VERO BEACH — Home buyers in the Vero Beach real estate market are cutting the best deals in the country, according to the real estate Web site, Zillow.com.
The Web site compared a home’s list price compared to what buyers actually paid and found that in the Vero Beach market, buyers paid 8.9 percent less or a median of $20,974 off the list price. The Zillow.com report did not break the Vero Beach real estate market down by area. Indian River County’s richer beachside market has seen brisk sales the last month and that presumably could lead to a skewing of the numbers compared to homes sold on the mainland.
Overall, the report found that most buyers in the United States were paying thousands less for homes bought in August. Buyers paid a median price of $6,525, or 3 percent less than the last listing price, down from $7,018, or 3.3 percent less, for homes bought in July.
“Negotiating power is a clear reflection of inventory levels, which dropped nationally in August. Tighter supply in some markets is translating into less of a discount off listing price,” said Zillow Chief Economist Dr. Stan Humphries in a press release. “Unfortunately, the brisk spring and summer home shopping season is drawing to a close now, and with foreclosures on the rise again, inventory levels will likely head back up in the coming months, leading buyers’ negotiating power to regain the ground it lost in August.”