Is the Space Coast Market Shifting? Understanding Buyer vs. Seller Leverage
For years, sellers have had the upper hand in the Brevard County housing market. With so few homes for sale from Titusville to Palm Bay and so many people who wanted to purchase them, Space Coast buyers faced tough competition just to get an offer accepted. But now, inventory is rising across Florida’s Space Coast, and things are starting to shift in certain areas of Brevard County.
So, is the Space Coast market balancing out? And does that mean buyers looking in Melbourne, Cocoa Beach, or Viera will have it a bit easier now? Here’s what you need to know.
What Makes a Buyer’s or Seller’s Market in Brevard County?
It all comes down to how many homes are for sale in Brevard compared to how many buyers want to live along Florida’s beautiful Space Coast.
- A Seller’s Market is when there are more buyers than homes available in Brevard County, so sellers hold the power. This leads to rising prices, multiple offers, and homes selling quickly – often above the asking price – because there isn’t enough inventory to go around.
- A Buyer’s Market is when there are more homes than buyers in specific Space Coast neighborhoods. In this case, sellers may have to offer concessions and incentives, or negotiate more to get a deal done. That’s because buyers have more choices and can take their time making decisions.
You can see this play out over time using data from the National Association of Realtors (NAR) in the graph below:
Where the Space Coast Market Stands Now
While much of Brevard County remains a seller’s market due to our growing aerospace industry and desirable coastal lifestyle, buyers in certain Space Coast locations have more leverage than they’ve had in years. That’s thanks to how much inventory has grown lately.
Do you know how to adjust your plans based on negotiating power in specific Brevard neighborhoods? Because our team at Misty Morrison Real Estate & Company does.
Strategies founded on experience can make buying in seller’s markets easier, and we can help sellers maximize their advantage in these areas, too. Misty and her team are intimately familiar with what the supply and demand balance looks like in each unique Space Coast community to help our clients get the best deal either way.
With our expertise, you’ll be able to plan ahead and buy (or sell) no matter what the market looks like in your target Brevard County neighborhood.
Connect with Misty Morrison to Strategize
Let’s connect so you can find out what’s happening in your corner of Florida’s beautiful Space Coast.
Contact us today at (321) 574-8119. With decades of combined experience selling and buying homes throughout Brevard County, we understand the unique dynamics of each Space Coast neighborhood market.
