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Berkshire Hathaway HomeServices Florida Realty | 621 5th Avenue South Naples, Florida 34102 | TerenceTrombetti@gmail.com | 239.560.1574
Friday, December 23, 2016
Thursday, December 8, 2016
CALL or TEXT 239-560-1574 or email: terencetrombetti@gmail.com
In-depth community and market knowledge, successful negotiation skills and a high-quality professional network are the hallmarks of how I work. 13 years as a professional Florida Realtor, I live and breath the Southwest Florida lifestyle every day. I have an in-depth knowledge of the various real estate markets from the schools, waterways, fairways, and the beaches that make up our Gulf Coast of Florida. Give me a call, I guarantee you will have a fun and stress free real estate purchase or sales experience.
Sincerely,
Terence Trombetti
Sincerely,
Terence Trombetti
Thursday, December 1, 2016
CALL or TEXT 239-560-1574 or email: terencetrombetti@gmail.com
Buy, Don't Rent in
Southwest Florida
By Katie Bassett
With home prices
leveling, residents in Florida are faced with a major decision. Should you rent
or buy in Southwest Florida? While the rent vs. buy debate continues to draw attention, it was found that
buying a home is 37.7 percent cheaper than renting a home on a national scale.
Right now, an average
U.S. home is listed to buy at $280,103 with a mortgage rate of 3.7 percent
while it costs $1,769 per month to rent according to Trulia. Furthermore,
mortgage rates would have to double in order to wipe out the financial
advantage of buying a home, nationally.
But how do these numbers
compare to the Southwest Florida housing market? Similar to the national
trends, house hunters who plan on staying put for seven years or longer are
better off buying than renting in the Sunshine State.
Cape Coral- Fort Myers
Famous for its palm
tree-lined streets, both Fort Myers and Cape Coral are located on the southern
Florida gulf coast. This area is not only popular for retirees, but it is also
home to various baseball spring training camps. For residents renting
in Cape Coral, target monthly rent
prices average at $1500 per month and according to RentRage, the average rent
for a single family home has spiked 23.6 percent in the past year.
Similarly, renters in Fort
Myers will spend on average
$1,650.00 per month. It costs an average of $218,664 to buy a home in the Cape
Coral-Fort Myers area. The percentage cost of buying vs. renting in the area is
-48.1 percent, indicating that buying costs are less than renting costs.
Furthermore, is percentage is greater than the national comparison rate.
Punta Gorda
Punta Gorda is a small beach town due north of Cape Coral and is known for
its laidback beach lifestyle and a plethora of recreational activities. Just
slightly more expensive than Cape Coral and Fort Myers, renters in the area
would spend $1,800.00 per month on average. A target home price in Punta Gorda
averages $200,000.00 with a mortgage rate of 3.5 percent over a seven year
period. Sectioned in with the North Port-Sarasota-Bradenton metropolitan area,
the percentage cost of buying vs. renting in the area is -48.1 percent.
Bonita Springs
Bonita Springs sits just
south of Cape Coral, but is still considered in the Cape Coral-Fort Myers
Metropolitan area. However prices are slightly more expensive. Those renting in Bonita Springs will spend on average $2,500 per month on rent while the target
home price is $270,000.00. For those living in their Bonita Springs home for
seven years, the owner will have a 25% income tax rate and a 3.5 percent
mortgage rate.
Naples
Naples is known for
their vacation rentals and has proven to be touristy. However, there are many
residents who enjoy the pristine white beaches when living
in Naples. On average, a renter
will spend $2,900.00 per month for a home in Naples. A buyer, on the other
hand, can purchase a Naples home for $279,900, with a mortgage rate of 3.5
percent over a seven year period. While it is considered one of the more
expensive areas in Southwest Florida, it still falls under the national
average.
In total, it is roughly
48 percent cheaper to buy vs. rent in the majority of metropolitan areas in
Southwest Florida, which greatly surpasses the national 37.7 percent. This
alone should make the decision for a Florida resident. It is financially more
responsibly to buy a home in the Southwest Florida region, and now is the best
time to make the move.
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