Experts say that many states in America are starting to show signs of recovery. To determine if the real estate market is indeed recovering, real estate experts are using several indicators like records of pending home sales, improved economy, increase residential and business construction projects and high record of new and existing home sales.
Floridarealtors.org, recently reported that Southwest Florida real estate market is starting to have life once again. As a matter of fact, Lesley Deutch, vice president at John Burns Real Estate Consulting, even quoted the Sunshine State’s real estate market is on fire. According to the report of Floridarealtors.org, Deutch recently traveled the state and visited more than twenty communities. Deutch observed that home prices have somehow increased. In communities like Orlando and Naples, new home prices have increased from 1 to 2 percent every month. This year, Deutch is positive that that price will increase by ten percent in many Florida markets.
Deutch reported a 20 to 25 percent increase of potential buyers interested in active adult living. This figure is released by builders in Southwest Florida. The real estate expert noted a boost in customer traffic in second- and third-tier markets. New single and multi-family homes, condos and communities are increasing. The assortment of styles can range from Mediterranean to Old Southwest Florida. Foreign buyers are also increasing especially in the Southwest region. For example Cape Coral properties are very attractive for foreigners who like to explore the great canals. Cape Coral
is the largest city between Tampa and Miami. It is also known for its navigational waterways, which are very attractive to locals and visitors.
Another important observation that Deutch made is that banks are slowly releasing foreclosures, even if the foreclosure process in the Sunshine State takes longer than other areas in the United States. It is a judicial state, the foreclosure process can take up to several months. Still, investors also continue to purchase new foreclosure properties.