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A Lack of Supply.

Let’s break down the differences between now and the 2008 housing crash

What in the world is up with this Seller’s market?! Many are asking this question. If you’re a Buyer, you might be wondering what to do to get your offer accepted. Do I need to offer to have my firstborn child named after the Seller? If you’re a Seller, where is the peak, and when should I plan to list? What we do know is that this is nothing like 2008! It’s the exact opposite. This time, the housing supply is at a historic low. Demand is real and rightly motivated. Even if there were to be a drop in prices, homeowners have enough equity to weather a dip in home values. Let’s break down the differences between now and the 2008 housing crash:

Population growth:

Our population has almost doubled in size since the 1950’s yet housing has not kept pace. Millennials: The largest generation in the country has come of age to marry and have children, two primary drivers for homeownership. Our elderly are living longer. The ‘silver tsunami’ will be here for quite some time.

Health crisis: 2020 challenged every household to redefine the meaning of “home” and re-evaluate whether their current home meets that new definition.

Record low mortgage interest rates:

The desire to own, coupled with historically low rates, makes purchasing a home today a strong, sound financial decision.

Lending standards:

Though it has gradually become easier to get a mortgage since 2011, we are nowhere near some of the irresponsible lending practices from 2004-2007. Back then, you could practically get a mortgage if you had a pulse. Not so now.

Households have plenty of equity:

Again, during the housing boom, it wasn’t just purchasers who got caught up in a frenzy. Existing homeowners started using their homes like ATMs. There was a wave of cash-out refinances, which enabled homeowners to leverage the equity in their homes. That left many homeowners with little or no equity in their homes at a critical time. As prices began to drop, some homeowners found themselves in a negative equity situation where the mortgage was higher than the value of their home. Many defaulted on their payments, which led to an avalanche of foreclosures.

Bottom Line:

If you’re looking for a home to live in for more than a few years, you will likely ride out any pullbacks in pricing. For those planning to “wait out this seller’s market,” you may find yourself getting priced out of the market entirely, OR instead of getting the 4/2 you want, only be able to afford a 3/2. Also, the US currently has the highest number of licensed realtors in history, with many of them un-trained to advise you effectively. We urge you to practice sound financial planning and hire a full-time, professional real estate agent that knows the market and cares about your results. We’d love the opportunity to work with you and are here to help!

-Barbara Schluraff ~ Broker/Owner

 
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  • Mortgage pre-approval means a lender has reviewed your finances and, based on factors like your income, debt, and credit history, determined how much you’re qualified to borrow.
  • Being pre-approved for a loan can give you clarity while planning your homebuying budget, confidence in your ability to secure a loan, and a competitive edge in a bidding war.
  • In today’s market, connecting with a lender to get pre-approved may be the game-changer that helps you secure your dream home.
 
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Congratulations WEGO! They just hit $101,132 in donations for the orphanage new home build! Read More About The Home Here!

 
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Did you know there are more slaves in the world today than any other time in history? Human trafficking is the fastest growing criminal enterprise in the world, and we are determined to do something about it! I hope you will consider supporting us as we come together and hike for FREEDOM! We are partnering with Rescue Freedom International because we love the work they are doing around the world to bring hope and healing to those in slavery. We have the gift of living free and want to use that gift to set people free! Thank you for joining us!

Barbara will be traveling to Wind River, Wyoming this fall for another hike to help bring awareness to sexual slavery.

Millions of people are victims of sexual slavery.

Every day, women and children endure sexual, physical, and emotional abuse without an end in sight. But you can help.

DONATE NOW - Link Below!

GOAL OF $1500 IN DONATIONS
 
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We've teamed up with WEGO to offer a $15,000 Matching Funds campaign to better care for the kids at New Hope Children’s Home in Gachuurt, Mongolia!

We Did It!

Total Matched: $15,000 of $15,000 !!!!!

Learn More About The Home Build
 

Whether you're a buyer or seller, our team has everything you need to make the best financial decision with your property. We've worked hard to refine our process and make the home buying or selling experience easy, effective, and efficient. Rest assured our expert team will walk you through the process step by step. A real estate team gives the customer more! MORE experienced and specialized agents are working on your behalf. Our agents specialize in working with buyers or sellers in all areas of Brevard County. Each customer gains our combined real estate market and local knowledge because our customer concierge has matched you with an agent suited to fit your needs and your Dream Home list! We have transaction coordinators, a customer concierge, buyers specialists, a listing management team, and much more. Hire our CENTURY 21 Ocean Real Estate Team today and see how working with a group is THE way to buy and sell your home with confidence.

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Hire A Team. Not One Agent.

 
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To ensure you make the right choice for the long term, a CENTURY 21 Ocean Agents offer extensive knowledge in:

Neighborhoods

Mortgage specialists who can assist you with your financing

Search for Real Estate Properties near Preferred School

Customer Testimonials

Mortgage Calculators

 
 
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Check Out The VIEW from Loft 117 now for RENT!

MORE RENTAL INFO HERE!
 
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A quick recap of the Brevard County Residential Report for Q1 2021:

  • Closed Sales are up +17.5% for Q1 2021 in which the number of units closed was 2,677 compared to 2,279 in Q1 2020, with an increase in cash sales of +23.7%.
  • New Pending Sales are up +14.4% and New Listings are down -8.7%.
  • The Median Sales Price for Brevard Single Family homes is up +9.1% to $275,000 compared to a year ago, which was $252,000.
  • Months Supply of Inventory is down -66.7% to 0.9 months, a decrease from 2.7 months in Q1 2020.
  • Traditional Sales are up +19.9%, with a median sales price of $275,000.
  • Foreclosure/REO Sales are down -78.9%, with 12 closed sales and a median sales price of $220,000.
  • Short Sale Closings are up +33.3% with 8 closed sales and a median sales price of $220,000.
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A quick recap of the Brevard County Townhouses/Condos for Q1 2021:

  • Closed Sales are up +23.8% for Q1 2021 in which the number of units closed was 826 compared to 667 in Q1 2020, with an increase in cash sales of +30.4%.
  • New Pending Sales are up +40.5% and New Listings are up +2.0%.
  • Median Sales Price for Townhomes/Condos is up +13.5% to $219,000 compared to a year ago, which was $193,000.
  • Months Supply of Inventory is down -62.9% to 1.3 months in Q1 2021 from 3.5 months in Q1 2020.
  • Traditional Sales are up +24.4%, with a median sales price of $218,500.
  • Foreclosure/REO Sales are down -75.0%, with a median sales price of $580,000.
  • Short Sale Closings are unchanged with 0 closed sales in Q1 2021 and 0 closed sales in Q1 2020.
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As trained real estate professionals, we can help you get the results you want. From the very beginning, we will work together to define your needs and develop a plan for achieving your real estate goals. Throughout the process, we’ll keep those goals and your best interests in mind, and we’ll work hard to make sure all of your expectations are met. We won’t give up until the job is done to your satisfaction. When we work together, you can expect nothing less than the best. We have a history of satisfied customers, and I hope you’ll be next.

Give us a call today if you’re ready to get started.

 
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Our wide range of Brevard homes for sale go from beachfront, to riverfront, to condos, and more. Search our featured properties below for detailed listings in each Brevard County Community.

F E A T U R E D
 
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