CAPE CORAL, Fla. — Living in paradise doesn't always come cheap. Cape Coral Community Correspondent Bella Line met with Trevor Caldwell, a Cape Coral Real Estate agent, who says the market is starting to correct itself.
"There are as many price reductions as there are, you know, new listings," said Caldwell.
But, there are still obstacles for home buyers.
"Interest rates are obviously higher than they were a couple of years ago," said Caldwell. "Insurance costs are certainly quite a bit higher than they were a couple of years ago."
Caldwell says we are starting to trend toward a buyers market based on inventory. A Redfin study found median sales prices for homes in Cape Coral are down over 5% from last year.
"I think we needed a correction because it was pricing people out of homes. Affordable housing is a huge issue in southwest Florida," said Caldwell. "If you cross over to Collier County, the median home price is significantly higher than it is here in Lee County. So, I think that the correction is helping people get into first-time home buyer situations."
For sellers, Redfin found that houses have stayed on the market for longer and Caldwell points to the fact that right now, you are able to get a new build at the same price as an already built home.
"If you have two properties that are priced, the same ones brand new ones, you know, a little bit older and these may need some work or the roofs at the end of its useful life or something like that. Obviously, you know the new construction is going to win," said Caldwell.
For first-time home buyers, Caldwell says it's a difficult time, but there are homes available.
"What we tell people is you're going to marry the house and date the rate, so when you marry the house, you find the house that you want, and you buy it and then as interest rates come down, you can always refinance," said Caldwell.
