Originally Posted On: https://fortmyersagent.com/home-prices-being-cut-by-sellers-most-since-great-recession/

Home Prices Being Cut by Sellers Most Since Great Recession

Home prices are being cut by Fort Myers homeowners trying to sell their homes like they haven’t been cut since the Great recession in 2007 to 2009, according to Florida Gulf Coast University real estate professor Shelton Weeks.

“It’s probably been over a decade since we’ve seen a situation like this,” Weeks, who teaches at Florida Gulf Coast University, told Fort Myers based WINK-TV News. “You know, you have to get back to the recovery days coming out of the Great Recession in terms of price discounts and stuff we’re seeing in the market.”

Fort Myers experienced a surge in real estate sales for more than a decade, and the market has consistently shown resilience, making it an attractive option for buyers and sellers. But when mortgage rates increased and two hurricanes hit the same year, the housing market slowed a little more than two years ago.

A sampling of properties in the local MLS shows that hundreds of homes that have been selling in the past two months have had their home prices cut a number of times before finally selling.

Home Prices Being Cut

One of the primary reasons people flock to Fort Myers is the relatively affordable housing market compared to other Florida cities. The average home price in Fort Myers is lower than in nearby cities like Miami, Naples, or Sarasota. The slowdown in the local market appears to be waning as home prices being cut in Fort Myers attract consumers. This makes Fort Myers an appealing option for first-time homebuyers, retirees, and families looking for better values without compromising on quality of life. The region offers a wide range of housing types, from modest single-family homes to upscale gated communities with expansive mansions.

Strong Rental Market

Fort Myers is an excellent location for real estate investors, especially those interested in rental properties. The city is one of the fastest growing cities in the state of Florida and has seen an influx of people moving to the area, either for work or retirement, and many newcomers are opting to rent before purchasing a home. This has resulted in a robust rental market, with rentals in high demand.

Additionally, Fort Myers is a popular destination for seasonal visitors, particularly from colder northern states. Short-term vacation rentals, including those listed on platforms like Airbnb and Vrbo, can be particularly lucrative in Fort Myers, where tourism continues to grow. With the city’s thriving tourism industry, owning a vacation rental property can provide a steady stream of passive income while allowing investors to enjoy the property themselves when they wish.

Growing Economy and Job Market

The economy in Fort Myers has been steadily growing, driven by sectors such as healthcare, technology, tourism, and construction. Companies are increasingly moving to the area due to its lower cost of doing business, access to a skilled workforce, and desirable quality of life. The growth of the job market has attracted a steady stream of professionals looking for homes, which supports the demand for rental properties.

Fort Myers also benefits from its proximity to major cities like Naples and Miami, where many workers commute. As the economy continues to diversify, and strengthen since the Great recession, Fort Myers real estate remains a solid investment choice, offering potential for both long-term appreciation and rental income.

Fort Myers Prices and Infrastructure

Fort Myers is experiencing significant development, including new commercial spaces, shopping centers, and residential neighborhoods. With a focus on expanding infrastructure, including roads, schools, and public services, the area is primed for future growth. One notable development project is the Downtown Fort Myers River District, which is undergoing revitalization to become a vibrant hub for businesses, entertainment, and tourism. This type of development often leads to increased property values, providing investors with opportunities for long-term capital gains.