Fact or Fiction

Are we seeing a stabilization of the market?


I recently read another MSNBC article that stated that foreclosures in July were up 55% over last July. I know there are an abundance of foreclosures all over the nation. I also believe that different areas have very different markets especially when it comes to foreclosures. Most if not all government relief programs are geared toward the primary residence owner and in my opinion rightfully so. Investors should be more knowledgeable about mortgages, interest rates and loan programs. They are also the first owners to bail since it is not their homes it is strictly business and I understand that theory.

What I did was research the last week’s sales and this I thought was fascinating. There have been 7 homes sold in Merritt Island and Viera areas during the last week. The interesting part of this is that of these 7 closings the sale price versus the list price was an incredible 95%. I must believe that these homes were priced right and the low ball offer didn’t work. These homes were priced from $99,900 to $309,900 so you see it was most of the middle consumer levels and only one of these homes was a foreclosure or short sale.

Does this mean market stabilization? I believe it shows that owners who price their homes to sell will still find a buyer and that some short sales and foreclosures are still priced too high.

There are still bargains galore if you are contemplating making Brevard your home.


Jim Bagwell