Punta Gorda to have nations worst housing price drop

Marco Island Home Owners, don't get too excited -- we are on the list at #5.

Moody’s Economy.com predicts the Punta Gorda area will see the worst declines in the nation, with a 35 percent drop. A drop of 29.6 percent is predicted for the Naples-Marco Island housing market, which ranked No. 5 on Moody ’s predictions of worst declines, while the Cape Coral-Fort Myers market was No. 22 on the list, with a decline of 22.6 percent.

Why did this happen?

The median home price in all three markets more than doubled between 2002 and 2005, based on figures from the National Association of Realtors and Moody’s Economy.com estimates, he said. Those figures show:

• The Punta Gorda market rose from roughly $110,000 to about $230,000.
• The Naples-Marco market rose from approximately $250,000 to $525,000.
• Cape Coral and Fort Myers rose from about $130,000 to $290,000.

Just another thing Marco Islanders need to consider when pricing their homes on the Market.

Read Also: My Marco Island Luxury Home Won't Sell-Are YOU Chasing the Market Down?

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My Marco Island Luxury Home Won't Sell-Are YOU Chasing the Market Down?

My Marco Island Luxury Home Won't Sell-Are YOU Chasing the Market Down?

My Long Beach Home Won't Sell-Are you Chasing the Market Down? is a timely and well written article by the very talented Laurie Manny in Long Beach California. Laurie and I have discussed correctly pricing properties in today's Buyer's Market. We have consulted regarding several Marco Island listings, who have been Chasing the Market Down, and what can be done to correct these tragedies. We have also touched on steps Marco Island Buyers can take to protect themselves from costly mistakes, how to stage homes correctly and a variety of other Marco Island real estate related issues.

Why would an article written to Long Beach California Sellers be important to Sellers on Marco Island in Florida?

One very good Reason -- this is a great article explaining the importance of pricing homes correctly from the beginning. Laurie's market is Long Beach California, her message is universal; where you see the word Long Beach, simply insert Marco Island or almost any other city, in almost any state, the advice is still valid. Marco Island homes have experienced a serious price correction, your price needs to be ahead of the curve or you will not sell. Pricing is everything in this market. Either price your home to sell or change your plans, remain in the home and ride out the market - if you can.

When is the last time your Marco Island Realtor checked the comparables for your home? Prices are changing so rapidly these days that comparables need to be checked every few weeks and prices adjusted accordingly. The last place you want to be right now is active on the market and over-priced. Listen to what is happening in the Marco Island Real Estate Market, the comps will speak to you.

Laurie's right! Chasing the market down is a seriously bad gamble, in Marco Island or anywhere. California and Florida are expected to dominate a list of areas where private mortgage insurer's expect home prices to continue declining over the next two years. While that may or may not happen, Marco Island Sellers still need to deal with the realities of today's market, if they want to sell their homes.

• If you are in trouble on Marco Island, consult with your local Realtor (shameless plug to call me) and seek advice from a financial advisor.
  
• If you don't need to sell, take your Marco Island home off the market and wait for a better market.
  
• If you are serious about selling your Marco Island Home, wrap yourself around the reality of today's pricing or become the next casualty.
  

So Marco Island Sellers I have a very important question for you:

Are YOU Chasing The Market Down?