Real estate agents across SW Florida have been complaining that sales have been sluggish, however the numbers show that 2018 Lee County Florida home sales shaping up to be decent year. Both April and May numbers have topped previous years, and January, February, and March are right in there.  If things keep progressing, we’ll have a chance to top 2015 sales levels.

What is fueling the increase in home sales?  Two things come to mind right off the bat.  Higher inventory and price reductions.  Inventory 7.8% this year to 5,787 listings compared to 5,368 last year.  This opens up more choices for buyers.

7 Day Market Watch 2018 Lee County Florida Home Sales Shaping Up

We’re seeing as many price reductions as new listings in a typical 7-day period.  In the past 7 days we saw 440 price reductions compared to 323 new listings and 376 pending sales.  This tells us sellers have recognized the need to adjust their price and are making the adjustments.  When this happens, sales occur.

2018 Lee County Florida Home Sales Shaping Up

Official numbers released this week show median price and sales price increasing in May.  You might ask, how is it possible to have increasing prices while sellers are decreasing their asking prices?  Median price is defined as the price where half the sales occur over that price and half occur under.  If most of the upper end sellers overprice their home, there are fewer sales up there and it forces the median price down, because that’s what’s selling.  Lower priced sellers were more in-tune with the market.  As the mid and upper ranges accepted that change needed to occur, more sales started happening.  As this occurs, it pulls the average and median price upward.

Many will read the headlines and infer that prices are rising when in fact prices have not been rising.  It’s the fall in prices that created the sales.  It is the reluctance of mid to upper sellers to adjust sooner that stalled the sales.  There were only so many mid to lower listings to go around.

We expect to see good sales numbers the balance of 2018 as the market adjusts to the shift.  The market always adjusts.  It’s only a matter of how long it takes to do so.  It’s kind of like pulling off a band-aid.  You can pull it slowly or rip it off.  Either way it comes off, it’s just a matter of how long you want the pain to last.

Buyers can rejoice now because there are some pretty good deals out there.  For instance, we’ve got a 5-bedroom, 3 bath pool home on the lake in Reflection Lakes for just $459,000.  Last year that same home would have sold for $525,000.  We’ve got a 4-bedroom 3 bath home in Belle Lago for $465,000.  It was on the market with another broker last year for well over $500,000.  Imagine getting a 4-bedroom home in Paseo for $500,000.  We’ve got that too.  We even have a 4 bedroom home in Reflection Lakes for $375,000.

In fact, if you want to see a list of Hot Buys, go to www.LeeCountyOnline.com and click on the Featured Listing Section.  If you’re interested in how a neighborhood is doing, check out the Market Reports section.

Sellers who are curious as to their home’s value will appreciate the property valuation tool.  It’s free, and provides a detailed report on your home within seconds.

If you’re thinking of buying or selling, we should probably talk.  We’ve got a way for you to save thousands when getting a mortgage.  We have options for you to save thousands too when selling.  If you’re thinking of selling, ask for Sande or Brett Ellis 239-489-4042 Ext 4.  If you’re buying, we have a team of buyer agents ready to help you find your dream home and save money on the loan too.  Always Call the Ellis team!  We’re here to help.

Ellis Team Weekend Open Houses

Open House Saturday 1-3 PM

17970 Maddelena Cir  Belle Lago Open House

Open House Sunday 11AM – 1PM

5970 Trailwinds Dr Unit 121

Everybody seems to agree that the best negotiations are when it’s a win-win situation for buyer and seller.  And yet, most buyers and sellers negotiate from a win-lose proposition.  Everybody wants to win, and they don’t care if it’s at the expense of the other party.  Furthermore, if the other party doesn’t lose, some people don’t feel as if they’ve won.  They feel like they left money on the table.  New program helps sellers net more money at closing and buyers save more money too at closing.

New Program Helps Sellers Net More at Closing

Other buyers and sellers are just happy to get a deal done that works.  Perhaps a financed buyer would love to purchase a home but keeps getting beat out by cash buyers or other buyers putting more down. Other buyers have the down payment saved up; they just don’t have the closing costs saved on top of it.

Typically, a buyer might ask for the seller to pick-up and pay for some or all the buyer’s closing costs.  Not out of greed, rather out of necessity.  This costs the seller money to do this.  If the home appraises at the higher price, they could have sold to someone else and not paid their closing costs.  It’s a way to put a deal together, but if the seller has other options they usually choose the other option.

What if the buyer needs help with closing costs and the seller didn’t have to pay it?  The seller could keep the sale at full-price and net all the proceeds.  The buyer wouldn’t have to pay them either.  So, you might ask, if seller isn’t paying, and buyer isn’t paying, who is paying?

What if lender fees didn’t need to be paid at all?  What if they weren’t charged?  We’ve seen some lenders who don’t charge lender fees and they make up for it in a higher rate.  In that case, the buyer ultimately pays.  We’re talking about a low rate without higher premium and no lender fees.  Add in a closing credit to the buyer, and you’ve got the best of both worlds.

Win-Win

 This is taking win-win to a new level.  Even for buyers who don’t need help with closing costs, this is a win.  Anytime the buyer can save thousands in closing costs it’s a win.  The cost savings may help the buyer purchase more house, which may make the difference between getting that extra bedroom or family pool.  We’re able to help buyers qualify for more home which brings more buyers to the table for sellers.

Sellers not only benefit on the sale of their home, we can also offer this to them on their next purchase.  Sellers save money by not having to pay for buyer closing costs, and they can save money on their next purchase.  Imagine saving $5,000 or more on your next loan.

So, what’s the catch?  No catch really.  Not everyone can offer this.   If we’re the listing agent, we can offer it to the buyer, no matter who the buyer is working with.  If you’re the buyer, you must work with a Keller Williams Realty agent.  It’s pretty simple.  Loans close on-time, buyers save money, and sellers win too because they get to keep more money at closing.

Buyer saves money, seller saves money, and everybody wins.  Now that’s a deal that’s hard to refuse, and why would you?  Simply give us a call at 239-489-4042

Feel free to search the MLS like a pro at www.LeeCountyOnline.com When you find something you like, give our agents a call and we’ll get you on your way to your dream home.  Better yet, let’s get you pre-approved upfront.  That way you can go shopping knowing you’ll save money, close within 30 days, and your offer will more likely be accepted because you’re approved, not just pre-qualified.  If you’ve got questions, give our team a call.  We’ll be glad to help!

Ellis Team Weekend Open Houses

Danforth Lakes Open House Saturday 1-3 PM

Whiskey Creek Open House Sunday 1-3 PM

Cape Coral Waterfront Condo Open House Sunday 1-3 PM

Like clockwork Lee County summer real estate sales are heating up.  So why aren’t Lee County home sellers jumping for joy?  Many home sellers are happy, because their home was on the market all season and now it’s selling.  Others are happy because their home just sold while their neighbor’s home sits on the market.

This past season we saw many sellers priced at one point while the buyer’s perception of value was at another.  In many cases, the seller’s perception exceeded the buyer’s perception by 10% or more.  Sellers didn’t want to accept this reality, so homes sat on the market.  You’ll always have some sellers that refuse to accept today’s market prices, but when you have many, it causes the market to take note and listen.

The market always speaks to us.  It’s up to us if we’re ready to listen.  We’re humans, and we don’t always want to accept change.  For those that accept change and react quicker, the opportunity is the greatest.

Lee County Summer Real Estate Sales Are Heating Up 7 Day Market Watch

Right now, home sales are brisk $300,000 and below.  This makes sense because that’s where the bulk of the buyers are.  That’s what more people can afford. We just pulled up the 7-day market watch from MLS, and we notice there more pending sales (379) than new listings (365).  You’ll notice too there were more price reductions (385) than either.  These price reductions are leading to more pending sales as sellers get their home down to where the buyers are.

Selling a home is kind of like fishing.  If you place your bait 20 ft above where the fish are, you get nothing.  Lowering the bait 10 ft above where the fish are still yields nothing.  Fish tend to swim in schools.  You’ve got to place the bait where the fish are, not where you want them to be.  Pricing a home is the same.

If you price your home above where the buyers are, they don’t even look at it.  Typically, you should expect an offer with every 4-5 showings.  If you’re not getting offers, your home is probably still overpriced.  Sellers say, “We just reduced our price $10,000” so that can’t be it.  It can.  If you were $30,000 overpriced, that $10,000 reduction still places you 20 ft above the fish.  Until you get down where the fish are, you’ll attract few showings and little to no offers.

Lee County Summer Real Estate Sales 7 Day Market AveragesAre Heating Up

Of the 379 new pending sales, the median price was $249,000.  The average price was $335,540.  This confirms the $300,000 range and below as being the sought-after part of the market.  If you have a home $400,000 or more on the market right now, you’re probably still fishing for the correct asking price.  You may be wondering why buyers just are not accepting your price.  Your neighbor’s home may be sitting on the market too.  Occasionally one will sell, and you’ll be wondering what they did to attract that buyer.

It takes aggressive marketing.  Aggressive marketing alone won’t work.  Together with your agent, you’ll need to adjust that bait until you find where the fish are.  When you do, it will sell.  The SW Florida real estate market isn’t suffering from a lack of buyers.  The buyers are not aligned with some sellers’ asking prices.  When the seller gets down to where the buyers are, the buyers are biting.  This past week or so the Ellis Team has placed 7 properties under contract.  Some agents believe the summer is the slow time, but that’s a bad assumption.  We have buyers in all price ranges.  We just closed a property over $1 Million.

The agents out there hustling are selling homes.  It’s a great time to sell, so long as you’re willing to price your home at the market. Isn’t that always the case though?  Together with your agent you should ask yourself, “Am I willing to price my home at a price that will cause it to sell?”  If the answer is no, then why are you putting it on the market?

If you’d like to talk to Sande or Brett Ellis about selling your home, call us at 239-489-4042 Ext 4.  Next week we hope to share some exciting news that may make your home stand out and sell faster. Find out what your home is worth online.

Search the MLS like a Pro!  Get real-time updates, price changes, new listings, and All the MLS listings.

Don’t forget our Neighborhood Market Reports

 

Alva

River Hall

Fort Myers

Botanica Lakes

Caloosa Trace

Carillon Woods

Cross Creek Estates

Danforth Lakes

Daniels Park

Fiddlesticks

Gulf Harbour

Highland Pines Estates

Fort Myers Waterfront Homes

Palmetto Point

Reflection Lakes

River District Fort Myers High Rise Condos

San Carlos Park

Shadow Wood Preserve

Tanglewood

Town and River

Whiskey Creek

 

Cape Coral

Tarpon Point

As real estate agents I think we tend to forget that people really don’t know how to sell their home. What seems basic to a veteran agent is not basic to all, and even many newer agents don’t know all the best tips.  We decided to cover 8 seller mistakes when putting home on the market.

8 Seller Mistakes When Putting Home on the Market

  1. Don’t be present for showings.  If you absolutely must be home for showings, don’t say a word.  Take a walk, drive around the block, or anywhere you can to avoid conversation with the buyers.  Sellers believe they know their home better than anyone; therefore, they can sell it better than anyone.  Be aware of the $1,000 rule.  Practically every word you speak to the buyers costs you $1,000.  I’d say try it, but it’ll cost you.
  2. Don’t photograph everything. There is no rule you must provide a photo of everything.  Leave a little to the imagination.  Make them want to get inside and see everything.  Most bathrooms don’t need to be photographed, unless they are spectacular, stand out, and are a selling feature.
  3. Set correct listing price and negotiate firm. You’ll get a better sales price if you set the correct list price.  Overpricing drives buyers away.  You’re not going to fool a buyer today, so you might as well price correctly upfront.  Buyers typically don’t want to insult a seller, so they just move on to other better values.  Or worse yet, they never view inside of your home because it’s not on their radar.
  4. Select the best agent to market your home, not the least expensive. Selecting the least expensive can cost you thousands.  It’s not what an agent charges that matters, it’s what ends up in your pocket at closing.  All Realtors are not the same.  Some agents sell homes faster and for more money.  Enough to cover the difference in rate, and then some.
  5. Make your home accessible. We live in the online age.  People expect fast access, both online and in person.  Some buyers are buying today and won’t come back tomorrow just to see your home.  By the time your home is available and picked up, they bought something else.  It just repeats with the next buyer.
  6. Check with your condo or HOA. There are many required disclosures and documents you must pass on to buyer at contract.  Failure to do so can cost you a sale. Get these documents upfront.  It’s a pain, but you’re going to have to do it anyway, so don’t lose a buyer and get them now.
  7. Disclose defects. Better yet, repair problems so next buyer doesn’t have to deal with it.  Most buyers want a problem free home.  They want to move in and not have to repair a bunch of things.  Their time and budget is stretched enough, and having to repair other peoples’ existing issues kind of takes the fun out of home shopping.  If you don’t want to do the repair, chances are you next buyer may not either.
  8. Market your home everywhere! Newspaper, online, social media, etc.  Make sure your home is target marketed to home buyers looking for what you have.  Throwing a sign out there and posting on an online site won’t cut it.  Everyone does that.  You want to stand out.

Wish we had more room.  If you’re thinking of selling, always call the Ellis Team.  We’ll go over our entire list and expose your home to more people.  Call Sande or Brett Ellis 239-489-4042 Ext 4  To search the MLS like a pro, visit www.LeeCountyOnline.com

Don’t forget to vote us Best Real Estate Team in SW Florida in News Press Reader Poll.  www.Bestswfl.com

Ellis Team Weekend Open Houses

Open House Sunday 1-3 PM

Reflection Lakes 5 Bed 3 Bath Pool Home on Lake

Large Reflection Lakes Pool home priced to sell and ready to go

13994 Reflection Lakes Dr

Open House Sunday 1-3 PM

Bella Lago 4 Bed 3 Bath Pool Home

3 Car Garage, Granite Counters, and more

19790 Maddelana

Open House Sunday 1-4 PM

Cape Coral Direct Access Waterfront Pool Home

Direct Access Cape Coral Waterfront Pool Home

1933 SE 36th St