Tom Demogenes
Tom and Sue Demogenes
Luxury Waterfront Team
Cape Coral, FL 33914

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December 2017 Market Updates

Why Aren't Homeowners Becoming Sellers?
According to the Modern Homebuyer Survey, of the homeowners considering selling their home to upgrade or downsize, it was determined:
* 72% were concerned with timing the real estate market
* 63% say now is a good time to sell, but not to buy, due to high home prices
* 61% are "waiting until prices are better to buy". Tom: they may be waiting a long time, and interest rates also aren't likely to drop in the future
* 57% say it's likely they'll move from their current home within the next 3 years
* 26% don't want to go through the hassle and expense of home buying
* 18% are unwilling to give up their current low mortgage payment. Tom: All these reasons contribute to the low housing inventory across the U.S.
Profile of International Buyers in Florida
The 2017 Profile of International Residential Real Estate Activity in Florida covers the 12-month period of August 2016 through July 2017. The survey highlights:
* Foreign transaction accounted for 21% of Florida's residential dollar volume of sales
* Cape Coral/Ft Myers was the 4th most popular Florida metropolitan area for foreign home buyers
* The median price paid by foreign buyers was 18% higher than the median price paid by Florida buyers
* Latin American and Caribbean buyers accounted for the largest portion of Florida foreign buyers (34%)
* Canadian buyers increased to 22% in 2017 from 19% in 2016
* 72% of foreign buyers made an all-cash purchase
* 56% of Realtors expect foreign retirees to be potential buyers. Many will be waterfront buyers
Edison-Ford Holiday Nights
If you've never strolled through the Edison-Ford Winter Estates when they're decorated for Christmas, carve out some time this holiday season and pick a night to see what you've been missing. Opening ceremonies were November 24th, but you have until December 31st to visit the estates while they're decorated with thousands of lights and traditional Christmas decorations. This year marks the 42nd anniversary of this beautiful celebration with a special theme "A Star Spangled Holiday", highlighted with red, white and blue decorations.
The Waltzing Waters light/fountain show is back this year and adds a truly magical touch to an evening at the estates. And since we're in Southwest Florida, the weather will most likely be perfect with no need to bundle up like we'd have to for similar holiday happenings up North!
For further details about this Southwest Florida holiday tradition, click here.
November Local Home Market Synopsis
* Average Cape Home Prices in Nov Increased Year-over-Year from $255 K to $274 K (+ 7.4%)
* Inventory Is at More Balanced 5 Months of Supply....but that will drop as we hit Season
* Cape Home Construction Permits Keep Rising: 188 for November vs 112 for Nov 2016
* Snowbirds Are Here Earlier Than Usual, and Waterfront Buying Season will Begin
* North Ft Myers Home Prices Have Caught up to Cape Coral ($277 K vs $274 K)
* Our 2017 Year-End Market Report Will Come Out in mid-January, as well as our "Timing The 2018 SWFL Real Estate Market Report".
It's Almost Holiday Boat-A-Long Time Again
SUE: Without a doubt, Cape Coral's Holiday Boat-A-Long is our favorite event in the City each year. Also known as the "Boat Parade", it's a chance to view or participate in an unforgettable night. Beginning at 4:00 p.m. boats beautifully decked out with twinkling lights, holiday inflatables, animated figures and whatever else their creative owners dream up, gather in the Bimini Basin at Four Freedoms Park. At 7 p.m. the parade starts, and families can enjoy food, drink, crafts and a visit from Santa.
The boats line up and parade through various canals in the south Cape. Some folks are lucky enough to live on the parade route, and many of them share their good fortune by hosting their own boat parade parties.
You'll definitely get into the holiday spirit as you watch the colorful, luminous vessels gliding through the shimmering, rippling water. Their reflections on the waterways is nothing short of amazing.This year's Boat-A-Long takes place on Saturday December 16th. Try to make time to see the parade. You won't be disappointed.
Facts & Stats
Lee County Unemployment Rate Drops Again:  Good news from the Florida Department of Economic Opportunity. The unemployment rate in Lee County fell to 3.3% this October (one of lowest unemployment rates in the U.S.), down from 3.6% in September. One year ago the rate was 4.7%. As Southwest Florida's snowbird season kicks into high gear, employers beef up staff at area restaurants, hotels, shops and attractions. Florida's unemployment rate was 3.6% in October.
Driverless Cars Will Reshape Housing: Rick Palacios Jr., director of John Burns Real Estate Consulting advises that over the next 10 - 20 years self-driving vehicles (AV's) will make their mark on the housing market and the economy. Palacios says that distant suburbs may grow in demand as AV's ease commutes. Older adults may also be more likely to stay put in their homes longer after losing their driving skills. That means an increase in home repairs and remodeling, as seniors opt to remodel their homes and age in place. Mortgage Rates Will Hit 5 percent by the end of 2018:  TOM: We have been hearing this prediction for several years, but with an improved economy and a low unemployment rate this may finally be the year that it comes true.

Tom Demogenes | 239-357-3312 | Contact Us 
4100 SW 27th Pl - Cape Coral, FL 33914
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