MAY 31, 2013 by ge.admin
It is hard for most to believe it has been about five years since the national real estate market crash of 2008. Though homeowners and homebuyers alike have seen some low points in Brevard County real estate sales, recent surveys have shown that consumer confidence is once again on the rise. Trulia compiled a list of real estate market trends concerning the remainder of the year for Brevard County property as well as properties nationwide. Following are just a few of those big trends for 2013.
1. Home Prices Rise
At the top of the list of real estate market trends is the rising prices homebuyers will find on the market. Since the crash in 2008, new home construction has been at an all time low, which has created somewhat of a shortage of available properties on the market. Many analysts say that 2012 was the year the market began to turn around, and we can expect to see prices continue to rise through this year and continuing into 2014. Home prices are expected to rise about 5 percent this year.
2. Short Sales Up
In short sales news, property owners and buyers can expect to see an increased number of short sales in Florida. More and more banks are trying to avoid foreclosure procedures by reaching out to homeowners and offering foreclosure assistance. New rules have reduced the documentation that borrowers have to show to demonstrate hardship, and borrowers now aren’t necessarily required to pay the difference between what they owe on the mortgage and the final sales price. Homebuyers should look on brevardmls.com or ask their agents about short sales to find some great deals on today’s market.
3. Rental Demand Increase
Finally, this is a great time for investors, as property management continues to boom. Three to five million young people (most 20-30 years of age) have been riding out the shaky economy by moving back in with their parents or staying with friends. As they start to get jobs, they’re looking for their own apartments. This pent-up demand will drive up rents as well. Many investors have been buying Brevard County foreclosures and other distressed properties to turn them around as rentals. As investors continue to get great deals on such properties, they are turning to management companies to maintain such properties, putting a high demand on their services.
Expect these trends and more in 2013 as the Brevard County real estate market turns around.
Source: The Fiscal Times