Last week we reported early signs point to a Southwest Florida real estate market shift. The article went on to state that we’re noticing changes in the market, but nothing alarming. It’s not alarming because real estate markets are constantly in a state of change. Southwest Florida real estate inventory rises in January.
One definition of a balanced market is 5.5 months’ supply of inventory. We’ve seen others that state 6-7 months is the standard. If we go with the Florida Realtors standard of 5.5 months, then officially we just transitioned over to a buyer’s market, but just barely. Last month in December we had a 5.43-month supply. In January it stands at 5.98 months.
Lee County available listings shot up to 6,542 in January, up from 6,004 in December. That’s a 9% rise in just one month. That’s typical in January as more people put their homes on the market in January than December. The difference this year is that more people than usual also put their home on the market in November and December.
Home sales are picking back up again. This past week the Ellis Team put 4 of our homes under contract in one day. In fact, 314 homes went under contract this past week in the MLS. We tell people sales usually pick up after the middle of January, and they have.
If 5.5 months supply of homes is the cut-off between a buyer’s market and a seller’s market, we’d say we’re fairly balanced at 5.98 months. However, the market is moving and if you’re selling a home you need to know the trend. This trend could change back again by end of season as homes start flying off the shelves and new listings taper off.
In any event, hiring a real estate professional who understands the market, and brings significant experience in all kinds of markets is critical. You don’t want to hire an agent to sell your home who has never experienced a shifting market. This is the quickest way to becoming an expired listing, and the process isn’t quick. Why wait to sell your home when you could have just sold it correctly the first time?
We don’t have a bubble market like we did back in 2006. If we did though, you sure wouldn’t want to hire the wrong agent and get caught chasing the market down. There’s an old adage that says, “If you don’t have the time to do it right the first time, when in the world are you going to find the time to do it right the next time?”
There’s another adage that says, “If you think hiring a professional is expensive, just wait until you hire an amateur!” Most people want to hire the least expensive agent they think they can get away with. The thinking goes, if I pay less, I’ll probably net more in my pocket at closing. That stands to reason, except for the fact that it isn’t true. Sometimes you get what you pay for, and in some cases, you get much more than you pay for.
The Ellis Team at Keller Williams Realty has a history of selling homes faster and for More Money! The agent you select really makes a difference. We hope you find our market updates informative. We believe knowing the market is helpful to make the best financial decisions for you and your family. Knowing that your agent cares about you, knows what’s important to you, and knows how to get you there is key as well.
If you’d like to chat about selling your home, always call Brett or Sande Ellis 239-489-4042 Ext 4 Get your home’s value for Free at www.SWFLhomevalues.com If you’re looking to buy, you can call us too, or feel free to search the MLS like a pro at www.LeeCountyOnline.com
Good luck and Happy Selling!
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