Putting off that home purchase?  Perhaps you’re saving up for the down payment, or you’re waiting on sellers to reduce prices?  That might cost you in the long run.  Let’s explore the cost of waiting to purchase SW Florida real estate.

Cost of Waiting to Purchase SW Florida Real Estate

In October median prices were up 6.7% and average prices were up 8.6%.  These numbers are indicative of how we’ve been running all year, so we’ll say they’re legit for conversation purposes.

Cost of Waiting to Purchase SW Florida Real Estate

Let’s assume home prices increase 5% going forward.  That’s reasonable compared to this past year.  The Federal Reserve is expected to hike rates this week and the consensus is 3 times again next year.  Right now, as of time of this article the Fed Funds rate is 2.1%.  It’s expected to climb to 2.7% in the next year and 2.9% into 2020. That’s almost a 1% incline in rates.

If rates go up 1% and home prices go up 5%, it will cost a buyer about $12,500 in price which translates to an increase of $190.38/Mo in payment.  Over the life of the loan that’s an additional $68,537.

When people see it broken out like that they realize the true cost of waiting.  This doesn’t even factor in the equity gains over 15 or 30 years. If someone were to rent and never purchase, they would never end up with a paid off home for retirement.  Buying real estate is the single best option for people to build wealth.

Sure, perhaps you could have been lucky and bought Bitcoin 8 years ago.  You’d be wealthy today.  However, you could have lost everything, and you still could as the jury is still out on its long-term value.

Real Estate a Hedge Against Inflation

Tangible assets are a hedge against inflation.  Therefore, people buy real estate, gold, silver, etc. in inflationary times.  The difference is if the price of gold or silver goes down, you can’t live in it.  Gold or silver can’t be rented out and you can’t draw income from them either.  You can live in real estate whether it’s up, down, or sideways.  You can usually rent it out too and have someone else pay your costs of ownership.

At present we don’t know what’s in the final tax bill.  We don’t know if it will even pass, although we believe something will.  There are some provisions that may not be as friendly to real estate.  Hopefully this will be offset by provisions that should jump-start the economy.

Florida stands to gain versus other tax heavy states which could lead employers and people up North seeking more tax favorable states.  We could envision a scenario where companies decide to relocate to tax friendly states like Florida, Texas, and other low tax states.  This could offset possible mortgage interest deductions and deductions for state and local income taxes.

Nothing we’ve seen in the bills so far would hurt Florida.  Whatever they do to real estate, Florida will be less impacted than most.  Florida stands to gain if other states are hit hard.

No Benefit Waiting

The bottom line is we don’t see any benefit in waiting to buy.  It will only get costlier both in terms of rate and prices.  And if sellers are waiting to sell their properties up North, right now might be the time.  Imagine an exodus out of high tax states.  That’s not a fun time to sell when everybody else is selling, all the while buyers are high tailing it down to Florida.

We’re already seeing net migrations out of NY, NJ, IL, and CA.  This could heat up in a few months if tax policy plays out like they’re talking.  Florida stands to gain, and you can too if you beat the rush.

www.LeeCountyOnline.com has all the listings, and it’s updated instantly.  Finding properties on the  Internet that sold months ago or have incorrect pricing is frustrating.  It’s difficult to beat out other buyers to hot new listings with bad information.  Our website fixes all that for you.  When time and expertise advice matters, Always call the Ellis Team at Keller Williams, 239-489-44042, your one-stop shop for great real estate success.  If you’re thinking of selling, ask for Sande or Brett Ext 4.

News Flash.  Home sales in Lee County will be down in 2017.  Current Southwest Florida home sales trail last two years, and this occurred before Hurricane Irma.  Since the hurricane sales have lessened.

Current Southwest Florida Home Sales

Lee County is not alone.  Tight inventory has caused much of this.  If home inventory is down, it stands to reason homes sales would be down.  While inventory has been up year over year for the better part of 2017, it has been falling since February.

Last year inventory grew from October through February.  The same will probably happen this year.  What is not growing, at least since the hurricane, is the new pending sales.  Of course, they were down drastically in September -47.8%.  Some thought we’d see a rebound in new pending sales in October.  We’re still down 3.5%

New Pending Sales Southwest Florida Home Salesest

We know closings are down for 2017.  We also know new pending sales are down.  If new pending sales are down it means we don’t have a reasonable way to catch up to last two previous year’s numbers.  It wasn’t likely before the storm and sure isn’t likely now.

Real estate agents are probably wondering what they’re going to do.  As we’ve written in previous articles, this is the time of year agents evaluate their position.  Board dues are coming up by the end of the year.  Bunches of agents will get out of the business.  Still others will get into the business.  The merry-go-round will continue in 2018.  There are just as many who want to join as those that try and give up.

We think you’ll see two things in the 1st Qtr. of 2018.  First, more agents will join teams.  They’ll have to, or they won’t stay in business.  It’s costly to advertise, lead generate, pay assistant salaries, broker splits, etc.  It’s also costly to do all on your own and struggle.  Real estate is a very costly business.

Even though real estate is costly, it costs even more not to use an agent.  Several studies have shown that using an agent more than pays for itself in attaining a better price.  Saving a commission does not help, a seller nets less at the closing table than if they had used a broker.  And the seller did all the work.

The second thing we think we’ll see is increased listings.  They always go up this time of year, and we think 2018 will continue this trend.  Prices are up nicely over 2016.  In fact, October median prices were up 6.7% and averages sale prices were up 8.6%.

So, what’s the takeaway from these two predictions?  If you’re a seller, make sure you list with an agent that is going to stay at their brokerage through 2018.  Ask the agent you interview how their sales are.   Ask if they’re contemplating making a move, and what would happen to your listing if they did move?  Would they assign it to another agent and collect a referral fee, or could they take it to a new broker?

Agents, develop your business plan for 2018.  Before you take new listings be sure you’re at the place you’re going to be for the next year.  If not, do everyone a favor and make the move now before season.  It’s kind of like recruiting season for football coaches.  Recruiting season is now through Feb 1, and yet some coaches won’t be there next year, and they know it.  The coach can jump around but the players are locked in.  The same is true for sellers.

Look at joining a team or develop a strategy that can carry you through the next year.  You’ll have to invest in your business.

Sellers, all you can do is select the right agent, and price your home to today’s market.  The days of picking any agent to sell your home are over.  You’ll have to get selective again, and ask the tough questions.

If you have real estate questions, please call Sande or Brett Ellis 239-489-4042.  Or visit our website www.LeeCountyOnline.com and you can search the MLS for Free!

Good luck and happy selling!

Just released home buyer’s data suggests tough times for limited services brokers and for sale by owners. 94% of home buyers used a real estate agent in the home buying process.  Those same buyers also used the Internet as a tool to find their home 94% of the time as well.

How Buyers Found Their Home Tough Times For Limited Services Brokers

Limited Service brokers are brokers who provide limited services to sellers to sell their home, presumably for a reduced fee.  This is not what the typical home buyer is looking for.  If anything, they require increased services.  They become frustrated at people who cannot answer their questions; all their questions.

The typical home buyer searches for 10 weeks before making their purchase.  This is a big reason why buyers shy away from For Sale by Owners and limited service brokers.  When they stumble upon a home, they’re not ready to decide for a while.  And when they do become ready, they want someone to help them with all the details.

The most difficult steps for buyers who purchased was finding the right property (47%) paperwork (27%) understanding the process and steps (15%) mortgage (13%) saving for down payment (9%) and appraisal of the property (4%)

Warning for Real Estate Agents

What Buyers Want From Agents Tough Times For Limited Services Brokers

 

Your job is not to find the buyer their home. In fact, even though buyers predominantly use real estate agents to purchase their home, only 40% found the home they bought from the agent.  51% of buyers want help in selecting the “Right” home.  Buyers love to search on their own.  They do so on average 3 weeks before contacting an agent.  Even then they love searching on their own, but they get overwhelmed with all the choices.  They don’t necessarily need an agent to find the home.  They need help selecting the best home amongst the choices.

Sure, buyers love websites like www.LeeCountyOnline.com that gives them a competitive advantage over other websites.  However, being notified of that hot new listing before anybody else, or that property that came back on the market, or a recent price change won’t help until they’re ready.

Number of Weeks Searched Tough Times For Limited Services Brokers

This is when an agent shines, and this is what buyers look for.  They want someone that will be with them those next 7 weeks while they search, and the weeks after that to help them close.  They want an agent who has a great reputation, is trustworthy, and knows the market, in that order.

This report from Florida Realtors is 198 pages and is filled with every imaginable demographic, statistic, chart, and insight you can think of.  It truly helps real estate agents determine what buyers are looking for and how they go about finding and purchasing it.

The report also covers sellers and what they look for in an agent.  If you’re a seller and not sure you’re asking all the right questions, or covering all the right angles, we’d be happy to show you this report.  Did you know only 19% of home sellers use their previous agent?  64% of home sellers contacted 1 agent to sell their home, while 20% contacted 2, and 10% contacted 3. Page 194 has some particularly shocking information regarding how sellers perceived their home was marketed.

It’s shocking to us because the agent either did more than the seller realized, or they didn’t market to the standards that we do on the Ellis Team.

If you’re thinking of selling, please call Brett or Sande Ellis at 239-489-4042.  If you’re looking to purchase, our team can help, and we definitely provide what buyers are looking for in this report.  Or feel free to search our website www.LeeCountyOnline.com  We know you may not be ready today, and that’s OK.  It’s a process.  We’re here when you need us, and our website is here 24/7 even when you don’t.

Ellis Team Weekend Open Houses

Paramount at the Shores- Gulf Harbour

Open Saturday 1-3 PM

Heritage Cove

Open Saturday 1-3 PM

Florida International real estate sales rise 21% of total dollar volume and 15% of total sales in 2017.  Both numbers were up versus 2016 numbers.  This tells us that foreign buyers are here purchasing, and because the total volume is higher, they are purchasing higher than average priced homes.

So where are these Lee County foreign buyers coming from?  According to the Florida Realtors profile of international real estate activity, Lee County saw the largest amount coming from Canada, followed by Germany and United Kingdom.

Florida International Real Estate Sales Rise Where Lee County Foreign Buyers Come From

Florida International Real Estate Sales Rise

Just this past week the Ellis Team placed a property under contract with a Canadian buyer, and we just completed a transaction with a German owner.  Over the course of time, these countries fairly well describe who buys in Lee County from overseas, but there are fluctuations.

Two factors that influence foreign buyers are the changes in currency valuations, and the home price growth from the foreign country.

The Canadian dollar hasn’t moved much against the US dollar, so you might wonder why the increased interest.  Canadian home prices have been sky-high.  They have equity. Some say they’ve risen so high the bubble might burst as there is no rational basis for why their prices have grown so high.  But then again, there never is in Canada.  They have their own economic forces.  It’s like gravity is different up there.

Canada was number 4 in the world for real price growth behind the Philippines, Hong Kong, and New Zealand.  This confidence and equity has spurred opportunities for Florida as Canadians love visiting our sunshine and beaches.

72% of foreign buyers pay cash. But Canadians only finance 14% of the time. United Kingdom buyers finance 23% of the time.

Ellis Team markets to Foreign Buyers

The Ellis Team markets to foreign buyers as well as US buyers.  In a market like Florida you have to market to reach the entire universe of buyers.  Especially given the fact that 21% of Florida’s sales volume comes from foreign buyers.

While this report covers all of 2017, there can be shifts. We study our website traffic over the last year and compare to the last month and week. We see some recent changes.  This past week Canada still led the way, followed by Germany and Sweden.  United Kingdom is at #9 for the year and not even in our top 10 for the last week.  Brazil slipped to #9 in the past week.  They’ve been in the #6 spot for the past year.

Ellis Team LeeCountyOnline.com International Visitor Count October 2017

Changes in currency, political environments, and home prices abroad can affect our market here quickly.  We can monitor on a week to week or even day to day basis.

The bottom line is, if you’re only marketing to local buyers you’re missing out on a large portion of the market.  In addition to 21% of the volume from international buyers we sell many homes to US citizens from other states.

Florida International Real Estate Sales Rise Website Visitors By State

Over the past year Illinois lead the way in property searches on LeeCountyOnline.com followed by New York and Michigan.  It’s no wonder we’re working with so many buyers from IL right now.  The Ellis team is working with buyers from all 10 of these states.  They are searching for property in Southwest Florida and we are helping them purchase it.

Thinking of Selling?

If you’re thinking about selling your SW Florida property, it pays to work with a Realtor that markets across the US and internationally.  Have them show you how many buyers they’re generating and from where.  If they can’t show you, they either aren’t marketing there or don’t focus on it.

The Ellis Team will be glad to sit down with you and see how we can help you get top dollar for your home.  Call 239-489-4042 and ask for Sande or Brett.  Or feel free to search our SW Florida MLS Search Site  The rest of the world does.  You might as well too.

 

Ellis Team Weekend Open House

Open Sat 1-3 PM

Daniel’s Park

Ellis Team Featured Homes of the Week

Reflection Lakes New Listing

Gulf Harbour Condo

Paramount at the Shores

Paramount at the Shores Gulf Harbour

4 Bed 5 Bath Condo overlooking River, marina, and golf course

 

Can you believe it’s 2017 and we still receive phone calls from people who say “I want to buy a foreclosure in Southwest Florida?”  It’s true.  Short sales too.

Who wouldn’t want a bargain, especially when prices have risen so much from the bottom of the market back in the housing crisis?  People also watch those TV shows and see how others flip houses for unbelievable profit with little to no work.  Other TV shows illustrate how buyers can buy a property, put some sweat equity into it, and flip for amazing profits.

Want to Buy a Foreclosure in Southwest Florida

Southwest Florida isn’t that market.  In September there were exactly 2 short sales and 13 foreclosure sales in Lee County.  As we know Hurricane Irma slowed down sales, so we went back to August and found there were 8 short sales and 41 foreclosure sales.  Short sales and foreclosures combined came to about 4% of the total sales in Lee County in August, and about 2% in September.  There just are not many short sale and foreclosure listings out there.

Want to Buy a Foreclosure in Southwest Florida

We get it, everybody wants a deal.  However, the thing people need to know is when a bank agrees to take less to allow a short sale, they still do an appraisal.  They may consider taking less if the owner is a default risk and the property’s value is truly below market value.  What they will not do is give the property away just so a new buyer can keep the equity.  If a bank is going to take a loss, they want to minimize the loss.

When a bank sells a foreclosure, they typically want as much money as the market will allow for the property in its present condition.  The banks often even spent money to fix up homes to increase their value.

There are good values in Lee County, you just need to know how to find them.  Wasting time searching for 2% of the market will leave buyers frustrated.  It all depends on your definition of a good value.  Homes priced at or near fair market value are a good value.  Homes priced well over are not and will probably not sell unless the seller makes changes.

There are two ways to find value.  First is pick a website that has all the listings and is updated instantly.  Our website www.LeeCountyOnline.com has all the listings and it’s updated every minute.  So when a Realtor inputs a new listing, or makes a price change, our database will know about it and display the new information.

In a race to beat out other buyers to the best listings, speed wins.  Having perfect knowledge of the market back in 2007 will not help you buy a house today.  And having day old MLS data from yesterday will not help you either.

Secondly, you need an agent on your side that understands the market.  Agents with experience know how hurricanes, interest rates, new schools, company headquarters, new roads, hospitals, etc. affect the market.  Numbers are great, but having an expert helping you can make all the difference.

 

The Ellis Team has been around for 30+ years in Southwest Florida.  We’ve done thousands of transactions, and some people think we’ve seen everything.  We haven’t, as we see new things all the time that still amaze us.  What hasn’t changed is people.  People still want the same things for their family today.  They still use the same negotiating tactics.  They may have different tools, but the tactics are the same.

We can help you navigate the maze of real estate.  From selecting the property, to negotiating, to inspections, and closing, we help coordinate it for you.  You don’t have to worry as we handle the process.  If not the Ellis Team, make sure you’re working with an experienced team who will be there for you.  It’s all fun and games until somebody gets poked in the eye, then the name calling begins.  We’ll help you avoid all that.  Always Call the Ellis Team at Keller Williams Realty 239-489-4042.

Ellis Team Weekend Open Houses

Gulf Harbour

360 Virtual Tour Gulf Harbour Condo

Reflection Lakes

2 Condos in South Fort Myers

Most people tend to believe the lower end is always the strongest segment of the real estate market.  If you looked at the October Months’ Supply of Inventory you would agree.  The months’ supply graph is a snapshot in time, so we added a little something to it this month. Upper end homes leading the SW Florida real estate market.

Upper End Homes Leading the SW Florida Real Estate Market

What if you looked at the change in direction from our previous snapshot in July?  Would that change your opinion?  Static data paints a picture and changes in direction tells a story.  The changes are not huge numbers.  For instance, the $Million+ went from 15.66 months in July down to 14.62 months in October.

Each price point above $300,000 saw a reduction.  Each price point below $300,000 saw an increase in months’ supply.  Many times, we see a price range here and there flip, so it stood out to us when we saw such a shift up to a point certain.

Upper End Homes Leading the SW Florida Real Estate Market

So, what does all this tell us?  Perhaps a lot, and perhaps not much.  It tells us we should keep an eye on it more so for the change in direction than for the change in numbers themselves.  You see, the number change isn’t particularly significant.

We did have a disruption in the market in September.  Could it be that lower end homes were hit harder than upper end homes?  Possibly, but if it were true that closed sales were disrupted you would also think that current inventory would be disrupted too.  Could it be that prices have risen to a point where first-time buyers and below $300,000 buyers are tapped out and can’t afford more increases?

If the latter were true we’ll see that going forward.  Keep in mind, as season approaches we’ll have more listings coming to the market and more buyers from up North buying homes too.  That can skew local buyers’ affordability issues until after season.

My intuition tells me numbers going forward will be strong.  While we’ll track these numbers going forward they may just be a blip.  I would have expected the lower end to have done better simply because we see lower end homes being gobbled up in days if not minutes.

Data Speaks For Itself

We like to report the numbers as we see them.  We don’t use the numbers to prove what we think is happening in the market.  The numbers tell us what actually is happening.  From there we can interpret what we think it means, but it does no good to try to use numbers to prove a point just to be right.

Throw in a hurricane for good measure and numbers can state about anything you want them to say.  We’ll report September housing numbers for Southwest Florida soon.  As you would imagine, our market was disrupted, and the numbers bear that out.  We may even see a rise in October numbers due to sales that were postponed from September.

Our team is bringing several homes to market.  We’ve got some good values and more coming.  If you’d like to search the MLS like a pro, visit www.LeeCountyOnline.com  Customers love it because the data is updated instantly.  This past week a customer asked me why a home shows one price online but a different price on our website.  I explained that our website has an instant feed, so when any agent in MLS changes a price or adds a new listing, it shows up right away on our site.

Accurate, Speedy Data Wins

This is particularly important when you’re looking to find the right home.  Speed wins, and beating out other buyers to hot new properties can be the difference between owning that home and watching someone else buy it.  The same is true with price changes.  Imaging having your eye on a property and seeing it sell because it was reduced.  But you didn’t see the reduction because the site you use never displayed it.  It was sold before they could display it.  That doesn’t happen with our website.

If you have a property to sell, the Ellis Team can sell it fast and for Top Dollar.  Call Brett or Sande 239-489-4042.  We can help you buy that dream home too.  Always Call the Ellis Team at Keller Williams Realty!

Ellis Team Featured Property of the Week

New Listing in Reflection Lakes

How Does Financing Impact Cost of Ownership?  We’ve found that three items have the largest impact on the cost of ownership due to financing.

The most talked about are the amount financed and the rate.  For a moment, let’s talk about creating real equity while thinking like an investor. Payments are lower on 30 yr loans than 15 yr loans so most people choose the lowest payment.

How Does Financing Impact Cost of Ownership

What if you could afford the payment on a 15 year loan?  Would it make much of a difference?  If you look at the sample chart, a 30 year loan pays down about 25% of the original loan in 15 years compared to 100% on a 15 year loan.

How Does Financing Impact Cost of Ownership?

Let’s say you have a $250,000 loan at 4.125%.  The P&I (principal & Interest) portion on a 30 yr loan is $1,211.62  That same loan on a 15 yr is $1,864.92.  But wait, there’s more.  15 yr loans carry less interest rate.  Currently 15 yr loans are at 3.5% which brings the payment down to $1,787,21 That’s a $575.59 difference per month but the law of compounding saves you much more than that.

Over 15 years you’ll pay $575.59 more per month which equals $103,606.20.  However, if you finance for 30 years you’ll still owe $162,423.19.  That’s already a difference of $58,816.99.  This assumes you have the money to payoff the mortgage in 15 years.  If you don’t you’ll continue to finance it.  If you do this for the full 30 years you will have paid back the $250,000 original loan plus an additional $186, 184.76 in interest for a grand total of $436,184.76

Had you financed this for 15 years you would have paid back the original $250,000 plus $71,697.14 for a grand total of $321,697.14  That’s a lot less than $436,184.76.  In fact, it’s $114,487.62 less.

If you have the wherewithal to finance for less time you might wish to consider it.  If you’re disciplined you might consider taking out 30 yr loan and paying like it’s a 15 yr loan.  However, you will pay .625% more in the rate and it will require discipline.

The other two factors besides length of loan is the rate and the amount financed.  A good agent can help you with both.  Knowing which lender is best for you requires some knowledge.  Each borrower has a unique set of circumstances.  Some lenders offer better rates on FHA loans than others, while some lenders specialize in conventional loans.

We have lenders that offer bridge loans, construction loans, FHA, VA, USDA, bond programs, lot loans, portfolio loans, investor loans, and foreign national loans.  If all this sounds confusing to you, you need to work with an agent that can point you in the right direction.  Sometimes as agents we don’t know your full situation.  This is why we work with lenders we can trust so we can point you to the right program for you.

Knowing the right people and who you can trust makes all the difference.  An agent might negotiate a few thousand off the purchase price for you, but if you choose the wrong lender you can pay it all back and then some simply by choosing the wrong loan.

Most buyers focus on price of the home.  We like to look at total cost of ownership.  This includes price, rate, taxes, and other fees like HOA or condo fees, CDD’s, etc.  This way you can make a fully informed decision and make that dream home become a reality.  We hear stories where that dream home turned into a nightmare home because the buyer didn’t understand the full scope of the purchase.  We want you fully informed.

You can search the MLS like a pro at www.LeeCountyOnline.com  It’s the best property search website in SW Florida.  However, please talk to an agent on the Ellis Team before you purchase.  Not using us could cost you thousands.  Our agents offer peace of mind.  239-489-4042.

Ellis Team Weekend Open Houses

13235 Whitehaven Ln

Brookshire  $138,500

 

Huge Opportunity to Sell After Hurricane Irma

It’s a few weeks after hurricane Irma and already we see Lee County sellers enjoying inventory supply advantage the first week of October.  Last week we told you that the hurricane could become a tremendous opportunity for SW Florida home sellers.   Inventory was already low at 4,666 at end of August.  We predicted a possible 10% decrease in inventory which would take us down to 4,200 listings.  This week single family inventory stands at 4,248, so that assumption has come true.

Lee County Sellers Enjoying Inventory Supply Advantage

In the last 24 hours 73 new listings have come on the market, while 76 went pending.  This tells us that early in the week more people are buying than deciding to sell.  If this continues, inventory will fall even further. Each year, many home sellers decide to sell in January.  I guess they think somehow, it’s a better time to sell as more visitors are here beginning in January.

It is true, we will have more people here January through March.  It’s also true that those visitors will have many more listings to choose from than they do now.  So as a seller, is it better to sell in season, or now?

We believe it may be better to sell now.  We have lots of buyers ready to purchase now.  We have low inventory.  Buyers just do not have the choices now that they will have in season.  Sure, there are lots of buyers that do not have to buy now.  They can wait for more choices.  However, some do not have that luxury and need to buy now.  Isn’t it always better to sell when people need to buy and there isn’t much to choose from?

Imagine the stores just before the hurricane.  If you got there late and there were only a few cases of water, did you care what brand it was?  Did you care if it was 50 cents more than the brand you usually buy?  No, you needed water.  You recognized scarcity and what it would mean if you didn’t buy it.

If you are thinking about selling, you are a store right now and the shelves are kind of empty.  Maybe not completely empty, but definitely not full.  In January, those shelves will have more on them.

If prices go up in the next 3 months, many of those potential buyers may become lookers.  If you think there are lookers in this market now, wait until season.  Just because the roads become clogged doesn’t mean everyone here wants to buy.  Many look, and look for years.  If they don’t see SW Florida as a bargain, they may not buy.  If prices go up in the next 3 months, we may not look like a bargain.  And who wins if that happens?  The sellers who decided to sell when the shelves were bare and the buyers needed to purchase.

Nobody knows how the market will be next season.  We do know the market today, and there are opportunities.  The data agrees.  Please call Brett or Sande at 239-489-4042 to see how much we can sell your home for and how much you would net at closing.

If you’re looking at buying, speed is key in this market.  www.LeeCountyOnline.com is the fastest real estate search engine.  It has all the listings and is updated every few minutes, which is key when you’re competing against other buyers to score that dream home.  Always call and Ellis Team agent and we’ll help you locate and close on your dream home.  Finding it is one thing.  Actually buying it and closing it is another, and that’s where our agents shine.

We look forward to helping you buy or sell.  Let us know how we can help you.

Ellis Team Weekend Open Houses

Heritage Cove Open Saturday 1-3 PM

 

Kelly Greens Golf & Country Club Open House Saturday 1-3 PM

View All Reflection Lakes Fort Myers Homes For Sale

See Spotlight on Reflection Lakes

Now may be a good time to sell your Southwest Florida Home.  We have buyers who need housing after Hurricane Irma.

Official SW Florida real estate statistics were just released for August and one thing that stands out to us is the drop in inventory.  This leads us to believe now is an excellent opportunity to sell SW Florida real estate after Hurricane Irma.

Inventory was falling pre-hurricane Irma.  We suspect some homes on the market were damaged. If 4,666 were on the market prior, and assuming 10% sustained damage, that would take us down to 4,200 homes.

Excellent Opportunity to Sell SW Florida Real Estate After Hurricane Irma Housing Inventory

Additionally, there are many displaced homeowners and renters in the Bonita, Buckingham, and San Carlos areas that need housing.  Flooding was an issue in these areas and some homes are uninhabitable.

Excellent Opportunity to Sell SW Florida Real Estate After Hurricane Irma

After Hurricane Charley in 2004 we saw an increase in home sales.  Buyers competed for properties because people needed housing.  The same scenario could very well play out in 2017.

Our phone has been ringing from buyers and investors looking to purchase.   We filter out the sharks that want to come in and buy up property for pennies on the dollar.  They are unrealistic and they do not care about people.  They seek opportunity.  Perhaps there will be opportunity for them with the flooded out and heavily damaged homes.

We focus on homeowners and investors who acknowledge there is a need for housing and are seeking solutions to meet that need.  If your home in uninhabitable, you need housing now.  They need a home that meets their needs, and they can’t be choosy if it has everything they’d want.

Some homeowners may decide they’ve had enough. Owning a 2nd home and preparing for storms can be tough, especially if they find they’re just not using and enjoying the home right now like they thought they would.  Circumstances change.  Other buyers are looking to purchase here because they’re at a point in their life where they will come down and enjoy the home.  Enjoying a 2nd home is a cycle, and depending where you are in that cycle makes all the difference whether it’s a good time to buy or sell.

Thinking of Selling?

If you own a home and you’re thinking of making a change, please call us at 239-489-4042.  Ask for Sande or Brett.  We’ll be glad to walk you through your options.  We can tell you how much we can sell your home for, and how much you would net at the closing table after paying off all mortgages and expenses.  Then you can decide if it makes sense to sell.  Or, you can see how much your home is worth online for free!

Selling is more fun when there is less competition from other sellers.  We have low inventory right now, and in about a month we’ll see if we lost more.  Demand probably just picked up as well, so a hurricane can be a perfect opportunity for home sellers, if they’re marketed properly.

Thinking of Buying?

If you’re a buyer, scoring a home right now can be tough.  There are several buyers looking for similar listings and not enough to go around.  You can call the Ellis Team and speak with our buyer specialists who are experts at making offers look more attractive than other competing offers to the seller.  This can be the difference between buying your 1st choice or settling for your 5th choice, if there even is a 5th choice.  Many times there are just a few homes that meet your needs on the market.

In a race against other buyers, speed wins.  I’d recommend searching at www.LeeCountyOnline.com  Our database has the entire MLS, and is updated every few minutes.  Don’t waste time using sites that don’t have accurate or timely data.  We get calls all the time from frustrated buyers who see something on a big website only to found out it was sold months ago.

Always call the Ellis Team at Keller Williams Realty Fort Myers & The Islands.  239-489-4042.  We’re here to help.

Weekend Open Houses

Bell Tower Park Open House

Olde Hickory Open House

We’ve seen a lot of scams and misinformation this past week so we thought we’d pass along some useful SW Florida real estate hurricane news and information.

SW Florida Real Estate Hurricane News and Information Rumor Control

If your property insurance was cancelled leading up to the hurricane, executive order 17-235 issued by Governor Scott provides that cancellation is now rescinded for 90 days.  Furthermore, all rates are frozen for 90 days, and the order allows policyholders 90 days to provide requested information from their insurance company.  In other words, this will give policyholders time to either renew or shop around for coverage in the wake of the storm.  Great job Governor Scott.

FEMA is available to assist people with housing and emergency needs.  From what we can gather, you must prove losses and damage and in some cases, show hardship.  It looks like they’ll issue credits off your tax return in some cases.  FEMA says it will provide some coverage that your insurance company may not.  It may be worthwhile applying at www.disasterassistance.gov  We did hear of somebody receiving $500 on the spot for their business.  FEMA will send out claims adjusters to view your damage.  This is especially helpful if your property has been flooded or is uninhabitable.  There is some housing assistance for those people.

There are rumors that FEMA, the Red Cross and FPL will reimburse you for lost food, but this turns out to not be true.

We’ve heard FEMA will not reimburse you for lost food on the news, and yet we’ve seen a checklist for you to itemize your food losses.

You hear so many things online and in the news and it’s difficult to know what’s true.  It’s especially difficult in times of disaster, limited power, internet, etc.  Beware of scams.

Mortgage Relief

Mortgage forbearance is a hot topic.  Across social media everyone is advising you to apply and the banks must automatically grant you 3 free months of no payments.  Let’s clear up a few things in this regard.  Lenders are forgiving and offering assistance.  If you have a government backed mortgage through FNMA or Freddie Mac you may be able to postpone payments up to 12 months.  FHA loans may extend up to 90 days.  In some cases, they will go longer depending on circumstances.

It’s best to contact your lender yourself.  Be wary of online scams.  There should not be a fee charged to you for this help.  If someone is charging a fee, this might be your first red flag.  These payments are not waived, they are tacked on to the end of the loan, so if you don’t need the assistance, it might be best to pass on the idea.

We’re seeing contractors going door to door looking for work.  Again, be wary.  If you pay them money upfront you may never see them again, and you always want to see their license and insurance.  God forbid they get hurt on your property, or claim they did.  You could be out some cold hard cash and have legal worries. Be wary of offers and possible strings attached.  Evaluate the source of the help.You don’t need permits for everything.  We’ve heard things like fence repair and replacement in a storm doesn’t need it.  Be sure to check for yourself before completing or hiring repairs.

Buyers Are Looking

The good news is we have buyers contacting us looking to purchase.  People up North haven’t given up on Florida either as they are signing up at www.LeeCountyOnline.com and searching for property. If you have a home to sell, we have buyers.

While we’ve been busy this week delivering generators to those in need, we’ve also been scurrying to fix damaged listings impacted by Irma.  We’ve secured contractors to repair and replace items so our sellers can be on their way and buyers can move into their new home.  Buying and selling real estate is more complicated than ever.  It’s wise to hire a professional to help you with all the details.

If you’re buying or selling and need a professional Realtor, please call the Ellis Team at Keller Williams Realty 239-489-4042.  We’re here to help.

More Resources:

Best Hurricane Irma Computer Model

FEMA Hurricane Irma Page

American Red Cross Hurricane Irma Page