Cape Coral Florida's Real Estate Guide

When the real estate bubble burst, Florida was one of the hardest hit states in the country.  Home values fell fast to never-before-seen lows and sales came to a grinding halt. Reports from the National Association of Realtors are bringing a ray of hope to the Florida real estate market. Overall home sales in Florida have jumped by 15% for the latest month when compared with that time last year. Sales in Fort Myers alone are up by 44% and this is a great sign for the local real estate market.

So why are sales up so sharply? Foreclosures and short sales make up most of the sales that have occurred. Home prices are much more affordable than they were a few years ago and qualified buyers are taking advantage of it. According to NAR, home prices in Florida are down by 24% from last year. In addition to the decrease in home prices, affordable mortgage money is more readily available. Rates are just above 6% for a 30yr fixed rate mortgage and are under 6% for 15yr fixed rate mortgages.

What does this mean for a home buyer or seller? Buyers are faced with many home options and can get great deals on immaculate properties. If you are in a position to buy a home, now is the time to do it. For sellers, this means that you may have a better chance of selling your home providing that you are being competitive with the pricing of your home in comparison to others in your neighborhood.

If you are looking to buy or sell real estate in Cape Coral, Ft. Myers, Bonita Springs, or Estero, contact me today so that I can assist you with your real estate transaction. My experience and knowledge of the area and its current market conditions will ensure that you have a successful purchase or sale. Check back here often for more local real estate market updates.