Check Out My Facebook Live Chat With Scott Sillari of Vyral Marketing
May 15, 2018 | Kelly Fischer
In my latest Facebook live interview with Scott Sillari, I discussed the current state of our Vero Beach market and what the situation is like for buyers and sellers.

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Here is an overview of a Facebook live conversation I recently had with Scott Sillari of Vyral Marketing where he interviewed me about the current state of our Vero Beach market.

Which communities are the hottest in Vero Beach?

New construction is booming right now, and there are some great builders in Vero Beach. Buyers are getting premium prices for new construction, but the real hidden gems in our market are resale homes. A lot of people do not realize that they can get a really good deal on a used home, but there is some real opportunity in that segment of the market.

What does the average price of new construction homes look like compared to the average price of a resale home?

The answer depends on where you are. Prices for new construction homes are all over the place, so we will focus on resale homes and break that category down between homes on the Barrier Island and homes on the mainland.

The median sale price for resale homes the mainland is just over $200,000, which is lower than it has been. I believe this is a result of all the new construction. At the same time, only about 28% of those homes are selling. The situation is a lot like what we saw in 2005— a lot of people have put really lofty prices on their houses, and that is keeping buyers from jumping into the market in some areas. The homes that do sell come close to selling for their asking price (the average list-to-sale price ratio is 97%), and many times they are generating bidding wars. Another factor causing this situation is low inventory. We have such a shortage of resale homes for sale right now that if a house is listed and it’s priced correctly, it will generate a lot of interest.

Regardless of how the market is, the strategy is always the same for buyers.
Over at Barrier Island, the situation is a little bit different. There, the median sale price is just over $600,000. However, sellers are only getting 92% of their asking price, and only 17% of the homes in this area are selling.

What strategy should buyers have in this type of market?

Regardless of how the market is, the strategy is always the same for buyers. First, you have to be prepared. You have to either have cash in hand or have a very strong pre-approval letter. You also need to have already gone through underwriting, because you will probably face competition for the home you want. Second, be ready to see a house as soon as it comes on the market. I also advise my buyer clients to be prepared to make an offer sight unseen, because there will be multiple offers on homes that are priced well.

If you are a seller, what is the best way to identify what your home should sell for and how can you attract multiple buyers?

A lot of sellers try Zillow first to determine their home’s value, but that is not the answer. Many other Realtors, including myself, have auto-valuation tools on our websites, and they will give you an idea of your home’s worth, but it won’t be 100% accurate. Zillow only knows a home’s square footage, how many rooms it has, and what other homes have sold in the general vicinity. It does not understand all the other nuances involved in calculating an accurate home value. You may have just installed a $40,000 roof atop your home, but Zillow would have no idea.

That is where an agent can help you. They can accurately price your home and market it to its highest potential so you can find the right buyer who values the upgrades you have potentially made. Right now, most experts are saying that our market is close to or at peak prices. It is a good time to start getting your home ready to sell, because very few people have a home that is ready to go on the market. If you need tips or suggestions on how to prepare your home for the market, I can help.

As always, if you have any questions about our current market or you are thinking of buying or selling a home, don’t hesitate to reach out to me. I look forward to speaking with you soon.

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