By Amy Admire
Have you ever noticed that real estate has always been a big topic of conversation? It really is interesting, isn’t it? The next time you’re in a public place like a restaurant or coffee shop…listen. You’ll likely hear a conversation about real estate.
Think of everything we have witnessed over the years. We have watched the housing prices go up in 2005 then crash in 2007, plummeting home values to next to nothing. Who would have ever thought you could buy a single family home for $30,000? Values slowly crept back up over the years and people began to get their equity back. Now we have watched the craziness of this sellers market with super low inventory which caused multiple offers which caused sky rocketing prices. Buyers were giving sellers almost anything to win the bid. We haven’t seen a market like this in a really long time.
Finally after 2 years in this crazy sellers market, things are changing. The crazy rate hikes kinda started it all, right? If the interest rates are higher, that means peoples mortgages are higher which means peoples buying power is lower. Whew that was a mouthful! Basically with these interest rate hikes, buyers can’t afford the the same home today that they could just 4 months ago and because of this, homes are taking longer to sell and sellers are forced to decrease the prices get them sold.
We are seeing price reductions coming through everyday. Longer days on market and more homes are available. Sound familiar? Yep sounds like we are heading back to a buyers market. It’s happening. The market is beginning to turn. Great news for all the buyers who have been writing offer after offer, going against multiple offers every time and losing out.
There may be sellers out there that have been waiting to sell to see if the prices keep going up. There is no crystal ball to tell the exact future of what’s ahead but we do know there are changes happening and there is still plenty of equity for sellers right now. If you’re one of those sellers wondering.. give us a call. And to those of you who were waiting for the market to cool down to purchase your next home, it’s safe to come out
ABOUT SOUTHWEST FLORIDA HOMES TEAM
Amy Admire and Catherine Van Til are the dynamic duo behind the Southwest Florida Homes Team within Coldwell Banker. You can visit the Southwest Florida Homes Team at the Coldwell Banker office at 7950 Dani Dr #125 Fort Myers, FL 33966 or online at:
Call (239) 990-2023, or email:
Join the team at their special ribbon-cutting event on July 29th from 5:30 pm to 7:00 pm at the Coldwell Banker office 7950 Dani Dr #125 Fort Myers, FL. 33966. In addition to the ribbon-cutting, the team will also be hosting a Business Before Breakfast Networking event on July 14th from 7:30 am to 9:30 am at Coldwell Banker office.