Buyers who have been waiting on the sidelines for home or condo purchases in SW Florida should wait no longer. The median price of all single family homes in Cape Coral sold during the month of January 2012 rose 33% since January 2011 from $89,525 to $119,000 in January 2012. Condo values appear to have bottomed out and are showing signs of pressure towards higher prices. The unprecedented value at which homes and condos could be purchased for is slowing but surely slipping away as we lean towards a more normal market.
In addition, due in part to low prices and historically low interest rates, home affordability conditions have reached their highest level since record keeping began in 1970. Rarely do we see low prices and low rates at the same time. Buyers over the past 2 years have been able to solidify their financial futures in these tough economic times by purchasing a home at 1/2 it’s “true” value, while financing it at severely depressed rates saving them even more money monthly, and over the term of their mortgage.
Unfortunately qualifying for a home loan is more difficult today than it has been at almost anytime in the past, with the exception of when you were required to have a 20% down payment. Today it is so important to keep your credit clean, and to be able to document all income either through W2 and or pay stubs if employed or with copies of your tax return, 2 years please!, if self employed.
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We will always be available for personal service by phone or email, so feel free to contact us with questions any time! My offices are located on 2326 Del Prado Blvd. S., Cape Coral, FL 33990. You can reach me at 239-425-2503 or email me at Bob.Ashworth@gmail.com and you can visit my website at www.BobAshworth.com.
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