Vero Beach Real Estate Forecast 2021
The Vero Beach residential real estate forecast looks very bright from previous trends over the past years and current data. Located on the East coast of Florida, this community is one of the most highly sought after to live in on the mainland.
By: Coldwell Banker Paradise
Abundant recreational activities, wonderful weather, great location, arts and culture, dining and shopping, and so much more make this an ideal place to live. If you are considering buying or selling, or evening investing in residential real estate, over the next year, here's what you need to know about Vero Beach real estate going into and through 2021.
The Vero Beach residential real estate forecast for 2021 is expected to experience a solid year of performance. industry experts and economists alike believe that over the course of the next 12 months, the residential real estate market in Vero Beach will increase home values by approximately 9.4% or perhaps a bit more. This, after experiencing a 6% rise over the previous 12 months, which brought the average home value up to $238,000 in the area. If this holds true, the average home value in Vero Beach will increase to as much as $260,300 over the course of the next twelve months.
This also represents a substantial increase over the past 8 years, when prices dipped down to approximately $120,000 to $130,000, back in 2012. since that time, values have risen substantially, to reach today's average of $238,000. However, there are still some unknown elements that could factor in performance over the course of 2021.
The lack of distressed properties, which include foreclosures and short sales, have a real impact on current home values. In other words, the moratoriums on foreclosures, evictions, and the absence of short sales, all contribute to a more stable market. But, when those moratoriums are lifted, lenders will go back to their traditional practices, leaving them to pursue legal action against homeowners who are defaulted on their mortgages. That could potentially mean a substantial number of foreclosures and short sales coming into the marketplace, which will drive down values in affected areas.
Timing is Key
However, if the market manages to stay stable during the next twelve months, homeowners and sellers will benefit the most from rising prices. Homeowners will enjoy greater equity in their properties, while sellers will benefit from selling at higher prices. Buyers should take note of this and get into the market quickly, in order to take advantage of near-historic low-interest rates, along with more affordable prices.
For more information about renting a home or selling your home, please contact Brendan Maughan and his team at http://teamparadisepropertymanagement.com/