A new group of homebuyers—so called “boomerang buyers”—is ready to jump back in the Fort Myers real estate market. Boomerang buyers are people who lost their home through a short sale, foreclosure or bankruptcy and have been improving their credit scores, saving money for a down payment and waiting until they qualify to purchase again, and are past the 2-3 year mark that it takes to improve credit scores and qualify once again for a home loan. Once out of the real estate market, these past homeowners are eager to own again: they don’t like to pay rising rents; they want to claim the mortgage interest deduction on their taxes; and want a place to call home again. Their finances are more stable and they want to own again.
As has been the case in Las Vegas and Phoenix, Fort Myers is seeing buyers wade back into home-buying here. Fort Myers’ would-be buyers who are currently renting are attractive to mortgage backers and lenders again because they have re-established their credit, and their home purchases are adding stability to the real estate recovery. The desire to own a home again makes economic sense in the Fort Myers area, and now is a good time for boomerang buyers to get back in the real estate market before prices and mortgage rates go up again.
Boomerang buyers typically opt for an FHA loan since it only requires a 3.5% down payment, and the waiting period for that loan can be as little as 3 years. If you are a boomerang buyer looking to explore Fort Myers area home ownership options, here is a resource to assist Fort Myers buyers with their search.