Buy Now? Has the Vero Beach Real Estate Market Bottomed Out?
Although it is just my personal experience - I have put more Vero Beach homes for sale under contract in
the
last 6 weeks than the previous 6 months combined. All evidence points to this trend continuing, since there is
a large inventory of Vero Beach and Sebastian homes for sale.
Another factor that is contributing to the recent increase in home sales are investment companies like Glenmont
Capital. Today’s addition of the Press Journal has a story about their purchase of 200
Vero Beach Foreclosures. Investors can often pay cash, and are quick to act when
competitively priced foreclosures appear on the market. Vero Beach houses for sale are attracting investors.
In order to be able to compete with other buyers for the best deals, I have been urging clients to pre-qualify with
a lender. Virtually all listings that are Vero Beach foreclosures or “short sales” require either proof of
funds or a pre-qualifying letter to submit an offer. To get the best deal on a home, be prepared and act quickly
when a new listing appears or a price reduction is published. Vero Beach Real Estate is attracting attention for
it's unique location.
By the time there is a general consensus that the Vero Beach Real Estate market has bottomed and is on it’s
way to recovery, the best deals will be gone. Interest rates are now at historic lows, and prices are down 30-40%
compared to highs of 2005. Sebastian homes and real estate also offer some great buys.
Using last months sales data and looking for a continuing trend puts you several months behind the current state of
the market of Vero Beach and Sebastian homes for sale.
Sales are up 15% for February compared to this time last year in Indian River County with 40 out of 114 sales being
Vero Beach or Sebastian foreclosures or short sales. The longer time frame from offer to closing of these
distressed properties distorts evidence of the increase buyer activity that is now evident.
Vero Beach Short Sales and Foreclosures closing now, are the result of offers submitted many weeks or possibly
months before non-distressed sales. This can produce a “lag time” for the recorded sales distorting the true
increase in buyer activity.
A more current view of the market activity is the number of listings that are “pending” - closing soon, and
“contingent” - listings under contract but subject to financing or other conditions. Currently there are 59 pending
listings and 224 contingent listings. Although some may not close with the first offer, that’s a lot of homes “in
the pipeline”.
Please let me know if I can assist you with further research on any emailed listings or set up a showing for any
home. I believe the next few months will be the best buyers market we may see for a long
time.
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