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 for Vero Beach!
A recently published 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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