State of Bonita Springs Real Estate Fall 2015
Southwest Florida, including the Bonita Springs and Estero Florida areas are growing by leaps and bounds. I’ve personally lived in the Bonita Springs area for thirty years and can tell you that I’ve seen Bonita Springs grow from a population of about four-thousand to over fifty-thousand during that time. So what is pushing this grown in the Estero Florida area? Who is buying all of the real estate both resale and all of the new construction in Bonita Springs?
Lee County to Grow by 70% by 2040
Well, going forward, there is more growth projected and being planned for by Lee County. In the next 25 years, Lee County’s population and jobs are expected to grow by 70 percent. To address the transportation needs of our growing communities, the Lee County Metropolitan Planning Organization (MPO) is currently updating its transportation plan. If you would like to learn more about the plan read also: http://2040transportationplan.leempo.com/
Baby Boomers Retiring in Mass to SWFL
There were 76 million people born between the years 1946 and 1964, the traditional window for the baby boom generation. That means that they will retire over a 19-year period. Simple math shows that 76 divided by 19 is 4 million, or almost 11,000 people a day. Compound those figures with the last three brutal winters up north and the mass exodus began. We’ve been seeing snowbird home buyers for years but it has reached a good simmer. Bonita Springs home buyers are more conservative since the buying boom of 2005 but they’re still planning for retirement. Continue reading: Baby Boomers
There’s No Room at the Inn
For those future retirees who have enjoyed seasonal leasing in the past … well, there is no other way to put it than there aren’t enough rentals to go around and that is both for annual or part time/seasonal use. Remember all of those SWFL baby boomers? Well, they’re buying real estate to move into it and it has put the squeeze on the rental market. There just isn’t enough to go around and there won’t be for a while.
There is Little Housing Inventory Available
The housing downturn and bubble burst oversupplied our real estate and housing market with inventory. That housing inventory in some of the worst hit neighborhood was nearing recovery in 2010. Take for instance Village Walk of Bonita Springs which, at one, had thirty-three years of inventory … yes, you read that correctly. By 2010 it had 10 months of inventory. Right now, in September 2015 there is only 4.5 months of inventory and, quite honestly, that number is a lot smaller because so many of the properties that are considered “active” for this simple math calculation are “pending sale”. (properties are considered active until they are officially closed sale regardless of having a ratified contract). The article I wrote about this inventory in 2010: Village Walk Market Recovery
Interest Rates Are at All-Time Lows
The low interest rates are important to mention partly because we’ve seen the lowest amount of cash buyers in the last few months. Cash was king … it still is but there are more buyers financing their Bonita Springs home buying excursion than ever. The rates are low. Financing still has it’s complications and challenges but a great mortgage banker can get it done. Watch this: Why Big Banks Suck at Financing
As a Bonita Springs home Buyer, Where Do You Start?
You start by finding a qualified, accomplished real estate team to help you with your purchase. That includes a great, experienced REALTOR and their team of mortgage professionals, inspectors, appraisers, tradesmen and more. The great real estate market has a thread of bad news for home buyers and sellers. It’s become the “low skill” market where those who don’t have experience jump in to try to make some fast cash. Experience matters! For literally $350 and a week in class anyone can get a real estate license. Chose an experienced agent with a great track history that may have been through the ups and downs and really know real estate. Read also: About Chris Griffith – call or text 239-273-7430 and About Angela Griffith – call or text 239-728-7599
Published September 2015