Hello Space Coast Community! One of our agents summed it up perfectly the other day, saying, “Aaron, I kind of like being a buyer’s agent right now.” That statement reflects the shifting real estate landscape on the Space Coast. As we transition further into a buyer’s market, the dynamics of home buying and selling are changing rapidly.
If you’ve been keeping an eye on the market - or even just considering buying or selling - you’ve probably noticed these shifts, too. Let’s take a closer look at what’s happening in Brevard County and beyond.
📈The Market is Moving Towards Buyers
It wasn’t too long ago, back in 2020 and 2021, when buyers were competing fiercely, often offering well over a home’s market value just to win the deal. Today, the situation looks very different. Sellers are starting to temper their expectations, and many are accepting sales prices lower than they’d hoped for.
In this environment, comps (comparable sales) aren’t as reliable as they once were. Why? Because the market has become more about what buyers are willing to pay now. The result? Buyers are in a much stronger position to negotiate, and that’s making this an exciting time for those ready to make a move.
🥵Interest Rates and Insurance Pressures
Interest rates have been volatile and continue to shape the market in significant ways. October brought an increase, with rates climbing to about 7% for a 30-year fixed conventional mortgage. Through late November we have begun to see rates trending downward toward the mid 6% range. While not as high as the double digits of decades past, these rates are still having a noticeable impact on affordability for many buyers. Adding to the challenge is the rising cost of homeowner’s insurance. The aftermath of recent hurricanes has led to expectations of higher premiums, creating additional hurdles for both buyers and sellers.
📊Brevard County’s Pricing Trends
While some Florida metro areas, like Miami, are experiencing steep declines in listing prices (down 12.4% year-over-year), Brevard County hasn’t felt the same drastic impact just yet.
Condos and townhomes in our area have seen a 6% drop in median sale prices compared to this time last year. However, single-family homes have held steady for now, with their median sale price up 4.1%. Still, it wouldn’t be surprising to see single-family prices eventually follow the trend we’re seeing with condos.
⏰The Best Time to Buy is Now
With the timing of the recent election and holiday season, now could be the perfect time to find an exceptional deal. Many buyers are waiting to make their move until 2025 with hopes of decreasing interest rates and a more certain economic outlook. Right now, with fewer people in the market, you’ll face less competition and you could likely negotiate a great deal on a home you love.
At Island Pineapple Realty, we love helping our clients find homes where they can truly love where they live. Whether you’re a first-time buyer, looking to upgrade, or thinking about downsizing, our team is here to guide you through the process and make the most of today’s market conditions.
Let’s Talk About Your Next Move
The real estate market is always changing, and having the right team in your corner is key to navigating these shifts. If you’re ready to explore your options, take advantage of this buyer-friendly market, or simply want to talk through your plans, we’re here for you. At Island Pineapple Realty, we’re committed to helping you find the perfect place to call home. Let’s make your real estate dreams a reality - reach out to us today!
