Bonita Springs Real Estate Market Update October 2017
We’re back in the swing of things! This is our first Post Hurricane Irma real estate market report fresh off the heals of everyone having electricity and getting back to work. Our tourist season did begin a bit early this year because many home owners came back early to get to work on their properties or cleaning up their yards. The city has completed the first “sweep” of storm debris so the whole village is looking tidier without tree debris lined streets. If you’ve not been in the Bonita Springs area, you’ve been spared the sight.
The home sales are starting to pick up. We’ll have a blip in our closed sales due to nearly a full month of slowed sales simply because it was difficult to show or sell homes due to electric issues or storm related damage.
What we are seeing in the real estate market is slightly less cash. It’s has been shrinking as the price have slowly been rising. Cash is about 52% of the sales and we have seen a few loan assumptions, owner financing and even VA mortgages which are a great benefit to use on newer homes. If you’re a veteran I can help you find more information about buying a homes with 100% financing with a VA mortgage.
The distressed real estate sale are only 1 to 1.5% of the real estate market, at this time. There are few foreclosures and barely any short sales.
The price ranges selling at this time are the 400K and under price point. Luxury homes are moving at a slightly slower pace, depending upon the neighborhood, of course. A waterfront home in Imperial Shores sell faster than a home in Quail West because there are more homes for sale in the neighborhood. Scarcity in real estate creates urgency and the values to rise.