Volatility has been the leading headline of the Vero Beach real estate market since Covid. Today we’re diving into pro tips on how you can navigate these unpredictable real estate waters.

First: take a breath.  

Do not focus on ill-advised YouTubers or internet jockeys saying that the sky is falling. If you wish to seek counsel, listen to actual economists or real estate advisors who can offer models or actual local market data to back up their opinions. Not what’s happening nationally or in major metro areas, but in your micro market of interest.

The one thing you can’t do and is a fool’s gambit to attempt? Do not try to time a market.

Our whipsaw market is changing conditions constantly – one quarter robust, the next lagging with few deals being brokered.

What should you do instead? Focus on what you can control. Period.

Want to buy?

Don’t moan about rates and sit on your hands waiting for rate decreases that may not occur for years. Take control of the market by working upfront with a smart loan officer to understand the monthly payment of the loan you qualify for.  The payment – not the rate – is key.

And when you’ve found a house you love: ask the seller to buy down your interest rate for a couple of years.  With less sales volume happening now, you may well get a yes, and probably won’t have to pay the full ask to get the rate buydown contribution from the Seller.  

Want to sell? 

Talk to your trusted real estate advisor to understand the dynamics in your micro market. Look at your house with buyers’ eyes and prep, prep, and prep some more to make your house look as fresh and like-new as possible to have the highest perception of value with buyers. 

And understand the potholes that may arise in your sale. Inspect your home before you list to manage repairs or issues that may arise with a buyer home inspection – and can often derail a deal or cost you a lot more in the heat of the deal than if you’d managed before you put the house on the market. 

We just did this with two listings, one an older frame home, the other competing against new builds within the community. The pre-listing inspection was a confidence booster to buyers to make it easier to say “yes!” to the houses – and allowed the sellers to manage a few legitimate issues that could well have killed their deals. 

And this is big: talk to your trusted insurance advisor to make sure your roof is one that insurers will write new policies on. An uninsurable home is no bueno and dramatically reduces your buyer pool.  

TLDR;

Whether you’re a buyer or a seller, you cannot control outside forces like the Fed and mortgage and insurance rates or consumer confidence.

Buyers: You control when you shop for a house and what concessions you ask for to reduce mortgage rates. Less competition and a possible rate buydown funded by the seller could be the strategy to get you into your dream home.

Sellers: You control the presentation of your house and the price at which you bring it to market.  Prep, then price and list when you want to sell to get you where you want to go.

Call us to discuss your situation and whether or not now is the right time to buy or sell.