Every day we get questions from buyers and sellers.  We thought we’d provide expert answers to common real estate questions we hear often and inform readers because they may have similar questions.

Expert Answers to Common Real Estate Questions

What is Definition of a Sellers Market?  Most experts agree that 5.5 months’ supply of inventory is a balanced market.  Anything less than 5.5 months’ supply is considered a seller’s market and anything more is considered a buyer’s market.  Keep in mind the same local real estate market can have sectors.  Certain price ranges in SW Florida for instance could be a seller’s market while other are balanced or a buyer’s market.

How Much Money Do I Need to Purchase a Home?  We sell homes ranging from 0% down all the way to 100% cash.  There are various loan programs available to buyers.  Knowing who has the programs and what income and credit scores you need to qualify are the key.  There are even down payment assistance programs and bond money available.  The best thing to do is call the Ellis Team and we’ll put you in touch with someone who can help.

Do I Need to Sell My Current Home to Buy Another?  Not necessarily.  We’re seeing a resurgence in bridge loans and equity loans.  Scoring that dream home in paradise can be difficult with low inventory.  A bridge loan is a loan from the bank to cover an interval between two transactions.  It’s a bridge to get from one transaction to another, thus how it got its name.  We have people who do these loans so you can buy your dream home, then we sell yours for Top Dollar.

How Many Homes Do Most Buyers View Before Purchasing?  NAR says it’s 12.  It really depends on the market and price range.  For instance, if you’re shopping in the $200,000 price range in Fort Myers, there may only be 4 homes that match your criteria.  Other price ranges may offer more or less.  If you’re working with a great real estate agent who listens to your initial needs, you may not need to see more than 3 or 4.  Viewing more homes doesn’t make you a smarter shopper.  It just takes more time, and as time slips by, so do the homes you’re thinking of purchasing.  Speed wins.  You’re in competition with other buyers, not the seller.  You want to identify the best home as quickly as possible and snag it before another buyer does.

Should I Get a Home Inspection?  We recommend them.  You want an expert who can identify problems you might not see with the naked eye.  Inspectors offer years of experience and wisdom.  Not every finding is a cause for concern.  An inspection can be peace of mind even if it identifies maintenance items you should be aware of down the road.  When something major is found a request to either repair or replace it can be made to the seller.  Failing that the buyer may cancel the contract the contract depending on how the contract was written.  An experienced agent can walk you through your options, before and after the inspection.

Do I Need an Agent For New Construction?  Yes, you should use an agent always.  Experienced agents are aware of discounts and opportunities the builder may not tell the public.  Additionally, the developer wants to sell one product, but is that the right new construction product for you?  Agents can show you all the new construction projects that meet your criteria, not just one.  Whether you’re looking at new construction, resale, or both, you should always use an agent.  It doesn’t cost more to use one, but it sure could cost you if you don’t.

If you have more questions, Always Call the Ellis Team at Keller Williams Realty.  We’ll be glad to answer your questions.  You can search the MLS like a pro for Free at www.LeeCountyOnline.com  Or call us at 239-489-4042  We’re here to help!

It’s a few weeks after hurricane Irma and already we see Lee County sellers enjoying inventory supply advantage the first week of October.  Last week we told you that the hurricane could become a tremendous opportunity for SW Florida home sellers.   Inventory was already low at 4,666 at end of August.  We predicted a possible 10% decrease in inventory which would take us down to 4,200 listings.  This week single family inventory stands at 4,248, so that assumption has come true.

Lee County Sellers Enjoying Inventory Supply Advantage

In the last 24 hours 73 new listings have come on the market, while 76 went pending.  This tells us that early in the week more people are buying than deciding to sell.  If this continues, inventory will fall even further. Each year, many home sellers decide to sell in January.  I guess they think somehow, it’s a better time to sell as more visitors are here beginning in January.

It is true, we will have more people here January through March.  It’s also true that those visitors will have many more listings to choose from than they do now.  So as a seller, is it better to sell in season, or now?

We believe it may be better to sell now.  We have lots of buyers ready to purchase now.  We have low inventory.  Buyers just do not have the choices now that they will have in season.  Sure, there are lots of buyers that do not have to buy now.  They can wait for more choices.  However, some do not have that luxury and need to buy now.  Isn’t it always better to sell when people need to buy and there isn’t much to choose from?

Imagine the stores just before the hurricane.  If you got there late and there were only a few cases of water, did you care what brand it was?  Did you care if it was 50 cents more than the brand you usually buy?  No, you needed water.  You recognized scarcity and what it would mean if you didn’t buy it.

If you are thinking about selling, you are a store right now and the shelves are kind of empty.  Maybe not completely empty, but definitely not full.  In January, those shelves will have more on them.

If prices go up in the next 3 months, many of those potential buyers may become lookers.  If you think there are lookers in this market now, wait until season.  Just because the roads become clogged doesn’t mean everyone here wants to buy.  Many look, and look for years.  If they don’t see SW Florida as a bargain, they may not buy.  If prices go up in the next 3 months, we may not look like a bargain.  And who wins if that happens?  The sellers who decided to sell when the shelves were bare and the buyers needed to purchase.

Nobody knows how the market will be next season.  We do know the market today, and there are opportunities.  The data agrees.  Please call Brett or Sande at 239-489-4042 to see how much we can sell your home for and how much you would net at closing.

If you’re looking at buying, speed is key in this market.  www.LeeCountyOnline.com is the fastest real estate search engine.  It has all the listings and is updated every few minutes, which is key when you’re competing against other buyers to score that dream home.  Always call and Ellis Team agent and we’ll help you locate and close on your dream home.  Finding it is one thing.  Actually buying it and closing it is another, and that’s where our agents shine.

We look forward to helping you buy or sell.  Let us know how we can help you.

Ellis Team Weekend Open Houses

Heritage Cove Open Saturday 1-3 PM

 

Kelly Greens Golf & Country Club Open House Saturday 1-3 PM

View All Reflection Lakes Fort Myers Homes For Sale

See Spotlight on Reflection Lakes

Now may be a good time to sell your Southwest Florida Home.  We have buyers who need housing after Hurricane Irma.