A recent survey from the NAHB (National Association of Home Builders) shows that 55% of prospective home buyers have difficulty finding the right home. That same survey says that 84% aren’t willing to give up their search.
62% will continue looking for the right home in their preferred location. 36% agreed to expand their search area. 21% are prepared to accept a smaller or older home than they originally sought out. 16% are willing to increase their price range to get the home they want because they have the means. Another 16% say they’re putting off their search until next year.
Low interest rates are increasing demand from prospective home buyers and should allow for price increases because now typical buyers qualify for more home than they did last Fall. Locally we’re seeing multiple offers on some properties. Pending sales are increasing, but so has the inventory slightly. If these low rates continue, we could see inventory levels fall as buyers scoop up more homes.
Speed is key to scoring a home in this environment. Buyers need an agent that knows the market and can respond quickly. You can’t have an agent that takes the month off and expect to score a home when homes are selling quickly.
Information is key as well. Our website www.LeeCountyOnline.com gives buyers an advantage too because it has all the listings, and it’s updated every few minutes. Surprisingly, many of the big websites don’t have all the listings, or the data is outdated. It’s hard to win a sprint when you’re giving your opponent a 25-yard start. The same is true in real estate. It’s hard to beat out other buyers to hot new listings if you’re getting information a few days late.
It’s not just the new listings either. Price reductions are important. I can’t tell you how many times a home goes under contract within a day or two of a price reduction. A price reduction essentially makes it a new listing on the market. It was off the radar for buyers when it was over-priced. As soon as it gets into range, it shows up on their radar. Essentially, it’s newfound inventory to the buyer they didn’t know existed.
Our website also has market reports, so you not only see active and pending homes, you can also see sold properties complete with inside photos. Now you have an excellent way of comparing homes without having to be a Realtor.
In fact, we have a lot of real estate agents registered on our website because they don’t want to pay for MLS. If you’re an agent, please don’t do this. You should join the Board and pay for MLS like the rest of us. It’s also not fair to Ellis Team agents who are working hard calling leads trying to get them the best home they can afford.
Our agents are full-time and they’re serious. We’re not here to sell anybody anything. We’re here to uncover your needs and help you find it in the most efficient way possible. If you’re not ready to purchase yet and just looking, that’s OK too. We’re not here to bug people. We may stay in touch from time to time to see if anything has changed. We see our job as to help you when you’re ready. We’re here when you need us, and we don’t want to bug you too much when you don’t.
Interest rates are down around 3.3%. With rates this low, buyers are deciding now may be the time. Call an Ellis Team agent and we’ll be happy to sit down with you and go over your options. We have some excellent lenders we work with.
If you’re looking to sell, call Brett or Sande Ellis 239-489-4042 Ext 4 We’ll show you how to sell your home quickly and walk you through all the steps. We can even find you your next home too.
Good luck and Happy House Hunting! Don’t forget to use our site or call us. You’ll be glad you did.
See last week’s article Lee County Closed Home Sales up 8.2%