number of homes on the market and will drive prices down even further.

b. Banks will do what they have to do to get these homes off their books and sold….they too are your competion.

5. Finally, there are the normal folks like yourself, who simply want to sell for various reasons continually adding to the expanding market.

NOTE:
Ok, the five things above are rarely occuring at the same time and they are having an adverse affect on sale prices for Brevard Real Estate sales.  In March we had 660 homes sell in Brevard up from 400 the previous month...sales are improving as prices continue to slide.