Southwest Florida Economic Outlook

October 2023

2nd Quarter 2023 Outlook

The after-effects of Hurricane Ian continue to be felt in the Southwest Florida economy. As rebuilding
continues in Fort Myers Beach and other coastal areas, Lee County continues to experience the larger
effect in tourist tax revenue, down year-to-year by an average of 52.5 percent in 2023 Q2. Real
taxable sales have also followed this downward trend since Hurricane Ian. All counties have followed
a similar downward trend, with the exception of Charlotte County, where the real taxable sales have
mostly been on an upward trend since the lowest point in September 2022.

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Considering Buying or Selling a Home?

If you are looking to buy or sell a home in Cape Coral, Fort Myers, Estero, Bonita Springs or Naples, I encourage you to work with a real estate professional or consultant who has the experience and knowledge to provide an accurate market comparison so you can set the Price Right. Contact us today to learn more about the current market and if selling how your home or condo stacks up against the competition and how we can position your property to sell quickly and for a fair price. Learn more about selling your home

Bottom Line:

If you’re looking for a focused and goal-oriented Realtor® in Southwest Florida who will help you achieve your Real Estate needs, please reach out to me directly. Additionally, if you are looking at buying or selling a home or condo, vacation home/condo, waterfront home/condo or to build your own dream home, call or text me at 239-770-6880 or email me at Jon@southwestfldreamhomes.com

About Jonathan Blaze, PA

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Jonathan Blaze, MVP Realty or Southwest FL Dream Homes Team or Keeping Matters Current does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Jonathan Blaze, MVP Realty or Southwest FL Dream Homes Team will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

While the real estate market here in Florida (or across the country) is not crashing, we are seeing some correction, ever so slightly back to pre-covid and 2021/2022 prices. Inventory is increasing back to the pre-covid levels while prices have seemed to level off and are decreasing slightly. The interest rates are really causing many to not be able to purchase a home, but many still can.

These Cities in the list you will see are still getting 97-98% of the list price which is close to those pre-covid days. Best to know all the data, if you or someone you know is looking to buy or sell give me a call at 239-770-6880.

Read Full Article Here

Considering Buying or Selling a Home?

If you are looking to buy or sell a home in Cape Coral, Fort Myers, Estero, Bonita Springs or Naples, I encourage you to work with a real estate professional or consultant who has the experience and knowledge to provide an accurate market comparison so you can set the Price Right. Contact us today to learn more about the current market and if selling how your home or condo stacks up against the competition and how we can position your property to sell quickly and for a fair price. Learn more about selling your home

Bottom Line:

If you’re looking for a focused and goal-oriented Realtor® in Southwest Florida who will help you achieve your Real Estate needs, please reach out to me directly. Additionally, if you are looking at buying or selling a home or condo, vacation home/condo, waterfront home/condo or to build your own dream home, call or text me at 239-770-6880 or email me at Jon@southwestfldreamhomes.com

About Jonathan Blaze, PA

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Jonathan Blaze, MVP Realty or Southwest FL Dream Homes Team or Keeping Matters Current does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Jonathan Blaze, MVP Realty or Southwest FL Dream Homes Team will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

What Past Recessions Tell Us About the Housing Market

It doesn’t matter if you’re someone who closely follows the economy or not, chances are you’ve heard whispers of an upcoming recession. Economic conditions are determined by a broad range of factors, so rather than explaining them each in depth, let’s lean on the experts and what history tells us to see what could lie ahead. As Greg McBride, Chief Financial Analyst at Bankrate, says:

“Two-in-three economists are forecasting a recession in 2023 . . .”

Mortgage Rates Are Dropping. What Does That Mean for You?

Mortgage rates have been a hot topic in the housing market over the past 12 months. Compared to the beginning of 2022, rates have risen dramatically. Now they’re dropping, and that has to do with everything happening in the economy.

Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains it well by saying:

You May Have More Negotiation Power When You Buy a Home Today

Did the frequency and intensity of bidding wars over the past two years make you put your home search on hold? If so, you should know the hyper competitive market has cooled this year as buyer demand has moderated and housing supply has grown. Those two factors combined mean you may see less competition from other buyers.

And with less competition comes more opportunity. Here are two trends that may be the news you need to reenter the market.

Ready To Sell? Today’s Housing Supply Gives You Two Opportunities

At first glance, the increase in housing supply compared to last year may not sound like good news for prospective sellers, but it actually gives you two key opportunities in today’s housing market.

What’s Ahead for Home Prices?

As the housing market cools in response to the dramatic rise in mortgage rates, home price appreciation is cooling as well. And if you’re following along with headlines in the media, you’re probably seeing a wide range of opinions calling for everything from falling home prices to ongoing appreciation. But what’s true? What’s most likely to happen moving forward?

While opinions differ, the most likely outcome is we’ll fall somewhere in the middle of slight appreciation and slight depreciation. Here’s a look at the latest expert projections so you have the best information possible today.

Southwest Florida officially bypassed Boise, Idaho for the No. 1 spot on the highest premium list.

Still reeling from the impact Hurricane Ian had on the state, the housing market in Southwest Florida has been dubbed as the nation’s most overvalued market by researchers at Florida Atlantic University and Florida International University. 

A press release from the Florida Atlantic University College of Business states the Cape Coral and Fort Myers metropolitan areas blew past the former highest premium area of Boise, Idaho. Based on statistical modeling of past sales, properties should be selling for $252,176. But right now, the average is $429,775.

Read complete article here: https://www.businessobserverfl.com/article/overvalued-housing-markets-in-area-may-get-worse-with-ian