As the weather warms up in Southwest Florida, so does the housing market.
Many vacationers and “snowbirds” make final decisions to buy their dream home during the spring before they head up north. Those that live here full-time understand season is coming to an end, which typically means less listings and real estate activity during our slower summer months. But this provides an ideal opportunity for you – the smart homebuyer – to do a little digging and stay updated of the housing trends.
Whether you’re buying or selling, there are a few trends for which you need to be watchful, but we've chosen three from the nine trends picked by The Fiscal Times that we think are a top priority now:
1. It’s Still a Seller’s Market
"Total housing inventory at the end of February increased 1.6 percent to 1.89 million existing homes for sales, but that’s still 0.5 percent less than a year ago. Unsold inventory is at a 4.6-month supply, giving sellers a slight advantage in today’s market." The Fiscal Times, 9 Real Estate Trends to Watch in 2015.
In Miromar Lakes Beach & Golf Club, London Bay Homes reports a trend in homebuyers choosing to sell their condos to move into a new luxury single-family home in the Portofino neighborhood. Portofino is a waterfront enclave surrounded by 700 acres of contiguous freshwater lakes, and, most importantly, offers maintenance-free living.
These homebuyers want to enjoy the best of both words – a carefree lifestyle, as well as the added space to entertain guests and enjoy outdoor living. Four homes sold in 45 days totaling more than $6.1 million. The floor plans they chose include the Emilia, Benita, and Adalia.
2. Buyers Want Turnkey Properties
"Even with tight inventory, buyers are looking for properties that are move-in ready and won’t require much more than a coat of paint."
'Buyers don’t want to assume any risk with properties that need work, particularly first-time buyers with limited cash resources,' says Budge Huskey, chief executive officer at Coldwell Banker Real Estate." The Fiscal Times, 9 Real Estate Trends to Watch in 2015.
London Bay Homes offers a wide array of move-in ready homes in many of Southwest Florida’s most prestigious communities. With interior design, furnishings and selections completed by Romanza Interior Design, you won’t have a thing to worry about when moving into your new home.
3. In Most Places It’s Much Cheaper to Buy Than to Rent
"Soaring rents in recent years have made buying a home much more affordable for those who want to stay put than renting one. Nationally, U.S. renters spend an average of 30 percent of their income on rent, versus just 15 percent of income on mortgage payments, according to Zillow." The Fiscal Times, 9 Real Estate Trends to Watch in 2015.
The Naples and Sarasota markets are no different. If you’ve been vacationing or renting in Southwest Florida for years and are ready to buy a luxury custom home, London Bay Homes can make the process of moving from a renter to a buyer pleasurable.