Market Update June 2013

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The market right now for Vero Beach is amazing. The biggest challenge we are having is there aren’t enough quality homes on the market for the number of buyers we are working with.

Last year, at this time, the market was more challenging for sellers; they grew increasingly frustrated. We did eventually get their homes sold, but the number of days their properties were on the market was much more and the percentage of the asking price was lower.

Now, though, any property that is in a good area, good condition and is properly priced (or even sometimes higher than market value) is selling really quickly. 

More and more buyers now are becoming frustrated because there is a lack of choices for them.  They are limited in their search.

Since last year, there has been a 10% jump in prices in the Vero Beach market, which is significant. Fortunately, interest rates have remained low to act as a buffer for the price increase. 

Since last year, the market has shifted more toward a sellers’ market.