Over the past two years, home and condo prices on Sanibel and Captiva have dropped almost 20%. Couple that with the additional buying power of lower mortgage rates, and what was a cooler housing market is heating up fast!
The Federal Reserve Board’s long, long, long awaited reduction in interest rates is welcome news to every family wanting to purchase a home that comes with a new built-in advantage: more affordability.
Since May of 2024, mortgage rates for a 30-year fixed loan have fallen a full point. According to the National Association of Realtors®, that means someone with a $2,000 mortgage or approval for same can now gain another $50,000 in purchase value — at the same monthly payment.
Looking ahead, the Fed anticipates additional rate drops, although that’s far more speculative than rock-solid reality. Still, down is much preferred to up.
Here in Southwest Florida, and particularly for real estate on Sanibel, Captiva and additional communities, the Fed’s rate reduction is like a third layer of icing on the cake. Over the past two years, home and condo prices on our barrier islands have dropped almost 20%. Couple that with the additional buying power of lower mortgage rates, and what was a cooler housing market is heating up fast!
Meaning NOW is the time to buy or sell — and we love locating or listing your Southwest Florida home, condo or property, residential and commercial. So who ya gonna call?