CAPE CORAL, Fla. New home construction is booming in Southwest Florida’s largest city.
“This year, it’s been crazy,” Experience Real Estate broker A.J. Ackerman said.
The city issued 137 new permits for single family homes last month, the most in April since 2006. Builders are having a difficult time keeping up with the demand.
“Right now we are at our busiest time that we’ve ever been,” Arnold Signature Homes president Arnie Egan said. “As a matter of fact, we’ve had to hire two new employees to keep up.”
Existing home values are also increasing, making them unaffordable for some, like millennials. The city is working on building more affordable apartments to help renters.
“What’s happening is there’s a lot more buyers,” Ackerman said.
If you can, buy now, Ackerman said, since increasing interest rates will make it more difficult later on.