Merritt Island is a small coastal community in Brevard County, Florida, along the southeastern Florida coast. The community is part of the Palm Bay and Melbourne Metropolitan Area. The barrier island is surrounded by water and is across from the famous Cocoa Beach. Further up the island are the expansive Merritt Island National Wildlife Refuge and the iconic Kennedy Space Center
. Merritt Island is a unique community to live, work, and play. The lifestyle here is casual and relaxed, and the community is close-knit. The location is ideal for those who love the outdoors, as there are plenty of opportunities for fishing, boating, and hiking. Living on Merritt Island is a paradise with a peaceful atmosphere with upscale amenities.
Merritt Island has a thriving real estate market for full-time residents and vacation homes like many other Florida communities. The real estate market is diverse, with something for everyone. Homes range from traditional starter homes to large, luxurious estates. There are also many maintenance-free options like condominiums and townhomes available. So how is the market going to change in 2023? Take a look at the Merritt Island real estate market forecast:
The projected inventory of homes for sale on Merritt Island
is quite limited. In 2023, the number of homes on the market is expected to decrease due to the combination of several factors, such as the aging population, the limited land available for new construction, and the high demand for vacation homes. The decrease in inventory will likely lead to an increase in prices as buyers compete for the limited number of homes available. This will likely have a negative impact on the affordability of Merritt Island homes, especially for first-time buyers.
Prices will remain the same
In addition to the decrease in inventory, the prices of Merritt Island homes are expected to remain high with slight fluctuations. In other words, there is not likely to be a dip in the market, and prices will remain around the same. The limited number of homes and high demand will keep costs elevated. This is good news for sellers, but bad news for buyers, particularly first-time buyers and those looking to downsize. The market in Merritt Island is especially sensitive to high prices because of its island status, attractions, and upscale amenities.
Increasing interest rates
Merritt Island is a beautiful, small community offering a relaxed lifestyle and outdoor recreation. The community is multiplying, and there is a limited inventory of homes on the market. With high-interest rates, buyers may face difficulty purchasing a Merritt Island home. High-interest rates will likely continue to be a problem for home buyers on Merritt Island in 2023. Mortgage rates are the additional charge on borrowed money typically marked by an annual percentage. That interest is added to the initial loan amount and must be paid back. If interest rates are too high, it can make monthly payments unmanageable and make it more difficult for first-time buyers. Current rates are above average, and there are no signs that indicate rates will lower in 2023. Buyers should shop around because there are many different types of loans and rates offered by different lenders.
What the market means for you
Real estate markets change, and those changes directly impact buyers and sellers. Understanding and keeping up-to-date with local and national market changes can significantly influence your strategy and approach as a buyer or seller. You do not have to delay your plans to buy or sell your home; you just need to understand how the market works to use it. Here is what these market trends could mean for you:
A buyers market is when the supply of homes for sale exceeds the number of buyers looking for a home. The result is that home prices can be relatively low. Buyers have the upper hand when choosing a home and negotiating a lower price because sellers have limited buyers available. It also means that buyers can take their time and add contingencies without fear of being rejected or outbid. Sellers should be prepared to compromise and sell their homes for lower prices.
In a seller’s market, however, the supply of homes is lower than the demand, which drives prices higher. In this case, the sellers can be pickier when choosing an offer because the demand for their home is higher. That means homes are typically sold above the asking price, bidding wars are more common, and buyers may need strong offers without cash offers, available financing, or no contingencies.
How a real estate agent can help
No matter the market conditions or trends, someone will be at an advantage, and someone will be at a disadvantage. Whether you are at an advantage or not as a buyer or seller, it is not a reason to avoid the market and delay buying or selling your home. With the expert help of a real estate agent, you can make an informed decision and better understand local markets. An agent can guide you through the buying or selling process, from finding the right home or buyer to negotiating the best deal.
No matter what you face, an expert real estate agent can craft a strategy to buy or sell your home. Local expertise is critical because agents will know the ins and outs and what works and what does not. In a crazy market, you need someone to advocate for you, point out warning signs, and think of creative solutions to close a sale.
is a Merritt Island real estate agent specializing in luxury
, and golf community homes
. She is a trusted expert in Brevard County and is consistently highly rated for her performance and sales. If Stephanie wasn’t impressive enough, she is fluent in five languages and has a background in contracts and law, a master’s in business, and certifications in international marketing. Even in challenging and changing markets, Stephanie and her team of skilled real estate agents can help you buy and sell your home. Start your journey
with Stephanie today.