Market dynamics encourage SWFL buyers.
(written in 2012)
Foreclosure sales are winding down in Lee County due to a general lack of foreclosure inventory. Homes that are still in the court system awaiting adjudication will be GOBBLED up at the auction on the court house steps weekly. The MLS will see less and less as we have already noticed over the last summer.
In other words, if you are a buyer, you will likely pay more by waiting longer. Prices are rising and demand outweighs supply for the first time since 2004-2005. During that time prices rose rapidly.
Although I don't expect a move to previous highs, it would be fair to say that we are10-30% below fair market value in many LeeCo areas and even more in some outlying spots. Prices are still a bit low and will likely head higher as builders have started to build new homes post haste, which in turn, begins to set higher comparable values. These new forces will likely outweigh the potential negative impact
foreclosure sales have on neighborhood values. Within the next 24 months I see a housing shortage of sorts. Hard to believe right?
My opine: Prices are GREAT! Engage the market and buy. The alternative is that you will likely pay more for your home next year. Visit us on facebook by clicking the pic!
Best of Luck,
Jack Solloway, President & Founder
Right Choice Realty, LLC