The Inside Scoop on Purchasing Your Retirement Home After Season
Summer has officially arrived. The Cape Coral locals are waxing their boats, working on their backyard gardens, and relaxing at the beach. Many of the vacationers and snow birds (our loving term for our part time residents) have packed up and returned north now that the ice has finally thawed. What are savvy investors doing right now? I'm glad you asked. This year, the waiting game is over. The combination of low interest rates and a recovering housing market has drawn the attention of individuals wanting to take advantage of this prime opportunity. This summer has all the ingredients of a great real estate deal. Here's why...
Summer Months Can Be the Best Time to Buy
When you are in the market to purchase a home, it's important to look at both sides of the real estate process. Sellers in Florida are motivated for a variety of reasons, and if you hit on the right one you can land yourself an extraordinary deal. Let's break that statement down and explain:
- Distressed Homes and Foreclosures: Over the past few years much Cape Coral real estate was available largely due to foreclosure, short sales, or otherwise distressed situations. That's no longer the case. Although there still are distressed properties available, recent statistics have shown that traditional home sales are on the rise. In April of 2011 over half of the homes sold in the Greater Fort Myers area were traditional home sales (51% to be exact). Distressed properties come with their own share of problems. Some have been abandoned and require quite a bit of work. If you are looking for a 'ready to move in' situation, a distressed property may not be right for you. Now that traditional home sales are on the rise and prices are still low, it's the perfect opportunity to invest in your dream home.
- Motivated Summer Sellers: As we mentioned, when looking at Cape Coral real estate, you need to look from the sellers perspective as well. Many of our sellers are much more motivated to take an offer as soon as the warm weather arrives. Why? Because many individuals with their homes and condos on the market were taking their last vacation here during the winter season. They were enjoying the sun and although their homes were listed, they weren't in a big hurry to cut their vacation short. Now that they've packed up and headed north, the For Sale signs are still in the yard and many of them are ready to strike a deal. If you are a smart buyer and have your finances in order along with preapproval from your lender, you are in a prime position to make an offer that will be accepted.
- A Word to Buyers Waiting for Prices to Fall: Most investors realize that the combination of low home prices, low interest rates, and a nice inventory of available homes won't last forever. If you're still waiting for one more drop in home prices before you buy, take this into consideration. Home prices are slowly but steadily climbing, but even if they were to fall again, let's say by 10%, your monthly mortgage payment will increase if interest rates rise by even more than 1%. Low mortgage interest rates are even more important than overall home prices, and right now you've got the best of both!
If you are ready to take a look at Cape Coral real estate and want the knowledge and experience of a realtor who lives, works, and plays right here in paradise, please contact our office. We know Cape Coral real estate and we are ready to serve you!
By David Sporleder | Sporleder-Ray Realty Group | firstname.lastname@example.org| Google+