In our last update we shared how the Naples Real Estate Market is heating up in 2018. The best news is that this trend is happening in other markets throughout Florida as well.
Florida Realtors® is reporting positive trends in Lee County, specifically Fort Myers. When looking at the year-over-year data, median closing prices are going up, while cash sales are decreasing. Both of these are indicators of buyers making real estate purchases for residency rather than investment properties.
The two largest home buyer audiences in Florida are millennials and budget baby boomers. Millennials are moving out of single-occupant condos/apartments and looking for entry-level houses to start families in the suburbs. Baby Boomers are still looking to enjoy the fruits of their labor in Florida, but with a tighter budget than before. Previously, retiring Baby Boomers would be looking for their ‘dream retirement home’ in the $500,000 range. Now they are in the market for ‘value’ homes in the $300,000 range.
Both of these demographics are looking for houses within the $150,000 – $300,000 price range and the sales numbers reflect that. Florida Realtors’ data shows this as the largest range of closed sales by volume (1,665 Homes sold in 2018 Q1). More specifically, houses priced between $200,000 – $249,000 had a 27.7% increase in sales year over year while houses $250,000 – $299,000 increased by 32.4%.
If you have an investment property in Fort Myers that fits into these categories, now may be the best time for you to cash in. Realtor and professional speaker, Denny Grimes, forecasted at The News-Press Market Watch Real Estate 2018 meeting that although there won’t be a full recession in the market, there could be a hiccup in the near future. “How many of you wished in 2009 that you’d have sold in 2006,” he said. “If you get greedy, you will get burnt.”
From the buyers standpoint, this many triggers to sell suggests now is the time to begin the buying process. Houses on the market and those soon coming to it will largely be from investors hungry to cash in on their investment before the market changes.
Berkshire Hathaway Home Services Florida Realty has agents throughout Lee County/Fort Myers ready to assist you with your next real estate transaction, whether you’re buying or selling. Contact BHHS Florida Realty online to get in touch with one of our knowledgeable real estate professionals when you’re ready to make your next real estate transaction.