Cape Coral, Florida Mortgage Rates and Real Estate Overview

Located right by the Gulf of Mexico, Cape Coral, Fla. sure looks like paradise—and to many of its residents, it is. Cape Coral is the largest city between Tampa and Miami, but despite its size, still maintains a laid-back atmosphere. Ocean breezes and easy livin’ will do that to you! Florida’s famous subtropical climate is one of Cape Coral’s biggest advantages (or disadvantages, depending on how well you handle the heat!). While you’ll deal with plenty of heat/humidity and perhaps the occasional hurricane, you’ll reap the rewards in winter (polar vortex? What polar vortex?). Make the most of the perfect weather by visiting one of the region’s many picture-perfect beaches, like Sanibel Island or Fort Myers Beach. However, Cape Coral is more than just the sum of its impeccable beaches. The city enjoys top positioning on lists ranking population growth, safe drivers, retirement communities, business innovation and more. Plus, as part of the Cape Coral-Fort Myers metropolitan area, you’re only a short drive away from all the entertainment and opportunities that Fort Myers has to offer. On Zillow, the average value of homes in Cape Coral is $156,700—a 16 percent increase since last year, with prices expected to rise an additional 7.5 percent over the next year. The average listing price of Cape Coral homes on Zillow is $192,500, with the average sales price coming in at $157,275. These numbers are slightly different on Trulia. On Trulia, the average listing price for Cape Coral homes is $305,865 (with homes in popular neighborhoods like Pelican rising to average listing prices of $427,016) and the average sales price is $150,000 (based on 836 home sales from Feb. 2014 to May 2014). What does this mean for your mortgage? Let's consider an example based on Trulia’s average sales price ($150,000). Freddie Mac's current average rate for a 30-year fixed-rate mortgage is 4.21 percent. Based on this rate, a 20 percent down payment and Zillow's mortgage calculator, our example payment would come out to $804 each month. All things considered, I think this is a small price to pay for paradise!