The Time To Buy Is Now!!!

With interest rates at historically low levels and projected to remain much the same throughout 2007, coupled with the fact the home prices have declined, the timing for purchasing a home in Southwest Florida is excellent, especially if you are a first time buyer. This past week, the FED left the prime lending rate alone for the fourth month in a row and the market correction that we’ve seen will open up new opportunities for many people, who prior, simply could not afford to entertain the thought of a home purchase as a reality.

If you are in the market for a home in the greater Naples area, you are certainly in the ‘drivers seat’. Having said that, there are two areas of the market place that remain exceptionally strong, the very low and high end. At the very low end, single family homes in the Golden Gate City are doing very well, and the prices are holding. The same can be said for the very high end of the market in areas like Port Royal and Bay Colony. Sales are exceptionally strong in both areas and there has not been much movement in pricing.

The homes in the middle brackets are lagging, and it is here that I feel a buyer has the best opportunity to find something that can be perceived as a great value. Inventories in these brackets remain at all time highs, so that offers at 10% less than the asking price are becoming quite common. Not only that, in many cases, they are selling at that price!