DSCR vs. No DSCR Loan: What's the Difference?
If you’ve tried acquiring financing for your investment purchase but can’t get a conventional loan or other solution, like a conventional loan, you...
Dennis Vila
: October 15, 2021
5 min read
Fort Myers seemingly has it all — sunny beaches, great weather, and spring training to boot. So how can you take advantage of all of these amazing benefits — either as an investor or as a homeowner? Here’s everything you need to know about the Fort Myers real estate market in 2021 and 2022:
Moving isn’t something you should undertake without first doing your research to make sure it’s the right fit. Perhaps you’ve heard about all the people moving to Fort Myers and are wondering what all the hype is about. Well, you’ve come to the right place! Here are just some of the reasons why people are moving to Fort Myers, Florida:
If you’re still not convinced, then perhaps U.S. News & World Report will! Fort Myers has been ranked as the 2nd best place to retire and the 58th best place to live in the entire United States.
Fort Myers isn’t just a great place to live, it’s also a great place to invest. But don’t just take our word for it — here are some reasons why you should invest in Fort Myers:
Here are some important statistics and numbers that you need to know about the Fort Myers’ buyer’s market:
Here are some important statistics and numbers that you need to know about the Fort Myers renter’s market if you’re looking to purchase an investment property and rent it out — either for the long term or for the short term:
According to real estate experts in the Fort Myers area, the real estate market is already showing signs of a correction. The insanity of the pandemic-area real estate market was simply unsustainable. Buyers grew tired of the sky-high prices and multiple offers with no contingencies. And while the popular phrase “what goes up must come down” remains true when it comes to growth rates, don’t expect a legitimate crash or a popping bubble to significantly impact prices in the area.
To try to meet some of the high demand for housing in Fort Myers, residential lot sales have increased and more homes are being built. All of these factors combined will contribute to a “cooling off” of the Fort Myers real estate market. As a result, right now is a perfect time to buy in Fort Myers while interest rates are still low but there’s less competition in a market that’s going to remain desirable for years to come.
If you’re looking to take advantage of the Fort Myers real estate market before it’s too late, you need to act now. The first thing you need to do is to get pre-approved by a lender. This will make you a more informed and serious buyer. Getting pre-approved will help you set your budget and start your home search.
So how can you get pre-approved? For the best results, you need to approach a number of different lenders to find the lowest rates. During the pre-approval process, you will need to provide each lender with documentation to demonstrate your eligibility. For instance, you will need to provide W-2s or 1099s, income tax returns, bank account statements, investment account statements, retirement account statements, and debt statements.
From there, you’re ready to begin your house search! If you don’t want to navigate this market on your own, then you should work with an experienced and reputable real estate agent. Ask family and friends if they have any agents they would recommend. Your agent will show you homes that meet your needs and hopefully you will find one that checks all the boxes!
Once you have found the perfect property, you need to act fast in the Fort Myers real estate market. Just because the market is slowing down doesn’t mean that you can take your time or submit lowball offers. Records show that homes in the Fort Myers area sold for approximately the asking price on average in August 2021 — so making your offer right at asking price is likely the best approach in the current market.
If you want to go above and beyond (and you can afford it) you may want to consider offering a bit above asking to give your offer an edge just in case there are multiple offers at asking price. At the end of the day, follow your agent’s advice as they will have expert recommendations based on the market, neighborhood, and comparative properties.
Reach out to the lending experts at Vaster to get in on the Fort Myers real estate market before it’s too late! We can help you determine the best loan product for your needs and get you to the closing table in no time.
Sources:
Fort Myers Real Estate Market Trends and Forecasts 2020 | Norada Real Estate
Southwest Florida Real Estate Market: 2021 Stats & Trends | Roofstock
Market Correction Coming to Southwest Florida's Housing Market | News-Press.com
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