SWFL home prices drop, buyers gain upper hand in market shift

The real estate market in Southwest Florida is experiencing a shift, raising questions about whether now is the right time to buy a house.

Laura Masco, a homeowner, expressed optimism about the changing market.

“I think it’s time that we had a buyer’s market. We’ve had a seller’s market for so long that it’s almost like it’s self-correcting, and we need this for our economy,” said Masco.

Shelton Weeks, a real estate professor at Florida Gulf Coast University, highlighted the rarity of the current market conditions.

“It’s probably been over a decade since we’ve seen a situation like this. You know, you have to get back to the recovery days coming out of the Great Recession in terms of price discounts and stuff we’re seeing in the market,” said Weeks.

Broker Dirk Fischer from Fifth Homes Real Estate noted that sellers are reducing prices to stay competitive with an 11-month supply of unsold homes.

“Sellers are pretty desperate right now, and they are willing to budge, and that’s why we see so many price decreases,” said Fischer.

Newly built homes are also experiencing significant price drops as builders aim to sell before potential tariffs increase material costs.

“So many new constructions are finished in the worst time ever. And now, while they can write it off if they want to sell it—and most of them have to—they will take a hit and sell it cheaper to you,” said Fischer.

Masco believes it’s an opportune moment for buyers.

“Now’s the time. You gotta pull the plug,” she said.

Weeks agreed, noting that there are good deals to be found.

“It’s the right time to buy, given all the other factors that have to go into that decision; there could be some good deals out there,” said Weeks.

Fischer encouraged potential buyers to be prepared.

“Get your ducks in a row right now because this is the best time to get a steal,” said Fischer.

While buyers currently hold the power, interest rates remain in the high sixes. Potential buyers need to consider both the lower home prices and the cost of borrowing.