Vero Beach is the Most Under Valued Real Estate in the Nation!
I have often expressed this opinion and will admit
to a certain bias. A recently
released study by IHS Global Insight, an economic research firm, confirms
this opinion. The report
highlighted several factors in attaining their rankings:
-
Vero Beach home prices have dropped 29.7% on average since 2005
-
The median Vero Beach home price has fallen to an affordable
$125,400
-
Income, housing density and historical prices compare favorably to
U.S.
The potential for future appreciation is incredible when
starting from a position of the most undervalued real estate market in the
nation. Many
who have hesitated to take advantage of this market will look back
on 2009 as the year they should have bought a home, but
waited too long.
Most of the buyer activity I have seen
recently is
from
investors who know Vero Beach homes for sale are a good 
investment. When you can buy a 3/2 home for $100,000
and rent it for cash flow, it is time to buy.
Investor purchases have made it more
difficult for owner
occupant buyers who do not act quickly enough to get
the
best deals. Typical buyers will begin looking for a home before pre-qualifying
with a lender, and may not know what they can afford. Most sells want proof
of funds or loan qualification.
When a new listing is posted or a home price
is reduced, if it's a great buy,
it will often be under contract in a few days. This is especially true of homes
that meet the investors criteria - a 3/2 under $125,000. If buyers are not
prepared to act quickly, they will not get the best deals. I have seen
this
scenario occur repeatedly, especially when buyers have unrealistic expectations
of purchase price. Sales price is typically 93% of list price.
The following actions are essential to landing a
great deal:
- Have "proof of funds" and/or a lender pre-qualification letter
ready
- Research prior sales in your price range and area of
interest
- Find a Real Estate Professional you trust and use their
expertise
The market is at the bottom now and interest rate increases are
more of a factor
in affordability for the near future. That "great deal" you have been waiting for is
out there now or soon to be listed. Be prepared to act on it!
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