Backyard News
Cape Coral
· Let’s look at what home sales look like dating back to 2018. Total home sales for this year, is a combination of existing homes and new construction finished at around 6,000. Now, coming off of an amazing year in 2021, that feels like a major slowdown. We sold roughly 7000 homes last year. That was significantly higher than 2022 and if you look back in time we haven't seen 6000 home sales in about 13years or so. Still a very good year.
· Coming off a point in time where we had 20% year-over-year home price appreciation. We're certainly not looking at that going forward, but we're also not looking at massive declines. No one is calling for 20%, 30% home price depreciation. The average home price in 2022 was $465k with an overall appreciated value of nearly 11%. I have read that our market is "projected" to still have a 4-5% increase in appreciation in 2023.
Fort Myers
· Similarly to what is happening in the Cape, Fort Myers and the surrounding areas are no different. Approximately 4k home sales for 2022 a 16% drop from the high of 2021. The nearly 4K homes sold is the highest number of sales ever reported in FM. In making projections for next year, it's based on a lot of different things. Right now we're in a place where inflation is high, mortgage rates are high, we're still seeing buyer demand, but it's not as high as it was. We have a little more inventory on the market, but it is not overwhelming. We're seeing new constructions slowing a bit. So, projections for next year are clearly lower. I think as we start to see that nod towards the Fed getting inflation under control, mortgage rates may potentially come down and in that moment in time as we start to see that; I anticipate that home sales, will start to tick up throughout next year. It's really not a matter of IF, it's more about WHEN will we start to see that activity really kick back in.
· Again, Flat or neutral home price appreciation and as we all know this is all about supply and demand. The more buyers we have in the market, the more home prices will rise. That balance of more buyers than homes available, will put upward pressure on home prices. The average home price in 2022 is $535k w/an appreciation value of 11%
FEMA 50% Rule Explained:
Carried over from last month because this important:
This is a critical video for any Realtor/Homeowner in SWFL for understanding the 50% Rule for areas that are located in a FEMA flood zone.
Wyatt Daltry, the Planning Coordinator for the City of Cape Coral, goes through what the FEMA 50% rule requires and how it can affect you.
The FEMA 50% rule will shock a lot of homeowners in SWFL that had flood damage. However, the homes that will be hit hardest by this rule will be older houses that are not currently up to code.
We recorded this Facebook live, so we took some questions as well.
Click the image below to watch the FULL VIDEO
Wyatt gives his contact information at the end of the video in case you wanted to email him your questions.
We also have available constructions loans and renovation loans that may be an option as well.
Here is the YouTube link for the video, or you can click the button below!
Thanks for watching!
Timothy Hart
Branch Manager NMLS # 354678
8280 College Parkway Suite 101Fort Myers, FL 33919
Roof Age Without Permit
Realtor Question:
I’m working with a buyer that is considering buying a home in NW Cape that the owner says the roof is NEW but there are no permits showing on LEEPA for a new roof. Looking at the roof it appears to be new but my question is if the owner did not get a permit can the buyer still get insurance based on a new roof by getting a wind mitigation?
Answer:
Get a 4 point inspection by a licensed home inspector and have the inspector indicate the estimated AGE of roof,
NOT years life left
