I recently read an article in USA Today about how the housing inventory shortage nationwide reached 20-year low and how it’s affecting the market.  While every market is local and is influenced by its own factors we do not work in isolation of other markets.  Therefore, national stats are also of interest to us.

For instance, if the economy is down nationwide chances are it’s affecting us here in SW Florida.  Additionally, if snow birds have a hard time selling their properties up North, they may not all be able to purchase down here.

Housing Inventory Shortage Nationwide

The article mentions there is a 4.3 month supply of homes on the market nationwide.  Locally we calculate the supply to be 4.22 months, so we’re pretty similar to national statistics.  One of the reasons mentioned in the article for the tight supply is that baby boomers aren’t likely to move in the next year.  78% of baby boomers are happy with where they live, and baby boomers own about 33 million homes.

While many baby boomers would love to move to Florida or Arizona, some are reluctant to leave family and friends behind.  While this is mentioned in the article, it’s not a trend we’re seeing locally.  It appears to us now more than ever baby boomers are eager to move and family isn’t holding them back.  Of course, we tend to deal with those that are contemplating making the move versus those that never would.

Millennials have started purchasing recently which will add to tight supplies.  We believe as baby boomers age they will begin to think about smaller homes, homes in warmer climates, or homes that meet their needs due to health reasons.  Not every baby boomer will appreciate a 2 or 3 story home up North.  Once they decide a 2-story home is no longer their best option, they may consider whether staying up North is too.  It opens the whole gamut once a move is considered.

Thankfully builders are building again.  Unfortunately, most buyers don’t know all the building developments available to them, nor which ones are offering incentives and discounts.  Most buyers don’t realize they get a better deal through a realtor than they do walking in on their own.

If they walk in and ask that question the answer will be it’s the same price whether you’re represented by a Realtor or not.  They may not tell you about incentives, and they certainly won’t tell you about competing builders in other neighborhoods.

We’re getting early word that the Fed will scale back it’s $4.5 Trillion in bonds beginning in September.  This will raise interest rates.  If rates go up we could see a buying frenzy followed by a reduction in the rate of growth in home prices.  Nationwide the S&P Core Logic  Case Shiller home price index was up 5.6% due to low inventory.  Rising rates could curtail that growth.

Either way we need more homes.  The economy is doing better and people are buying.  If you’re thinking of selling, you might want to cash in before the stream of sellers enter the market.  You can see from the chart inventory is lowest in the summer and picks back up again starting in September/October.  Why compete with all the other sellers next season when you can have them all to yourself now?

If you’d like to talk about selling your home, please call Sande or Brett at 239-489-4042 Ext 4  Or you can go to www.SWFLhomevalues.com and find out your home’s value for free in minutes.

If you’d like to search for your next home check out www.LeeCountyOnline.com  Our team can help you find your next home and sell the one you have, making it a smooth transaction.

Always Call the Ellis Team at Keller Williams Realty!  We’re here to help.

Ellis Team Weekend Open Houses

Open Saturday 1-4 PM

1339 Longwood Dr

4 Bed, 3 Bath, Waterfront Pool Home Between McGregor and River

Waterfront Pool Home-Minutes to River

Open House Sunday 1-4 PM

4351 Pine Rd

4 Bed, 3 Bath Plenty of Room for RV or Boat on Property $325,000

Estero Home Perfect for RV

 

Let’s start with what we know and work backwards.  Homes priced $200,00 or less are flying off the shelves with multiple offers.  Homes up to $250,000 are as well in some neighborhoods, but not all.  This assumes the home is in good condition and priced correctly.  So, you might wonder why we’re asking the question, are changes brewing in Southwest Florida real estate market?

Buyers are still buying; however, we’re noticing they’re price sensitive now.  Prices have gone up so much perhaps it’s testing the limits of what buyers can or will pay.  Sellers are counter-offering offers and buyers aren’t just accepting that.  They are negotiating back and forth until both are happy. Some buyers are walking from counter-offers.  We’ve seen this over the years and it appears it’s no longer a seller’s market across the board.

Changes Brewing in Southwest Florida Real Estate Market median time to contract

The numbers from June seem to bear that out as well.  The median time to contract jumped 7 days in June from May’s numbers, and 9 days from last year.  It’s taking longer to get contracts on houses.  It’ll be interesting to see July’s numbers in a few weeks.

Changes Brewing in Southwest Florida Real Estate Market Median time to sell

Median time to sale also jumped to 117 days.  That’s a 11.4% increase from last year.  New listings are up 5.8% and new pendings were down 1.6% from last year.  Could these be leading indicators for sales in months to come?

So, what’s the takeaway here?  Sellers need to take a good hard look at their price and make sure they’re competitive.  If your home has been on the market awhile, it may be time to re-evaluate where you stand.  New listings could have come on the market and become instantly more attractive than your home, or other sellers may have reduced their price.  Both events can affect you.  Sometimes as little as $2,000 in some sub-markets can be the difference between selling and sitting.

We are in a price sensitive market, primarily because prices have risen and stretched home buyers thin.  They simply can’t purchase as much home as they could have a year ago.  We warned buyers this would happen.  And we’re warning sellers not to get too greedy now.

Prices are good.  Buyers are buying.  We don’t have a runaway market where the seller gets to dictate all the terms.  Buyers and sellers are on even ground right now, and price matters.  Sellers, you’re not in competition with the buyer.  You’re in competition with all the other sellers out there competing for your buyer.

Buyers, same thing.  You’re not in competition with the seller.  You’re in competition with all the other buyers out there for the best properties.  The best valued homes always sell fast. You don’t want to be late to the table and eating scraps when you could have had the best.  Be prepared. Get your financing in order so you can jump when that property hits the market.

To take advantage of opportunities in this market we’d suggest sitting down with us and going over your objectives.  As a buyer, we can show you the best homes and eliminate the rest. Wasting time on the junk takes away time looking at the good stuff.  That can be the difference between success and failure.  Let an Ellis Team professional work with you and save you time.  We have some other tips for you as well that we’ll save for when we meet.

Sellers should have the same sit-down with us.  We’ll educate you on the market, look at your competition, and show you how we market better than anybody.  This can be the difference between selling and sitting on the market.

Feel free to search homes at www.LeeCountyOnline.com  Our database comes directly from the MLS and is always up to date, unlike some of these other sites with bad or outdated data.

You can always call us at 239-489-4042  We’d love to help you buy or sell your next home in paradise!

Ellis Team Weekend Open Houses

Open Sat 1-3 PM

13812 Lily Pad Cir Gate 2 Reflection Lakes

Reflection Lakes

13812 Lily Pad Cir

3 Bed, 2 Bath, 1,474 SQ Ft 2 Car Garage-Gated Community

$250,000

 

Open Sat 2-4 PM

Lakefront Condo with 2 Car Garage

Fisherman’s Cove

10081 Lake Cove Dr Unit 101

3 Bed, 2 Bath 1,564 SQ Ft 2 Car Garage

$227,500

 

Open Sun 1-4 PM

Daniels Park 3 Bed + Den

Daniels Park

14011 Danpark Loop

3 Bed, 2 Bath 1,830 Sq Ft Gated Community

$275,000

Some agents say the number of home sales is up.  Some say it’s down.  The data show 2017 SW Florida home sales trending between 2015-2016 levels.  As you can tell by the chart, home sales fell off the 2nd half of the year the past two years.  Home sellers wishing to sell now might get a little nervous reading this chart, but don’t be.

In fact, this can be good news for home sellers.  We’ll let you in on a little secret.  There were 2,001 fewer listings last August than there were this February.  Some sellers make the decision to sell in season because an agent told them there were more home sales in season.

2017 SW Florida Home Sales Trending Between 2015-2016 Levels Homes Closed

It’s true, there were more home sales in season.  However, there were more homes to sell too.  When inventory goes down home sales go down.  Not because there isn’t demand, but rather because product isn’t there to sell.

If you’re a home seller contemplating selling, the end of summer and fall can be an excellent time because you’ll have less competition from other sellers.

2017 SW Florida Home Sales Trending Between 2015-2016 Levels Median Sales Prices

The median sales price is up 7.6% in June over last year, and the average sales price was up 6.1%. Not too shabby.  You can wait until season to sell your home, and there might be more lookers for your home.  There will also be more competition from other sellers for those lookers.

We’re seeing new construction coming in and competing now too, which is good in a way for sellers because many local sellers don’t want to sell until they know where they’re going.  Local sellers just couldn’t find an appropriate home to move into even though they’d like to make a move.

We can help with that.  Our team knows about several new communities and builders the public doesn’t always know about.  Why?  Because builders don’t advertise like they used to, so buyers don’t know where to find them.

Even when buyers do stumble on a builder or new community they don’t know if it’s a good deal.  That’s where a professional agent comes in.  Builders advertise to agents because they know we can bring in repeat business.  We find out about deals and incentives the public doesn’t hear about.

If you’re looking to make a move but you don’t know where, a free consultation with a friendly and informative Ellis Team agent might just do the trick.  We can show you how much we can sell your home for and what you would net out after sale paying all expenses and mortgages.  We can then calculate how much you’ll have to put down on the next home, and what you can buy for a similar payment.

Perhaps you’ve had a promotion, or perhaps a loss in income and you’d like to downsize.  Either way, you want a great home for the value.  We can help with that.

If you’d like to take your time and search on your own, try out www.LeeCountyOnline.com.  You can search all the homes for free and even find out what your home is worth.  If you’d like to sit down and talk to us, you can call us at 239-489-4042.  Brett and Sande are easy to talk to and we like to answer questions and solve issues.

We know buying and selling isn’t always as simple as picking up the phone and going shopping.  There are many factors to consider, and timing it all can be important.  We’re patient and helpful.  If you’d like to discuss your options, we’d love to talk.   Always call the Ellis Team at Keller Williams Realty!  We’re here to help.

Ellis Team Weekend Open Houses

3 Bed Home in Cape Coral

Open Saturday 1-3 PM

3835 Palm Tree Blvd, Cape Coral, FL 33904

$275,000

3 Bed, 2 Bath 1,771 SQ Ft Living Area

 

While pulling data for the latest monthly supply of inventory we noticed some increases in buying activity in certain price ranges.  Today we thought we’d bring you the latest monthly supply numbers and answer what price ranges are hot in SW Florida real estate market.

What Price Ranges Are Hot in SW Florida Real Estate

The overall months’ supply of homes on the market today stands at 4.2 months.  5.5 months’ supply is considered a balanced market, so overall, we’re in a seller’s market.  However, as we all know, there are segments in the market and supply changes by price range.

Obviously by looking at the chart, anything $250k or under is the sweet spot for this market.  However, anything up to $400k isn’t too bad either.  So where did we see a pickup in home sales since we last published this report?

What Price Ranges Are Hot in SW Florida Real Estate?

We saw a nice gain in sales in the $200-250 range.  For the past 365 days there were 2,177 sales compared to a rolling 365 day count back in April of 2,059.  That’s a pickup of 118 sales in a 3-month period.  The overall market saw a pickup of just 6 homes.  There were almost 19,000 home sales in the last 365 days, so 6 homes is almost dead-even.

The $300-$399k range saw a pickup of 87 homes, and the $400-$599k range saw a pickup of 86 homes.  So, if the overall market only picked up 6 homes, there had to be some drops.  The $100-$149k range saw the largest drop of 160 homes followed by the $100k or less of 108 homes.  Now, this isn’t necessarily a bad thing.  It means these homes graduated to higher prices and there were fewer homes available in those ranges.  The market didn’t suffer because as those homes graduated, we saw an increase in home sales into the prices ranges they graduated into.

What does all this tell us?  It tells us the market is segmented and you have to know your numbers.  Pricing is still important as to how aggressive you choose to be.  When you’re stretching it, you must market the home well, and be prepared to adjust if the market doesn’t respond.

Nationally, homes sales slipped month over month.  Interest rates are creeping up.  Rents are high in Southwest Florida which motivates buyers to purchase, however rising rates crimp their ability to pay.  We love a seller’s market that is close to balanced.  There are winners and losers in every transaction.

Getting to Win-Win

Many times, there are two winners, the buyer and seller.  The loser is the buyer who missed out because they weren’t ready.  Getting pre-approved before you offer helps so much, especially in a multi-offer situation.  Having an experienced agent who can help make your offer look the best to the seller helps too.

Remember this.  The buyer and seller are not in competition with each other.  Buyers are in competition with all the other buyers out there competing for the same supply of homes.  The sellers are in competition with all the other sellers out there for the interested buyers.  When you find a home you like, don’t screw it up.  Go get it.

Sellers, when you find a buyer that works, don’t screw it up either.  The best homes go fast, and the best buyers go fast.  You must ask yourself, am I willing to lose this transaction, because the next may not be as appealing to me as this one?

It Takes a Pro

It takes a strong real estate professional who knows the market and knows the numbers to properly help you make that decision.  If you’re thinking of buying, selling, or both, always call the Ellis Team at Keller Williams Realty.  We’ve been doing this awhile, and we’ve seen a few things.  We can help make the difference for you!

Feel free to search the MLS, or find out what your homes is worth online for free at www.LeeCountyOnline.com  Or call us at 239-489-4042  We’re glad to help!

Ellis Team voted best real estate team in SW Florida News Press Readers Poll
Brett and Sande Ellis Voted Best Real Estate Team in SW Florida

Ellis Team Voted Best Real Estate Team in SW Florida by News Press Readers

Ellis Team Weekend Open Houses

Open Saturday 1-3 PM

Perfect for RV

4351 Pine Rd, Fort Myers

4 Bed, 3 Bath  2,372 Sq Ft  $350,000

Oversized 2 car Garage

Perfect property for an RV

 

Open Saturday 1-3 PM

Gated Community

14154 Danpark Loop, Fort Myers

2 Bed, 2 Bath 1,209 Sq Ft  $185,000

Gated Community-Daniel’s Park

See our Weekend Open Houses Ads on Facebook

 

Did you know the average Realtor in Southwest Florida sells less than one home per year?  When you combine that fact with the fact that some realtors sell 25, 50, or 100+ homes per year you begin to realize that a large percentage of Realtors sell no homes at all. When looking at recent data I discovered Southwest Florida Realtors outnumber home listings, by a lot.

I called the Royal Palm Coast Realtor Association which is the largest board.  It services Fort Myers, Cape Coral, Estero, the Islands, etc.  They told me they have about 7,000 current members.  This doesn’t include all the members from Bonita/Estero or Sanibel/Captiva.  It does include some of them because some of them are secondary members.

Southwest Florida Realtors Outnumber Home Listings

So, we know there are 7,000+ Realtors in just one Realtor Board in  Southwest Florida.  Currently there are 5,364 single family home listings in Southwest Florida as of May 2017.  That breaks down to each Realtor having .76 listings.   When you factor in that many top agents who sell a lot of property have 10-20 or more listings, you realize a lot of Realtors have no listings.

You might be saying, what about condos and townhomes?  Good point. There were 3,417 of those on the market in May.  You’re still looking at a lot of Realtors with no listings.

To sum it up, the average Realtor sells less than 1 home per year and many sell none.  The average Realtor doesn’t have a listing, or 1 at best.  So how is a Realtor supposed to gain experience?

A Realtor might consider joining an established team with a mentor, leads, and listings.  You can only gain experience by working on deals.  You will make mistakes, and those mistakes will cost your customer a closing, time, or money, and sometimes all three.  By having a team that guides you through the process you can avoid making costly mistakes due to inexperience.

You also will want to join a company with a fantastic training program.  It is mandatory for success.  Lastly, you must have that drive, that indomitable spirit.  When people tell you that you can’t, you know you can.  You must be driven.  You are a leader, either today or in the making.  It is in you.

If you’re a seller, you want an established agent with lots of experience.  Sellers want agents who have seen everything, or enough to see problems coming before they arise and know how to avoid them or dig their way out of the problem to a successful resolution.  If you’re hiring a newer agent to sell your home you definitely want to know they have taken extensive training and have a mentor helping them always.  Your agent must have leads for your home.  They must have a database of buyers ready, willing, and able to buy soon.  Your agent must have marketing to sell your home.  If they have no marketing, how did they acquire all these ready, willing, and able leads?  Marketing and qualified leads go together.

Top Dollar

Experience matters!  If you want Top Dollar, you need a Realtor with leads, marketing, systems, drive, determination, honesty – to tell you the truth, and experience to put your deal together and keep it together.

If you’re thinking of selling, we’d love to talk to you.  Always call the Ellis team at Keller Williams Realty 239-489-4042  The Ellis Team was Voted Best Real Estate Team by News Press Readers.

Search the MLS for Free  You can also see what your home is worth and get neighborhood reports.  Best thing is database is updated every 5 minutes, and has all the homes.

Good luck and Happy House Selling/Buying!

Ellis Team Weekend Open Houses

Open Saturday 1-3 PM

Kelly Greens Golf Community

12871 Kelly Sands Way

$250,000

1,797 SQ Ft

Corner Lot

Open Sunday 1-3 PM

Provincetown in South Fort Myers

3284 Prince Edward Island Cir Unit 1

Affordable living with garage

That’s correct.  Your eyes aren’t deceiving you.  Southwest Florida home prices rose $100,000 since 2013.  We could end the story right there, and it would be a beautiful story.  As you know, there’s always more to the story.

We really like where this market is right now.  We would say it is fully valued.  By that we do not mean it’s headed down.  Our market is balanced.  It’s not all the way back for some homes and for others perhaps it is.  We do not see signs of distress we saw back in late 2005 that caused us concern.

Inventory across the US is down.  Inventory in Southwest Florida went down in May to 5,369 homes.  This was down from 5,719 in April.  The number of closed homes is slightly lagging 2015 and 2016.  This is partly because of limited inventory and partly because home prices have risen so much.  Inventory was down the last few years as well, so we can’t attribute it to that.

Southwest Florida Home Prices Rose Home Prices May 2017

Lower prices means more people can afford to purchase.  Let’s look back since 2013.  As you can see by the graph, the median price of a home in January 2013 was $140,000.  In May 2013, it was $176,333.  Fast forward to 2017, in January, our median price was $227,000. That is a difference of $87,000.  The May 2017 median price was $237,500.  That is a difference of $61,167. Going back 4 years and 4 months the difference is $97,500.  Pretty close to $100k in the headline.

Southwest Florida Home Prices Rose

When we look at average prices we see January 2013 came in at $215,873.  May 2017 official numbers came in at $346,559.  This is a difference of $130,686. Maybe this isn’t fair since it’s not the same months. May 2013 average prices were $288,547.  May 2017 numbers were $58,012 higher.

Southwest Florida Home Prices Rose Homes Closed

Either way you look at it, our market has done very well since 2013.  We’ve had a good run, and there’s no reason to believe we won’t have a good market a year from now.  We may not see $100,000 price gains going forward, and that’s OK.  Our market should move in lock-step with the general economy.  As incomes rise, so should housing.  If incomes were to fall or the economy falter, it could put pressure on the housing market.

So far 2017 has been off to a great start.  The stock market has done well and housing has done well.  Consumer confidence is higher and mortgage rates have remained low.  People have money and equity they didn’t have 4 years ago, or even one year ago.  More Southwest Florida homeowners have recently gained positive equity, such that they could now sell if they wanted to.  This wasn’t always the case.

As people’s lives change so does their housing needs.  When kids go off to college parents don’t always need that large home.  Growing families can’t stay in that tiny first home they bought, and so begins the housing cycle. Southwest Florida also has baby boomers buying 2nd homes for vacation enjoyment.  We also get people retiring from Northern states.  As America changes, so too can the Southwest Florida real estate market.  We are affected by local, national, and even world events.

You can search the Southwest Florida real estate market like a pro at www.LeeCountyOnline.com  Our database has all the homes for sale and is updated every 5 minutes.  You won’t be bothered seeing homes that sold 8 years ago or missing new listings that just came to market.  In a low inventory market, it pays to use the best search site and ours definitely is the Best!

You can always call us too at 239-489-4042.  We’ll be happy to walk you through what it would take to buy or sell a home in SW Florida. Always call the Ellis Team at Keller Williams Realty!

This past week I had the chance to visit properties on Fort Myers Beach.  I’ve included a Fort Myers Beach Home Search for you here.  Here is a Fort Myers Beach Condo Search as well.

We previewed Grandview at Bay Beach.  We’ve created a special page for Grandview at Bay Beach for you here.

Ellis Team Weekend Open Houses

Gladiolus Preserve 4 Bedroom Home

Open Saturday 1-3 PM

9800 Gladiolus Preserve Cir

$ Bedrooms 2 Baths 2 Car Garage

Gated Community

South Pointe South Home

Open Saturday 1-3 PM

9950 Vanillaleaf St

2 Bedroom, 2 Bath, 2 Car Garage

 

Agents have been calling us asking if showings are down.  The answer always is some listings seem to receive more showings than others and it depends on your inventory mix at the time.  It is an interesting question though, so we did a little digging into the latest Southwest Florida showing activity in MLS.

CSS (Centralized Showing Service) is the predominant showing system used by Realtors across Southwest Florida.  We have reports and statistics we can search on using their system to glean information about showing activity.  This data can be useful to Realtors and sellers alike.

Southwest Florida Home Showing Activity $195,000 -$400,000

Here are two examples.  We tracked showing activity in the Fort Myers area for May by price range.  The average listing from $195,000-$400,000 saw 4.6 showings.  That’s roughly one per week.  Look at the $220,000 price range. Having a home listed at $220,000 rather than $225,000 saw a 57.29% increase in showings.  This tells us that is a price sensitive segment, and over pricing by just a dollar can cost a seller some showings.

Southwest Florida Home Showing Activity $400-600k Showing Report

Our next example tracked the same zip codes in the $400,000-$600,00 range.  We wanted to see if there was a significant change in showing activity.  On average, there was about a 25% drop in showings from May to June.

So why is that?  Has the market softened?  Perhaps.  However, it could just be that kids are out of school and people have concentrated on vacations, summer camps, working in the yard, etc.  We’d expect showings to be down from season.  Keep in mind, we selected the $400-600k price range.  Other price ranges may tell a different story.

The point is, your Realtor has access to all this information. For a $300k home in Cape Coral zip code of 33914, it may help to search and compare in 33914 and nearby zip codes.  If a trend emerges, this can be useful information to the seller.

If the MLS average is one showing per week in your price range, it can seem like an eternity waiting for showings.  There are ways to increase showings.

  1. Make home accessible. Turning down a showing because the home isn’t ready hurts your chances.  We had a seller turn down a showing last week and it cost them.  The buyer wasn’t available the next day, and who knows, they could have bought on that day.
  2. Consider re-positioning your home in the marketplace. Are you in a stale price range?  Is your home overpriced?  If the answer to either question is yes, you may need to take action.
  3. Freshen up your home. Consider changing the lighting to make rooms look brighter.  Clear out furniture that’s too big for the room to make the room look larger. Perhaps new paint and carpet would make a difference.
  4. Market your home. The more people who know about it the more chance you have a showing.
  5. Look at your home through the eyes of a buyer. Sometimes an owner can’t see the dirt or smell the dog because they’re used to it. Tour open houses and see how other sellers show their homes, then compare to your own.  It may open your eyes.
  6. Listen to your Realtor. Arguing your position about how great your home is versus your neighbors won’t sell your home.  The market either accepts your home or it doesn’t.  If your home shows well, is priced properly, and marketed effectively it should receive offers.  You picked your Realtor for a reason.  Listen to them.  If you’re not going to listen to them, find another Realtor.  It’s like anything, doctor, lawyer, Realtor.  If you don’t have confidence in them, you won’t take their advice.  It pays to take a professional’s advice.  It’s what you’re paying them for.

Feel free to search the MLS at www.LeeCountyOnline.com or call us at 239-489-4042  We’ll be happy to guide you through the home buying or selling process.  Always call the Ellis Team!

Ellis Team Open House

Open Saturday 1-3 PM

11807 Bayport Ln #202

Avalon Preserve

2 Bed 2 Bath 2 Car Garage

$195,000

Gated Community

 

 

Have you ever had a Realtor call you and say “We have a buyer for your property?”  Or perhaps you’ve interviewed agents to sell your home and you asked if they had anybody looking for a home like yours?

Chances are the Realtor said yes.  Chances are you weren’t sure you believed them.  What if there was a way to know for sure?  Would that pique your interest?

I remember a seller in Moody River Estates asking me that question a few years ago.  I answered as I typically did at the time “I don’t know, we very well could.”  They listed with us and I took the listing back to the Ellis Team and announced that we just got a new listing.  One of our buyer agents said he was writing an offer in there as he had just showed there yesterday.   It was literally right around the corner from our new listing.

I told him to hold up and go show ours before submitting that offer.  Buyer agreed to go see our new listing, and low and behold they liked ours better.  We sold our listing in 1 day simply because we did have the buyer, and yet I didn’t promise that.  I didn’t want to sound like all other Realtors.

We Have a Buyer For Your Property Reflection Lakes Buyer Search
Reflection Lakes Buyers

As I look through our leads, I realize we do have buyers for just about anything you can imagine.  This will be a great tool for our sellers.  For instance, let’s say we’re listing a new home in Reflection Lakes.  I can now go into our database and see how many registered buyers we have searching in Reflection Lakes.  Turns out we have 251 searching in our database.  That’s pretty good.  When we take the listing we can begin calling those buyers.  The buyers will appreciate the heads up on a new listing and so will our seller.

We Have a Buyer For Your Property Cape Coral Buyers
Cape Coral Buyers

I searched Cape Coral.  We have 1,015 people actively searching in Cape Coral.  That’s a nice stat to know when a Cape Coral seller is interviewing us.  I pulled up Town and River for fun.  We have 97 people searching for Town and River looking for homes above $400,000.  If we listed a property in there for $900,000 I could change the search to Town and River buyers over $850,000.  It would give me a list and we could call them.  Pretty neat stuff.

We Have a Buyer For Your Property Town and River buyers
Town and River Buyers

Perhaps we’re listing a $400,000 property.  When I search our database I see that we have 390 people searching in that price range.

We Have a Buyer For Your Property $300,000-$500,000
$300-$500K Buyers

We Have a Buyer For Your Property

Of course, you don’t list with us just because we have a buyer for your property.  We’ll create new marketing to get more buyers for you once we have it listed. We spend more money marketing homes than other Realtors.  Our present and past marketing can go to work for you on Day 1.  Hopefully we can create multiple buyers for your property.

When you interview agents, you want to see marketing success. Yes, Ellis Team listings sell faster and for more money.  We can show you that.  Our team can also show you how our marketing generates buyers, lot’s of them.  We have buyers’ name, email, and phone number.  Our team know’s what buyers are searching for and when they want to buy.  It’s good data.

So when an agent tells you marketing doesn’t sell homes, price does, end the interview and call the Ellis Team.  Marketing absolutely sells homes!  Anybody can give your home away.  Not everybody can sell it for what it’s worth!

If you’re thinking of selling, you should call the Ellis Team 239-489-4042  Ask for Sande or Brett.  Chances are we have your buyer for your home. We’ll still market is as if we don’t. Perhaps we can create multiple buyers, and that would be good!  Put our marketing to work for you.  We go for top dollar, and we get it.  Visit www.LeeCountyOnline.com to see why we have so many happy buyers and sellers.  Our website is updated every 5 minutes and has all the listings.  It’s more fun to use than other sites too!

Ellis Team Open Houses

Sunday 1-3 PM

1561 Cumberland Ct

3 Bed, 2 Bath 1,738 Sq Ft in Tanglewood

Open Sunday 1-3 PM

Sunday 1-3 PM

2636 SE 19th Pl

3 Bed, 2 Bath 2,096 Sq Ft  Sailboat Access Pool Home

Cape Coral Open House

Tune in to our Southwest Florida Real Estate Market Update for Sellers June 2017

 

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Southwest Florida real estate home prices increased 6% in April up to $249,000.  Median home prices had been $235,000 last April.  However, while the median price saw a rise, the average sale price only increased .9% over last year.

Southwest Florida Real Estate Home Prices April 2017

As you can see from the graph, in 2016 April’s numbers increased over March.  That didn’t happen this year.  The median price actually slipped $6,000 this April from March and the average sale price fell almost $15,000.

Pending inventory is down 10.1% and new pending sales were down 5.1%.  Active listings were up 4.6% although new listings were down 10.1%.

What does all this data mean for the Southwest Florida real estate home market?  We believe home prices have risen enough such that we’re in a fairly balanced market.  Our market is no longer rising because it had over-corrected and was undervalued.  Standard economic forces will be the driving factor going forward.  As we write this article today the Fed’s decision has not been announced.  It is widely expected they may raise rates .25% this week which would affect car loans and equity lines.  It may or may not affect 30 yr mortgage rates.

We do know that since the election over $4 Trillion dollars of wealth has been created in the stock market.  Home prices have risen as well.  Could we see some of that stock market money make its way over into the real estate market?  It’s happened before.

Rising interest rates typically erodes buyer purchasing power, so that’s not always good for the real estate market, although rates are low by historical standards.

Could baby boomers withdraw lofty 401k and investment money and move over to real estate?  It depends on their outlook of the stock market, interest rates, and the economy going forward.

Jobs are being created again too.  Over 700,000 have been created since the election.  This may be good news for the real estate market, although jobs are shifting.  Have you noticed retail sales are taking it hard?

Companies like Sears, Kmart, Lowes and others have struggled.  Shopping malls are closing across the country as shopping patterns are changing.  More are shopping online.

We’ll be keeping an eye on economic data as we think that will lead to consumer confidence.  We’ll also be looking at inventory supply numbers as well as builder inventory numbers.  We think there is an opportunity for builders to sell homes again.  If they build it, buyers will come.

Many local sellers would like to sell.  They just don’t know where they’d like to live yet, so they’re waiting.  In addition to touring available existing inventory, our team has been checking out new construction projects.  We think this may be the driver that unlocks home sales.  While inventory has risen some, it’s still low enough that home sellers don’t feel like they have enough choices to make a move.

It’s a double-edged sword though because as new construction inventory opens, there becomes more competition for existing home sellers.  Our economy needs both to fully thrive, but in the right proportions.

Southwest Florida Real Estate Home Prices Steady

I like where this market is right now.  The Southwest Florida real estate market is balanced depending on which price range you’re in.  If you’re thinking of making a move in Southwest Florida, give our team a call.  We know the existing inventory and the new construction projects.  You don’t pay more to use a Realtor when buying new.  Our fee is already built-in to their price.  It’s cheaper for them to pay realtors a commission than it is to advertise to bring in that many sales.  Plus, they know we have the ability to bring in more customers, so they treat our customers better.  It could cost you by not knowing all your options.

You need to know things like county versus city property taxes, CDD fees, homeowner and flood insurance rates.  These vary by location and age of the home.  We can help you sort all this out so you make a great decision.

Call our team at 239-489-4042 or visit www.LeeCountyOnline.com to search all the homes.  If you have a home to sell, call us and ask for Sande or Brett.  We’ll sell your home fast and for top dollar so you don’t miss that next opportunity.

Be sure to vote for the Ellis Team as Best Real Estate Team in News Press Readers Poll

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Ellis Team Open House

Saturday 1-3 PM

2 Bed, 2 Bath $105,000

3284 Prince Edward Island CIR Unit 1, Fort Myers FL 33907

Provincetown $105,000

Watch the Future of Real Estate June 2017 Southwest Florida Real Estate Market Update

Last week we talked about the efficiency of the real estate market.  Simply put, the Southwest Florida real estate market isn’t as efficient as the stock market.  No real estate market is, because the information isn’t as readily available and we’re not dealing with apples and apples. So why do some homes sell below market Value?

Why Do Some Homes Sell Below Market Value

Let’s elaborate.  The stock market has what they call the big board.  Everybody can look up and see what a stock is trading at this second.  If you’re looking at class A common stock for a company, 100 shares of the same stock are exactly the same.  There is no difference.  Additionally, everybody has access to the same information on the company at precisely the same time.

The real estate market is different.  Even if you have two homes with the exact same floor plan, they are different.  They are located on separate lots, making potential differences in location value.  The upgrades can be different.  Their repair and maintenance may differ, and of course the decorating and appearance can affect the value of the homes as well.  One home may have a pool.  They may not be built the same year with the same materials.

And this assumes it’s the exact same floor plan.  We all know most homes aren’t the exact same floor plan.  So how would a consumer, appraiser, bank, property appraiser, seller, or agent fairly compare various homes against each other?  It’s a complicated process, because you’re not dealing with apples and apples like a stock.

The other component that affects what a home might sell for is the exposure to the market.  If the home is fully exposed, presumably everyone who is looking in that price range for those amenities would be aware of the home.  This just isn’t the case.

Have you ever driven by a neighborhood and said to yourself, “Wow, I didn’t even know this subdivision was here?”  Or open a newspaper and wonder where that home is located?  These are two examples whereby if the customer didn’t stumble upon the area or see an ad for the property, they wouldn’t even know it existed.

The agent you hire to expose your home to the market makes all the difference.  If you wanted to sell a widget online in an auction, do you think you’d get more if you had 1,000 bidders than just 1 or 2 bidders?  Of course, you would.  Full exposure equals full market value.  Partial exposure equals less than full market value.  This is one reason For Sale By Owners net 16% less on average than using an agent.

Not all agents are the same.  Some offer limited market exposure, which is better than sell by yourself.  Some offer much more exposure.  Of course, all this marketing costs money, so every agent can’t do it because they don’t have the money.

Agents get creative and clever and tell you that the home will be listed on 50-100 Internet sites and that’s all you need.  This isn’t full exposure.  Sure, it’s better than nothing but it’s not full exposure like we’re talking about.  Don’t assume all agents are the same, and don’t assume all marketing is the same.  It just isn’t!

Your home isn’t just like every other home.  It needs to stand out.  It needs someone to stand up for it and say Buy Me, I’m special!  The Ellis Team can do that for you.

Why Do Some Homes Sell Below Market Value?

Recently while doing some market research I stumbled upon a property that is undervalued.  It’s sad because the home should sell for more than it’s currently listed for.  It’s been on the market awhile.  It could use a few repairs that would make a big difference, but I presume it just may not have been marketed like it could be.  This seller will undoubtedly net less than they should simply because they didn’t do a few repairs and because the market doesn’t realize it’s a good deal.

The real estate market is not as efficient as the stock market.  If you’re looking for Top Dollar, Always Call the Ellis Team at Keller Williams! 239-489-4042 or visit www.LeeCountyOnline.com and search the market like a pro.

Ellis Team Weekend Open Houses

Bell Tower Park Open House

Open Saturday 1-3 PM

5691 Kensington Loop

$330,000

 

Tanglewood Open House

1561 Cumberland Ct

Open Sunday 1-3 PM

$285,000

 

Reflection lakes Open House

13812 Lily Pad Cir

Open Sunday 1-3 PM

$250,000