A housing crisis is getting worse in Southwest Florida’s largest city. On Friday, only eight houses in Cape Coral cost under $300,000. On Monday, realtors said that number was five.
If you’re looking to buy a home in Cape Coral, it may feel more like the hunger games.
“It seems like the kiss of death. Because has been a lot of cash in the market,” said Adrian Waring, with Priceless Realty.
Cash is king in the housing market. Realtor Waring said the lack of affordable housing stems from the significant influx of people moving to Southwest Florida. They’re snatching up what’s available and paying premium prices.
Suddenly, Cape Coral’s cost of living makes it challenging for people to make ends meet.
“You know everything is up again. Gas, inflation. Some people just say suck it up and do it, but not everybody can suck it up and do it because they don’t have the extra money,” said Dee Frawley, from Cape Coral.
The Cape Coral Housing Committee is meeting to brainstorm ways to bring more affordable housing to the city, but Waring said that will be a challenge and will not happen quickly.
“I don’t think it’s a simple solution. Because why there’s land, the price of building is going up. Everything is going up so much just to build, so it just makes everything expensive all round,” said Waring.
His advice is if you can’t afford it, sell your home and make money. If you’re in the market to buy, make an offer immediately when you find something you like.
“If it’s nice, looks good. Move quickly. Don’t think about it. Because if do you snooze, you lose basically,” said Waring.