Melbourne, FL Real Estate News

By Sandy Shores FL Realtor®, Melbourne Real Estate, Brevard County Real Estate, Florida's Space Coast
(M & M Realty of Brevard Inc.)
  "This house doesn't look like the online pictures." I've heard this before. While out showing houses for sale, I pulled up to a house and thought I must be at the wrong property. "Is this it?' Are you sure?" the buyer prodded. We checked the street sign and the house number. They matched the listing. We checked the company and agent name on the for sale. It matched the listing. But, the outside picture sure didn't look like the house we were sitting in front of.  How long had it been on the market?  Had the property deteriorated since it was listed?  It looked so nice in the pictures.  Were the pictures taken recently? But we found that we were at the correct address.  My buyer wasn't sure she wanted to go in.  It looked like it needed too much work. We decided to go in anyway.   We ...
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By Rekha Vyas
(Keller Williams Realty of Brevard)
  Market Update Report Brevard County Home Sales January 2014                                                           Price Range $  Listings on the Market  Listings Sold  Percentage Sold  0 – 49,999  361  112  31.02  50,000 – 99,000  934  186  19.91  100,000 – 119,000  295  51  17.29  120,000 – 139,000  320  54  16.88  140,000 – 159,000  272  35  12.87   160,000 – 179,000  267  37  13.86   180,000 – 199,000  215  35  16.29  200,000 – 249,000  412  56  13.59  250,000 – 299,000  375  20  5.33  300,000 - 399,000 432 47 10.88  400,000 - 499,000 187 19 10.16 500,000 + 434 14 3.23 Totals 4504 666 12.10      New Listings  1490  Average List Price  258,212  Pending Listings  1234  Median List Price  165,995  Absorption Rate  4.54  Average Sale Price  151,053  Avg Days on Market  86  Median S...
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By Sandy Shores FL Realtor®, Melbourne Real Estate, Brevard County Real Estate, Florida's Space Coast
(M & M Realty of Brevard Inc.)
Market Report - Brevard County FL real estate December 2013 including single family houses...  There were 817 new listings. This is an increase of 13.00% from December 2012 of 723 new listings. There were 724 closed sales. This is an increase of 23.8% from December 2012 of 585 closed sales. 306 of the sales closed were cash.  This is a 17.7% increase from December 2012 of 260 sales. Average sales price was $167,502 in December 2013. This is a 6.45 increase from 2012 of $157,410. Houses sold for about 92.7% of their list price, compared to about 92.8% of their list price in December 2012. Median days on the market were 40, compared with 41 days in 2012. In December 2013, Florida Realtors indicated there were about 1193 single family homes under contract. A buyer and seller have negotiat...
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By Sandy Shores FL Realtor®, Melbourne Real Estate, Brevard County Real Estate, Florida's Space Coast
(M & M Realty of Brevard Inc.)
Kingsmill, located just off of Lake Washington Road is a quiet, well maintained community of over 300 houses built between 1986 and 1988. It is situated between Parkway Drive and Aurora Road, just west of Wickham Road in Melbourne Florida. Kingsmill is just minutes to shopping, dining, churches and schools. Publix grocery store is within walking distance. Access to I-95, US 1 and the causeways to the beach are within 5 minutes.  The Indian River Lagoon and beaches are within 10 to 12 minutes driving distance. View Map The west end of the community boasts custom built homes by Joyal and Tiffany Builders. Several of the homes are situated on half acre sites. The other homes in the neighborhood were built by Maronda Homes. Kingsmill association fees are currently $142.00 per year, per hous...
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By Kerry L Klun, Broker/Owner, 321-626-5868
(Palm Realty)
I learned about Aldi from my mother who lives in Minneapolis.  With over 1300 stores in 32 states, the German founded grocery grocery chain was founded in 1948 by Albrecht Discount thus Aldi. Aldi really is a leader in low cost grocery shopping.                            The first thing that is different about Aldi when you go, is that there are no grocery carts strewn around the parking lot.  The reason for this is that when you go to shop, you need to put in a quarter to get a cart out, and when you bring the cart back, you get your cart back!  Ingenious and effective! When you walk into an Aldi they are set up much smaller than other grocery stores such as Publix or Winn Dixie.  They have far fewer isles and few shelves to stack items on.  Most of the products in Aldi's are store br...
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By Sandy Shores FL Realtor®, Melbourne Real Estate, Brevard County Real Estate, Florida's Space Coast
(M & M Realty of Brevard Inc.)
If you own a home in Florida and live in it as your primary residence, then Florida law may allow you a $25,000 tax exemption on the assessed value of the property. If you purchased the property in 2013, then it is time for you to file for homestead, as it doesn't automatically transfer to a new owner, at the start of the new year. An application must be filed. After that, the exemption automatically renews, if you remain eligible. Homestead exemption may allow a Florida homeowner a savings of approximately $450 on their yearly tax bill. And, some homeowners may be entitled to an additional $25,000 in exemption for a total of $50,000, on the assessed value of their property. Check online to see whether you are eligible and if there are any other exemptions applicable to you. New homeown...
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By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
Reverse Mortgage FAQ: "Should I Get a Reverse Mortgage If I'm Moving...(Eventually)? A reverse mortgage or a home equity conversion mortgage, is a mortgage that pays you based on your age, home equity and is contingent on whether or not you live in your primary residence. Some homeowners, however, question their decision to get a reverse mortgage, especially if they have plans to move in the near future. It's a valid question considering the loan will become due and payable if they are no longer live in their primary residence, for whatever reason, because the amount a borrower can potentially receive is also dependent on the amount of home equity they have accumulated through the years. So the question remains: "Should I Get a Reverse Mortgage If I'm Moving...(Eventually)? Well, variou...
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By Kerry L Klun, Broker/Owner, 321-626-5868
(Palm Realty)
I recently spoke to a man whose parents wanted to buy a home here in Brevard County.  Mom and Dad live in the Bronx and had come down this past summer to buy their retirement home.  According to their son, they had found a home and went under contract on it.  However, after they had done their inspection they were told they "couldn't continue on" with the contract.  They didn't understand why, and no one would or could explain it to them. Obviously this just didn't sound right to me.  After doing a little homework, I figured out what had happened.  They had put in an offer on a short sale.  But no one explained to them that the contract would have to be approved by a third party lender.  Unfortunately, the agent that had written up the contract didn't understand the process and had them...
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By Rekha Vyas
(Keller Williams Realty of Brevard)
What Are Todays’ Buyers Looking For In A Home? The following is a list of some of the things that are important to today’s buyer, not necessarily in any particular order.     Convenience to Work: Living in a home which is a convenient commute to work is a priority for home buyers. A home that is a short distance to work can be a big plus as it enhances the balance between work and home life.   Convenience to amenities: Coffee shops and grocery stores nearby are a definite plus for the home buyers.   Quality of public schools in the area: School boundaries have a large impact on buyers decision to purchase a home. Younger buyers are also willing to pay more for quality schools in the area where they purchase a home.   Open Floor Plans: Open floor plans are popular with today’s buyer. Whe...
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By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
I reached 200,000 a few days back…and I didn't even notice! Points haven't been the main draw of Active Rain since I joined (back in 2007) but it's still be a rewarding journey nonetheless.  I've seen many bloggers surpass a million (and some even 2 million) but 200,000 has been half a decade in the making and it's good to be here. Funny that I didn't notice it till right now, when I'm already a quarter of the way to 201,000, but its there and there's no denying that lots of blogging, lots of contests and lots of participation on Active Rain has finally pushed me higher up the point totem pole.  It's true that even if you don't come to Active Rain for the points, it's still great to see that score go up until you become a millionaire. As they say, "there's nowhere to go but up!" Interes...
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By Rekha Vyas
(Keller Williams Realty of Brevard)
Will Home Mortgages Become More Expensive, Soon? Did you know new lending guidelines will be in place beginning this March? Home prices have been on the rise and along with that the mortgage interest rates too, have gone up. Lending rules are getting tougher. Even though Fannie Mae and Freddie Mac do not originate new mortgages they do buy about 66% of the loans underwritten by the banks. Fannie Mae and Freddie Mac have announced new tougher guidelines which go in effect starting March 2014. This is expected to easily add about half a point to the interest rate that a fixed rate borrower will pay. Next month in February 2014 federal rules known as “ability to re-pay” and “qualified mortgage” are also set to kick in. These rules impose tough penalties for banks that write unconventional ...
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By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
Do Married Couples See Eye-to-Eye on Retirement Plans? Retirement can be a stressful time for many people. Most of the time, it means leaving your current job, slowing down and reevaluating your priorities as new challenges and opportunities arise. For a married couple it may be even more stressful because they have to contend with two perspectives on retirement and, sometimes, these may clash. It's not something I've thought of in-depth before but an article on Market Watch, "U.S. Faces a Married Couples' Retirement Crisis", does a great job of explaining the potential factors that can lead to a marriage crisis during retirement. A study, conducted by the Fidelity Investment Couples Retirement Study, states that 38% of couples disagree about the lifestyle they want during retirement. N...
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By Rekha Vyas
(Keller Williams Realty of Brevard)
What are the FAQ's About Living In The Melbourne, FL Area? Relocation clients as well as clients considering a second home in the Melbourne and surrounding areas usually ask many questions about the area but here are a few common ones, I find myself answering often. Question: What is the population of Melbourne and surrounding areas? Answer: The population of Melbourne, FL and the surrounding areas is about 343018 and can be distributed as follows:                       Melbourne                 78000       Melbourne Beach       3300             Cocoa 17164  Cocoa Beach 12805   Indialantic 3009  Indian Harbour Beach  9000   Merritt Island  34743 Palm Bay  101793   Patrick Air Force Base 2137  Rockledge  25911   Satellite Beach 10884  Suntree  11544  Viera 16951   West Melbourne 15777   ...
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By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
Two Steps Forward, One Step Back for Reverse Mortgages? The changes to the reverse mortgage program, which were implemented on September 30, have been polarizing to say the least. On the one side, it's could be the best thing FHA has done in order to make the program safer for future consumer while still protecting the Mutual Mortgage Insurance Program. On the other hand, it may make the reverse mortgage program less attractive for both affluent borrowers and more modest borrowers. At this point, however, it's all speculaion as the changes have barely passed their two month threshold and there are still 10 months to go before the changes even reach the one year mark. Maybe then would be a better time to note whether or not the changes have been successful or not. Having said that, I agr...
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By Jeffrey DiMuria 321.223.6253 Waves Realty, Florida Space Coast Homes
(Waves Realty)
I am not a huge beer drinker...but I love a good craft beer. I have found over the years that most of the places that call themselves brewpubs or say they make beer on the premises usually have one vat...and produce very limited quantities of their own suds. They may have a tap or two of in-house beer...with an additional 30 taps of anything from Bud to Miller. With this in mind I ventured out to the newly opened Intracoastal Brewing Company (It is located at 652 W. Eau Gallie Blvd, Melbourne, FL 32935). The best way to describe the style and feel of the place is a Gen-X brewery. This is not a place to come and eat...unless pretzels and beer is your normal dinner. It is a place to enjoy well crafted house made beers that are truly amazing. Intracoastal Brewing Company does offer a gues...
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By Sandy Shores FL Realtor®, Melbourne Real Estate, Brevard County Real Estate, Florida's Space Coast
(M & M Realty of Brevard Inc.)
Here's wishing you and yours a wonderful holiday season! Merry Christmas from sunny Florida! The weather here has been absolutely gorgeous. It actually got up into the 80's yesterday. Today, we woke up to some 60 degree weather. We've got windows open and short sleeves and light sweaters on today.  It's perfect outside. Indian River Lagoon off of Rockledge Drive in Rockledge, FL
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By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
FHA Delays Reverse Mortgage Financial Assessment…For Now The reverse mortgage industry can rest easily for the next few months following the Federal Housing Administration’s announcement that it would hold off on implementing a financial assessment component to the reverse mortgage program for an unspecified period of time after January 13 of next year. While we are still in the dark about what exactly the financial assessment will entail and when it will be implemented, at least the industry gets a breather before another change is implemented. This is not to say that the reverse mortgage changes have been unsuccessful, no one can determine that yet, especially if the reputation of the reverse mortgage program is to change positively along with it, but it is nice to see that FHA is tak...
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By Jeffrey DiMuria 321.223.6253 Waves Realty, Florida Space Coast Homes
(Waves Realty)
As an ASP Certified Stager I get this question quite a bit. The truth of the matter is I have listed many homes over the years...and only a small handful of them did not need me to at least make a few needed changes. This video delves into the different types of listings...and why and when a stager would be needed.
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By Kerry L Klun, Broker/Owner, 321-626-5868
(Palm Realty)
Well, it's official, what I have been seeing with Space Coast Area Homes is now being recognized around the country.  The housing market is starting to recover.  According to the National Association of Realtors here are the top 7 Housing Trends of 2013. 1.)  The national median listing price in January was $179,900 and rose to $199,500  by September of 2013.  2.)  Mortgage rates did go up, but not as much as some people thought.  Any way you look at it, mortgage rates are still a screaming deal! 3.)  Many Buyers still won't believe it, but bidding wars have returned on really good properties.  Once a Buyer loses a house or two in a bidding war, they will start to realize it! 4.)  Housing has remained affordable.  Even though appreciation isnow starting to come back into the picture, lo...
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By Kerry L Klun, Broker/Owner, 321-626-5868
(Palm Realty)
I saw something this week that was incredibly disturbing.  I was driving down a street on the mainland side of Melbourne, and on the left side of the road was a shabby beat up looking old jeep that was parked at the curb.  The jeep had one of those big role bars on it, and a canvas top covered the cab portion of the vehicle.  On the drivers  side of the jeep, on the pavement, was a dog that was hanging by a rope tied to it's collar with it's back feet just barely reaching the pavement!  The owner of the jeep was no where to be seen.  I was shocked!  I made a fast U turn in the middle of the street and pulled up behind the jeep.  As I was running to the dog, there was a man on a bicycle that pulled up.  As I approached the dog, it was so frightened that it let it's bladder go and peed al...
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