Cape Coral Real Estate and Community News

Jan. 3, 2023

January 2023 Market Update; 2022 In Review

Lee County Market Update

January 2023 - Review of 2022

 

Click here to watch Mike's Lee County Market Update, a review of what happened in the real estate market in 2022! 

Hi, this is Mike Darda with Darda Group and Compass Florida. Thank you for checking out our market update for January 2023 as we review 2022's real estate market.

Homes Sold in 2022

First, let’s review the number of homes sold in 2022 for Fort Myers and Cape Coral. In January 2022, there were 1,200 home sales, which increased by an average of 14% each month from January to April. In April of 2022, there were 1,741 homes sold. In November and December of 2022, the number of homes sold was averaging at 840 homes. Overall, there were 14,770 homes sold in Fort Myers and Cape Coral. 

The next set of data we are going to review is the sale prices of the homes sold in 2022. The average sale price of homes in Fort Myers and Cape Coral was $381,000. Now this number stayed consistent throughout the entire year, with the highest month being June at an average sale price of $408,000.

Absorption Rate in 2022

Now, let’s take a look at the absorption rate over 2022. If you recall, absorption rate is the number of months it would take for all the homes currently listed to be sold. At the beginning of 2022, the absorption rate was roughly three to four weeks. What this means is that there were more homes selling than were being listed on the market, and when they would be listed, they sold very quickly. As the year went on, the absorption rate began to increase and we closed out 2022 with a 4 month absorption rate.

Interest Rate in 2022

Let’s move onto interest rates. This has been a major topic of discussion throughout 2022. Before we dive into the interest rates of 2022, we have to understand what made this such a remarkable year for home buyers. 

In the middle 2020, the real estate market had begun to face an unprecedented shift in the number of sales. There were more homes sold at such a fast rate and at peak sale prices than ever seen before. That is because interest rates had begun to decrease at such astounding rates, and people were taking advantage of the market. This trend continued well into 2021, where home sale prices were still rising and interest rates were at all time lows. This caused a massive migration across the United States as people were starting to work from home more often, making it easier for them to choose the city they wanted to live in. According to the US Census, the Florida population increased by over 1.5 million people between July 1, 2021 and July 1, 2022. This was clearly shown here in Southwest Florida as new communities and developments were being built all over town. 

Now as we have moved into 2022, interest rates had begun to steadily increase, as we started off the year with a 3.22% interest rate on a 30 year loan. This sudden increase in interest rates forced buyers to pull themselves out of the market. This caused sellers to either panic and pull their homes off the market, or attempt to gain more traction with decreasing their listing price, a tactic we hadn't seen in the real estate market for over 18 months. As the year continued, interest rates had jumped to 4.16% by the middle of March. If you recall back to the number of homes sold in 2022, this is when there was a sudden decrease in the number of homes sold in Fort Myers and Cape Coral, a clear correlation between interest rates and homes sold. Throughout the next months of 2022, interest rates continued to rise, finally hitting 6.02% in the middle of September. The highest interest rate we saw in 2022 was 7.08% in the end of October through the beginning of November. We closed out the year with a slight decrease in rates, at 6.42%. 

Arguably, interest rate changes were the largest factor in the balancing of the real estate market in 2022. This resulted in a market where buyers were forced to be more selective with the homes they would afford. In an effort to sell their homes for the highest price, sellers then became more open to negotiations and potential contingencies of their sales.

 

What to Expect in 2023

Let’s now move into what we are expecting for 2023. In spite of interest rates and hurricane damage, initial signs are positive for the Southwest Florida real estate market

Here at the Darda Group, we have seen an uncharacteristically high volume of buyer inquiries over the last few weeks of December, which is normally a relatively quiet time of the year. Resulting in a record for December of 33 new pending homes here with the Darda Group. The bottom line is that it still gets cold up north and sunshine sells very well this time of year.  

 

As always, if you have any additional questions please feel free to respond to our email info@dardagroup.com or contact us here at the office at 239-542-2822. We are here to help!

Posted in Market Updates
Dec. 7, 2022

Lee County Market Update Post Hurricane Ian

Lee County Market Update

Post Hurricane Ian



Click here to watch Andrew's Lee County Market Update post Hurricane Ian! 

Hi, this is Andrew Darda with Darda Group and Compass FL. Thank you for checking out our market update on the impacts of Hurricane Ian

 

Overview

As we pick up the pieces from Hurricane Ian, it’s hard to believe its only been a few week. 

So many of our friends, families, and clients have reached out wondering; what is happening in the real estate market? What is the value of homes on the beach?

Well, we are here to say that there is a market for your home, no matter what condition your home may be in.  If you plan on rebuilding your home, we have trusted contractors who are ready to help.  If you plan on selling your home as is, we want to make sure you get the value you deserve.  What’s most important is that you have all the resources you may need as we continue to pick up the pieces after Hurricane Ian. Please call us with all of your needs.  Our team and clients have been impacted by this storm, so we know what you are going through. 

As always, if you have any additional questions please feel free to respond to our email info@dardagroup.com or contact us here at the office at 239-542-2822. We are here to help!

Posted in Market Updates
Dec. 7, 2022

Lee County Market Update December 2022

Lee County Market Update

December 2022

Click here to watch Mike's Lee County Market Update for the month of October! 

Hi, this is Mike Darda with Darda Group and Compass FL. Thank you for checking out our market update for the month of December 2022.

 

Local Statistics

If you go back just one year, you’ll see that 612 homes in Cape Coral were sold in November and 210 in Fort Myers, so our sales have reduced by 49%. 

One reasons we are seeing this is because Southwest Florida, is just now beginning to rebuild after Hurricane Ian. Homeowners are deciding whether to sell their home with hurricane damage, or to rebuild.  What this may begin to show us as we move towards the end of this year, is an increase in the number of offers buyers are having to write to purchase a home.  Sellers may be more likely to accept the first offer on their home to relieve themselves of the stress of rebuilding a home, or risk getting a lower sale price than what they were expecting. 

Another reason why we may be seeing the decrease in the number of home sales in November is because Southwest Florida’s season is beginning. Part-time homeowners are having to decide if they even want to come back to Southwest Florida during the clean up time of this Hurricane Ian.  Homeowners in this scenario may be holding off on making any real estate decision until the future becomes more clear in regard to the state of Southwest Florida.

 

Absorption Rate

The next thing to look at is our absorption rate. The absorption rate is a great indicator of where the market is currently. Right now, the absorption rate is averaging at 4-month supply of homes, meaning that if the sales volumes remained the same and no other homes came up for sale, it would take approximately 4 months before all of the homes on the market would completely sell out.  We have seen the absorption rate climbing in the past few months. When the absorption rate is averaging between zero and three month supply, it’s considered to be a seller’s market. When the absorption rates are between four and five months of supply, it is typically considered to be more of a neutral market. And of course, for inventories or months of supply that exceed six months, it’s typically what we call a buyer’s market. Right now, we are sitting at the beginning of a neutralizing market. This means that sellers are leveling out expectations of the market of their home, and buyers are beginning to have to negotiate more details of the sale, but overall having to write less offers per home.

 

Interest Rate

Let’s move onto interest rates.  Right now, interest rates are averaging around 6.29% for conventional loans, and 5.75% for FHA loans. If you look back just a few months ago, they were averaging at around 7%. So, rates are shifting down and this is a rare moment where rates are down during a past year where we have seen steadily increase overall.

 

As always, if you have any additional questions please feel free to respond to our email info@dardagroup.com or contact us here at the office at 239-542-2822. We are here to help!

Posted in Market Updates
Nov. 3, 2022

Lee County Market Update November 2022

Lee County Market Update

November 2022

Click here to watch Mike's Lee County Market Update for the month of September!

Hi, this is Mike Darda with Darda Group and Compass Realty. Thank you for checking out our market update for the month of November 2022. 

Local Statistics

Currently there are 1291 single-family properties in Cape Coral that are currently listed for sale in the multiple listing service. If you go back one year, we had 561 properties for sale, so year over year, our inventory is up by about 2.3 times. However, since Hurricane Ian, we've really started to see our inventory start to drop. We had 1436 homes on the market before the storm. So we’ve seen a drop of 10% in inventory in Cape Coral.

In Fort Myers, we currently have 313 single-family homes for sale. If you go back one year, we had 181 properties for sale, so that is almost double now. If we go back to before the storm, there were 376 properties on the market, so we’ve seen a drop of 16%.

The next thing to look at is our home sold report, and what this does is give you an idea of how many homes actually closed escrow and the seller successfully moved, so if you go back to the month of October, there were 204 properties in Cape Coral and 136 in Fort Myers that closed escrow. If you go back one year, there were 583 properties in Cape Coral and 226 in Fort Myers that closed escrow. Prior to the storm in September, we saw 409 properties in Cape Coral and 153 properties in Fort Myers close. So most of our drop was storm-related. Also prior to the storm, sales were off roughly 25% from a year ago.

Interest Rates

Now, what's happening is that interest rates are going up, which we'll talk about in a minute, and as the rates have gone up, it's having an impact on affordability, which is pushing the sales volume down. So if you guys are wondering what's happening in the market, largely it's a result of higher interest rates.

This brings me to the next topic: mortgage interest rates. If you haven't been paying attention, you might be kind of alarmed by the number I'm about to share, but currently the 30-year mortgage interest rate is averaging a little above seven percent nationally. So that is obviously a lot higher; it's more than double what it was a year ago at the same time, and so every one percent that the mortgage interest rate increases has an impact on the purchasing power of a buyer by up to 10 percent. And so now we see rates that are three and a half percent higher than they were a year ago, which really can technically translate into an impact of about 35 percent on the purchasing power for that same borrower, and so we're seeing this show up again and again in today's marketplace.

Hurricane Ian

The variable in our market is the impact of Hurricane Ian. Per Red Cross, Ian has destroyed or caused major damage to more than 12,000 Florida homes, and this number is expected to increase as residential assessments continue.

Per Forbes, home price appreciation typically bounces back better a year after a major hurricane for the affected areas than it did the year before.

It will be interesting to see if the same effect happens in our market, but initially we are starting to see lower inventory and pending sales returning to near-normal levels, which are an indication we may have the same effect here.

FHA & VA Loans

The last thing to talk about is a kind of interesting opportunity in the market. I don't know if, in 20 years, I've ever shared this because it's never been that big of an opportunity! But right now, if you have an FHA loan or a VA loan, one of the attractive elements of those two loan products is that those loans are assumable.

So what that means is that if you're selling your home right now and you find a buyer who wants to purchase it, if they're able to make the down payment to pay the difference between what the home is worth and what your loan amount is, if the buyer can make that down payment plus any of the fees associated with making the sale take place, if they can do that, you could allow a buyer to actually assume your existing FHA or VA loan.

Now, why is that attractive? Well, if you got that FHA or VA loan when the rates were at three and a half percent or four and a half percent or even you know, today at five and a half percent. That would be more attractive than today's interest rate of about seven and a half percent. 

So this is an opportunity if you have to sell a home and you have an FHA or VA loan. Make sure you talk to your real estate professional about how to present that information in a way to make your home more attractive in today's market.

So in any case, if you guys have any other questions regarding the market here in Lee County, just know we're always here to help.

Posted in Market Updates
Oct. 26, 2022

Hurricane Ian Update #3

Post-Hurricane Ian Update #3


Click here to check out Mike's post-hurricane Ian update! 

As of the morning of Tuesday, October 25th: 

Bridge Closures:

Last Wednesday, October 19th Governor Ron DeSantis announced that the Sanibel Causeway that was damaged in Hurricane Ian is now reopened with temporary repairs. The Florida Department of Transportation will continue to work on a permanent fix for the causeway. Power restoration, debris removal, and other recovery efforts will be much easier with the temporary causeway repairs, officials said. 

Power Outages:

For Fort Myers, FPL has reported that they have essentially restored all customers impacted by Hurricane Ian but there are about 300 FPL customers still without power. The LCEC website reports that in Cape Coral there are about 30 customers still without power. On Sanibel Island, there are about 8100 customers without power and Pine Island only has a couple without power.

Curfews:

Pine Island has joined the list for rescinding their curfews according to leegov.com. Captiva’s curfew is still in effect from 9PM - 6AM. Sanibel & Bonita Beaches curfew remains 7PM - 7AM.

Lee County Statistics:

In Cape Coral the inventory is now at 1306 homes for sale versus 1436 before the storm, a 9% drop which has been holding there for the last couple of weeks, showing signs of its levels off. 

In Fort Myers inventory is currently at 294 homes for sale versus 376 before the storm. This is a 22% drop which may be due to Fort Myers being less damaged.

Pending Sales are trending back up. In Cape Coral, the week of the storm we only had 4 homes go pending, the week after 44, last week 59, and today we have 90 pending versus 154 before the storm, a 41% drop, but it is trending back towards normal. 

In Fort Myers the week before the storm we had 43 pending versus this week we are at 50. So we are actually starting to see Fort Myers pendings exceed normal, partially explaining that drop of inventory.

According to the NewsPress, In Lee County, officials have so far deemed more than 5,000 homes destroyed and another nearly 13,000 with major damage. Federal emergency officials have helped more than 1,300 households relocate to hotels or motels and have installed more than 2,200 temporary roofs on damaged homes. 

If you have any questions on this post-hurricane Ian update please feel free to reach out. I'm Mike Darda with Darda Group and Compass FL. 239-542-2822 

Posted in Market Updates
Oct. 19, 2022

Post-Hurricane Ian Update #2

Post-Hurricane Ian Update #2

Click here to check out Mike's post-hurricane Ian update! 

As of the morning of Tuesday, October 18th: 

Bridge Closures:

Fox4 News reported Lee County Board of Commissioners want to strike an agreement with the Florida Department of Transportation to shuttle people to Sanibel and Captiva Islands. It includes providing parking for people on the other side of the bridge. The shuttle service is meant to minimize traffic on the Sanibel Causeway. As of right now the bridge is only open to emergency work trucks but Gov. Ron DeSantis said civilian access to the bridge would be opened by October 21st. Thank you to Leegov.com we know that the Matlacha bridge leading out to St. James City & Bokeelia reopened to the residents and utility workers on October 7th, but those who are out on the island may be stopped by local enforcement to provide proof of residency. According to NewsPress, the southern bridges of Fort Myers Beach have opened today but are limited to only essential personnel. Afterwards, except for Mondays and Tuesdays, residents and their hired contractors will be able to access the island from the south from 9 a.m. to 5 p.m.

Power Outages:

For Fort Myers, FPL has reported that they have essentially restored all customers impacted by Hurricane Ian but remain committed to helping those whose properties suffered extreme damage. The LCEC website reports that there are still a little more than 11,000 people without power.   

Curfews:

Pine Island and Captiva still have a curfew of 9PM - 6AM, Sanibel & Bonita Beaches curfew remains 7PM - 7AM. Cape Coral, Fort Myers and Bonita Springs have rescinded their county-wide curfew.

Boil Water Notice:

Thanks to Wink News, we know that the boil water notice for all of the Lee County area has been lifted. What great news!

Inventory:

Let's check out our stats now for the Lee County area. Inventory has dropped as damaged homes come off the market. Before the storm we had 376 single family homes for sale in Fort Myers and today we have 331. In Cape Coral, there were 1436 single family homes for sale before the storm and today we have 1289. That is a 12% drop in inventory in just 3 weeks. 

If you have any questions on this post-hurricane Ian update please feel free to reach out. I'm Mike Darda with Darda Group and Compass FL. 239-542-2822 

Posted in Market Updates
Oct. 12, 2022

Post Hurricane Ian Update

Post-Hurricane Ian Update

Click here to check out Mike's post-hurricane Ian update! 

As of the morning of Tuesday, October 11th:

Starting off with the Lee County bridge closures as stated by the NewsPress, last week the Matlacha bridge was repaired temporarily, allowing essential workers and residents to access the island. Florida awarded a contract for the Sanibel Causeway repairs and plans to reconnect the bridge by the end of October. So far, they have gotten over the first bridge and made their way to the first island, which is great news! Residents are now permitted on Fort Myers Beach, and transportation was available for those who may have required it over the weekend.

The next thing we are going to cover is power outages. According to LCEC this morning, there are a little over 8,000 people without power in Cape Coral and about 4,000 without power in North Fort Myers. For Fort Myers, FPL has reported that 99% of power has been restored. 

As for curfews, On the report of NewsPress Pine Island, and Captiva have a curfew of 9PM - 6AM, Sanibel has a curfew of 7PM - 7AM, Bonita Beach has a curfew of 7PM - 7AM. Fort Myers and Bonita Springs have rescinded their county-wide curfew. As of this morning Cape Coral has also rescinded their curfew according to capecoral.gov.

Once again, thanks to the NewsPress, we now know that the boil water notice for Cape Coral and Lehigh Acres has been lifted. For Fort Myers, the notice has been lifted for 99% of the county. The areas that are still affected at this time are the Town & River neighborhood at McGregor and Cypress Lake Drive, North Trail RV along Old Orange River Blvd., and all of Siesta Isles, which includes Siesta Drive, Cutlass Drive, Deep Passage Lane, and Old Pelican Drive.

So we are moving towards being back to our old community, one day at a time! 

The last thing we are going to talk about is the options our buyers have. Gulfside Lending, our preferred lender, offers 2 FHA insured products to help those affected by Hurricane Ian which are FHA 203(H) and FHA 203(K). FHA 203(H) offers 0% down and is specifically designed by those who are affected by the natural disaster. This product is for those that own or rent a primary home that was damaged or destroyed to the point where it requires reconstruction or full replacement. If this applies to you, you may be eligible for the disaster relief loan which we will talk about in just a minute. The other product, FHA 203(K) is for anyone whose home has been damaged and wants to renovate it, or for anyone who wants to buy a home AS IS. If you have any questions about either of these options, please contact us so we can help assist you. 

We would also like to provide some assistance programs in place to help those who have been displaced. The first one we know of is the Disaster Loan Assistance through the Small Business Administration. As a homeowner, renter, and/or personal property owner, you may apply to the SBA for a loan to help you recover from a disaster. To apply for this assistance loan, please visit www.disasterassistance.gov. The other assistance program we have found through the Small Business Administration offers disaster assistance in the form of low-interest loans to businesses, nonprofit organizations, homeowners, and renters located in regions affected by declared disasters. You can apply for this assistance loan by visiting https://disasterloanassistance.sba.gov/ela/s/.

As always, if you have any additional questions please feel free to respond to our email info@dardagroup.com or contact us here at the office at 239-542-2822. We are here to help!

 

Posted in Market Updates
Oct. 12, 2022

Lee County Market Update October 2022

Lee County Market Update

October 2022

Click here to watch Mike's Lee County Market Update for the month of October! 

Hi, this is Mike Darda with Darda Group and Compass FL. Thank you for checking out our market update for the month of October 2022.

Posted in Market Updates
Sept. 20, 2022

Lee County Market Update September 2022

Lee County Market Update

September 2022

Click here to watch Mike's Lee County Market Update for the month of September!

Hi, this is Mike Darda with Darda Group and Compass Realty. Thank you for checking out our market update for the month of September 2022. 

Local Statistics

In August, there were 429 properties that closed escrow in Cape Coral and in Fort Myers there were 195.

If you go back one year, you'll see that there were 557 properties in Cape Coral that closed escrow for August 2021 and 275 in Fort Myers, so our sales have reduced by up to 25% year over year. Now a big reason why this has taken place is because last year, obviously, we were in a pandemic-related real estate market fueled by really low interest rates. Today we've moved into a more balanced market, with higher and rising interest rates, and it's beginning to have an impact on the sales volume, as you can see in this report. 

Next we are going to go over our active listing report. Now this gives you an idea of how many homes are actually for sale at any given time in the market. At the end of August, we finished with 1456 properties for sale in Cape Coral and 367 properties for sale in Fort Myers. That is up approximately 3 times compared to last year when the inventories were averaging 554 in Cape Coral and 218 in Fort Myers. So we're starting to see the inventory creep up quickly, which is good if you want to keep home pricing in check. However, it's been holding at the same level of inventory for the last 6 weeks, which if that holds, is a sign of the market starting to stabilize.

Absorption Rate

An absorption rate is a great indicator of what type of market the general market is sitting in. So, for example, the absorption rate right now is averaging about a three-month supply of homes, meaning that if the sales volume remained the same and no other homes came up for sale, it would take approximately 3.39 months before all of the existing inventory would sell off. Now that absorption rate has been climbing because in months past that absorption rate was a lot lower, whenever the absorption rate is averaging between zero and three months' supply, it's considered to be a seller's market.

And then, when the absorption rates are between four and five months of supply, it is typically considered to be more of a neutral market. And of course, for inventories or months of supply that exceed six months, it's typically what we call a buyer's market. Right now we're kind of sitting at the tail end of a seller's market, generally speaking for the whole market.

That won't be the case for every price point, so it's important for any real estate professional with a client to zoom into the price range in which you're selling your property and see what the absorption rate is in that price range. That will always give you a really good idea of what your challenges might be, how long the days on market might take to sell a home, and what kind of demand overall you could expect for your sales, so that's something to look at when it comes to absorption rate.

For example, in the mid 300’s there is only a 1.5 month supply, which is considered a sellers' market, versus a 7.6 month supply for properties over 1 million, which is considered a buyers' market.

Right now, interest rates are averaging around six percent. If you go back just a month ago, it was averaging just over five percent. If you go back over six months ago, it was in the high threes, so rates have been moving up, and again, that's beginning to have an impact on buyer demand and overall selling prices.

So I know we covered a lot of points this month, but it's important that I think we all look at it. Take some time to look at the report that's attached on our website so you guys can see everything and all the data. In any case, I hope you guys have a great September. I look forward to talking to you soon. Take care.

As always, if you have any additional questions please feel free to respond to our email info@dardagroup.com or contact us here at the office at 239-542-2822. We are here to help!

Posted in Market Updates
Aug. 11, 2022

Lee County Market Update August 2022

Lee County Market Update

August 2022

Click here to watch Mike's Lee County Market Update for the month of August!

The real estate market is shifting, home prices are softening, and high interest rates compared to 6 months ago!

The reality is we are actually shifting more towards a normal and balanced market; however there are a lot of people who have never experienced that. If you haven’t participated in the real estate market prior to 2012, whether as a buyer, a seller of real estate, or even as a real estate agent for that matter, you probably haven’t even experienced what we call a more normal and balanced market. This is the reality of what’s happening right now and we are having to make those adjustments with higher interest rate environments in a market that’s softening a little bit, so this month we’re going to speak to some of those points and will go ahead and kick off with the sales report for Lee County.

Local Statistics

First, we’re going to look at our sold report and give an idea of how many homes are selling each month, and I’ll circle this for you in red. There were 493 properties that closed last month in Cape Coral in the month of July. Now that’s down roughly 18% compared to July of last year, when 605 home sales had closed escrow. In Fort Myers, 202 homes sold in July compared to 306 the previous July, giving us a percentage difference of 34%. Now last year we were still selling to some of those pandemic-related buyers, and at this point that’s all but evaporated and now we’re back to a more normal balance market with Buyer demand that’s more relative to housing units that are available and of course the interest rates.

The next thing to look at is our active inventory report. This report reflects how many homes are for sale on the market and right now there are currently 1,427 properties for sale in Cape Coral. That's up roughly 3 times compared to last year, when there were 502 for sale. In Fort Myers we currently have 354 properties that are for sale and that’s up roughly 59% compared to last year when there were 209 properties for sale in Fort Myers. So our inventories have been trending up.

With this data we can calculate the absorption rate. The absorption rate is simply the amount of homes that are for sale and how long it would take to sell off the existing inventory if nothing else came up for sale. So currently our absorption rate is sitting at a 2.9 month supply, and to give you some perspective, last year it was at roughly a 0.8 month supply. So obviously we are trending up, the inventory overall relative to the demand is growing, so right now we are sitting at what we call the tail end of a sellers market.

A sellers market is typically anywhere from 0 to 3 month supply of homes for sale. A 4 to 5 month supply is considered more of a neutral market. Anything that is six months or more is considered a buyers market right now; again we are at 2.9 month supply. Because we are at the tail end of a sellers market and we are starting to see the inventories grow, we are starting to see pricing soften a little bit and experiencing in some cases price reductions in the market. All of which, going back to the beginning of this video, is what you see in a normal balanced market.

Interest Rates

The last piece we will talk about today is mortgage interest rates. Currently, mortgage interest rates for FHA loans are in the high 4's and for conventional loans they are running in the low 5's. Now, that’s up from the beginning of this year, when interest rates were averaging 3.25%. For every 1% that mortgage rate increases, it diminishes a buyer's purchasing power by up to 10% when they’re getting financing. So when rates go up, it has an impact on what a buyer qualifies for, and a large part of what we’re seeing play out in the market right now, is the reality of higher interest rates, but there is a silver lining if I were to just go back over the last several weeks up to about a month ago, rates were at a higher of 6.5%. They’ve already come back down to about 5%. It’s still higher than it was before and is still having an impact on buyer demand. The fact that rates are not going up higher than 6.5% and starting to come back down a little bit is a very positive sign for the local market. So in any case, if you have any other questions regarding the real estate market here in Lee County Florida, just know we’re always here to help. I want to thank you all for taking the time to watch this video today and I’ll see you soon.

As always, if you have any additional questions please feel free to respond to our email info@dardagroup.com or contact us here at the office at 239-542-2822. We are here to help!

Posted in Market Updates