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

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March 2018 Market Updates

Want To Buy A Home In SWFL While Still Living In Your Current Home?
Why wait
Do you want to buy a vacation home in SWFL, or do you want to buy your permanent home but need to sell your current home beforehand in order to qualify for a loan? Our preferred mortgage broker may have a loan program to overcome these obstacles. Let us know your situation and we'll contact our mortgage broker to see if he can help.
Highlights and Qualification:
* If you are asset strong but on a fixed income, you can leverage your retirement savings with minimum monthly withdrawal to qualify for the home you thought you had to pay cash for (or that you thought you wouldn't qualify for until your current home sold)
* Purchase now and take advantage of the Florida market without waiting to sell your primary home, and before interest rates increase further 
* Purchase your dream Vacation Home or future Primary Home now and reduce the retirement tax liability by putting the minimum down
* If planning to sell your home you won't be forced to sell at a bad time of year, or feel pressured to sell at a lower price than your home is worth
* 30 and 15 year fixed rates available. No prepayment penalty at any time
* Our preferred lender will waive all fees in relation to the mortgage. No processing, broker, underwriting or origination fees, and as a client of ours the lender will even waive your appraisal fee. You are only responsible for standard title and state fees
Florida Property Taxes Are Average in Comparison to Other States
 Florida Property Taxes Are Average in Comparison to Other States
According to WalletHub’s 2018 Property Taxes by State Report, the average American household spends $2,197 on real estate property taxes, plus the residents of 27 states pay an average of $436 for vehicle property taxes.
The Sunshine State has no state income tax or vehicle property taxes. Florida ranks 27 out of 50 states and the District of Columbia for property taxes, with an average property tax of $1,885. Considering no state income tax or vehicle tax, Florida’s overall taxes are on the very low end Sue: Low taxes, along with warm, sunny days and relatively affordable waterfront housing. Sounds like a pretty nice living combination
Pickleball in Cape Coral
Pickleball is reportedly the fastest growing sport, not only in the U.S. but worldwide as well. With the number of Baby Boomers moving to the Cape Coral/Ft Myers area, it’s not surprising that this sport is played by so many here. Similar to outdoor ping pong, pickleball's popularity is fueled by seniors who enjoy that it's a low-impact sport and easy to learn. It certainly is gaining in popularity by leaps and bounds in Cape Coral. Tom, who plays tennis two or three times a week, says there are now more pickleball players on the courts than tennis players. There is some discussion of a pickleball complex coming to the Cape in the near future, and it will certainly have no shortage of players. We’ll keep you posted when we hear further. As of this writing, within the Cape Coral Parks and Recreation system, there are pickleball courts located at Camelot Park, Joe Stonis Park, and an air-conditioned court at Four Freedoms Park! Some of the gated communities in the city such as Sandoval and Cape Royal offer pickleball courts to their residents. The Wellness Center at Cape Coral Hospital also offers pickleball, and you can even receive instruction from one of their staff members. Membership is required at The Wellness Center, but you can purchase one-day or one-week passes if you want to try out this fun, happening sport.      
  Sounds of Jazz & Blues Event
The Cape Coral Sounds Of Jazz & Blues concert is just around the corner. March 24th is a night we’re looking forward to as it’s sure to be a beautiful evening of cool music, warm breezes and with a little luck a showy sunset. Once the sun goes down, what could be better than good jazz under the stars? And you can’t beat the venue; right along the Caloosahatchee River at the beautiful Tarpon Point Marina. Boats bobbing off-shore, filled with jazz enthusiasts add to the ambiance. This year’s headliner is singer-songwriter, guitarist Jonathan Butler, preceded by opening acts Ella Jet & Future Soul and Betty Fox Band. The gates open at 5:00 and you can save a little money by buying your tickets in advance. For further details and ticket info click here. This event is truly one of Cape Coral's finest, most enjoyable happenings of the year. If you attend once, you’ll never want to miss another Sounds Of Jazz & Blues.
Facts & Stats
2017 U.S. Home Prices Jump at Fastest Pace in 3 1/2 Years: CoreLogic national home price index shows a 6.3% price increase in 2017. This was the highest twelve-month price jump since June 2014, and potential home buyers fought over a limited number of available properties. The number of homes for sale in January was the lowest on record for a January.   
U.S. Housing Costs Projected to Rise 15% This Year: CoreLogic predicts that mortgage rates will increase by about 0.85 percentage points in 2018, and the median sales price of a home in the U.S. is projected to increase by 2.6%. Based on those two factors, CoreLogic researchers predict that the typical mortgage payment will increase by approximately 15%. Tom: the interest rate increase seems to be in line with other economist's projections, but I'm confident that home prices in Cape Coral/Ft Myers will increase by more than 2.6%. This will mean a higher than 15% increase in home ownership expense in a year for SWFL buyers using a loan
44% of Retirees Still Have a Mortgage: Baby boomers are carrying mortgage debt into retirement more than previous generations, according to a survey by Fannie Mae. 32% of Boomers predict it will still take them more than eight years to pay off their mortgage. 64% of 60 to 70 year-olds plan to remain in their current home during their retirement years.
Average U.S. Home Prices Reach New Peak: The average U.S. home price is now 1% higher than it was at the peak in 2006, and the average year-over-year home equity gain was $14,888 in the third quarter of 2017. Tom: During the Great Recession of mid-2000's no one agreed with me that home prices would once again reach the previous peak prices - they always have. Maybe having experienced five real estate cycles has given me a better perspective. SW Florida home prices are still about 24% below the peak prices of early 2006, and I believe our local market will stay strong until we at least reach those home prices of the last peak. 

February 2018
SW Florida Real Estate Once Again Showing Strong Signals - 12 Reasons SWFL Real Estate Will Stay Strong - Be Wary Of The Builder You Choose

January 2018
Cape Coral/SWFL Recap & 2018 Projections - Will Tax Reform Affect SWFL Real Estate? - Cape Coral Rated #1 Boomtown In U.S.

December 2017
Why Aren't Homeowners Becoming Sellers? - Profile Of International Buyers In Florida - Local Home Market Synopsis

November 2017
Interesting Florida/Cape Coral Population Stats - Despite Irma, Local Unemployment Rate Drops to 3.5% - Bubble? Nowhere in Sight for U.S. Housing Market

October 2017
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%

September 2017
Cape Coral Dodged A Bullet - Some Lenders Will Stop Requiring Traditional Appraisals - Homeowners Only Break Even By Selling Their Home Without A Realtor

August 2017
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

July 2017
Be Very Careful When Selecting A Local Builder - Cape Home Inventory Drops To Three Months - Zero Down Loans Make A Comeback 

June 2017
Home Sales Still Strong For Low & Mid-Priced Homes - Cape Coral Named One of the Best U.S. Cities for Boaters - Homeowners Sue Zillow Over Low Home Value Estimate

May 2017
Cape New Construction Permits Spike - Rise In Cape Coral Million Dollar Home Sales - Increased Importance Of Third Car Garage

April 2017
Cape Home Prices Rise by 18% / Inventory Drops Below 4 Months - Cape Coral Already Making Top U.S. Lists in 2017 - Rising Home Prices & Increase in Interest Rates Will Make Home Buying More Costly in a Year

March 2017
Forbes Names Cape Coral #1 For Potential Growth . . . Again - Lee County Crime Rate Drops in 2016 - Royal Tee Golf Club to Re-Open


Tom Demogenes | 239-357-3312 | Contact Us 
4100 SW 27th Pl - Cape Coral, FL 33914
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2326 Del Prado Blvd. S., Cape Coral, FL 33990

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