Should I Buy Now? Has the Vero Beach Real Estate Market Bottomed Out?
By the time there is a general consensus that the Vero Beach Real Estate market has bottomed out, and is on it’s way to recovery, the best deals will be gone. Interest rates are beginning to rise from historic lows, and prices are down 30-40% compared to highs of 2005. Increased interest costs should be factored in as much as overall price when considering affordability. Using last months sales data and looking for a continuing trend puts you several months behind the current state of the market. Only by digging deeper into all of the sales parameters can you get an idea of where the market is heading. Sales are up 15% for February 2009 compared to this time last year in Indian River County with 40 out of 114 sales being 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. The traditional 60 days to closing is often much longer on a short sale as lenders are not prep
