Vero Beach Foreclosures

Please take a look at some of the opportunities and positive indicators for the future of Indian River County, real estate market.

1. Great prices – Statewide, home prices have fallen about 20 percent in the past year. FAR (Florida Association of REALTORS) statistics show the existing-home median sales price was $185,400 in the third quarter of 2008, compared with $233,200 in third quarter 2007. (The median is a typical market price where half the homes sold for more, half for less.)

2. The time is right – Home sales volumes are rising again – a signal that the market recovery may be underway. In third quarter 2008, statewide sales of existing single-family homes were up 5 % compared to the same period last year. Vero Beach homes for sale had similar results.

3. High inventory levels – Conditions are ideal for buyers to find their dream home. Inventory is plentiful in all price ranges. But as sales volumes increase, inventory levels are likely to shrink. That reality translates into this advice for buyers: Don’t wait too long.

4. Low mortgage rates – Mortgage rates are still at the lowest levels since the 1960s. Lower rates multiply a buyer’s financial power. Even half a percent can make a sizeable difference. For example, on a $200,000 home, half of 1 percent could save the homeowner about $815 a year.

5. Incentives to buy – Federal, state and local housing programs can help buyers make that big purchase. The first time home buyer tax credit is being increased to $8,000 and doesn’t
Have to be paid back if you live in the home for 3 years. The deadline is also being extended to December 2009.

6. A favored retirement destination – Over the long term, Vero Beach, Florida stands to benefit from the migration of the aging Baby Boomer generation, roughly 80 million strong. Demographic studies show that the Sunshine State’s mild climate and outdoor amenities continue to make Florida a favorite retirement destination.

7. A diverse economy – Florida’s economy, like that of the rest of the nation, is impacted by the recession. Some business sectors, though, appear promising for the Florida economy. The healthcare and technology sectors are quickly becoming an important economic force on the Treasure Coast.

8. Investment Outlook – Investors are returning to the Real Estate market as the holding costs of rental homes, due to the decrease in prices and low interest rates, is well below potential income.

9. Homeownership has value – Realtors believe – and research supports that belief – that homeownership provides a variety of tangible and intangible benefits to the community and homeowners. Studies show that home equity is still the largest single source of household wealth.

10. An unsurpassed lifestyle- Finally, let’s not forget the things that brought people to Vero Beach, Florida in the first place, and will continue to attract them – beautiful beaches, fabulous weather and a friendly business climate, with no state income tax