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 Homes.
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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