This was the news today in the Fort Myers News Press (link to the article). Columnist Mark Alexander shared recent reports by Fishkind & Associates that "Lee County lost 2,400 jobs in 2007, lost 11,000 jobs in 2008 and has projected a loss of 8,500 jobs in 2009." Economy.com reported that in 2008, 29 percent of all foreclosures were caused by people losing their jobs. Economy.com projects that 60 percent of all foreclosures will be caused by foreclosures in 2009. I was fascinated by the information Mark Alexander shared as a result of his research.
Alexander went on to say that the key indicator in the Fort Myers Real Estate Market's recovery is tied to jobs. He said that "When we stop losing jobs, we will stop gaining foreclosures." He shared that based on his research, there is good news that is being predicted and forecasted in the job and real estate markets. He said that Florida economist, Hank Fishkind projects "positive growth of 660 jobs in 2010 and positive growth of 4,600 jobs in the year 2011". One of the most interesting points of his article pertains to what he said about the real estate market stabilizing as a direct result to this prediction when he said, "If these job projections prove close to correct, our real estate values will continue to come down at a slightly slower pace through 2009 with a stabilization (or "bottom") in 2010."
We were just talking with some of our fellow agents at Sandals Realty this afternoon. One agent was sharing how she was experiencing a "bottoming" out of prices in Cape Coral and that it is challenging to find good inventory for her buyers. We all know that this is a historic time to buy a home as housing prices and interest rates are at all time lows. According to this article we are getting close to the "bottom." One investor that we have worked with shared with us that by the time everyone is saying the "bottom of the market has arrived" it has already passed. He said you almost want to time your purchase on the way down instead of before it actually hits the bottom, or you may miss out. We also don't know how long interest rates will stay this low.
We will keep you informed on the latest in Fort Myers Real Estate News as we learn about it, and continue to share our experiences along the way.
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Shane and Joy Goushaw
Providing Excellence and Service in Real Estate
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