No, we’re not talking about the temperature, though that’s probably it! Actually, what we’re referring to is the list to sell ratio for May of 2008 in Vero Beach. Listings sold for an average of 91.4% of the asking price. Our buyers need to understand that the majority of homes are priced correctly. Prices have rolled back dramatically from the top of the market. Interest rates are low, and educated buyers are making great deals on Vero Beach Real Estate.
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sounds good, but what about all the homes that keep showing up as short sales and preforeclosure because they are “upside down” How can a house possible be priced appropriately when it was bought for 445k in 2002, owners refinaced and took out 200k in 2004 (did not put it into the house) Now the CAMA is 524K yet they owe over 645k, comps all around are selling at 399-450K and they are asking…and not getting 630K. Explain to me. How can you possible believe prices are correct when this is happening all over VERO.
We didn’t say ‘every single listing’ was priced correctly. Or that every seller could price theirs correctly. Some foreclosures are not priced correctly. But the truth is the bulk of what we have been showing buyers is priced correctly. Then again we only focus on the best deals for our clients. And as you can see from recent sales, they are selling not far from asking in most cases. There are certainly a lot of folks upside down, and unfortunately the banks are much better at foreclosing than helping anyone out. But you can’t blame the $200K in equity yanked out on the market…nor use it a reason not to recognize a great time to buy…
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