Is Melbourne a Seller’s Market?
If you are wondering if Melbourne is a seller’s market, then read on. We’ll discuss how you can invest in a property while prices are at their lowest, as well as how to take advantage of tax benefits. And if you’re interested in investing in vacation rental properties, then keep reading. In this article, we’ll explore the benefits of owning vacation rentals in Brevard County.
Brevard County is a sellers market
The residential real estate market in Brevard County, Florida, is more of a seller’s market than a buyer’s one. However, the trend could change if interest rates continue to fall. Currently, the median home value in Brevard County is $232,285 – up three percent from a year ago. Meanwhile, real estate industry experts are predicting a four-percent increase in home value by 2020.
Melbourne is a seller’s market but you can still invest
If you’re considering investing in real estate in Melbourne, you’ll be pleased to know that the balance of buyers and sellers in this city is almost par, and that prices are on the decline. Interest rates are still low, which will help balance out a higher loan amount. In addition, about 46% of Melbourne homes sold for less than they were listed for. Even if prices are declining, you can take advantage of the low interest rates to get in at a low price and enjoy a strong appreciation.
Property values are on the rise in Brevard County
Real estate companies in Brevard County, Florida, reported higher profits in October than they had in the previous year. The gains helped them expand and the increase in sales has caused home prices to rise by nearly 20 percent. In October, the housing market in Brevard County saw 851-homehome sales. The median home value increased from $120,00 to $143,000. This increase in home values has led some real estate experts to predict that the local housing market will continue to see increases through 2020.
Tax advantages of owning a vacation rental in Brevard County
Owning a vacation rental in Brevard can be extremely profitable for your real estate business, but did you know that it also comes with considerable tax benefits? You can receive various tax breaks based on the carrying costs of your property, including insurance, some mortgage costs, repairs, and maintenance, and property taxes. Since Florida has no state income tax, these costs can add up over time. A licensed tax professional can help you make the most of these breaks.
Business forecast for 2021 and 2022 in Brevard County
The business forecast for 2021 and beyond for Brevard County is optimistic. With two major industries, tourism and manufacturing, the county is well-positioned for a strong future. While the pandemic was devastating to the tourism industry, Florida quickly reopened its doors. In the meantime, the space industry, which depends heavily on tourism, suffered significant disruptions. The industry is only now returning to full capacity.