Slow and Steady echo the pros–whether it’s a new year resolution for weight loss or 2018 market predictions–that’s what the crystal ball says according to seasoned real estate analysts.
Specifically, slow and steady means a moderate increase in housing inventory. Inventory has an impact on how and when folks decide to buy a new home and sell their current home. If the national housing inventory is decent, how does a consumer select a new home if the inventory isn’t flush with a variety from which to choose? And conversely, how does one decide when to sell his/her primary home?
On a local level, top producer Steve Schoepfer of Downing-Frye weighs in. “Slow and steady growth provides a solid foundation for our local real estate market. It creates a level playing field, neither a buyer’s nor seller’s market. The knowledge that many baby boomers are choosing this area means a safe investment opportunity with some nice upside for appreciation.”
One of the attractive aspects about buying a home in Southwest Florida is the wide variety of simple to luxury-style homes offered in Collier and Lee counties. You can downsize to a smaller home under $300,000 or enjoy a luxurious spread where the sky’s the limit. You can live near the water or inland, which naturally will affect the price of your home. The closer you are to the Gulf of Mexico, the more value your home will retain.
Economically, federal interest rates affect whether we sell or buy a first or second home – in any area of the country. While industry experts expect a rate increase from the current 3.9 percent average, they do not expect the rate to reach 5 percent.
So, if you resolve to save money while securing a desirable residence, buying in Southwest Florida is looking like a good investment for 2018.