At last week’s Ellis Team meeting we asked our buyer specialists how they did the past week and what they were working on this week. One agent just sold 3 homes that week, and another sold 2, and another sold 1. Each agent was working with 3-4 buyers that were going to purchase in the next week to 10 days. Suffice it to say, home sales are heating up in SW Florida just like the weather.
It is mid-March, so home sales should be heating up. If they weren’t, we’d have a problem. This is peak season after all. For the past few weeks we’ve noticed pending sales outpacing new listings. As we write this article, we notice new listings outpaced new pending sales again.
By our count we see about 6,625 listings in Lee County. This is down from the 7,100 we saw in January, however there may be a few more when official numbers are released because listings from outside agents in other MLS boards can increase this figure. Believe it or not, sometimes a Miami or Jacksonville agent will list Lee County properties in their MLS and not here.
So, what is all this telling us about the market? Overall, we’ve got a good market. If you price it right and market it correctly, homes should sell. Is it still a seller’s market? No. Is it a buyer’s market? Possibly, but maybe it’s shifted back to neutral. We won’t know until numbers come out next month.
For us, it really doesn’t matter. A buyer’s or seller’s market is just a term. It’s close either way. What’s more important is how buyers and sellers are reacting to the information available. All real estate is local, and usually hyper-local. If the overall market sits at 6.18 months supply of homes, and the home you like is in a neighborhood with 2 months supply, it changes the dynamic.
Numbers are constantly changing. Buyers who fail to recognize this may find themselves missing out on great homes. It’s frustrating to miss out on home after home. If this keeps happening to you as a buyer, you need to take a step back and evaluate the advice you’re getting and your reaction to it. Perhaps you’re listening to family members or friends, and while their advice is well intentioned, it could be bad. Or perhaps your search online isn’t considering up to the minute trends. Is the agent you’re working with full-time?
Sellers, you too always need to know what’s going on. The market can change in an instant. New listings enter the market, or current sellers drop their price. Far too often sellers set their price and believe they’re done. The seller sets the price and the market determines the value. If the home doesn’t sell, constant monitoring is required to see what your competition is doing as well as sales activity.
One way buyers and sellers can study a neighborhood is using our Neighborhood Market Reports Site. http://www.leecountyonline.com/sw-florida-market-reports/ This site provides data for active listings, pendings, and solds. No other site can do all that. But wait, there’s more. It also has the photos and key data buyers and sellers like. And of course, our Blog has weekly articles going back years. http://blog.topagent.com
In the end, your success is determined by the agent you work with, the research you do, and the advice you listen to. Consumers mistakenly believe all agents are the same, so it doesn’t matter who they work with. Are all doctors the same? How about attorneys? Of course not, and neither are Realtors.
Making any of these common mistakes could cost you thousands, or worse? It could cost you a sale. Your dreams are too important. Life is too short. You don’t want to wait for the next market cycle to make that move. The time is now.
We hope you find this information helpful. If you need to talk to us, call us at 239-489-4042. We’re experts at listening, and offering ideas based on your goals. We look forward to speaking with you.