Low & Mid-Priced Home Sales Very Strong in Cape Coral
June home sales continued the strong trend, especially in the low to mid-price range. As is customary when we reach the summer months higher-end home sales decrease. Cape Coral’s home values jumped in June to $295,000 from $278,000 last June, a 6% increase. June marked the 88th time out of the last 90 months that year-over-year same month prices have increased...quite an impressive run.
Cape Coral/Ft Myers home inventory is still very low at 3.6 months. List-to-Sales Price remains at 97%. Overall, a strong, healthy market without the over-exuberance which is occuring in some parts of the country.
Improved Hurricane Predictions For 2018 Hurricane Season
Positive news from top hurricane forecasters: The 2018 Atlantic hurricane season should be quieter than normal, according to experts at Colorado State University. The forecasters are now predicting 10 tropical storms, of which four will become hurricanes. That is a sharp decrease from their forecast in April when they said seven hurricanes would form.
The probability of a direct hit on the U.S. coast from a major hurricane (Cat 3 or higher) is also down significantly - from 63% projected in April to 39% in the latest report. If the forecast comes to fruition, 2018 will be a welcome relief after the 2017 season, which saw major hurricanes like Hurricane Harvey, Irma and Maria.
Baby Boomers Top Retirement Concerns
According to a survey by the NHP Foundation, the following are serious concerns by the 78 million baby boomers, of which 10,000 are retiring each day:
· 36% Concerned about the ability to afford quality healthcare
· 28% are worried about dependency on their children
· 22% fear being forced to choose a living situation inferior to their preference
· 85% would prefer to stay in their current home but may need more affordable housing
· 31% say they have not prepared a retirement budget, and most have not allocated for unforeseen health-related expenses
Tom: one reason this report was so relevant to us is that a majority of our waterfront buyers are baby boomers. The fact that so many boomers nearing retirement have not even considered a retirement budget was rather surprising to me.
New $25K Florida Homestead Property-Tax Break on Nov. 6 Ballot
Amendment 1, on the ballot this November will create another $25,000 property-tax-homestead exemption on taxable value over $100,000. This is in addition to the current $25,000 Florida Homestead deduction ($50,000 for married couples). Although this tax break for Florida residents is expected to easily pass, local officials are warning they will need to hike tax rates and slash services to make up for the lost revenue.
The initiative is expected to save the owner of the average Florida home about $243, but the $587 million loss of property taxes may not be worth the trade-off. Sue: As homeowners, we of course would welcome a $243 yearly tax savings. But if it means a reduction in important services or parklands, we will likely vote nay.
Want More Fish & Cleaner Water at Your Dock? – ‘Mini Reefs' Arrive
A remedy for SWFL waters may have arrived via an artificial reef developed by Ocean Habitats Inc, a non-profit organization. Dave Wolff created the “Mini Reef” to improve water quality and marine life across the state. A Mini Reef installed out of sight under a dock can grow more than 300 fish per year, grow more than 200 crabs per year and clean more than 30,000 gallons of water per day.
The Mini Reef is only $250 installed (tax-deductible). The larger Mini Reef Plus is $450 and grows more than 600 fish per year, more than 2,400 crabs per year and cleans more than 50,000 gallons of water a day. Tom: I had a lengthy conversation with Mr. Wolff prior to purchasing one for our home and submitting this info to our clients. Dave told me that he has received tremendously positive feedback, including from people who have started to quickly see types of fish that they haven’t seen for decades. Here is the website: www.oceanhabitatsinc.com
We Sell More Than Cape Coral Waterfront Homes
Because of the name of our website (CapeWaterfrontLiving.com) many people mistakenly believe that we only sell waterfront homes in the Cape. Although our primary sales focus is on waterfront homes, condos and land in Cape Coral, Sue, Lisa, and I also sell homes & condos in most of SWFL. In the past few months, we sold a waterfront condo at Bonita Beach, a sailboat access home at Ft Myers Beach and two off-water homes in Ft Myers…in addition to our many Cape waterfront property sales.
If you are considering purchasing or selling a property that you think might be out of our comfort zone, run your situation by us. If we feel we can't represent you at the highest level will recommend someone who will serve you well in that area. We wouldn’t attempt to sell or list a property in an area in which we couldn’t professionally represent you. Our reputation is too valuable.
Facts & Stats
Americans would give up Voting Rights for a Home: A recent survey by Atomic Research reveals that: 22% of non-homeowners would give up their right to vote in exchange for a 10% down payment that did not have to be paid back. For that same down payment, 14% of men and 9% of women would give up their driver’s license.
The survey also found that 44% would be willing to give up their dream car, and 38% would give up a vacation for the next five years in order to own a home. 58% of respondents said they would prefer to date or marry someone who already owns a home.
U.S. Home Prices Reach Record High: The National Realtors Association reported that in May that average home prices hit $264,800, a record high and 4.9% higher than a year ago. Distressed sales (foreclosures and short sales) are now only 3% of the market, down from 5% a year ago. All-cash sales represent 21% of home sales. New Home Sales Surged in May. Tom: baby boomers buy almost 50% of their SWFL waterfront homes via all-cash, and due to low inventory many are opting to build new homes.
Driverless Cars Will Have Big Real Estate Impact: The era of autonomous cars is coming quickly, and could have a bigger impact than simply increasing demand for homes farther from the city limits. These vehicles, which will come when called, could usher in greater car sharing among families, friends, and neighbors. The car could take Dad to work, drive home to take kids to school, then take Mom to work. Ridesharing could become a normal option for homeowners.
Autonomous cars would mean fewer cars needed by families, which could mean fewer garage spaces required. Two-car garages could become one-car garages. This unused garage space can be converted to offices, dens, workout space or other usable living space. New homes will likely be built with less garage space.
Does Carrying a Credit-Card Balance Help Your Credit Score?: NO!! A report by CreditCards.com found that 43 million people (22% of cardholders) wrongly believe that carrying a balance on their credit cards will help improve their credit scores. 28% of Millennials and 25% of Gen-Xers were the groups with the highest misconception. To further increase credit scores it is also recommended that we don't use more than 30 - 40% of the available credit amount each month. If you have unusually high expenses in a month it is wise to pay off all or some of the credit card balance prior to reaching 30 - 40% of available credit.
Cape Coral/Ft Myers 2nd “Best Place People are Moving to in 2018” - Cape Home Prices Rise $22K Over May 2017 – Ft Myers/FtMyers Beach Up $40K & Construction Costs Rising - Florida Ranks No.1 as “Best State for Military Retirees”
Cape Coral Real Estate Bounces Back from Weak 1st Quarter - Tax Reform Already Boosting Demand for Florida Real Estate - Keep Interest Rates in Perspective
Home Prices And Sales Numbers - Florida's Stringent Building Codes Thwarted Hurricane Damage - Foreign Buyers Still Loving The Sunshine State
Want To Buy A Home In SWFL While Still Living In Your Current Home? - Florida Property Taxes Are Average In Comparison To Other States - Pickleball In Cape Coral
SW Florida Real Estate Once Again Showing Strong Signals - 12 Reasons SWFL Real Estate Will Stay Strong - Be Wary Of The Builder You Choose
Cape Coral/SWFL Recap & 2018 Projections - Will Tax Reform Affect SWFL Real Estate? - Cape Coral Rated #1 Boomtown In U.S.
Why Aren't Homeowners Becoming Sellers? - Profile Of International Buyers In Florida - Local Home Market Synopsis
Interesting Florida/Cape Coral Population Stats - Despite Irma, Local Unemployment Rate Drops to 3.5% - Bubble? Nowhere in Sight for U.S. Housing Market
Irma Slows Down Sales But Not Prices - Nor-Tech Hi-Performance Boats To Locate World Headquarters In Cape Coral - Homesteaded Properties Will See Assessed Values Increase by 2.1%
Cape Coral Dodged A Bullet - Some Lenders Will Stop Requiring Traditional Appraisals - Homeowners Only Break Even By Selling Their Home Without A Realtor
Can't Find the Perfect Model Home to Build? - We Have Solutions - Investors Focusing on Build-to-Rent Homes - Cape Coral in Top 100 Cities For First-Time Homebuyers