Most people discover many things when they examine the current real estate in Fort Myers
. The first thing that is apparent is the significant decrease in home prices since the year 2006. The next thing is the large amount of Fort Myers foreclosures available. Lastly are the low mortgage interest rates that only further help buyers trying to purchase a home.
Home prices and foreclosure inventory – home prices continued to recede even after the suspected bottom hit. Home prices dropped approximately 35% below the highest home prices during 2006 and stillcurrent home prices are slow moving in rising to where previous home values were.
Opportunities offered by Fort Myers foreclosures – great opportunities in real estate investment remain abundantfor both the investors and individuals when a high foreclosure is paired with low home prices. High foreclosure inventories offer unlimited opportunities when one buys a property that is priced below the market value.
Recovery road – many experts have speculation about the real estate market nearly diving to the bottom. This suspicion is likely to happen if there is a continued and drastic decline of the unemployment rate. Also, foreclosure process that continues to speed up in most states contributes to it. The recovery of the real estate market depends on its state. If the real estate markets hits the bottom fast, then the real estate market recovery will begin to happen sooner. This would be the case in Fort Myers. SWFL was one of the worst hit and first, and are now becoming the first areas to show signs of recovery.
The Fort Myers foreclosures progress is affected by many factors. It can be affected by any factors from the incentives of the lenders to the investor’s confidence. Also, the rate of unemployment can affect the market progress. The real estate market confidence can be renewed by the help of low home prices and high foreclosure inventories. Also, decreasing rate of unemployment and lender incentives can help in the renewal of the real estate market confidence. Fort Myers economy is increasing and unemployment rates are decreasing, all key signs of a real estate market that is also recovering.