In Cape Coral, there is a cluster of at least 15 homes for sale within the vicinity of SW 27th street. As of June 2018, there are close to 1,700 homes that are currently on the market throughout the Cape, according to Florida Gulf Coast MLS.
According to some industry experts, the influx of houses on the market this time of year is typical.
“As the snowbirds go home, the listings are still here,” said Brad Strey who is a licensed real estate broker at Cape Realty.
“There are more listings than there are buyers, so that would shift the supply and demand curve. You see the market shift from a seller’s market to a buyer market, and that’s typical from year to year here.”
Brad explained that prices on homes started to increase in 2016 and the market is now starting to stabilize. Interested buyers include people who foreclosed during the Great Recession of 2007. “Some of those buyers have come full circle and are now ready to purchase homes again,” said Brad.
People who purchased multiple homes a few years ago and turned them into rental investments are now finding their money is going to waste. As an option, some landlords are selling their rental homes.
One seller explained that it’s no longer profitable to own rental homes. The main reason for this one seller is that tenants were not taking care of the house. After multiple renovations, paying for insurance and property taxes most of the profits were depleted.
Utilities Extension Tax
Over in the northern part of the Cape, some homeowners are opting to sell because they are anticipating water and sewer taxes to increase.
“If people know water and sewer lines are coming to their neighborhoods it does scare them that they’re not going to be able to afford their house anymore so then they will sell,” Brad said.
Depending on where they live, the deadline for homeowners to pay their assessment tax in full is July 31, 2018. Some residents will have to shell out nearly $16,000.
If homeowners pay their tax up front, they are bound to save close to $5,000. However, they opt to pay after the deadline, they will face additional interest and fees.
Additional reporting by Terrace Myles