While housing certainly is in a slump in some parts of the U.S…..it certainly is not the case here in Lee county. What are the factors causing this to be the case? Read more…….
Here are some of the factors that I see keeping our housing market going with a good head of stream:
1] New Construction. There have been more permits pulled for single family homes so far in 2015…..than in the last 7 years. Builders are once again breaking ground in a variety of price ranges. both big box stores like Home Depot and Lowe’s both are enjoying a boost in store sales as well.
2] Jobs. Everyone that wants a job seems to be able to find one these days. Obviously with new construction on the rise, there is a strong need for both skilled as well as unskilled labor. Some of the big commercial projects like the new Sam’s Club…the new Lee Memorial clinic on Veterans Pkwy…the Culvers national restaurant chain…all are hiring in Cape Coral at a record pace.
3] Lower fuel prices. While gas prices are a bit higher than they were in May, we are still well below the prices we saw a year or 2 ago. The word “Road Trip” is now being used again, with more families taking driving vacations than we have seen in years. That also means more spending at restaurants, attractions, and entertainment.
4] Easier to get mortgages. Lenders are easing up some of the tight credit restrictions we saw from 2007 – 2013. No we are not going back to the blind, crippled, and crazy scenario of a few years ago when anyone could obtain a mortgage, but a home loan is definitely easier to obtain and still at very attractive interest rates.
5] Relocations. With back to back severe winters up north, our area is seeing more and more out of state license plates during our typical summer off season, than ever before. Our snowbird season usually ends in April, but there is a large segment of them, that seem to have remained, and are buying homes. This is good news for our entire state. Population growth in our SW Florida, is always a good indicator of how people perceive our area.
As a long time local Realtor, I don’t need to read about these positive trends….I witness it every day. In review of my closed transactions for 2015, over 70% of the buyers were from out of the area. Most of my sellers were either downsizing due to their age, or moving up [selling their smaller homes for a larger one]……with most staying right here in Lee County. There still remains a lot of cash buyers in the market as well, however with low inventory levels at this time….I have to counsel picky buyers about the reality of limited resale homes on the market. Lets hope more folks discover our area, and new construction continues!