As I look over the real estate market in Indian River County, the question I have to ask buyers is:
If not now, when?
There are just so many homes on the market today, with anxious sellers ready to make deals, and very few are buying. Mortgage rates are still at near record lows, prices are down about 30% from their high just a couple of years ago, builders are slashing prices on their inventory of home with a variety of incentives offered to entice the elusive buyer in their show homes.
It is even a great time to be a seller, if you are willing to price your home right. Let's say an owner bought their home several years ago before the big surge, they can still price it to sell at a profit and get into a new home that probably has more room, in a better location, is safer and will cost less to insure and maintain then the older home purchased in days gone by. Just as a referrence point, a home ten years old could possibly cost twice as much to ensure than one built in the last three years. The reason for this is the newer home was built to current Miami/Dade hurricane standards, and should weather many of the storms that may come through the area.
The key to this is in the value of the homes in question. A higher priced home has seen a larger reduction in price than the lower priced home that are available on the market. A 25% reduction on a home priced at $200,000 is $50,000, while a $300,000 home would be reduced $75,000. Which is something every consumer should be interested in, more home for less money!
Another local Broker recently attempted to auction 19 properties as an end of season sale. Not one was sold. With an esitimate 100 people in attendance, there may have been a total of seven bids on all of the properties combined. These were homes ranging from a basic 2/2 condo to a million+ ocean front beauty, with suggested starting bids about 30% less then the listed price. The 2/2 condo had a starting bid of $120,000, and theonly bid made was for $45,000.
A serious buyer could have walked away with a great property at the auction, but there are deals to be made every day in the market we are in. If you want to make a move to Florida, or just need a 2nd home as a get away in the Florida sun, now is the time. Why wait, when there could not be a better time time than right now?
I invite you to tour my website at www.IndianRiverHomeSales. com to see just how much home uyou can get for you money in todays market. Give me a call with any questions you may have, before you miss out on the great opportunity before you now.
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