Brevard County Real Estate: Why This Fall Is the Best Time to Buy

If you've been waiting for the right moment to start your home search in Brevard County, now is the time to act. A shift is underway in the housing market, and the week of Sept. 29–Oct. 5, 2024, is expected to offer prime conditions for buyers. According to Realtor.com, this period offers the best combination of factors favoring homebuyers, including reduced home prices, lower competition, and more homes available for sale.

What Makes This Week Special?

The experts at Realtor.com have identified this week as the best time to buy a home in 2024. Here’s why:

• More Inventory: The number of homes for sale is up by 35.8% compared to last year, giving you more options to choose from. This elevated inventory level is the highest since May 2020, meaning you won’t need to compromise on your dream home.

• Reduced Home Prices: After a period of rising prices, we’re now seeing them drop from peak levels. Sellers are more motivated, knowing their homes will sit on the market longer if they don’t negotiate.

• Lower Mortgage Rates: Mortgage rates recently hit their lowest point in 19 months, making homes more affordable. This is great news for your purchasing power, especially in Brevard County, where local buyers are seeing these national trends play out.

According to Andy Walden from Intercontinental Exchange Inc. (ICE), "Recent easing in mortgage rates brought some much-sought relief to prospective homebuyers."

With home price growth slowing down and mortgage rates now under 6.5%, August 2024 marked the most affordable month for housing since February. This affordability extends into the fall, making September and October the perfect time to jump into the Brevard County real estate market.

Why Brevard County Real Estate Is a Hot Market Right Now

Brevard County is known for its desirable mix of beautiful beaches, growing communities, and family-friendly neighborhoods. With reduced home prices and more properties on the market, it's easier than ever to find your ideal home.

In addition to these benefits, the competition among sellers is increasing. Homes are staying on the market longer, giving buyers more room to negotiate. Sellers are more likely to offer concessions or price reductions to ensure their homes don’t sit unsold.

As Zillow points out, early fall offers a "sweet spot" where buyers face less competition, have more options, and benefit from lower financing costs.

Bottom Line

The Brevard County real estate market is shifting to favor buyers, especially in the week of Sept. 29–Oct. 5, 2024. With reduced home prices, an increase in inventory, and low mortgage rates, this is your golden opportunity to make a move. If you're ready to start your homebuying journey in Brevard County, let’s connect and get you prepared to take advantage of these favorable conditions.

FAQs

1. Why is the week of Sept. 29–Oct. 5, 2024, the best time to buy a home?

According to Realtor.com, this week offers the perfect combination of high inventory, reduced home prices, and lower mortgage rates, making it the most buyer-friendly week of the year.

2. Are home prices dropping in Brevard County?

Yes, like many parts of the country, Brevard County is seeing a drop in home prices from peak levels. This trend offers buyers a chance to purchase homes at a more affordable price.

3. What are mortgage rates like in fall 2024?

Mortgage rates hit their lowest point in 19 months in August 2024, making it the most affordable time to buy since early 2023. Rates are expected to remain favorable through the fall, giving buyers more purchasing power.

4. How much has the housing inventory increased in 2024?

Housing inventory has grown by 35.8% compared to last year, providing buyers with more options. This increase is particularly notable in Brevard County, where the real estate market is booming.

5. Should I expect competition from other buyers this fall?

While there is always some level of competition, the early fall months typically see fewer buyers in the market. This reduced competition, coupled with increased inventory, makes it an ideal time to buy.

Sources:

• Realtor.com – Best Time to Buy in 2024

• Intercontinental Exchange Inc. (ICE) – Mortgage Rate Trends

• Zillow – Fall Housing Market Insights