SWFL real estate agents say the housing market is stabilizing
Snowbirds are heading home and that could have a positive impact on the housing market.
Some of those seasonal residents are going home for the first time since the pandemic started.
Real estate agents say the market is starting to stabilize.
RELATED: SWFL real estate market showing signs of cooling
We can’t miss the signs, traffic is better and we can get a seat in a restaurant. Most snowbirds have gone home for the first time in a while.
A lot of them bought homes when they decided to wait out the pandemic. So did the thousands of people who moved to Southwest Florida over the last couple of years.
For sale signs are hard to find, but sold signs are much easier. For months people have been buying anything they can find.
You can blame the pandemic for some of that buying. That’s why the median price of a home in Lee County is now $499,000. In Collier County, that numbers $850,000.
The question now is how long will this real estate surge last.
“There are certainly signs of stabilization, for sure,” said Jenny Moorhead, owner of Cornerstone Coastal Properties.
Moorhead said demand is down, but not really. “And by that, I mean, there’s not 10 or 15 offers, there might be three or four that you’re competing with,” said Moorhead.
Houses are still selling and selling fast.
WINK News asked Rick Haas with Marzucco Real Estate about the prices of homes.
“Price is starting to reduce; the only bad thing is rates are starting to go up. So, I tell buyers, now’s the time to buy and refinance in a couple of years,” said Haas.
Haas believes that’s a better way to go, rather than renting and waiting for interest rates to come down.
As for housing inventory, expect it to remain tight for a while.
“People are leaving some of the higher tax states are coming to Florida, where you’ve got great lifestyle, you’ve got great restaurants, you’ve got low taxes. And in an economy where inflation is a bother, you’re definitely not going to be moving from states where it costs more to live,” said Moorhead.
The average rent in Lee County is more than $1,600 a month. TIn Collier County it is $2,000 a month.
That’s why experts say if you can afford to buy, and you find something you like, buy now.