Blog > 3 Reasons Why Home Prices in Vero Beach and Sebastian Keep on Rising
Waiting to Buy a home could cost you thousands of dollars. If you are planning to purchase a home and are thinking about waiting, you need to watch this video- the 3 Reasons Home Prices in Vero Beach and Sebastian Keep on Rising.
For more information call us today at 772-732-3774!
You may have heard that everyone is moving to Florida. If you haven’t, you’re probably living under a rock, and not even watching this video. With that being said, Let’s dive into three reasons home prices in vero beach and Sebastian will keep climbing…oh, and I bet you can’t guess what number 1 is…
Hey guys, Welcome to our new channel, Living in Vero Beach. I’m Tonya Coletti and this is my partner and husband, Zachary Coletti. We are a local real estate team here in Vero Beach and Sebastian Florida. If this is your first time visiting our channel…and it probably is…make sure to hit that subscribe button and hit the little bell…that way you’ll be notified when we post new videos every Thursday. We’ll be diving into everything there is to know about Living in Vero Beach and Sebastian Florida!
So, let’s dive in!
Number 3….Demand!
Studies show that Florida is the number 1 destination for people who are relocating. It’s pretty obvious why. I mean, the sun, sand, lifestyle and the cost of living compared to places like New York, New Jersey, Connecticut, DC and California just to name a few. People from all over the country are moving to Vero Beach and Sebastian, and this has caused a huge demand for homes and property in our small community. Everyday we get calls from people, and we love it, who want to move here and are looking for that perfect home….and unfortunately, not everyone will be able to…because competition is really fierce. Now keep in mind, prices are still really affordable compared to the places I mentioned earlier, but now we’re in a more realistic price range compared to the rest of the country. Basically an average of $300-400k is what you should expect to pay for a single family home here in Vero and Sebastian. Even rentals are nearly impossible to find…and…..let’s not even talk about rentals. So, the main reason this is happening is because of…
Number 2….Low Inventory!
There just aren’t enough houses available for everyone who wants to move here. For whatever reason you can think of…many homeowners aren’t selling and builders just can’t keep up. One thing we hear a lot is, ‘where are we going to go if we sell our home?’ That’s a valid question, because they’re now going to have to find a new home in this low inventory environment. Many sellers are scared to sell, because they know that finding a home before their home sells is going to be a challenge…nobody wants to be homeless. That’s why we came up with our Home Trade Program…where you can buy your next home before you sell! Just call us if you want more info on that. Phone number is down in the comments. So there it is…the Demand and Low inventory combined are the main factors in the price increase here in Vero Beach and Sebastian.
So here we are…
Number 1…. Homeownership Tax Benefits!
If you’re not aware of this, it’s one of Florida’s most appealing reasons to be a homeowner. When you buy a home here and it’s your primary residence, you can file for a Homestead exemption. This makes you eligible to have your home’s taxable value decreased by up to $50k. That means that if your home’s taxable value is, say, $250k, with the homestead exemption, now your taxable value is $200k. That could save you around $1000 a year! That’s huge.
Additionally, you can take advantage of the Save Our Homes Portability benefit. This is major because as the home values continue to increase at double digit percentages, you’d think that your assessed value would as well….Nope. Not here folks. With the Save Our Homes Value benefit, your taxable value increase is capped at 3%! Yep…so even if we see a 20% increase in ‘just value’, you will only be on the hook for a 3% increase in assessed value! Oh, and did you mention, you can take this savings with you to the next home you purchase. That’s called Portability. So, if you have a home you’ve lived in for a few years and you’ve realized a huge value increase, and you want to move up to a bigger, more expensive home, you can take your tax savings from the Save Our Homes Value benefit and bring it with you to the next home you purchase. This could potentially save you thousands of dollars every year!
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