Should I Rent or Should I Buy a Home in Fort Myers?

The SW FL Real Estate Market, including Fort Myers and Cape Coral have had their share of ups and downs lately! Does that mean that it is better to stay put and continue to rent instead of purchase your first home? I am sure you have heard the news that home prices have come down significantly in Fort Myers! Mortgage rates continue to remain at all time lows. This does make for a historical time to purchase a home in the real estate market in Lee County.

Home ownership must be looked at on a case by case basis and looked at realistically by the buyers. It can be advantageous for you to purchase a home if you meet some solid criteria first:

1. Are you pre-qualified?

2. Do you have a down-payment? FHA now requires 3.5%, while a Conventional Loan requires 10-20%.

3. Are you planning to stay in the same location for 5-10 years?

4. Are you realistic about what is available in your price range? Should you wait and save up more money to get more house, or do you love the idea simply of being a home owner and fixing a home up as you go to make it your very own?

On the other hand, renting a home in Fort Myers may work to your advantage if:

1. You do not have the down payment.

2. You don't have the 2-3 years of documented income taxes

3. You do not qualify - you have to get back on your feet and save the money.

4. You have recently lost your job, or there is a significant risk that you may lose your job.

5. You recently moved to a new area. Renting a home in Fort Myers can be a wonderful way to get to know the city and surrounding communities if you recently made a move. It will give you the time you need to work with a Fort Myers Realtor who can show you homes in several different communities before you make your purchase.

6. You want to save more money for more of a house.

Buying a home in the Fort Myers area can be a great way to begin to create equity as the real estate market is at record lows. It is important to keep in mind that we are beginning to see signs of a decline in inventory of homes for sale. Now is probably not the time to wait for the bottom of the market if you are a qualified buyer. We can help show you the Fort Myers and surrounding areas of Lee County to find the right home for you and guide you through the process each step of the way.

However, if you don't quite meet the criteria for home ownership at this time, don't fret, we can help find you that perfect rental while you get prepared to be a home owner in your time. We can also work with you when the time is right to help you with your home purchase in Lee County, Florida!

So, what are you waiting for? It may just be the time to meet with the qualified Professionals in the lending industry and in Real Estate to help you determine if it is better in your unique and personal situation to rent vs. buy.

www.FortMyersRealEstateFloridaHomes.com