Right now housing markets across the nation are seeing a seller’s market going strong. Between lower volume and more families taking the chance to move, listings are going fast. On average, Melbourne homes are only listed for 22 days before an offer is accepted. Even though prices are a bit higher, the Melbourne market is still welcoming to buyers for a couple of reasons.
Everyone Is Ready To Strike a Deal
In October 2021, the median sales price for a Melbourne home was $253,600. If you look at similarly sized homes in larger markets outside of Brevard county, you’ll see that Melbourne hasn’t increased as sharply. Being able to save hundreds of thousands of dollars on a dream home without sacrificing the ideal location has created the fast-paced market Melbourne is currently seeing. Remote workers, retirees and small families are flocking to Melbourne and the rest of the Space Coast in droves.
Purchasing a home right now also lets buyers lock in extremely low interest rates on their mortgage. These rates often knock off hundreds of dollars off of the monthly payment to help balance out a higher loan amount. To top it off, over 46% of Melbourne homes were sold below listing. Sellers in the area are willing to let their property go for cheaper as they’re already seeing a good chunk of profit.
If you’re looking to invest, Melbourne rental properties are a reliable source of income. Platforms like Airbnb and VRBO have seen an extreme increase in popularity, letting traditional property owners charge a higher price for shorter rental periods. Florida also has no state income tax which attracts more and more new workers every year. Whether you’re looking to purchase for yourself or to add to an investment portfolio, it’s important to know what sets Melbourne ahead of other metros that caused this popularity spike.
Everyone Has Missed Genuine Communities
The pandemic drove many social groups apart during lockdown and social distancing requirements. Now, friends and family are starting to decide whether or not they’re still content with their neighborhood. For many, it’s a chance to meet new people and see new areas of the country. With Melbourne’s hospitable and welcoming residents, a lot of these wayward movers are making their way here.
Downtown Melbourne perfectly showcases this sense of community. You’ll find local artists on display in Melbourne’s Eau Gallie Arts District. Locally owned shops will be a majority of the. The Maxwell C. King Center for the Performing Arts is always alive with music and many local performers like to spend time serenading the streets to bring the community even closer together.
On the logistic side of things, Melbourne is extremely bike and walking friendly when you live downtown. Bike lanes assist residents in having a safe commute while public transit cuts down on traffic. If you’re wanting to get a house out of town, the longest commutes tend to be 30 minutes but the highway system is extremely optimized so expect shorter drive times.
Are you ready to explore Melbourne with historically low interest rates on a new mortgage? Don’t hesitate as the homes listed are going fast. Take a moment to reach out to the David Curri team today and we’ll show you just how easy buying a home can be.