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Home ownership rates are the lowest they have been in the last 50 years. Yet a large portion of Americans are still renting properties, instead of enjoying a home of their own. Consumer reports believe this is an issue because of a buyer’s lack of trust in their ability to purchase. It is still a long standing notion that a buyer needs 20% towards the cost of the home in order to move forward, but this isn’t true. With countless down payment assistant programs, and closing cost roll-ins, a home owner could move in with as little as a few hundred to a couple thousand dollars. Which is a huge difference in the time it takes to save up to make the move.
With interest rates at an all time low, home ownership in today’s market is a great investment. The money saved over a mortgage’s lifespan can result in tens of thousands of dollars, if not hundreds. That’s more money in your pocket today. Don’t wait to buy when interest rates soar again. With low interest rates, that means your monthly mortgage payments are at a significantly lower cost, as well. With such a heated housing marketing, rental prices are soaring, and statistics are constantly showing that home ownership can be equivalent to your rental rate each month, if not less. Why get stuck in a small 2 bedroom apartment, if you can move into a home a pay a monthly rate that is the same, and get a 3 bedroom house with a great backyard?
There is also a fear that a home can keep you “stuck” or “rooted” to one place, without an easy transition out if you decide to move. Although the future of the housing market isn’t easily predictable from location to location, you can always discuss with your agent about buying a home in an area that has a strong turn-over rate when a home hits the market. The equity build up when it comes time to selling is going to be far more beneficial, than if you put money into a rental and decided to move. The money from selling the property can be used to purchase a new home. With renting, there would be no additional funds to transition into a new place.
Now imagine if you were renting a home for $2000/month. If your landlord is renting to make a profit, think how much less you’d be paying on a monthly basis towards your mortgage, if the home was yours. Then you wouldn’t be paying a landlord to profit off of you, you’d be paying a reasonable rate, and get to call the property your own. Discuss with your agent and lender the steps you need to take towards home ownership, you might be happily surprised about the type of home you can afford to move into.
By the end of 2004, real estate prices in SW Florida were rising at an accelerated pace. Sub-prime lending, zero interest loans, zero down payment and low interest ARMS that made home buying affordable to most consumers were being utilized to the fullest. With the increase in demand and a limited supply, home values began to sore. Florida reported an excess of 25% price increase from 2004 to 2005 setting real estate records.
New construction took off. If there aren’t enough homes on the market, what better time to start building them? SW Florida was a whirlwind of hammers, nails and construction vehicles clogging the roadways. The demand for new homes was at such an exorbitant rate builders could barely keep up… the US even ran out of drywall! (But that’s another story…)
Along came new rules cutting availability of sub-prime loans and the downward spiral began.
We all know what 2006-10 looked like in SW Florida, we’d like to forget, but we will always remember. Cape Coral was the epicenter and made world news for the record number of foreclosures. Once we hit bottom, we started climbing. By the end of 2013 the majority of foreclosures and short sales had washed through the system. Prices continued to climb at a steady, yet healthy rate. Cape Coral, Ft. Myers and the rest of Lee County started looking like a normal real estate market.
In 2014, permits for the new construction of single family homes increased 25.7%. A total of 2,999 single family permits were pulled by builders with 244 pulled in December.
Here we are, January of 2015. Everywhere you look you see a new home being constructed. Whether it is a luxury waterfront home or an entry level single family home on a non-waterfront lot, they are going up quickly. The inventory for existing homes is low. As it has always been for SW Florida, demand is high.
All the indicators are there. Lots are selling quickly, an easy way to turn a profit for even the smallest investor. Seems we are set to see that whirlwind of hammers, nails and construction vehicles clogging the roadways again. Our economy is growing and hopefully the harsh lessons of our previous boom will keep us in a healthy market.
With home values on the rise in Cape Coral, many homeowners are asking themselves, “Should I sell my home now or wait for prices to rise further?” It is not a question that is simply answered and it is not a “one size fits all” answer to the question. In order to answer the question, Mr. Homeowner needs to ask himself a few other questions. (No, we aren’t answering a question with a question.)
First of all, Mr. Homeowner, what is your reason for selling right now? Do you need to relocate, downsize, is the family outgrowing your current home? If you have no immediate ‘need’ to sell, perhaps you may want to wait for the market to rise further… but before you do, answer a few more questions.
Mr. Homeowner, do you realize that if you wait for the market to rise, the price of the home that you purchase as a replacement will also rise? The mortgage rates that are now very good also stand a chance to rise. That will further add to your costs.
Have you ever heard that the Real Estate Market is cyclical in nature, Mr. Homeowner? If you look backthrough the history of Real Estate you will see a trend. The market rises and falls and rises again. Are you willing to take the chance that the market is going to continue to rise and not start to turn downward?
Mr. Homeowner, have you taken a drive around our great city of Cape Coral recently? If so, you have surely seen all of the new homes under construction. While that is a great sign for our city and for our economy, it is not such a great thing for you. You are going to be competing with new construction. If Mr. and Mrs. Buyer can purchase a brand spanking new home for, let’s say even $100k more than your home, and they qualify for that amount, which one do you think they are going to buy? Yep, they are going to go for the bells and whistles!
One more question for you Mr. Homeowner. Remember a few years ago when NO ONE could sell their home because they were so upside down with their mortgage? With home values on the rise, many of those homeowners are now turning right side up and able to sell their home. Just take a look at all of the homes for sale on our website www.lagaceandwhitt.com What does that mean for you, Mr. Homeowner? That means more inventory. Inventory = Your Competition. The greater the number of houses on the market, the market then turns into a buyer’s market. Even if you are competitive in nature, you probably aren’t willing to risk dollars out of your wallet.
Now, Mr. Homeowner, take a look at the answers you gave to our questions. You should have a pretty good idea of what you want/need to do. So the next step is, mow your grass, tidy up the house and have it all pretty for LaGace & Whitt Partners of RE/MAX Realty Team to come over and take a virtual tour. Your house will be the star of the housing market by the weekend!
Located at 2849 NW 27th St. Cape Coral, FL. This immaculate 4 bedroom + den, 3 bath home just sold for $154,900. It was only on the market for 39 days. The real estate market is great for buyers and sellers. Are you or someone you know interested in finding out more about our market? Give us a call today. Jay LaGace 239-443-8795
Vacant land prices are on the rise. The time to scoop some up for an investment is now. With all of the new construction going on in Lee County, land sales are on the rise. For as little as $3,000 you can purchase a vacant lot in SW Florida. If you are interested in more information give us a call. Jay 239-443-8795
Another beautiful home under contract by LaGace Partners!
This home was only listed for 10 days. With the superior marketing that LaGace Partners provide to their Sellers, homes attract a lot of interest quickly and generally have a Buyer in very little time. Do you know someone in Lee County that is interested in Selling or Buying a home? Give them our number and tell them we are the best! 239-443-8795