Planning to buy a single family home in Fort Myers. How is the market value compared nationwide?

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December 02 2010 - Fort Myers
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I'll add my 2 cents..It seems to me that which has risen higher has fallen harder!  

While my experience as a Stockbroker taught me to be cautious about calling a bottom..I think it is safe to say..if you want to enjoy a piece of Paradise, it is an excellent time to buy.  Sure, we could drop a little but when you can buy wonderful properties in great locations for FAR less than what it would cost to build...it makes sense if you will enjoy it.

Happy to help ~  Finding the deals has been my life's work!
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February 02 2011
Sunnyview: Thanks very much and Merry Christmas! Hope 2011 brings a better year for many of the people hurting from this prolonged economic downturn. .BTW, today they announced unemployment has increased! Yikes!!! I am glad I am self employed as I am the only one that can fire me! LOL.....
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December 03 2010
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Reading your great answer Chris makes me wish I was looking in your area right now. Happy holidays.
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December 03 2010
The Southwest Florida market has been pounded price wise. Sunnyview offers some good links to check things out. I tell all my buyers that I generally feel there will more downside to pricing despite interest rates and prices that have declined substantially. The key is to determine the cuirrent comps and try to buy something below the comparables which gives you some cushion so to speak if the market does indeed float further downwards. The Bank owned homes and shorts sales continue to driving pricing down as lenders look to dump inventory quickly. There are some studies which says pricing has stablized and others saying that pricing will go down another 20%. Who can you believe as these are all purported "experts". Statistical data can be interpreted many different ways depending on the spin the person wants to put on it. Good luck and if I can help, let me know. Regards, Chris Spina
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December 03 2010
Opportunities for Buyers exist that don't come around often for every generation. Low Mortgage rates. Low Prices. A good Buyers agent can help you with more details. 
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December 02 2010
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There are market charts for Fort Myers and the US here and foreclosure heat maps for that area here. There are several zip codes in the Fort Myers area that have one foreclosure in less than 70 houses and that generally means that much of the buying activity in the market is in bank owned REO's.

The last stat I saw said that about 58% of Fort Myers mortgages were underwater and that it was #8 in the top ten places with negative equity. If you are looking to buy there, you need to really get educated about the market and get as much information as you can. Hope it helps.
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December 02 2010
This is exactly why you should look at national housing market statistics with limited importance.  Because real estate is a local business, meaning what is happening in Detroit is not necessarily what is happening in SW Florida
The chart below is a little hard to read, but it shows that there are more transactions each month for the past 18 months or so than we had in the height of the market.
SW Florida is a great place to find great value, and many other people have found or are finding this to be very true.
Good Luck!


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December 02 2010
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Compared to what exactly?  Gauging market value locally vs nationally is next to impossible - there are too many mitigating factors, i.e., type of construction, waterfront access, climate, job markets etc etc.  When purchasing a home the most important market value is comparing that particular home to similar homes in the area.
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December 02 2010
 
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