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| Fort Myers - Cape Coral area Lee County |
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09-09-2007, 02:49 PM
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Home prices in Estero
WE have noticed that the new home prices in Southwest Florida, estero, are a lot down from 2 years ago. Is this a good time to buy now or wait another few months?|
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09-12-2007, 04:21 PM
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Home prices in Estero
No one is going to ring a bell to let you know when property prices have bottomed. As the saying goes, a bird in the hand.....
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09-12-2007, 04:31 PM
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I would wait, things haven't finished shaking out down here. If I was a gazillionaire I would not buy a house in this state until 2009 at the earliest.
A lot of people who got Adjustable Rate Mortgages (ARM) are just now starting to see their rates reset. If they can't swing the payments then they will go into foreclosure. Florida has the second highest number of ARMs in the US after California. Given the lousy job market in FL, I doubt many of the people here with ARMs will be able to make their new payments. The foreclosure process in Florida takes about 120 days which takes it into next year. I think the first half of 2008 is going to be even uglier than it is now. Also, a lot of lenders are making hard to buy a house down here right now due to the risk of price declines.
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09-12-2007, 05:18 PM
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There are still new construction projects in the area that have to be completed. This is only going to add to the ridiculous inventory of new homes.
Wait. There is no need to rush into buying a home in Estero by any means. Many of these homes are all the same minus or add a few things & if one is sold today, there are 100 more of close to the same in the same area and same price range in SW FL. This area has one of the largest inventories in the country. Unless 50,000 people buy a home here in the next 6 months, prices will have to drop to lure buyers. Either that, or ghost towns will appear. It is just not the best time to buy here.
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09-12-2007, 05:27 PM
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Wait. Prices have a long way to fall. Remember, prices are always much slower to fall than they were to rise in a real estate bubble. It will take a while for momentum to really build. I agree with chilling out for another year or two.
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