Is it still a buyer’s market today in Fort Myers? As experts in the Fort Myers real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
The real estate market in Fort Myers has been experiencing a surge in recent years, with an increasing number of people moving to the area. However, with this growth comes a competitive market, and buyers need to be aware of the state of the market to make informed decisions.
The State of the Market for Buyers in Fort Myers Florida
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Fort Myers, but seem to be rebounding as the rental market increases.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Cape Coral market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Effects of the Market:
- Low inventory levels
One of the most significant challenges facing buyers in Florida is the low inventory levels. There are currently more buyers than available homes, which can result in bidding wars and higher prices. However, some areas in Florida have a higher inventory level, making it easier for buyers to find their dream home.
- Rising prices
The demand for housing in Florida has driven up prices in recent years. According to Zillow, the median home value in Florida is $294,900, an increase of 13.5% from the previous year. However, it’s important to note that prices can vary significantly based on location, and some areas may be more affordable than others.
- High-interest rates
Buyers should be aware that interest rates have been rising and are subject to change. They may increase even more in the future.
- Strong demand
Florida’s strong job market, warm weather, and diverse cultural offerings continue to attract people from all over the country. This strong demand for housing has resulted in a competitive market, making it more challenging for buyers to find the right home.
- High competition
Due to the high demand for housing, buyers in Florida face stiff competition from other buyers. To increase their chances of securing their dream home, buyers should be prepared to act quickly and make a competitive offer.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Fort Myers because we believe in the community and the people here.
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We buy properties like yours from people who need to sell fast.