As you may know, the housing market in Brevard county has been quite strong for the last several years. When I tell people that I am a real estate agent, they generally say something like "Do you think home prices will continue to increase?" If you are asking the same question, then you may be interested in realtor.com's 2018 National Housing Forecast. I would like to point out a couple data points from their forecast that home buyers in our area should be particularly interested in.
First, the Melbourne-Palm Bay-Titusville metro area is projected to see a 1% increase in the number of homes sold. However, this same area is expected to see a 7% increase in home prices. To put this in perspective, home prices across the U.S are forecasted to grow by 3.2% next year. So, Brevard county home prices are expected to increase by more than double the national growth rate! A second interesting data point that home buyers will want to know is the expectation that mortgage rates will continue to increase throughout 2018. Realtor.com forecasts that rates will average about 4.6% throughout the year and could potentially reach 5% by year end.
What does all this mean? The longer you wait to buy a home, the more expensive it is going to get over the next year as both home prices and mortgage rates continue to grow.
Been thinking about buying a home lately? Do you want to buy your first home and are just not sure where to start? No problem! Give me call, send me a text or an email and let me know you want a new home and I will help get you started down the right path to home ownership.
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Brent Burns is a REALTOR® with the Carpenter | Kessel Team. Brent serves clients in Indialantic, Melbourne Beach, Indian Harbour Beach, Satellite Beach and surrounding communities.