Bonita Springs Single Family Homes Under $200,000?
The Bonita Springs and Estero Florida real estate market has seen a little bit of inventory accumulate during the so-called slow summer period. Prices have still been rising as the entry level priced properties keep selling off. As of September 10, 2016 there were only three single family homes for sale in all of Bonita/Estero, priced under $200,000. The balance of the sales under $200,000 are condo and manufactured homes. Periodically, a home will come onto the market under $200,000 but they are often in a condition that prevents them from being eligible for traditional financing programs.
The alternative for affordable housing is to move north to San Carlos Park in South Fort Myers or to look in Gateway for gated affordable homes. The Bonita Springs condo market has seen rising prices, also. There are still condos for sale under 200K but not many with a garage. Typically, as a recommendation for resale power I suggest trying to find a condo with 2bed+den, if available, over a 2 bedroom unit. If you can get a condo with a garage it is great for resale, also. There are nine condos for sale with a 1 car garage. Most are in Estero in the community of Villagio. Other neighborhoods to watch would be The Tides at Pelican Landing, Spanish Wells and Morton Grove.
In the month of August 2015 Bonita Springs home sales were paid for with cash about 42% of the time and financed conventionally about 42% of the time. There were fractional amounts of FHA, VA and hard money financing.
About 3% of the closed sales in August is distressed, consisting of foreclosures and short sales. The real estate that is actively listed consists of nearly 99% equity properties meaning that about 1% of the active homes for sale in Bonita Springs and Estero are foreclosure or short sale.
“Units sold” remain steady and positive. There would likely be more units sold if there were more affordable homes available.
In all, 50% of homes sales occur in the $200-400,000 price point so whether you’re a buyer or a seller keep that in mind when you are about to proceed with buying or selling. Be sure to obtain an absorption rate for the community in which you are buying or selling to fully understand whether it is a buyer’s market or a seller’s market.
If you’d like to learn more about buying or selling a home in Bonita Springs or Estero, Florida call or text Chris Griffith at 239-273-7430