October 29, 2018
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How Much You’ll Need to Buy a Home

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There are several factors you need to consider if you want to get a sense of how much you’ll need to purchase a home.

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When it comes to how much you’ll need to buy a home, there are several factors you need to consider.

To give you a good estimate, let’s say you’re purchasing a $235,000 house—the median sales price here in Brevard County. Let’s also assume you’re using one of the three most common mortgage loan types used by homebuyers: The conventional loan, the FHA loan, and the VA loan.

With a conventional loan, you usually put down 20%, but this loan type allows you to put down as little as 3%, which means your down payment would be anywhere from $7,000 to $47,000. FHA loans only require you to put down 3.5%, which equals a down payment of $8,200. VA loans are reserved for veterans of the Armed Forces, and they don’t require any money down.

One of the advantages of putting down 20% with a conventional loan is you don’t have to pay private mortgage insurance (PMI). The PMI cost for a $235,000 home would be anywhere from $70 to $180, so that’s a money you wouldn’t have to pay. For an FHA loan, though, that PMI cost would last the entire life of the loan.

“One of the advantages of putting down 20% with a conventional loan is you don’t have to pay private mortgage insurance (PMI).”

After your down payment, you have to calculate closing costs. There are a lot of variables to consider here as well, but a good rule of thumb is to assume your closing costs will be roughly 3% of the purchase price, which means you’d pay $7,000 in this case.

So, by the time you get to the closing table, if you use a VA loan and you pay all of the closing costs, you’d only have to pay $7,000 to close on the home. If you negotiate for the seller to have to pay these costs, you’d be buying the home with no money down at all. If you do a 20% conventional loan and you pay your own closing costs, you’d pay $54,000 in total to close on the home.

Outside of your your down payment and closing costs, you’ll also have to pay for an inspection and an appraisal. Depending on the property you buy, your inspection can cost anywhere from $100 to $600 or $700. Appraisals, meanwhile, typically cost around $400.

If you have any other questions about this topic or you have any real estate needs, don’t hesitate to reach out to me. I’d be happy to help you.

October 12, 2018
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Brevard County Market Update for Fall 2018

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The year is almost over for Brevard County real estate. Here’s what we’ve been seeing.

Buying a home? Click here to search all homes for sale.
Selling your home? Click here to learn more about our home selling system.

Today I want to give you a Brevard County market update for what we’ve been seeing lately.

The total number of single-family home transactions is right around 8,000 this year. This is about the same as it was last year, so not much has changed there. The total number of sales is an important factor in our market because it measures total activity and gives a good indication of the overall health of the market.

Our median sales price is up about 5% from last year to $235,000. If you’ve been watching the trends over the last few years, you’ve seen this number increase almost every month.

The total number of cash sales in Brevard County is down to right around 22%. This can tell us several things. Investors are buying fewer homes and increasing sales prices are causing homes to become less affordable for these cash buyers.

“Shop around; make sure you’re getting the best rate possible.”

Another recent trend we’ve been noticing as we head into the fourth quarter of 2018 is an increase in active inventory, aka the total number of single-family homes for sale at the end of the month. Right now, we have about 2,800, which is up about 15% from the 2,300 we saw at this time last year. We’ve been trending this way for a few years and are starting to see a balancing in our market.

The median percent of list price to price received is right around 96%, which is pretty much what we saw last year. This means that sellers are getting 96% of their asking price, on average, on their home sales.

Overall, our market remains healthy. The thing to pay attention to going forward is that increase in active inventory and where that leads us.

If you have any questions about any of the numbers above or about real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

September 27, 2018
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Key Questions to Ask Your Lender

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When you’re getting pre-approved for a home loan, there are three key questions to ask that will help you make sure you’re getting the best deal possible.

Buying a home? Click here to search all homes for sale.
Selling your home? Click here to learn more about our home selling system.

In the past, I’ve mentioned that the first step to buying a home should be getting pre-approved for a loan with your lender. When you speak with your lender about this, be sure to ask these questions:

1. “What type of loan is best for my situation?” The common loan types are the FHA, VA, and conventional, though there are some special programs for bonds, first-time buyers, and more. Your lender will be able to help you determine which loan type is most appropriate and beneficial to your situation.

Following this, you’ll want to ask for a loan estimate. This sheet will have a list of the expenses you should expect moving forward, including your closing costs and your down payment. You’ll want to compare this sheet to other lenders so you’ll know how much money you’ll need to bring to closing.

“Shop around; make sure you’re getting the best rate possible.”

2. “What’s my interest rate?” Be sure to ask this up front so you can compare this figure to other lenders, as well. Shop around; make sure you’re getting the best rate possible.

3. “How long will it take for me to close?” Some lenders will be able to do it faster than others. Typically, closing takes 30 to 45 days, but asking to make certain will help you prepare for the future.

Sometimes, lenders don’t give you the thorough answers you’ll want in order to be truly ready. In these situations, it’s important to press the lender to make sure they’re giving you all of the important information up front. If they can’t do that, treat it as a massive red flag and try to find a lender who will.

If you have any further questions about this, please feel free to reach out to me. I’d be happy to advise you.

September 11, 2018
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How Quickly Can I Close?

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Most buyers want to close as quickly as possible. Here are a few tips to help with that if you’re facing that dilemma.

Buying a home? Click here to search all homes for sale.
Selling your home? Click here to learn more about our home selling system.

A question I’m often asked by homebuyers is, “How quickly can I close?” There are plenty of variables involved in the answer, but the type of financing is the biggest factor. Here’s how quickly the closing process will go in relation to the type of financing you have.

A cash transaction will lead to the fastest possible close. As soon as the title work is done and the inspection work is complete, you can close. We often complete transactions like this within 10 days.

If you have conventional financing, the standard timeframe is about 30 days. FHA and VA loans take around 45 days. Bond loans, renovation loans, and other specialty programs, meanwhile, can take up to 60 days to close.

“Get any documents to your lender as soon as possible.”

Another big factor in the speed of your closing is the seller’s situation. Sometimes, sellers may have to push a closing date back further than a buyer would like. This is something you should know about upfront so you can plan accordingly.

To speed up the process, there are a few things that you should be proactive about. Getting your inspections done as soon as possible is one. Another tip is to get your documents to your lender as quickly as possible. They will be asking for documents throughout the process, so make sure to take your time to get those things to them right away so they can move things along and close more quickly.

If you have any questions about your specific situations or about something else related to real estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

August 31, 2018
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Live through the lens

The Best Free Art Galleries In Melbourne, FL

By | Blog

Live through the lens

As part of the Space Coast, Melbourne, FL is known as something of a brainy city. However, this up-and-coming area has a lively and burgeoning arts scene as well.

And the best part? Several of the attractions are free to enjoy. Take a look at our top picks:

  • Fifth Avenue Art Gallery

    This attraction is considered the premiere gallery in Brevard County because of its exquisite permanent collection and new exhibits every month. Here you’ll find everything from paintings to handcrafted jewelry, and everything in between. The gallery is also home to over a dozen resident and consignee artists who regularly display their work at the museum.

  • Foosaner Art Museum

    Located in the Eau Gallie Arts District (EGAD), this museum has a permanent collection of over 5,000 pieces across 2,000 years of creative history. The museum boasts an eclectic mix of metal, ceramic, and sculptural art work. Key attractions include the photographs of Florida artist Clyde Butcher and the largest collection of work by German Impressionist Ernst Oppler.

  • EGAD Murals

    Sprinkled throughout the district are 10 larger-than-life murals that range in style from the contemporary to the abstract. These urban artworks are the brainchild of talents who wish to prove that fine art need not necessarily be housed in museums or mounted on canvases. Matt Gondek, Hyland Mathers, and Tim Shubert are just some of the local and international artists who took part in this initiative.

  • First Fridays

    First Fridays is a lot like a weekend market for artists. During this once-a-month event, you’ll discover dozens of individual events and exhibits by various local artists. Check out the inspiring stuff that’s out there. Pick up a piece of artwork that’s perfect for your new home in Melbourne, FL.

  • Brevard Symphony Orchestra

    Be serenaded by a live orchestra for free. Catch the county’s official orchestra perform at various events throughout the year. Check out their free performances here.

  • Liberty Bell Memorial Museum

    Want a fun and engaging way to learn about US history? The Liberty Bell Memorial Museum is just the place for you. As the name suggests, its centerpiece is a replica of the Liberty Bell. It sits in the middle of the Rotunda, a special exhibit that charts key milestones in American history in a fun and engaging way.

  • Movies in the Park

    Brevard County offers residents free monthly Hollywood movie screenings at Wickham Park. The evening opens with fun activities related to the movie, and there are food trucks where you can buy snacks or dinner.

    Indeed, you won’t need to spend much to have a good time in Melbourne, FL. With so many cultural events to enjoy, you’ll never run out of fun and enlightening things to try.

Looking for Melbourne, FL real estate? Give the Garrett Bell Team a call at (321) 537-6697 or email us at [mail_to email=”[email protected]”][email protected][/mail_to] and we’ll help you find your dream home. We are your trusted guide to Brevard County Real Estate, coming from generations of Realtors who have served the county well.