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Brevard County Space Coast: Palm Bay, Melbourne, Titusville area
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Old 08-28-2017, 12:31 AM
 
413 posts, read 300,392 times
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I have a couple of friends who have been here for a long time. They are selling their house and are preparing to rent. They think the housing market has topped and want to get out. They plan to buy again after the bubble bursts. Is this sensible or insane?
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Old 08-28-2017, 07:24 AM
 
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Quote:
Originally Posted by alan west View Post
I have a couple of friends who have been here for a long time. They are selling their house and are preparing to rent. They think the housing market has topped and want to get out. They plan to buy again after the bubble bursts. Is this sensible or insane?
Personally, I think prices are back to normal. They are not inflating like they did in 2004-2006. 1100 sq foot houses in regular neighborhoods are not selling for $400,000 like they were then. If you sell now, you might break even.
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Old 08-28-2017, 12:08 PM
 
Location: Indialantic
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I am a realtor and a real estate investor, so I contemplate the market and watch it very closely. I recently saw an illustration that showed if real estate prices has increased at 3% per year over the last 20 years instead of spiking up and plummeting down we are right where we should be price-wise. A 3% rate of appreciation is very reasonable.
As well, what drove the bubble before was irresponsible lending practices. People with blue collar jobs were being given loans for mansions, and it just wasn't' sustainable. This time, in the Brevard area, there is job growth supporting the increased population, and therefore, the higher demand for housing. I don't think it will necessarily continue to rise at the pace it has been, but I also don't think the bottom will fall out of the market like it did last time. Time will tell. You never know what tomorrow brings and forces we can't anticipate today could affect our market tomorrow.
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Old 08-28-2017, 04:43 PM
 
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Big job expansions from Harris and Northrup in recent years, along with other defense and aerospace groups.

The support for the current housing market is good unlike what was seen during the housing bubble. That being said, could see a decent correction when rates finally rise
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Old 08-28-2017, 06:15 PM
 
Location: Merritt Island, Fl
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I say not just yet to sell. But that of course depends on your specific situation. Baring war, a major storm, or natural disaster, there is no indication the bubble is about to pop, since there is no real bubble. We have seen nearly 5 years of steadily rising prices and we are about where we should be had the craziness that took place in 2004-2006 didn't happen. Prices are not doubling in less than a year. Yes flippers are out there and so too are better jobs allowing the flippers to make a few dollars. As long as people have jobs that can sustain the pricing, there really is no bubble. When artificially high prices jump at rates that outpace affordability causing you to borrow against a previous property to stay pace, then there is trouble. Right now, rental rates and home prices are moving steadily up. With seasonal dips occurring as always. In a few months, snowbirds will be back, another jump up will occur and then a small drop will happen as summer approaches.
If you do sell, list in January to sell in March or April to maximize your timing.
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Old 09-02-2017, 04:55 AM
 
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Originally Posted by alan west View Post
I have a couple of friends who have been here for a long time. They are selling their house and are preparing to rent. They think the housing market has topped and want to get out. They plan to buy again after the bubble bursts. Is this sensible or insane?
Brevard County is a big place with several distinct markets. What happens in Palm Bay has no relevance to Cocoa Beach. Which specific market are you asking about?
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Old 09-02-2017, 06:08 AM
 
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Originally Posted by 1insider View Post
Brevard County is a big place with several distinct markets. What happens in Palm Bay has no relevance to Cocoa Beach. Which specific market are you asking about?
Excellent point....but really gets back to location, location, location. True for any major metro area
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Old 09-02-2017, 11:04 AM
 
Location: Florida -
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Quote:
Originally Posted by alan west View Post
I have a couple of friends who have been here for a long time. They are selling their house and are preparing to rent. They think the housing market has topped and want to get out. They plan to buy again after the bubble bursts. Is this sensible or insane?

The 2008 'burst RE bubble' was an anomaly caused by uncontrolled and unregulated baking practices (that have been corrected). It reversed a decades-old housing appreciation trend. While one cannot say, "Another burst RE bubble is impossible," the expectation of one is wishful thinking that defies statistical reality. It is an expectation held mostly by younger people whose only frame-of-reference for housing trends is the past 10-years.
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Old 09-02-2017, 11:41 AM
 
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Originally Posted by jghorton View Post
The 2008 'burst RE bubble' was an anomaly caused by uncontrolled and unregulated baking practices (that have been corrected). It reversed a decades-old housing appreciation trend. While one cannot say, "Another burst RE bubble is impossible," the expectation of one is wishful thinking that defies statistical reality. It is an expectation held mostly by younger people whose only frame-of-reference for housing trends is the past 10-years.
To be fair though, mortgage and interest rates are epically low... May be like that for awhile but when rates finally rise significantly, it will knock some wind out of the market
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Old 09-02-2017, 07:49 PM
 
Location: Merritt Island, Fl
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Originally Posted by chopchop0 View Post
To be fair though, mortgage and interest rates are epically low... May be like that for awhile but when rates finally rise significantly, it will knock some wind out of the market
That and rather low inventory in some areas like Cocoa Beach have kept prices moving steadily up. If more people put their hones up for sale, I bet pricing would adjust down even with historically low interest rates.
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