An unusual surge in Vero Beach home sales is predicted this fall due to a slowdown in home price growth and a shift in pricing power from sellers to one that more closely aligns with buyers' expectations. Home buyers who have been willing to wait for better deals are starting to be rewarded for their patience.
The number of Vero Beach home sales above list price in July was down nearly 7 percent from a year ago. These numbers would indicate that sellers are starting to realize that it's not really a seller's market any more.
Vero Beach Home Sales Vary By Area
Some areas have seen more moderate price growth year-over-year but have seen their "for sale" inventories also rise.
Areas with the fewest price drops tended to have smaller increases in median home prices and for-sale inventories.
Redfin analysts are predicting a surge in home sales in September and October. "We continue to see strong buyer demand as we head into fall," according to Redfin’s housing report, which shows the number of tours and offers picking up from July and into August.
"The buyer fatigue from competing against multiple offers, bidding wars. and tight inventory is diminishing. Additionally, the widespread increase in price drops is likely to give buyers even more confidence that they have regained some of the bargaining power lost last year."
For more Vero Beach home sales news, check out our Vero Beach Real Estate News section of articles under Vero Beach Real Estate Categories to your right.
We've featured articles here on our site in the past about the pro's and con's of getting Vero Beach home warranties. But just recently, Consumer Reports released an article discussing why you should avoid Vero Beach home warranties, since even the best ones typically aren't worth the cost, and they advise putting your money in the bank instead.
The state of New Jersey recently filed a lawsuit against a home warranty company stating that warranty claims are denied because the company says the problem was pre-existing. Or, the claim is denied because the consumer can't prove that a broken item was properly maintained. They say they've seen consumers raise these issues in the past in connection with home warranties and other types of service contracts.
The state said the company, which sold coverage in at least 25 states, denied claims even when technicians said covered products had been property maintained or that a problem wasn't pre-existing or caused by a lack of maintenance. For some claims, the state said, the company demanded that customers provide years of maintenance records.
While the coverage required the company to replace products that couldn't be repaired, the state said the company offered consumers cash "buyouts" for hundreds of dollars less than it would cost to replace the item. And in some cases, local technicians dispatched to handle claims refused to respond, saying the company failed to pay them for their previous service.
Vero Beach Home Warranties Not Recommended By CR
Consumer Reports now recommends avoiding Vero Beach home warranties and service contracts, even those provided by companies with no record of engaging in any shenanigans. The reason is that coverage for contracts that cover homes and cars, for example, can cost hundreds of dollars.
Instead, CR suggests putting the money you otherwise would use to buy that service contract into a savings account or product repair-and-replacement fund.
Many credit card issuers automatically extend the manufacturer's warranty for an extra year or so for most products you buy using their card. Many companies also have goodwill programs and service campaigns that provide free or low-cost repairs or product replacement for items that fail in an unreasonably short time.
If an item falls under a safety-related defect, manufacturers generally must initiate recalls and provide free repairs, which are not even covered under Vero Beach home warranties.
Consumer Reports offers an "Extended Warranty Buying Guide" here.
While we don't necessarily endorse Consumer Reports in their stand against Vero Beach home warranties or companies, we felt obligated to advise you of their recommendation, and let you make your own intelligent decision in this matter.
Stay abreast of all the news affecting Vero Beach housing and real estate right here at our website. More articles can be found in the Vero Beach Real Estate section, or the Vero Beach Real Estate News section, both to your right under Vero Beach Real Estate Categories.
Here we are… another fall season upon us. If you're among the Vero Beach home sellers trying to make your home stand out in the list of homes for sale, here are some tips you should consider to keep your landscaping and exterior in top shape for those prospective home buyers.
Things Vero Beach Home Sellers Should Do Outside Now
Patch any brown areas of grass. After a whole summer of lawn care, don't let things go down now. Consider planting rye grass to keep your lawn looking green into the winter months. Most homeowners won't do this, so this simple chore could make your yard stand out when all the others brown out.
If your summer flowers are fading or wilting after a long season, create a new welcoming experience by replacing them with fresh mums and other fall friendly colorful flowers. A pumpkin and a bale of hay can create a nice welcome look on the front steps or porch.
Draw attention to your front entryway by adding a colorful fall wreath to your door.
Mulch your garden beds. This will provide an added layer of protection for your plants as winter creeps in. Rake leaves frequently; not only does it look better, but keeping loose debris from walkways creates a safer environment for potential buyers.
Provide adequate outdoor lighting. It won't be long before the days will be considerably shorter, which means buyers will need a well-lit path to your front door. Many Vero Beach home sellers forget that prospective buyers may also drive by a house they're interested in at night to see how well lit it is.
Pressure wash the exterior of your home – including the windows. As the leaves fall from the trees, your home will become more exposed to the scrutinizing eyes of potential buyers, so make sure it's appealing from the curb.
Things Vero Beach Home Sellers Should Do Inside Now
Add weather stripping to doors and windows if needed; the time to address a cold draft or air leak is before cold weather arrives.
Check your HVAC system. Also make sure your furnace has a new filter and have the system checked out by a professional. A buyer will be asking for this to be done during a home inspection anyhow, so go ahead and get it done now. It's better for you to discover any problems before a buyer brings it to your attention.
If you have a fireplace, chances are pretty good that you haven't used it in a long time, so it's a good idea to make sure it's clean and free from cobwebs.
Clean and/or store your seasonal furniture. It's always nice to give your outdoor furniture some TLC after it's provided hours of entertainment over the summer months.
Have your underground irrigation system prepared for the winter months if you won't be using it. Now is the time to begin thinking about taking care of this issue.
Follow these few simple tips now so you can join the Vero Beach home sellers who will be attending a closing soon when your house sells.
More articles about selling your Vero Beach home can be found in the Vero Beach Home Selling Tips section of our website under Vero Beach Real Estate Categories Categories.
Getting Vero Beach homeowners insurance is not considered a dumb buy, but some forms of insurance do qualify as a dumb insurance. Some insurance is a total waste of your money, as outlined in this short video…
There are no stats (that we know of) for just how many Vero Beach renters become homeowners because they love their pets too much to give them up, and often renting is not an option for pet owners.
Approximately 8 million animals end up in shelters each year, and moving-related issues are among the most common reasons for giving up a pet. In an American Humane Association survey of 93 shelters across the country, "Moving" was the most common reason given by owners for relinquishing a pet, and "Landlord won't allow" was the fourth most-common reason for relinquishment.
Vero Beach Renters With Pets Having Trouble
A new survey by website Apartments.com found that 72 percent of Vero Beach renters surveyed said they are pet owners; a slight dip from 75 percent in 2013, but still much higher compared to just 43 percent in 2012.
The majority of pet-owning Vero Beach renters faced some difficulty finding an apartment that allows pets.
The most popular types of apartment pets cited by those renters surveyed in 2014 are: Cats – 41 percent; Small Dog – 39 percent; Medium/Large Dog – 34 percent; Other (Fish, Bird, Small Mammal) – 13 percent.
Being a pet lover can cost you. The survey found that more Vero Beach renters are being asked to pay for the pleasure of having a pet. Close to 80 percent of respondents said they were required to pay a pet deposit, up from around 60 percent in 2013. This year, just over half of Vero Beach renters paid more than $200 annually in pet deposits and monthly fees. Since the cost of renting with a pet adds up, Vero Beach renters searching for the most value in their next apartment may want to ask about what specific pet amenities are included within the building and its individual units.
Many Vero Beach renters are turning to home buying because of the increased difficulty and expense of renting an apartment or condo with a pet included in the lease.
If you own a pet and are finding it tough continuing to rent, contact us and let us help you find the perfect home for you and your pet.