Real Estate Brevard's Blog


A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their house in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.

In a recent blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:

  1. A smaller home means less space, but it also means less time, stress and money spent on upkeep.
  2. Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6 million in the bank to get you through your golden years.
  3. Use the proceeds from selling your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down! If you can’t pay cash, aim for a 15-year fixed rate mortgage and put at least 10–20% down on your new home. Apply the $500 you saved from downsizing to your new monthly payment. At 3% interest, you could pay off a $200,000 mortgage in less than 10.5 years, saving almost $16,000 in the process.

Realtor.com also addressed downsizing in a recent article. They suggest that you ask yourself some questions before deciding if downsizing is right for you and your family. Here are two of their questions followed by their answers (in italics) and some additional information that could help. 

Q: What kind of lifestyle do I want after I downsize?

A: “For some folks, it’s a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you’ll be able to better narrow down your housing options.”

Comments: Many homeowners are taking the profit from the sale of their current home and splitting it in order to put down payments on a smaller home in their current location, as well as a vacation/retirement home where they plan to live when they retire.

This allows them to lock in the home price and mortgage interest rate at today’s values. This makes sense financially as both home prices and interest rates are projected to rise.

Q: Have I built up enough equity in my current home to make a profit?

A: “For most homeowners, the answer is yes. This is if they’ve held on to their properties long enough to have positive equity that will be sizable enough to put a large down payment on their next home.”

Comments: A study by Fannie Mae revealed that only 37% of Americans believe that they have significant equity (> 20%) in their current home. In actuality, CoreLogic’s latest Equity Report revealed that 72.6% have greater than 20% equity. That equity could enable you to build the life you’ve always dreamt about. 

Bottom Line

If you are debating downsizing your home and want to evaluate the options you currently have, let's meet up so I can help guide you through the process.

Posted in:Buyers & Sellers and tagged: Sellers
Posted by Neal Spurlock on May 21st, 2016 7:49 PM


Recently, there has been a lot of talk about the size of the foreclosure inventory in the nation. There has been some speculation that distressed property inventories are about to skyrocket. Today, we want to reveal what is actually taking place in this segment of the housing market.

CoreLogic, in their most recent National Foreclosure Report, reported that foreclosure inventory has decreased by 23.2% since this time last year. The report also showed that foreclosure inventory has decreased in 49 of the 50 states and that 45 states have posted a year-over-year, double-digit decline (see chart below).

Are Foreclosures Increasing or Decreasing? | Simplifying The Market

Other findings in the report:

  • The Seriously Delinquent Rate (homeowners more than 90 days behind in their mortgage payment) is 3.1% which is the lowest level since November 2007
  • The Foreclosure Rate is 1.1% which is also the lowest level since November 2007
  • This was the 53rd consecutive month that showed a decline in the Foreclosure Rate

Bottom Line

Though foreclosures do remain in the market, the number is dramatically decreasing. The fact that mortgage delinquency rates are also decreasing means the worst of the foreclosure crisis is in the rearview mirror.

Posted in:Buyers & Sellers and tagged: Foreclosures
Posted by Neal Spurlock on May 21st, 2016 7:47 PM


Every four years people question what effect the Presidential election might have on the national housing market. Let’s take a look at what is currently taking place. The New York Times ran an article earlier this week where they explained:

“A growing body of research shows that during presidential election years — particularly ones like this when there is such uncertainty about the nation’s future — industry becomes almost paralyzed. A look at the last several dozen election cycles shows that during the final year of a presidential term, big corporate investments are routinely postponed, and big deals are put on the back burner.

The research is even more persuasive on the final year of an eight-year presidential term, when a new candidate inevitably will become president.”

We are seeing this take form in the latest economic numbers. However, will this lead to a slowdown in the housing market? Not according to Fannie Mae, Freddie Mac or the National Association of Realtors.

The Impact on Housing Throughout 2016

Let’s look at what has happened and what is projected to happen by these three major entities.

National Association of Realtors

“In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007.”

Freddie Mac

“Recent data darkened the growth outlook for the first quarter of 2016. However, despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.”

Fannie Mae

“Consumers and businesses showed caution at the end of the first quarter…(but) Home sales are expected to pick up heading into the spring season amid the backdrop of declining mortgage rates, rising pending home sales and purchase mortgage applications, and continued easing of lending standards on residential mortgage loans.”

Bottom Line

Even during this election year, the desire to achieve the American Dream is greater than the fear of uncertainty of the next presidency.

Posted by Neal Spurlock on May 21st, 2016 7:36 PM

You may be wondering....has the real estate market hit bottom?? If it hasn't how much longer should I wait...how will I know??

As a real estate professional, I work with the market on a daily if not moment by moment basis. I watched as the prices continue to sky rocket, remarking often this trend can not continue. The wages people were earning were not being raised to allow them to afford, "the american dream."

The bottom did fall, and when it came crashing down...many have been affected financially and emotionally. Short sales and foreclosures still are abounding, and some banks are renegotiating loans. The bright spot if there is one, there are deals out there to be had. If you do have money to spend the bargains are real. True, you may have to do a bit of work on your new home but the value gained is worth the sweat!

As for the bottom, I believe it has been reached. My reasons, for the first time in a long while, houses are being purchased for more that the asking price, and if a house is priced low, bidding wars are common.

The President has authorized a first time home buyers credit of up to $8000. The house must be bought and closed by November 30th, 2009 to qualify.

These are all reasons I believe the time to buy is NOW!

 

Posted in:General
Posted by Neal Spurlock on September 22nd, 2009 3:53 PM

We find ourselves at an unusual time in our history. Prices in Real Estate are at an all-time low, and interest rates are the lowest they have been in sixty years! If you have waited to buy your home, now is the time to make that decision to purchase!

If you have never owned a home or haven't for 3 years, a tax credit awaits you! If you are married, it amounts to $8,000, not a loan a refund you receive from the government! If you are single, it amounts to $4,000! What is the catch, it needs to be your primary residence and you have to live there for 3 years. If you move before that you must pay the money back.

In Brevard county, there are an abundance of homes to choose from! Waterfront, oceanfront, canal front, single family and condos are at unbelieveably low prices! Please call our office today, and allow us to search the multiple listing service for your specific home!!

Posted in:General
Posted by Neal Spurlock on March 30th, 2009 7:30 PM

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