We’re seeing a change in Brevard County, Florida.  A few years ago at this time we had over 7,000 active single family listings in our MLS.   Today we’re down to 3,400!!   This is a positive step toward a better balanced market.   Other positive signs include:   1)  the high volume of calls our office is handling to schedule showings on our listings    2)  listings are being sold out from under our buyers          3) some listings are receiving multiple offers     4) greater buyer activity on for all categories of properties.    Brevard is lookin’ good!   These indicators tell us we’re probably near the end of the negative pricing cycle.  Real estate office signs all over town are warning buyers of the lower inventory and to get off the fence.   Our spring market has been exceedingly busy and we look forward to a busy summer too.   Ok Mr. and Mrs. Buyer - you’d better get out there while the gettin’s good!

Last week I was helping my sellers to juggle multiple offers for their home.  Today both of my showings for a buyer have been cancelled because the listings went under contract.  Tomorrow’s showings have just been reduced because one more listing has been sold.  This morning I’ve scheduled 3 showings for the same listing.   What’s up?    Buyers, that’s what!  Blue skies, pretty weather on the Space Coast and there’s a whole lot of shoppin’ going on.  We are thrilled for the activity in this market; prices are not really improving yet so it’s still a buyer’s choice.   I am hearing more agents comment that their buyers “missed out on a good one” because they stayed on the fence too long or offer too low.  All good signs and we love knowing that “The Buyers are here!”

Last week a buyer contacted me to ask if I could start working with him as a buyer’s agent.  He was  about to cancel a pending transaction that was falling apart on all sides.  This buyer was mad at the sellers, mad at the agent and completely frustrated with the entire experience.  In addition to a number of other mishaps, the appraisal came in short.   I was sad to hear of such a mess and excited to know that I was about to start working with a high-$$ buyer.  Yippee!

But the more I listened to the story it became apparent that the chain of events in this transaction could have occurred to any agent at any time.   The deal was salvageable if all the players would calm down. I asked the buyer if he really still wanted the house if his deal could be saved.   His answer was ABSOLUTELY YES!  I asked if he would like me to call his agent to see if I could “help” to put things back together.  The buyer was completely shocked.   He couldn’t believe I would offer to step in “for nothing”.

I was not acquainted with the agent but took a deep breath and picked up the phone. It was risky to be perceived as an intruder in their deal.   Fortunately other agent was very gracious and receptive to my call - also very relieved that this deal could be saved.   The agent expressed his gratitude that I’d reach out “for nothing” to help keep their deal together.   We agreed that this is a small town and we can never have too many friends in this business.   The next morning the buyer called me with the good news; he’s thrilled that he’ll be closing on the property!
It felt good to do the right thing and I’m happy for everybody involved.  Better yet, I think my good deed was returned today.   That agent is showing one of my beautiful listings.   I can’t wait to hear the feedback!

Last week we saw the lift-off for the final voyage of the shuttle Discovery.   Launch was Thursday, Feb 24th and carried six astronauts and one robot.   When Discovery returns to earth on March 7th it will be the first of the shuttle fleet to be retired.The causeways were absolutely packed with cars headed over to the beach for space fans to watch the launch.   We haven’t seen this level of crowd since John Glenn’s 2nd trip in space in 1998.  In spite of enjoying the luxury of watching many, many launches over the years we still hold our breath during the final process and countdown.   The best policy is to watch all the readying procedures on TV,   then run outside and look to the sky during the final countdown.   One other option is to have a TV “manager” inside your ocean-front condo.   They can yell updates to the group hanging out on the beach!

This week the shuttle crew is busy working on the International Space Station.  Two other shuttles are slated for their final flights this year:   Endeavour in April and Atlantis in June. We will follow the crew’s success and then their journey home on March 7th.  Safe travels guys - see you soon.

2011  has kicked in with a bang in Florida.   The “Road to Home Sales” seems to be paved for an exciting year.  Our phones are ringing off the hook!  A few of our listings are receiving multiple offers.  Several of our buyers lost opportunities when the home they loved sold before they could decide to make an offer.  Wow!!!   All this activity is showing an upswing in the Space Coast market.   We’re up to the task!  If you need help finding your way home - just let me know and I’ll get you on the right road.

Don’t they say “time flies when you’re having fun” ?  We’re packing away the decorations and lights;  wishing we’d avoided a few of the (fabulous) calories.  Already mentally replaying great memories of family visits, big chaotic meals, laughter and craziness.  Even if you are worn out these are the best of times.

The real estate work year was wonderful.  As I review the list of closed transactions I remember each home, each family story for every sale or purchase in 2010. It feels so great to assist a young couple buying their first home; to help an ailing senior get her large home sold and get her moved into a smaller, simpler condo.  One of my customers thought they could never get financing and buy their “own” home but we made it happen.  It’s an honor to be a part of these folks’ lives while they are making such major decisions.

As the sun sets on this year here’s to celebrating happy memories of 2010 for home and work - looking forward to a great 2011! 

We’re all about cooling off here in Florida and tonight we’re actually expecting a little cold front.   This is fun - we’ll have some fires in the firepit out on the patio and try to act all chilled.   But just like in October - while we’re supposed to be cooling our heels a bit the Real Estate market is heating up!  We’re still on the road showing tons of homes and busy fielding buyer inquiries.    Gotta hate it      So this little note is a short one because I’m busy researching tomorrow’s property tour for another inbound corporate relocation buyer.   I like my job!

What’s the heck’s going on?   Fall is normally a slower time for Real Estate sales on the Space Coast.   Typically this is a great opportunity to handle all the home projects that we set aside during the busy season.  Instead I’m bombarded with work!   Such a problem .   Instead of cleaning out closets I’m on the road with buyers, searching for great deals, and helping with home inspections.   We have lots of good inventory and prices are still low so our house hunters are swarming.   Instead of handling my hedge trimming I’m wading through a pile of market analysis reports.   There’s a line-up of sellers who are ready for me to plant a FOR SALE sign.    Out comes the wide-angle lens to shoot these great homes!   Guess I’ll just have to postpone my personal home projects till another day.   The best part of planting the FOR SALE sign is going back and hanging the SOLD sign on top.  I may need to clone myself to keep up!

Tough markets call for tough decisions.  Many of our sellers are considering renting out their home instead of selling it for today’s low prices.  Generally we find more negatives than positives for those who decide to rent.

1.  Our market won’t rebound for several years.   Prices won’t improve for a long time so most sellers are just delaying the inevitable.

2.  Following tenant occupation the clean up and rehab may cost more  than the loss a seller was hoping to avoid.

3.  Rental inventory is enormous - therefore rental rates are low.  In many cases an owner won’t be able to cover his mortgage, taxes and insurance with rental income.  Not to mention vacancy periods and inevitable repairs and replacements.

4.  Does an owner really want to deal with the risk of carrying this property through  4-5 more hurricane seasons?

This can be a lose-lose situation and each case has its own variables.    Some sellers are not in a position to even make these difficult choices.   If this “rent vs sell” is a decision you are facing just be sure to weigh in all factors and look at the long-term picture.   Sometimes it’s just better to cut and run.

What do you do when a seller says   “if you can’t sell my house just tear it down”  ??

You hire the cookie monster!

To see the story in video:

www.youtube.com/watch?v=8xH9EatbCwo

Enjoy!