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Patrick AFB, FL

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VA Home Loans for Veterans and Active Duty Personnel at Patrick Air Force Base in Cocoa Beach Florida

02-28-11
Jim Poole Zero Down USDA Purchase Loans FHA 203(K) Rehab & VA Streamline Loans
Jim Poole Zero Down USDA Purchase Loans FHA 203(K) Rehab & VA Streamline Loans : Loan Officer in Tampa, FL
  • view my blog
  • Office: (813) 402-4426
  • Mobile: (813) 205-7958
  • Secondary: (813) 205-7958

VA Home Loans for Veterans and Active Duty Personnel at Patrick Air Force Base in Cocoa Beach Florida

Top Ten Reasons to Use a VA Loan to Buy Your Next Home

1. Nationally there was 1 VA loan funded for every 6 FHA loans in 2010

2. No Lender Fees

3. Credit Scores as LOW as 620!

4. 100% Financing (No Down Payment Required)

5. Cash Out Refinance up to 90% LTV

6. Loans are Assumable

7. No PMI

8. Rules prohibit Originators from charging more than 1% Origination Fee

9. Buyers can receive CASH-BACK at closing for their Out-of-Pocket Expenses and Earnest Money Deposit

10. Thousands of Enlisted Men and Women working at Patrick Air Force Base

For more Information on Resources for Veterans Visit:

THE VETERANS RESOURCE CENTER

For More Information on Other Government Loan Programs Visit:

Government Loan Programs FHA,USDA,VA

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Patrick AFB - Brevard County FL - Real Estate Market Report: UPDATED 1/1/11

01-19-11
John S Murphy - Patrick AFB Specialist
John S Murphy - Patrick AFB Specialist: Real Estate Agent in Patrick AFB, FL
  • view my blog
  • Office: (321) 775-8090
  • Mobile: (321) 626-0247
  • Secondary: (800) 983-3457

This article is part of "The Patrick AFB Online Relocation Package".


UPDATED 1/1/11

Home Values In Brevard County FL, "Florida's Space Coast":

Distressed properties continue create a lot of downward pressure on home prices. From the peaks in 2005 to the end of fourth quarter of 2010 the median price for residential property has declined by 57%*.

In 2010, according to MLS data, 46% of all the residential properties that sold in Brevard County were distressed. (27% foreclosures and 19% short sales)

In the past two years the home value declines have not been as steep, with some signs of leveling out. But with the large numbers of distressed properties still on the market the values will continue to decline.



*Data from Brevard County MLS: Sold; Residential

ABSORPTION RATE is a calculated ratio that can show you the relationship between supply and demand. It is calculated by the total number of homes for sale at the end of the month divided by the total number of homes sold. The ratio represents how many months it would take to sell all the homes on the market at the current pace.

The Average Residential Absorption Rates For Brevard County:

2004: 2.6
2005: 4.4
2006: 9.5
2007: 15.6
2008: 16.1
2009: 9.9
2010: 10.4

Looking at these numbers and trends, you can see that Brevard County is still in a "Buyers'" Market, but good homes priced properly are selling.


Right now may present a great buying opportunity for those looking to get into the market. With interests rates at historic lows, now just might be the time. There are many financing programs available to ALL military personnel moving into and around Brevard County

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2011 BAH Rates - Patrick Air Force Base

12-17-10
John S Murphy - Patrick AFB Specialist
John S Murphy - Patrick AFB Specialist: Real Estate Agent in Patrick AFB, FL
  • view my blog
  • Office: (321) 775-8090
  • Mobile: (321) 626-0247
  • Secondary: (800) 983-3457

This article is part of "The Patrick AFB Online Relocation Package".


The new Patrick AFB BAH rates for 2011 are now available. In general, the allowance is lower than in 2010, reflecting the decline in housing prices in the area.

2011 BAH Rates - Patrick Air Force Base

Rank

With Dependents

W/O Dependents

E-1 through E-4

$ 1065

$ 798

E-5

$ 1200

$ 900

E-6

$ 1467

$ 1101

E-7

$ 1509

$ 1131

E-8

$ 1551

$ 1254

E-9

$ 1650

$ 1338

W-1

$ 1470

$ 1104

W-2

$ 1527

$ 1251

W-3

$ 1581

$ 1344

W-4

$ 1674

$ 1479

W-5

$ 1788

$ 1518

O1-E

$ 1518

$ 1200

O2-E

$ 1572

$ 1317

O3-E

$ 1692

$ 1467

O1

$ 1230

$ 927

O2

$ 1464

$ 1155

O3

$ 1578

$ 1371

O4

$ 1833

$ 1512

O5

$ 2016

$ 1539

O6

$ 2037

$ 1578

O7+

$ 2055

$ 1611

2 Comments
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Patrick AFB - Brevard County FL - Real Estate Market Report: UPDATED 10/1/10

10-28-10
John S Murphy - Patrick AFB Specialist
John S Murphy - Patrick AFB Specialist: Real Estate Agent in Patrick AFB, FL
  • view my blog
  • Office: (321) 775-8090
  • Mobile: (321) 626-0247
  • Secondary: (800) 983-3457


UPDATED 10/1/10

Home Values In Brevard County FL, "Florida's Space Coast":

Distressed properties continue create a lot of downward pressure on home prices. From the peaks in 2005 to the end of third quarter of 2010 the median price for residential property has declined by 58%*.

Prices remained relatively stable throughout 2009 , but the increase in distressed properties (foreclosures and short sales) in 2010 has pushed prices to new lows. Of the 4,916 residential homes that sold in Brevard County since the start of 2010, 47%* of those properties were either foreclosures or short sales. Interestingly, while distressed properties make up only 36%* of the available homes for sale they count for 47%* of the closed transactions. This is the main reason that the median home price continues to decline.


The number of residential properties sold in the third quarter of 2010 was 1535, that compares to 1768 from the third quarter of 2009, and that is a decrease of 13%.



*Data from Brevard County MLS: Sold; Residential


ABSORPTION RATE is a calculated ratio that can show you the relationship between supply and demand. It is calculated by the total number of homes for sale at the end of the month divided by the total number of homes sold. The ratio represents how many months it would take to sell all the homes on the market at the current pace.

The Average Residential Absorption Rates For Brevard County:

2004: 2.6
2005: 4.4
2006: 9.5
2007: 15.6
2008: 16.1
2009: 9.9
2010: 10.2

Looking at these numbers and trends, you can see that Brevard County is still in a "Buyers'" Market, but good homes priced properly are selling.


Right now may present a great buying opportunity for those looking to get into the market. With interests rates at historic lows, now just might be the time. There are many financing programs available to ALL military personnel moving into and around Brevard County

There are many homes on the market (but inventory has been shrinking) which allows, you as the buyer, to find the right home for you, at a good price.

If you are selling a home, and, it is priced correctly, IT WILL SELL. I have done this many times in this market. Pricing, strong marketing, and the condition of your home are the keys to accomplishing this.


What does all this mean?

Now is your opportunity!

  • Historically low interest rates
  • If you are buying there are plenty of deals available and sellers are willing to negotiate.
  • If you are selling, don't listen to all the bad news. IT CAN BE DONE! You just need realistic expectations and an aggressive marketing plan.

2 Comments
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Patrick AFB - Brevard County FL - Real Estate Market Report: UPDATED 7/1/10

07-09-10
John S Murphy - Patrick AFB Specialist
John S Murphy - Patrick AFB Specialist: Real Estate Agent in Patrick AFB, FL
  • view my blog
  • Office: (321) 775-8090
  • Mobile: (321) 626-0247
  • Secondary: (800) 983-3457

UPDATED 7/1/10

Home Values In Brevard County FL, "Florida's Space Coast":

Brevard County like most of the country has not been immune to the decline in home prices. Distressed properties have put a lot of downward pressure on home prices. From the peaks in 2005 to the end of second quarter of 2010 the median price for residential property has declined by 51%*.

Prices remained relatively stable throughout 2009 and then took a dip at the end of 2009 and the beginning of 2010, only to have another uptick for the second quarter of 2010. Currently home prices appear to be muddling within a narrow range and we’ll have to see if that trend continues. The federal tax credit expired at the end of June and it remains to be seen if the credit artificially stabilized prices the past year and a half. But considering that 1/3 of the homes on the market are considered distressed (Bank Owned or Short Sales), there is still significant downward pressure on pricing. The overall picture should become clearer by the beginning of next year.

The number of residential properties sold in the second quarter of 2010 was 2385, that compares to 2249 from the second quarter of 2009, that is an increase of .6%. But that included an unusually large number of homes that closed at the very end of June, due to the expiring tax credit.


*Chart data from Brevard County MLS: Sold; Residential


ABSORPTION RATE is a calculated ratio that can show you the relationship between supply and demand. It is calculated by the total number of homes for sale at the end of the month divided by the total number of homes sold. The ratio represents how many months it would take to sell all the homes on the market at the current pace.

The Average Residential Absorption Rates For Brevard County:

2004: 2.6
2005: 4.4
2006: 9.5
2007: 15.6
2008: 16.1
2009: 9.9
2010: 9.7

Looking at these numbers and trends, you can see that Brevard County is still in a "Buyers'" Market, but good homes priced properly are selling.


 Right now may present a great buying opportunity for those looking to get into the market. With interests rates at historic lows, now just might be the time. There are many financing programs available to ALL military personnel moving into and around Brevard County

There are many homes on the market (but inventory has been shrinking) which allows, you as the buyer, to find the right home for you, at a good price.

If you are selling a home, and, it is priced correctly, IT WILL SELL. I have done this many times in this market. Pricing, strong marketing, and the condition of your home are the keys to accomplishing this.


What does all this mean?

Now is your opportunity!

  • Historically low interest rates
  • If you are buying there are plenty of deals available and sellers are willing to negotiate.
  • If you are selling, don't listen to all the bad news. IT CAN BE DONE! You just need realistic expectations and an aggressive marketing plan.


2 Comments