by Carol McNamee, REALTOR®

Congratulations on starting the exciting journey of becoming a first-time homebuyer! We've compiled the top tips to help you make informed decisions and navigate the home buying process with ease. Let’s dive in!

1. Determine Your Budget

Before you start browsing homes, assess your financial situation and set a realistic budget. Factor in all costs, including the down payment, closing costs, monthly mortgage payments, property taxes, and homeowners insurance. Knowing your budget will keep you focused and prevent any financial surprises.

2. Get Pre-Approved for a Mortgage

Securing a pre-approval from a lender gives you a clear idea of how much you can borrow. It also shows sellers that you’re a serious buyer. This step can streamline your home search and give you a competitive edge.

3. Make a List of Priorities

Know what features and amenities you want in your new home. Create a list of must-haves, preferences, and deal-breakers to streamline the search process. This way, you can focus on homes that truly meet your needs.

4. Work with a Reliable Real Estate Agent!

A knowledgeable real estate agent can be an invaluable resource. They’ll help you find suitable properties, negotiate on your behalf, and guide you through the paperwork. Plus, they can provide insights into market trends and property values.

5. Consider the Future

Think about your long-term plans and whether the property meets your future needs. If you plan on staying in the home for several years, consider factors like neighborhood growth, local schools, and potential resale value.

6. Stay Within Your Means

It’s essential to resist the temptation to overspend on a home. Owning a home comes with additional costs, such as maintenance and repairs. Ensure that you can comfortably afford your home without stretching your finances too thin.

7. Negotiate Wisely

Once you find the perfect home, don’t be afraid to negotiate with the seller. Your real estate agent can help you make a reasonable offer based on market value and property condition. Skilled negotiation can save you money and get you better terms.

8. Review All Paperwork

When you’re ready to make an offer, carefully review all documents and contracts involved in the transaction. If needed, seek legal advice to ensure you understand every detail. This step is crucial to protecting your interests.

Bonus Tip: Don’t Rush!

Take your time to find the right home that aligns with your needs and budget. The process might be overwhelming, but it doesn’t have to be! A good real estate agent (like me 😉) will guide you through the entire process to find the best home for you and your family. Best of luck with your first home purchase! Feel free to reach out to discuss the next steps.

Happy House Hunting! 🏡

By Mary Cotoia

Did you know that the beaches of Brevard County are some of the world's most important nesting beaches for sea turtles? Between the months of March 1st through October 31st is sea turtle nesting season along the beaches of our Space Coast. Our 72 mile coastline offers the perfect environment for endangered nesting sea turtles. The leatherback, loggerhead, green turtle, and occasional Kemp Ridley and hawksbill turtles can be seen nesting along our beaches. Turtle nesting season is both an exciting and sensitive time. Depending on the species of turtle, they come ashore at different times. Their clutches of eggs can be found within the dunes, or the middle of the beach, according to the Sea Turtle Preservation Society, who mark these nests with wooden stakes to protect them from beach goers. It is important to be vigilant and not disturb these nests in any way. Incubation of the eggs can take between 45-75 days depending on the species. A nesting turtle may make several attempts to come ashore, usually at night. Once ashore, it can take her several hours to lay between 80-120 eggs.

As the season advances, the likelihood of observing hatchlings making their way to the sea increases. These hatchlings tend to make their way back to the sea at night, following the moon’s reflection on the crashing waves. Here's an interesting fact about turtle eggs: The temperature of the sand determines the sex of the hatchlings, with warmer sand producing females and cooler sand producing males. Sea turtles, which have roamed the oceans for the past 100 million years, are a vital part of marine ecosystems.

Leatherback turtles consume large numbers of jellyfish which helps to keep populations of these marine organisms in check. Leatherbacks are the largest sea turtle and can weigh up to 2,200 pounds.  Males spend their entire life in the sea.  Females only come ashore when they lay their eggs. They are most vulnerable at the time they are nesting. Leatherback turtles have not changed in millions of years and have existed in their current form since the time of the dinosaurs. Females will swim over 10,000 miles a year to reach their nesting grounds. They live an average of between 45-50 years.

The way loggerhead turtles feed on their hard-shelled prey recycles important nutrients and keeps ocean floor sediments in balance. Loggerhead turtles carry colonies of small plants and animals on their shells which serve as important habitats themselves. As many as 100 species of animals and plants have been recorded living on one single loggerhead turtle. Adult loggerhead turtles are 3 feet long and weigh 250 pounds. They take up to 39 years to reach sexual maturity. Female loggerhead turtles return to the same nesting grounds where they were born to lay their eggs. They have a lifespan of up to 80 years or more.

Green turtles graze on seagrasses and algae, which maintains the seagrass beds and makes them more productive (much like mowing the lawn to keep it healthy). Seagrass consumed by green turtles is quickly digested and becomes available as recycled nutrients to the many species of plants and animals that live in the seagrass ecosystem. The green turtle is the largest species of hard-shelled turtles, and is the second largest of all sea turtles.They reach sexual maturity at 25 to 35 years old. Green turtles are named after their green-colored fat, which they get from their herbivorous diet of seagrass and algae. Female green turtles return to the same beach where they were born to nest, no matter how far it is. Green turtles are said to live at least 70 years, and some estimate they can live up to 100 years.

Once hatched, the tiny turtles must crawl the length of the beach where they may meet the fate of predators like raccoons, birds, ghost crabs and coyotes. Then, once in the water, they have an arduous and dangerous journey as far as 20 miles to reach seaweed where they can feed and hide from other predators. Along the way they can fall prey to other fish and sharks or get caught in fishing nets and drown. According to Craig Konkel of the Sea Turtle Preservation Society of Brevard County, only about one in a thousand hatchlings live to become adults.

The Florida Fish and Wildlife Commission grants permits each season to the Sea Turtle Preservation Society, University of Central Florida Marine Turtle Research Group, and Sea Turtle Conservancy to track the nesting turtles. These groups patrol the beaches daily during nesting season and mark the nests.

What you can do to help the turtles:

•  Don’t leave trash on the beach or in the water.
•  Don’t leave beach chairs or umbrellas on the beach.
•  Fill in any holes dug in the sand
•  Smooth over sand castles or other things built in the sand, so as not to interfere with the turtle’s path.
•  Don’t use flashlights at night or have any lights on your property facing the beach.
•  Observe the Brevard County ordinance banning lights on the beach beginning May 1st.
•  If you see a sea turtle coming ashore, maintain a distance and do not get between the  turtle and the dunes.
•  Should you find a stranded or injured turtle, call the STPS hotline for assistance from trained volunteers at 321-206-0646.

These endangered and threatened species are protected by various Federal, State and Local laws. For example, Florida’s Marine Turtle Protection Act (https://bit.ly/2VocTtl) and Florida Administrative Code 68E-1 (https://www.flrules.org/gateway/chapterhome.asp?chapter=68E-1) make it illegal to possess turtle eggs, disrupt their nests or disturb the turtles themselves, among other things.

Anyone interested in witnessing the nesting process can participate in night time turtle walks led by several organizations including Sea Turtle Preservation Society, Sea Turtle Conservancy, Friends of the Carr Refuge, and Sebastian Inlet State Park. The turtle walks are regulated by the Florida Fish and Wildlife Commission. Participants in the walks cannot take flash photography, and no flashlights are allowed. Guides use red lights to guide the way. Anyone participating in the walks should be prepared to walk a mile or more in soft sand.

Taking part in a turtle walk can be an exhilarating experience, and Brevard County’s Space Coast offers numerous opportunities to join in!

By Mary Cotoia

Since its inception, the Kennedy Space Center (KSC) has stood as a symbol of humanity's curiosity and adventurous spirit. Nestled along Florida's picturesque Space Coast, the center has evolved from its humble beginnings in the early days of the Space Race to become a premier destination for space enthusiasts and curious global travelers alike. Serving as the launch site for many iconic space missions, the Kennedy Space Center traces its roots back to the 1950s when NASA began searching for an ideal location to establish a launch site for its space program. In 1962, the center was officially dedicated and named in honor of President John F. Kennedy, who had championed the nation's space exploration efforts.

Throughout the 1960s and 1970s, KSC played a crucial role in numerous landmark missions, including the Mercury, Gemini, and Apollo programs. It was from these hallowed grounds that astronauts embarked on their historic journeys to the moon, forever altering our understanding of the universe and our place within it. Visitors can embark on their own mission of discovery at the KSC Visitors’ complex. Guests are greeted by towering missiles and launch pads leading them to the promise of something even more exciting awaiting beyond. The complex has grown exponentially beyond viewing mission control to the new gateway into deep space.

One of the most iconic landmarks at the Kennedy Space Center is the towering Vehicle Assembly Building (VAB), a colossal structure that looms large on the horizon. Standing at over 500 feet tall, the VAB served as the final assembly point for the Saturn V rockets that carried astronauts to the moon, as well as the Space Shuttles in the years that followed.

Adjacent to the VAB is Launch Complex 39, the historic site from which the Apollo missions and Space Shuttle launches were conducted. Visitors to the Kennedy Space Center can explore these historic launch pads, glimpsing first hand into the monumental achievements of mankind’s space travel endeavors.

While the Kennedy Space Center pays homage to its legendary past, it also embraces the future of space exploration with numerous modern attractions and exhibits. Visitors can embark on immersive experiences that provide insight into the challenges and triumphs of space travel, from the thrills of liftoff to the weightlessness of orbit. One of the center's main attractions is the Space Shuttle Atlantis exhibit, where guests can marvel at the actual orbiter that flew 33 missions into space. Suspended in midair as if in flight, Atlantis serves as a tribute to the Space Shuttle program and the astronauts who piloted these remarkable vehicles. For those with a passion for innovation, the Kennedy Space Center Visitor Complex offers a behind-the-scenes look at NASA's cutting-edge research and technology. From the latest advancements in rocket propulsion to the exploration of Mars and beyond, visitors can glimpse the future of space exploration firsthand.

Beyond its awe-inspiring exhibits and attractions, the Kennedy Space Center serves as a beacon of inspiration for future generations of explorers and innovators. Through educational programs, outreach initiatives, and interactive experiences, the center seeks to ignite a passion for science, technology, engineering, art, and mathematics (STEAM) in young minds globally.

From astronaut encounters to simulated space missions, the Kennedy Space Center offers a wealth of opportunities for visitors of all ages to engage with the wonders of the cosmos. Whether you're a lifelong space enthusiast or a casual observer, a visit to KSC is sure to leave an indelible impression and ignite a sense of wonder about the infinite possibilities that lie beyond our planet. The Kennedy Space Center stands as a testament to humanity's enduring spirit of exploration and discovery. From its historic role in the early days of the Space Race to its modern-day attractions and exhibits, the center continues to inspire and captivate visitors from around the world. As we look to the stars with wonder and curiosity, the Kennedy Space Center serves as a reminder of the limitless potential of the human imagination and our capacity to reach new heights, both figuratively and literally. Whether you're a seasoned space aficionado or a curious traveler, a journey to the Kennedy Space Center is an adventure like no other, offering a glimpse into the past, present, and future of space exploration.

    by Carol McNamee, REALTOR®

What is PMI?

Private Mortgage Insurance, commonly referred to as PMI, is an insurance policy that lenders often require borrowers to obtain when they have a conventional mortgage loan with a down payment of less than 20% of the home’s purchase price. It is not the same as homeowner’s insurance, which protects the homeowner against damage to the property and liability claims. PMI, on the other hand, is designed to protect the lender's financial interests in case of default.

The Purpose of PMI

The primary purpose of PMI is to protect the lender in case the borrower defaults on their mortgage payments. If the borrower stops making payments and the property goes into foreclosure, PMI helps reimburse the lender for the remaining loan balance after the sale of the property. It provides an additional layer of security for the lender since a smaller down payment represents a higher risk for potential losses.

Cost of PMI

PMI is typically an additional monthly cost that the borrower must pay on top of their mortgage payment. The exact amount of PMI depends on several factors such as the loan amount, loan-to-value ratio (LTV), and the borrower’s credit score. The cost of PMI can vary significantly, but it generally ranges from 0.5% to 1% of the total loan value annually. This means that on a $200,000 mortgage, the annual PMI cost could be anywhere between $1,000 to $2,000, or $83 to $166 per month.

Cancelling PMI

Once the borrower has built enough equity in their home or reaches a loan-to-value ratio of 80% or less, they can request the cancellation of PMI. It's a noteworthy point that PMI is not a lifetime expense. The Homeowners Protection Act (HPA) of 1998 states that lenders must automatically cancel PMI once the borrower’s mortgage balance is scheduled to reach 78% of the original appraised value of the home, regardless of the current loan balance. However, the borrower must be current on their mortgage payments for this rule to apply.

It’s advisable to consult with the lender to understand the specific requirements for canceling PMI in a given mortgage agreement. For instance, some lenders might require a formal request in writing, while others might require an appraisal to prove that the home hasn’t declined in value.

Conclusion

In conclusion, understanding PMI is crucial for anyone planning to take a mortgage loan with a down payment of less than 20%. While it represents an extra cost, PMI allows borrowers to purchase a home without having to save up a significant down payment. However, it’s essential to keep track of your mortgage payments and home equity to cancel PMI as soon as possible, thus reducing the overall cost of the mortgage.

By Sage Prussel

The Brevard County real estate market experienced notable trends in March 2024, reflecting the dynamics of the region's housing landscape. Here's a concise overview of the annual market update for single-family homes, condos, and townhomes and the percent change from March 2023:

Single Family Homes:

• Median Sales Price: $379,445 | +7.3% change
• Number of Homes Sold: 931 | -9.7% change
• Average Days on Market: 38 days | +26.7% change
• Months Supply of Inventory: 3.6 months | +63.6% change

For single-family homes, the median sales price rose to $379,445, marking a 7.3% increase compared to a year ago. There were 931 homes sold during the month, indicating a 9.7% decrease from March 2023. The months' supply of inventory increased substantially to 3.6 months, up from 2.2 months in March 2023.

Condos and Townhomes:

• Median Sales Price: $300,000 | +7.1% change
• Number of Homes Sold: 237 | -11.9% change
• Average Days on Market: 47 days | +62.1%
• Months Supply of Inventory: 5.9 months | +96.7% change

In the realm of condos and townhomes, the median sales price reached $300,000, reflecting a 7.1% increase from the previous year. However, the number of homes sold decreased by 11.9%, with 237 properties sold. The months' supply of inventory rose sharply to 5.9 months, up from 3.0 months in March 2023.

Statistics produced by Florida  REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from  MlS feeds on the 15th day of the following month. Data released between the 21st -23rd of each month.

By Sage Prussel

The Brevard County real estate market experienced notable trends in February 2024, reflecting the dynamics of the region's housing landscape. Here's a concise overview of the annual market update for single-family homes, condos, and townhomes and the percent change from February 2023:

Single Family Homes:

• Median Sales Price: $376,000 | +7.7% change 
• Number of Homes Sold: 770 |-6% change 
• Average Days on Market: 40 days | -2.4% change
• Months Supply of Inventory: 3.5 months | +59.1% change

For single-family homes, the median sales price indicates a prevailing market value, was at $376,000. A total of 770 homes were sold during the month. The average days on the market, a key metric for property turnover, was reported at 40 days. Additionally, the months supply of inventory, measuring the balance between supply and demand, stood at 3.5 months.

Condos and Townhomes:

• Median Sales Price: $299,345 | -1% change
• Number of Homes Sold: 186 | -2.1% change
• Average Days on Market: 63 days | 85.3% change
• Months Supply of Inventory: 5.6 months | 80.6% change

In the realm of condos and townhomes, the median sales price was $299,345. A total of 186 properties were sold. The average days on the market for condos and townhomes were reported at 63 days. The months supply of inventory for this sector was 5.6 months.

Statistics produced by Florida  REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from  MlS feeds on the 15th day of the following month. Data released between the 21st -23rd of each month.

By Mary Cotoia

Fireworks displays at Disney and other Central Florida theme parks may illuminate the night skies with bursts of brilliance, but the magical luminescent light show taking place beneath the shallow waters of the Indian River Lagoon rivals any fireworks display lighting up Florida’s night sky. 

What is bioluminescence? It’s the laser light show being created by tiny single-cell light omitting marine organisms known as dinoflagellates along with comb jellyfish that create awe inspiring flashes of bright blue-green light within the waters of the lagoon at night. It’s a captivating spectacle that seems straight out of a fantastical tale. It's the enchanting phenomenon where living organisms emit light, turning the darkness of their surrounding waters into a mesmerizing neon spectacle. 

During the months of June through October, the warmer waters of summer are the best time to view our bioluminescence phenomenon. According to scientists, during that time the lagoon is estimated to be filled with over 10,000 of the tiny dinoflagellates per liter of water. If you’re here between October through May, you’ll be greeted by comb jellyfish. Unlike other jellyfish, these tiny creatures do not sting. The little jellyfish can be caught in the palm of your hand, and just like dinoflagellates, they create bright neon lights in the waters of the lagoon when disturbed. 

Bioluminescence serves various ecological functions, including camouflage, communication, and defense mechanisms. Some organisms use their luminescence to blend in with their surroundings, while others employ it to startle or distract predators.

As we continue to unravel the mysteries of bioluminescence, it becomes imperative to safeguard the ecosystems that harbor these extraordinary organisms. Habitat destruction, pollution, and climate change pose significant threats to bioluminescent habitats, highlighting the need for conservation efforts and responsible environmental stewardship. By protecting natural habitats and promoting sustainable practices, we can ensure the preservation of bioluminescent wonders for future generations to cherish and admire. Through education and awareness, we can foster appreciation for the intricate beauty of bioluminescence and inspire action to protect the fragile ecosystems that nurture it. 

Bioluminescence stands as a testament to the awe-inspiring creativity of nature. This captivating phenomenon illuminates the wonders of life in ways that continue to captivate and inspire us. As we strive to understand and protect these luminous marvels, we embark on a journey of discovery that celebrates the boundless beauty of our planet. 

To view nature’s luminous light show, contact one of the numerous local tour operators providing kayak and raft tours. Nestled here in Brevard County lies the only place in North America, and one of the premier spots globally for witnessing bioluminescence – an opportunity not to be overlooked. While you may forget the brilliance of fireworks displays past, a bioluminescent encounter promises to etch itself into your memory for eternity. It's an absolute essential for your bucket list.

By Sage Prussel

The Brevard County real estate market experienced notable trends in January 2024, reflecting the dynamics of the region's housing landscape. Here's a concise overview of the annual market update for single-family homes, condos, and townhomes and the percent change from January 2023:

Single Family Homes:

• Median Sales Price: $371,583 | +6% change 
• Number of Homes Sold: 581 |-6.4% change 
• Average Days on Market: 41 days | +20% change
• Months Supply of Inventory: 3.4 months | +47.8% change

For single-family homes, the median sales price indicates a prevailing market value, was at $371,583. A total of 581 homes were sold during the month. The average days on the market, a key metric for property turnover, was reported at 41 days. Additionally, the months supply of inventory, measuring the balance between supply and demand, stood at 3.4 months.

Condos and Townhomes:

• Median Sales Price: $283,100 | -5.6% change
• Number of Homes Sold: 132 | -10.8% change
• Average Days on Market: 50 days | 78.6% change
• Months Supply of Inventory: 5.4 months | 74.2% change

In the realm of condos and townhomes, the median sales price was $283,100. A total of 132 properties were sold. The average days on the market for condos and townhomes were reported at 50 days. The months supply of inventory for this sector was 5.4 months.

Statistics produced by Florida  REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from  MlS feeds on the 15th day of the following month. Data released between the 21st -23rd of each month.

By Mary Cotoia

Did you know that the Banana River and the Indian River which make up a large portion of the intracoastal waters along our Space Coast are not actually rivers, but estuaries?  Both bodies of water are lagoons fed fresh water from the mainland through canals, ditches, and lake runoffs along with ocean water flushing through five ocean inlets. This mix of brackish water is home to numerous flora and fauna. These intracoastal waters make up the Indian River Lagoon which runs 156 miles along Florida’s east coast and the entire 72 mile length of Brevard County. 

Known as ‘the cradle of the ocean’, waters within the Indian River Lagoon act as a refuge to many spawning fish, baby turtles, shrimp and crabs.  Acting as a protective barrier, the intricate blend of freshwater and saltwater creates a rich and diverse environment allowing them the opportunity to mature in the sea grasses and mangrove shorelines, away from predators until they reach maturity and can return to the sea. 

Instead of tides or gravity driving the waters within the lagoon, they are primarily driven by wind.  You may see the waters of the lagoon moving in different directions for this reason, or water may be completely stagnant and not flow at all. 

Our Indian River Lagoon is considered one of the most biologically diverse estuaries in North America. It has been designated an Outstanding Florida Waterway, an Estuary of National Significance, and a Surface Water Improvement and Program Water Body. Within the Indian River Lagoon you will find 665 species of fish, 370 species of birds, 2,200 animal species and 2,100 plant species. Beaches along the lagoon attract some of the highest number of nesting turtles in the Western Hemisphere. The lagoon is located along the Atlantic Flyway, a key biological highway for diverse migrating birds.

In addition to serving as distinct habitats to numerous plants and animals, locals and visitors alike enjoy the beauty and recreational opportunities of the lagoon, boating, fishing and kayaking.  You can find 50 access points around the lagoon for paddling & kayaking. With over 100 miles of equestrian trails along the lagoon shores, riders can enjoy the scenic views from horseback. Explore hiking and walking trails, or maximize your enjoyment of the lagoon’s remarkable wildlife with over 100 strategically located observation points. Take in awe-inspiring views of the lagoon region on 2 wheels with over 40 access points to over 100 miles of bike paths, winding through forests, parks, and along the shoreline. With over 300 species of birds, the lagoon is a birdwatcher's paradise. Visitors can find over 100 public birding locations around the lagoon, including over 30 sites on the Great Florida Birding and Wildlife Trail. After immersing yourself in the enchanting glow of a bioluminescence tour in a transparent bottom kayak, you can check it off your bucket list!

People from all over the world have come to appreciate the ecotourism experiences that the Indian River Lagoon has to offer. The biodiversity within the lagoon is unmatched, making it a Florida Space Coast treasure.

 by Carol McNamee, REALTOR®

The time it takes to close on a home can vary depending on several factors, including the specific circumstances of the home purchase and the parties involved. On average, it typically takes around 30 to 45 days to close on a home after the purchase agreement is signed. However, it’s important to note that this is just an estimate, and the actual timeline can be shorter or longer depending on various factors, such as:

Mortgage Financing: If you’re obtaining a mortgage to purchase the home, the timeline can be influenced by factors such as the lender’s efficiency, the complexity of the loan application, and any potential delays in obtaining the necessary documentation or appraisal.

Home Inspection and Appraisal: The time it takes to schedule and complete a home inspection and appraisal can impact the closing timeline. If any issues or discrepancies are found during these processes, it may require additional negotiations or repairs, which can extend the closing timeframe.

Title Search and Insurance: A title search is typically conducted to ensure there are no outstanding liens or claims on the property. This process can take a few weeks, and obtaining title insurance may also be necessary, which can add additional time.

Contingencies and Negotiations: The presence of contingencies in the purchase agreement, such as a home sale contingency or repairs requested by the buyer, can affect the closing timeline. If negotiations or resolutions are required, it may lengthen the closing process.

Local Factors and Seasonal Variations: The time required to close on a home can vary depending on local customs, regulations, and the workload of the professionals involved, such as real estate agents, lenders, and attorneys. Additionally, certain seasons or times of the year, such as holidays or peak buying seasons, can result in increased demand and potentially longer closing times.

It’s essential to work closely with your real estate agent (me!), lender, and other professionals involved in the process to get a more accurate estimate of the closing timeline for your specific situation.