Home Prices Rise Slowly
A recent study by Standard & Poor’s and its research partners have determined that home prices across the nation are rising at a moderate rate. This is good news as real estate markets show recovery but have not returned to panic speculation.
This, coupled with strong consumer confidence suggests a good time to buy a home. According to economic indicators, consumer confidence rose in August 2016 to its highest level of the year. Lynn Franco, director of economic indicators at The Conference Board said “Consumers’ assessment of both current business and labor market conditions was considerably more favorable than last month. Short-term expectations regarding business and employment conditions, as well as personal income prospects, also improved, suggesting the possibility of a moderate pick-up in growth in the coming months.” The percentage of consumers who expect the economy to improve over the next 6 months rose while those expecting a decline decreased.
Home prices have increased in Florida over the last several years. However, prices have not gotten out of hand and homes are still affordable. In most areas, prices are still about 10 percent below peak. Low interest rates have helped first time buyers and encouraged refinancing of existing loans. In addition, FHA has expanded availability of low down payment mortgages.
Southwest Florida is still a bargain. Port Charlotte and Punta Gorda still provide exceptional value. There are many nice condos available in Port Charlotte for well below $100,000. At this writing, there are over 60 three bedroom, 2 bath homes available in the Port Charlotte / North Port area for under $150,000. Some are even priced below $100,000.
In Punta Gorda Isles, waterfront homes start are available at this writing pried under $300,000. The median asking price of a waterfront pool home in Punta Gorda Isles is $589,900 today. Compare this to anywhere else in Florida and you will see the incredible values.
Your Suncoasteam would be happy to send you a report of currently available properties. Don’t hesitate to call or email. Or you can do your own research at https://suncoasteam.com