Melbourne Area Blog

The official figures for real estate sales in February are in and again the number of single family homes sales is up. Compared to February of 2008 the number of sales in February 2009 increased by 20%. This is a trend that has been happening here in Brevard County for the last 6+ months.

So.... is this the time to buy? I am asked that question often. Interest rates are lower than they have been in years. The dilemma is.... do you buy that $300,000 dream home at 5% interest now or wait to see if the price is reduced? If the price is reduced to $275,000 and the interest rate goes up to 6% the difference in your mortgage payments (P & I) is about $35 higher at the lower price and that home may sell to someone else while you are waiting.

That is happening and multiple offers are not unheard of lately.

If you see that perfect home, now is probably the time to buy. Plan to stay in the home at least 5 years. You may sell low to buy low, which is better than selling high and buying high. Buying low means lower payments!