Is it a good time to buy a primary residence property in Melbourne, FL?

Question

Hello,

Due to my work relocation, I have to move to Melbourne, FL. Is it a good time to buy a house now? Not sure if I need to wait until the end of this year.

I saw a 4700 sq ft house with two car garages, is it normally in Melbourne, FL?  In Texas, with that size house, it usually goes with 3 car garages.  Thank you!

Kerry Baird · Answer

I also would make offers now. We have been seeing more "smart money" in the area with larger building projects popping up over the past 2 years. New home builders have been pinched with the short term higher interest rates, and it may be a good time to make an offer and get points buy down on your loan from builders. Watch the HOAs in Brevard; Suntree layers on several HOAs and that makes the area much more expensive on a monthly basis.

We haven't seen open houses over the past few years and are seeing those now. In these spring months the local area sees a mass of retirees or potential retirees looking to buy their second homes here. My current STR guests are down from Maine and are shopping for houses.

As far as the 3 car garage, everything is bigger in Texas. :D  It isn't a common feature in the older housing stock of the area.  I have several houses on the barrier island and they are quite aged as a whole, with some larger new build infill houses (one in Indian Harbour Beach right now with the elusive 3 car garage, but priced over $1 M).

Tchaka Owen · Answer

I agree with Kerry, there's no need to wait. Make sure that the 4700sf home you see is truly that amount of space. We tend to have 2 numbers, one is total and the other is livable (or "under air"). Total will count Florida rooms and even garage space.

I'm going to disagree with Jason in regards to timing because the Southern part of Florida runs counter to most of the US. I spent years in S. Florida and the high activity starts in November when people start flocking down and slows a bit around April. Melbourne is considered Central Florida, however it's warm enough that it has its share of 'birds. Trying to time the market is a no-no.

Good luck!

Tchaka

Patricia Steiner · Answer

Please keep one thing in mind:  Florida isn't Texas...while Alaska is the largest state, Texas takes second place. In Florida, our land prices reflect the scarcity of available land and in comparison to Texas (and many more) is extremely high.  As far as 'is it a good time to buy,' much of Florida is in a housing crisis.  In terms of specifics:  "The Census Bureau's latest estimates show that a net total of about 320,000 Americans moved into Florida between 2021 and 2022, the largest number among the 49 states and Washington, DC."  So, if you find a property that works for you and your budget, BUY IT IMMEDIATELY.  Waiting will only cost you more.  And, unlike other states that are experiencing a 'buyer's market,' that won't be the case here where inventory remains tight (that old supply and demand thing) - while people keep moving here.  Rental prices are increasing year-over-year by more than 20% and inventory is limited as well.  Fun, huh?

Congrats on your job relo - that usually is reserved for the best!  And, you're going to love it here.

Tyler Gibson · Answer

I don't see any good reason to wait. We're in a more stabilized market it favors buyers especially if you target properties that have been on the market for 60 days or more.

there are not too many homes that have more than a two-car garage.

Jason Wray · Answer

Hi Vivi,

I would not wait because as soon as it starts to warm up here in Florida we tend to see a lot of buyer activity pick up.  Which means there was a samll dip in home sales from November through January but that will soon be over here in FL.  I would try and come in now and make an offer because there are a lot homes that rolled over from 2022.  That means there are more than a handful of stressed sellers wanting  to avoid any other dips in the market.

Rick Wiedenhoeft · Answer

Hi Vivi! Melbourne has been a solidly growing community in Brevard county for more than a decade now, so buying here is extremely unlikely to be unfavorable in the near future. With the growth of Patrick Space Force Base, as well as the space industry here, you'll see more construction and plenty of resales that are likely to fit your needs. Welcome to Melbourne!

Wendy Vaidic · Answer

You are correct, 3 car garages aren’t the norm here, but there are currently 198 homes with 3 or mor car garages.  They are more plentiful in area of newer builds like Viera, and less common beachside.

I am a Realtor & would love to teach you about buying down your mortgage to reach more affordable rates or just answer any questions you may have.

Good luck!

Wendy

Ash Hegde · Answer

It's as good as time as any to buy in Florida, if you see a good opportunity go for it!

Dana Weis · Answer

Hi Vivi -

Not sure why you would want to wait?  It's a good time to buy because right now we don't have enough buyers so there is more inventory on the market. I'm happy to talk with you about the market if you like - I'm a local realtor. I can also point you to some great local lenders if you don't already have one that can talk you on the lending side of things. Let me know if I can help!

Nicholas Burch · Answer

What are the specific reasons for your doubt? Yes, we are in a buyer's market. And yes financing is more expensive than in the summer of 2022. Sure, there is some uncertainty about the direction of housing prices.

If I was in your shoes, id be less concerned with the macroeconomics and more concerned with the local economics of your housing market ie Melbourne, FL.

Is it a good time to buy a primary residence property in Melbourne, FL?

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