With home prices in Vero Beach Florida decreasing and interest rates holding at historically low levels, the number of potential homebuyers who can afford to buy new and existing homes has reached a four year high. Commission rebates from a buyer's agent are a factor in affordability.
According to the third-quarter statistics, 56 percent of all new and existing homes sold were affordable to families earning the national median income of $ 61,500 – far more than the 40.4 percent of families who could afford Vero Beach homes at the peak of the housing boom . Prices have fallen 20-30% from highs reached at the peak in the fall of 2004 and spring 2005.
"If there is a silver lining to this crisis, it would be that some housing markets have become more affordable with a larger inventory to choose from," said NAHB Chairman Sandy Dunn. First time home buyers can benefit from a $ 7,500tax credit due to expire next spring. Buyers who wait too long for prices to fall further may pay more in the end as housing recovers and interest rates climb.
Vero Beach, Fl realters are citing a Manpower Employment Outlook Survey that predicts growth in construction, manufacturing and retail jobs. Balmy weather, low property taxes, and a cost of living 3 percent lower than that of nearby West Palm Beach make this coastal town an affordable alternative, with sandy shores and the best surfing on the East Coast. Foreclosures and Short Sales may be driving the lower home prices and increase in sales of Vero Beach houses.