Is Sebastian Growing Too Fast?

If you are planning to move to Sebastian or thinking about selling your home here in Sebastian because Sebastian is growing too fast? This video is for you! Watch till the end.  

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If you’re thinking about moving to Sebastian or maybe you live here and you’re thinking about selling in Sebastian because you think it’s growing too fast, well that’s what this video is all about and stick around because we’re going to have some market predictions for the remainder of 2022. 

Is Sebastian growing too fast? Some say it is.

It just may seem that our little town here in Florida Sebastian is growing really fast and some say too fast. If you look on the social media platforms there’s a lot of arguing going back and forth or people saying man it’s just full, especially when somebody asks about places to go in our area. It’s kind of funny when you see that stuff. We’re having some growing pains, absolutely more people are moving into our area than moving out and I think that’s in a lot of places in Florida, not just Sebastian alone. I mean obviously in Vero Beach and the surrounding areas are seeing that trend happen so that’s something that is definitely noticeable. Traffic is busier, the businesses are busier, more and more lots are being cleared, new homes are going up and yes it’s happening more people are moving in than out. But once you’re here you find out why and you know especially now it’s funny because there are a lot of places all over the country where it’s starting to slow down. In fact, it’s starting to retract. We’re not seeing that here, we’re still seeing people come in, we have not seen a slow down as far as home sales go. But we have seen a slow down on certain things, we’ll get to that later.

Yes, we’re starting to see more traffic and it’s continuing to happen, it is the sunshine state. New construction, what’s happening there, new home construction is up. But you know a few months ago you had to get in the lottery or you know to pick a special number out of a hat to even get on the list. To get on the builder’s list was really competitive. We were building like three, taking three new clients a month and that was their select few. Now we’re seeing more incentives from builders, builders are reaching out, and they’ve got some availability so if you are looking for new construction now might just be the perfect time for you. And as agents we are starting to see more and more emails come in from the builders offering us bonuses to bring buyers in, so what does that tell you they’re more apt to possibly negotiate a little bit with you, maybe you can negotiate on terms or even some of the stuff that you put in the home so now is really a great time to purchase, just as a side note. But that’s kind of odd, you know we are starting to see more and more people come in more people are coming in than homes being sold. However, the new construction has really quite dropped. In fact, I just saw that there was a 12% drop just last month in the builder.

Traffic is obviously a good predictor of how busy the town is. Overall our traffic is still relatively light,  our sweet little town it’s like 15 minutes to get from one side to the other. While there is traffic, it’s not that burdensome. We really don’t have a rush hour so if you’re coming in from a larger city whether it be West Palm down south in Florida or maybe another state and a larger city you’re probably used to rush hour traffic. Here in Sebastian there really is no such thing. I guess our busiest time is probably school times, in the morning like 8 a.m and then in the afternoon around 3 30. You can just learn the alternate routes to avoid those school zones to your point. As we grow they’re going to be making changes and improvements to the main roads. In fact, there are plans in place for the 58th Corridor for roundabouts, so it’s going to alleviate some of those traffic issues. 66 510 we’re going to see better traffic control so it’s going to alleviate some of those issues that we’re seeing around that area because that is kind of a congested area. I wouldn’t consider it rush hour traffic so to speak. But nonetheless school rush hour.

We’ve said this before in previous videos as we grow we do need more and more businesses. Sebastian is a small area and relatively speaking we’ve got some cool places here. We do have some great services, cool restaurants right along the riverfront and we’ve got a hospital but we do need more variety in restaurants. We need more hospitality, shops, retail, we need some niche businesses and we do need obviously more pizza places here but definitely need more retail. That’s my wheelhouse. I mean how many times can one girl go to Belle’s outlet. It is a jam for home goods. We’ve got a few boutiques and things but we definitely could use more especially as the growth happens and you know a good telltale sign of an area that’s growing too fast or has too many people in it, is that you’re looking at infill and what that means is you’ve got to build in between buildings or create space in between buildings that are rebuilt. Here in Sebastian, we’ve got acres of vacant land, commercial vacant land available so that’s a good indicator that we are not growing too fast or we’re not overfilled. Because we’ve got so much space for commercial property. 

So in summary, is Sebastian growing too fast? The market has slowed, we’re not seeing 70 people line up for a one-hour Open House. But it is definitely still a seller’s market. Sebastian has not exploded, we are not bursting, there’s still room for growth, and there are a lot of vacant lands both residential and commercially available. It’s a more pleasant time for a buyer to buy right now. And more people are moving in than moving out but we still have so much space and it is not overgrowing. I mean we look at a town that’s just south of us called Port St. Lucie. Years ago it was growing back in 2008 – 2006. 

I’m from this area and that used to be considered that out west and it was dirt roads and not much happening out there. But now it is like a full metropolis that blew up so fast. The infrastructure couldn’t keep up and actually, when I moved to Florida from Colorado in 2004, I moved to poor St Lucie and I saw it all go down. It was really crazy and just looking back comparatively it’s nothing like that here in Sebastian. I mean we’re still a very small town. It’s very charming if you are moving here just be cool and keep it sweet and we can’t stop progress, it’s happening!

As promised we’re going to talk about the 2022 market predictions for the area. I am not an economist by any stretch of the imagination. What we can do is we can look at the market and there are key indicators of what we see happening both here and all around the country. We’re a little bit different here in Florida, especially here in the Vero Beach and Sebastian market. 

Interest rates have climbed, and we knocked out a lot of buyers out of the market but we have to look at this and this is really important. Homes are not going into multiple offer situations as frequently as they used to. So you’re not paying 25, 35, or 50 thousand dollars over the list price, for a four or five six hundred thousand dollar house, you are just paying more on your interest rate. So it’s really, it could be in some senses a wash. So just think about that now.

Interest rates have leveled out a little bit and it’s kind of like looking back. When covid first hit everybody backed off and then we sort of got used to covid and then the housing market just got rolling again. So with interest rates, they’ve climbed. They’re sort of stabilized, people are getting familiar with them and now we’re starting to see people get back into the market and purchase. Unfortunately, it has knocked some of the buyers out there that can’t afford a home anymore because they’ve been priced out by interest rates. But that’s the unfortunate circumstance of this situation, it’s the reality we’re in, what else it can also appear that we’re in a slower market, dead market maybe because we are in the dead of summer and it’s hot, this is like the hottest summer we’ve ever had. And when it’s hot like this, more importantly in the summertime, sellers will go like they’re planning on going on vacation. They want to go on vacation and you know so they’re going to sell their house though when they’re on vacation. That’s my favorite, I love it when a seller leaves to go on vacation then we handle all the details, that’s my favorite! No one’s inconvenienced however, sellers are gone on vacation buyers are backing off because they’re on vacation too and they want to take their kids to wherever and so it appears that we are in a slower market. But it’s really sort of a false sense, what you’re seeing is you see more houses come on the market because sellers are selling right and they’re going on vacation but then you have fewer buyers because buyers are also on vacation too. It’s kind of this perfect storm and it appears like the market is slowing so you have to pay attention to that. Part of our prediction is that we’re still going to continue to see housing prices increase even with this little slow pace that we’re having, they’re just not at that rapid, ridiculous ramp that we were on a few months ago. 

Now before we continue this is the special giveaway, we’re gonna give the information on a special giveaway. Captain Hiram’s is a local hotel bar restaurant, they do river cruises. It’s a really cool place, it’s a big establishment here in Sebastian. It’s an anchor on the Indian River Drive and if you’re here you’ve got to take the Sebastian river cruise, go out for however long it goes. Check out the dolphins, and manatees, and see some wildlife. It’s super pretty and we’ve got two tickets and two drink tickets for a couple. If you would like a chance to win these tickets. All you have to do is subscribe and like and comment below that you want to win. And keep it super simple and then on our next video we’ll do the drawing Just to reiterate the comment below obviously you have to be a subscriber so subscribe to the channel and you will win these. You have a chance to win these tickets and they don’t expire until new year’s eve so you’ve got plenty of time to get down here even when it’s cooler. 

So just to touch base on what we’re saying, how it feels like we may have slowed down. You know sellers are feeling like we’ve hit the peak and more homes are coming on the market so it’s giving buyers more of an opportunity. I think we’ve just sort of plateaued a little, I mean it’s still kind of it’s still increasing, prices are still increasing, buyers are buying homes at market value, and in some cases a little over market value. But we’re seeing more homes come on the market than before the inventory issue is starting to loosen up a little bit because of this. Sellers are listening to the news and they’re feeling like they’ve hit the peak, so let’s go ahead and take advantage of the market right now. That combined with buyers slowing down a little bit and the summertime low. Don’t panic, our prediction for 2022 is that the market is still going to continue to climb. Again I’m not an economist, I can’t speak on the world’s economy about what we’re seeing right now and what our future projections are for our local area we’re looking pretty good.

Also read: Housing Experts Say This Isn’t a Bubble

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