Southwest Florida on the rise

Are you waiting for the rock bottom pricing before buying a new home? Are you waiting for interest rates to be lowered again? Here are some indicators that you may have been on the fence a little too long.

First, interest rates. To help bolster the economy, the Fed last month lowered a key interest rate by one-quarter percentage point to 2 percent. However, it signaled that may be the last reduction for some time. The Fed is hoping that its powerful rate cuts along with the government stimulus package of tax rebates will help lift the economy out of its funk in the second half of this year.

Secondly, sales are on the increase at a very steady pace. Fort Myers-Cape Coral posted the highest growth in the state-up 41% over last year. And with the average median price now below the statewide average, look for pricing to stay level for now and begin to increase by the 3rd quarter of this year. See the report below.