The number of foreclosure has hit the its lowest level. Today, when I checked those bank owned properties for Cape Coral, there were only 214 units. For your information, there were 1085 in December 2010. And that’s most likely why we see more interest in the non distressed market, often with multiple offers.
All is all, there are 1774 properties for sale in Cape Coral and we have experienced 451 sales in the last 30 days. That’s mean we have about 3 months inventory out there, making it a seller’s market now. And if you add the fact that multiple offers occur more often now, buyers have a harder time to have their dream home under contract. That is exactly what my french speaking buyers from France experienced. They use to make a search online for ” maisons a vendre a Cape Coral “, find me there, give me a call to begin the search and get very frustrated after looking around for a few weeks, seeing nothing good is available anymore.
The thing is, today, if you plan to buy a property here, be prepared. Get your financing handy, bank letter, pre-approval. And once you see a property you like, make that offers good enough to have the seller put his signature on your contract. Unfortunately, if you don’t act quickly, chances are the property will be pending before you realize it. Prices are still the lowest in the nation here, especially if you compare the amenities that Cape Coral is offering with cities in the middle of Tennessee for example. Not only the weather is more attractive, let’s face it, but also the proximity of the water, with the gulf of Mexico and the beaches.
So, in my opinion, 2012 shows the switch from a buyer’s market where sellers were waiting for a single offer to show how low was the price offered to a seller’s market where the buyers are competing so ferociously to have a chance to buy that property at often a price above the asking price.
If you are entering the market for selling or buying a property in the Cape, give me a call or send me an email. There is still time to find your dream house at an excellent price, but don’t delay.
Comments (0) Mar 25 2012