Why You Should Invest in a Marco Island Real Estate Now?
Marco Island is the biggest barrier territory in the famed Ten Thousand Islands in Florida. By 2019, there were more than 17,000 who call the place their home. The island has a total area of 13 miles, where more than half is water.
While homeowners and commercial establishments are lured to the island due to the beaches, there are so many things to do there. This is why the Marco Island real estate market has consistently been a seller’s market.
In real estate, you will pay not only for the current market value but also the potential increase in valuation in the future, so the amount comes up quite a bit, but in the long run, it’s worth the investment. The same is true with Marco Island real estate, as well.
So, what about Marco Island real estate nowadays?
Property Values Are Dropping
The median value of homes in the island might seem a lot for a Florida home, but the price actually reflects a decrease of 6.32% over the previous year. You have never been this close to owning your dream home on the island.
It Is a Worthwhile Investment
Whether you’re looking to purchase your first home or a vacation home, checking out Marco Island real estate would be worth the effort. For one, the decrease in prices is an outlier.
Historically, houses and commercial buildings on the island are continuously rising in value. Buying now when the prices are low would yield massive profits in the future, should you decide to sell your home.
The options Have Never Been This Diverse
From beachfront properties, condos, single-room apartments, and duplexes, property developers have made it easier for investors to make a choice. You’re no longer limited to three-bedroom or four-bedroom houses, which are more expensive to maintain and manage.
For young couples, they can start small and experience island living while they are still planning on growing their families.
According to some sources, now is the perfect time to buy your home in Marco Island since it is still a buyer’s market. However, you need to strike immediately, especially as the conditions won’t last for a long time. For instance, the home value is projected to increase by 3.5% in the next few months.
If you’re renting, you’re looking at $4,500 per month, which is very steep. You would be better off paying a monthly mortgage at that same amount. At the very least, you are guaranteed that you will own the house once you settled your loan balance.
The most in-demand properties on Marco Island are one-garage houses and those with swimming pools. Of course, it makes sense since Florida is one of the top states with the highest carbon footprint for swimming pools, trailing only Arizona.
As you can see, now is the ideal time to talk to your bank and determine your financial health status. Marco Island remains one of the most sought-after areas in Florida for both homeowners and businesses. With the property values down, you can take root on the island and finally build your home.