It is no surprise that real estate transaction dollar volume dropped in May.  May closings were a result of March and April pending sales which were impacted by covid-19 and stay at home orders in Florida.  Going forward, new pending sales have been strong, and top agents are having an exceptionally good year.

Real Estate Transaction Dollar Volume Drops in May

Dollar volume is the number of transactions multiplied by the average sales price.  That number dropped from $569.1 million last year to $326.0 million this year.  That is significant.

One of the things holding down sales is the limited inventory.  The other is travel has been limited during this period from other states.  That is not to say the motivated didn’t find a way to get here and purchase, but it did limit many.  Properties at the lower to mid end have been doing well.  Because of this, it has pulled the median price down .7% and the average price down 6.2%.  I would not say prices are falling though.  Right now, it is more of the mix of properties that are selling that is causing this.

We have seen this pattern before.  When real estate transaction dollar volume drops, it is not long after that agents start looking for the exit door.  These agents do not head directly for the door, they take a detour.  First, they are attracted to low cost brokerages with higher splits and fees based per transaction versus monthly.  It is an attempt to salvage their fledgling real estate career, and it does not work.  They were struggling before the crisis, and the real estate transaction dollar volume drop exacerbates it.

The detour is simply a speed bump to slow down the inevitable.  The exit door is approaching.  Sellers should be leery of listing with an agent who does not have listing transaction experience and has not had recent sales.  One question you might ask is, how long you have been with your current company?  Another would be how have your sales been in the last two months?

If you are considering selling, we have a list of questions you should ask the Realtor you are interviewing before you sign any agreement.  Another tell tale sign is when they agree to cut their commission.  This tells you two things.  Number one, they need a deal badly, and since profit isn’t a predominant factor, survival is, they may not be around by the end of the transaction.  Secondly, if they cannot negotiate their own transaction, how in the world can you trust them to negotiate on your behalf? Lastly, if they say they can do it for less, you must wonder if they’re spending money marketing your home, or just relying on the price and MLS to sell it.  If they don’t do anything for you, why pay them anything?

The whole point of using a Realtor is because they put more money in your pocket at closing than selling By Owner does, and that is a fact.  Realtors spend money, and each has their own value proposition.  If their value proposition is dropping, it means their value to you as a seller is dropping too.

Before you shortchange yourself and hire the least expensive agent you can find, call us, and explore the difference.  If netting more in your pocket at closing is more important than the low fee you pay, we need to talk.  Most people believe the less cost you pay the more money should flow to your pocket, and that makes sense.  The only problem is it is not necessarily true.

Brett and Sande will answer your questions and show you how we are able to get more money for our sellers.  In times like we are in today, experience matters.  Put the experience of Brett and Sande Ellis to work for you.  239-489-40402 Ext 4 or email us Brett@topagent.com or Sande@topagent.com

We’re excited to talk to you!  Good luck and Happy Selling!

See last week’s article “Hurricane Damage Roof Claim Settlement Deadline Approaches

Ellis Team Open House

Open House Sunday 1-4 PM

14120 Reflection Lakes Dr

New Listing in Reflection Lakes
Open House Sunday 1-4 PM

 

 

SW Florida homeowners need to be aware that the hurricane damage roof claim settlement deadline is approaching for Irma claims September 10, 2020.  We are at the three-year mark for such claims.  You do not need approval of your claim, but your claim does need to be submitted to your insurance company by that date.

Hurricane Damage Roof Claim Settlement Deadline

Hurricane Damage Roof Claim Settlement Deadline

Here is what is so important about this.  Many people had roof damage and do not realize it.  When they go to sell their home, it will come up on a roof inspection.  The seller will be required to make the repairs or put on a new roof if the roof is not repairable.  Many roofs are not repairable because the tile system on their home is not made anymore, or because the percentage of damaged shingles is too significant.  In that case, a new roof may be required.  Many tile roofs cost over $50,000.

If an insurance claim is filed and not closed it would be on record and the new buyer might not be able to obtain insurance.  Choosing a roofer with extensive experience dealing with insurance companies is a must.  The attorney they work with when the insurance company says no the first time is important too.  Filing a claim is a big decision and should be done if you have damage, but you need to be prepared to follow through because the insurance company will not just hand over the money.

There is a lot of disinformation on the streets.  You must be careful not to listen to the roofing salesman. We have heard some whoppers and not all of their claims are true.  For instance, the homeowner will have to pay the deductible.  Insurance companies reserve the right and will go back and verify later that the deductible was actually paid.  Some roofers entice homeowners to choose them because they scheme up ways to avoid this and the homeowner thinks they are going to get a free roof.  This is insurance fraud, and it could come back to bite the homeowner.  Yes, the roofing company may be committing fraud too, but when they are out of business it will not matter to the homeowner who also committed fraud.

Roof May Determine Sale Ability

The bottom line is if you’re thinking of selling during the remaining useful life of your roof, you should have it checked. If there is damage you may not be able to sell your home with the damage.  You also want to use a reputable roofer who knows what they are doing, backed by a competent attorney who also knows what they are doing.

If you need the name of some roofers we’ve had good experience with, we would be happy to supply them to you.  Simply call Brett Ellis 239-489-4042 or email Brett@topagent.com and we’ll pass along the information.

It may be possible to sell the home if the damaged work in the claim was repaired.  We can submit that info to new insurance company and coverage can be bound.  We work with some excellent insurance companies. That is the other end of the equation people do not always think about.

New Roof May Increase Home Value

It pays to work with experts in their field.  When you have a home under contract it’s sad to lose the deal over something that could have been prevented.  A new roof may help improve the value of your home too.

Buyers consider the price of a home combined with all the improvements, upgrades, and maintenance items they’ll have to make.  The more repairs and maintenance items eat into what they will offer for a home, if at all.  Maximizing your bottom line is a consultation between you and your Realtor.  An experienced Realtor can guide you to help you make best decisions.  Mistakenly, some sellers believe hiring the cheapest agent they can find will save them money. In fact, this strategy may cost them thousands.

If you want to save thousands on your next sale, ask Brett or Sande how we can save you money. Besides our experience, we have some programs that save our clients thousands of dollars.  It pays to know what they are. Call us at 239-489-4042 Ext 4 or visit www.SWFLhomevalues.com to find out how much your home is worth.

Have questions?  Brett and Sande are here to help!

See last week’s article “Changing Real Estate Trends We Are Watching

We thought you would like to know some changing real estate trends we are watching and how we are adapting.  This is only the 2nd time in my 30+ years in real estate I can remember changes so significant like we are seeing today.  The trends we are seeing today are different than normal economic cycle’s ebb and flows.

The last changing real estate trends we saw was back on 9-11, 2001 The United States was rocked by an enemy.  The country banded together, and Americans decided it was safer to nest at home versus travel abroad.  So, they did.  People hunkered down, traveled to within driving distance of their home and made home renovations, because home is where they were going to enjoy life and their family for a while.

Changing Real Estate Trends

Today, we are seeing similar tendencies.  Cruises, airline travel, and International travel are scary to many considering covid-19.  Workers learned to work from home, and companies learned it’s feasible.  Once companies learned this, they also learned they can save on high cost lease space in the city and setup shop in either the suburbs, or far away from where they originally thought they must be.

Two things happened.  Workers realized if they could work from home anywhere, why be in the city, and why be in high tax states?  Why not move to warmer climates that are tax friendly?  Not long after that, companies realized the same things.  If our workers are moving, why couldn’t we?  Companies have been reluctant to move for fear of displacing so many workers and not having talent in the location they might move to.  Now that workers are willing to move, combined with fact they can still work and not have to live where they work opened the doors for companies to explore options.

Then another thing happened; the unfortunate death of George Floyd, the protests that ensued, and more specifically, the riots and mayhem.  Combine this with talk of disbanding police departments and it sent some companies over the edge.  Companies like steady, predictability. Chaos and mayhem are not business friendly.  The thought of closing stores, losing inventory, and putting employees in harms way was too much to stomach, and many businesses are leaving.  It’s not good business practice to operate in unstable environments.

This is also a reason why some companies are relocating from China back to the US; predictability and stability.  So, who benefits and who loses in such a scenario?

Florida is Attractive to Buyers

States like Florida are big winners.  Florida has done well with covid-19.  Riots have been well contained in Florida and leadership at the state and local levels have been strong.  Sure, some will always disagree with this stance or that, but leadership itself has been strong.

Consumers are looking to migrate out of cities and move to suburbs, smaller towns as well as rural. RV sales have picked up tremendously.  RV dealers are practically sold out in some cases.  I checked with an RV dealer locally who confirmed sales are off the charts and they are having a hard time keeping inventory.  Sound familiar?

Gun sales have increased.  People are worried they may rely less on the government for protection.  The events of 2020 may shape real estate decisions in a way we have not seen since 2001, and this time it appears to be more dramatic.

People crave predictability and stability.  Companies do too.  When they do not have that, they take control to the extent they can, and that’s their family’s personal safety and housing.

Changing Real Estate Trends We are Watching

Shifts in Advertising

We have shifted our advertising.  We still advertise locally, and we are bumping up our advertising into areas where we know people are migrating out.  It is working.  We have buyers coming in from all over.  Our artificial intelligence can identify where buyers and referrals are coming from for any city.  For example, here is the map for incoming referrals to Tampa.  Each city has its own patterns.  Hire us and we’ll put the SW Florida data to work for you.

The Ellis Team is forging relationships with top agents in each of these cities, as well as taking out targeted ads directly to buyers in those cities.  They are coming here and buying.  Our team sold 3 homes last weekend to leads we have been working using targeted ads.

If you are thinking of making a move, call Sande or Brett Ellis 239-489-4042 Ext 4, or visit www.SWFLhomevalues.com to see what your home is worth, or www.LeeCountyOnline.com to find your next home.

See last week’s article “Agent You Choose Matters When Listing Your Home

Agent You Choose Matters When Listing Your Home

Ellis Team Open House

Today, more than ever, the agent you choose matters when listing your home in SW Florida.  Pending sales are down 7.1% year to date, and down significantly in March and April.  Obviously, the economy took a big hit from Coronavirus, but that is no excuse to sit back and do nothing.

One thing we know is when pending sales take a big hit, closed sales will fall in the coming months.  When closed sales fall, agents get out of the business.  The agent you are thinking about hiring to list your home may be hanging on by a thread and may not make it to closing.  Furthermore, even if that agent has a side gig and can withstand a sales pullback, they may not have the experience to guide you through a shifting market.

Agent You Choose Matters When Listing Your Home

Agent You Choose Matters

Our team has been through several shifts, so we know what to do.  In times like this, you work harder, and your experience pays off for clients. Ellis Team sales are up year to date, as are a few other experienced agents we talked to.  But for the most part, agents will feel the brunt of the pending sales slowdown.

Believe it or not, even though pending sales are slower, pending sales are outpacing new listings about 2 to 1.  This means it can be a good time to sell.  While new pending sales were down 36.9% in April, listing inventory is down 22.9%.  We believe the month’s supply of inventory will go down.  Officially it stands at 4.3 months in April, even though we had it falling to 4.2 months back in March.  For April we have it at 3.85 months supply.  This puts us firmly in a seller’s market, which means an experienced agent should be able to get you Top Dollar and get your home sold fast.

Speaking of fast, in April the median time to contract was 48 days.  Contrast that with April 2019 when it was 71 days.  That is a 32.4% reduction in time to sell a home.

Thinking of Selling?

If you are thinking of selling, you should talk to Brett or Sande Ellis 239-489-4042 Ext 4. Brett and Sande have the experience of selling over 5,000 homes in SW Florida and have been through several market cycles.  This market cycle is different than others.  One thing we know about shifts, and this is true no matter what the cause, they happen gradually then suddenly.  When markets shift, buyers and sellers have fear.  Fear causes people to pause or do strange things.  It is not strange at all when you realize what is happening.  It takes skill and trust to turn that around.

Brett and Sande have the skill and trust of buyers and sellers.  Because we have experience, our deals are more likely to close, and when problems arise, we know ways to keep them together.  Quite often the buyer still wants to purchase, and the seller still wants to sell.  We simply must overcome the obstacles the lender or the parties put before us, and this leads to a successful transaction.

Marketing is also key.  Many agents will tell you it is all price.  Price is important, but so is marketing.  We have had great success marketing into northern markets and pulling buyers.  Every shift presents obstacles and opportunities.  We prefer to focus on the opportunity, and when we do that, the obstacles seem to melt away.  Let us show you how we are attracting buyers with our marketing.

Of course, we must also price your home correctly for the market.  No amount of marketing is going to overcome and overpriced listing.  If you have a home that failed to sell in the past, let us take a look at it.  Today’s low inventory, proper pricing, and our marketing might just be the winning formula to get you on to your next venture.  We are experts at making dreams a reality.

Find out what your home is worth for Free at www.SWFLhomevalues.com

And remember, the agent you choose matters when listing your home.

See last week’s article “Rising Home Sale Price Trend Continues Despite Pandemic

2020 has been a good year in real estate for buyers and sellers alike.  Both have benefited for different reasons.  The rising home sale price trend continues despite pandemic concerns.

Year to date median home prices are up 5.6% and averages home sale prices are up 9.8%.  Most experts did not know how the shutdown was going to affect real estate sales or prices for that matter.  Busy Realtors on the front line saw a developing trend and we reported it to you as it became apparent.

Rising Home Sale Price Trend Continues

Rising Home Sale Price Trend Continues Despite Pandemic

Quite frankly, we were not surprised and in fact predicted this, because we have seen similar events in the past shape consumer behavior.  If you read our weekly article, we have talked about 9-11 and how that changed people’s travel and home buying preferences.  Covid-19 may be a similar such event with similar results.

Interest rates are low which is helping home buyers.  We are seeing more financed deals than cash deals.  For instance, closed deals were down 14.1% in April.  Cash deals were down 39.3% For people that have jobs, they are financing.  Another boom down the road will be homeowners who refinanced.  Those homeowners will have more disposable income in their pocket after this is all over which may help the economy going forward.

The economic stimulus is not all out and in the hands of the people yet.  Some are predicting a v-shaped recovery, while others predict a u-shaped.  A few predict a w-shaped, and this is what we don’t want.  We believe the 3rd quarter will be robust compared to 2nd quarter, and the growth rate will set all-time records.  It will not bring us back to pre-covid 19 levels, so people should not read the headlines and think the economy is all the way back.  It may take years before it’s all the way back, and yet recovery will be welcomed.

Housing inventory is down 22.9% from last April, and we have noticed an uptick in sales activity in May.  These numbers will not be reported yet for another month, so you’re getting inside information early.  It pays to know a busy Realtor on the front lines.

Some speculate that with near 20% unemployment, home sales and prices must go down.  This would be true if we had excess supply.  We simply do not right now.  With record low interest rates, and people going back to work, we may not have the opportunity to slide much, if at all.

All real estate is local.  Not only are we seeing buyers coming in from out of state to escape regulations and living conditions where they are, we are also seeing it in-state buyers.  While inventory is shrinking here, it’s also shrinking other places in Florida.  We are seeing more people coming over from Miami area and purchasing here, which is putting further pressure on inventory.  We saw this back in the boom.  The only difference today is we do not have an over-supply of homes like we did back then.

Our Office is Moving

Keller Williams and the Ellis Team office is moving south on Summerlin.  Our new address is 12840 University Dr in South Fort Myers.  It is located directly across from FSW college.  This is kind of like old times for the Ellis Team as were in a nearby office on University Dr for years with another company before moving to Summerlin Lakes Dr, and eventually over to Keller Williams.  We look forward to seeing past and future customers at our new location.

Our team and company are growing.  We might be the only real estate company expanding right now, and that’s because our lead generation and technology are second to none.  If you have a home to sell, please call Sande or Brett Ellis at 239-489-4042 Ext 4 or visit  www.SWFLhomevalues.com for a free analysis of your home.  You can tell us how accurate you believe it is.

If you’re looking to purchase, visit www.LeeCountyOnline.com The information is updated in real-time, so you’ll never miss out on new listings or price changes.

We are moving this weekend to better serve you.  Make your move with the Ellis Team at Keller Williams Realty.  Knowledge and experience matter in changing times.  Put our experience to work for you.

See last week’s article “Buyer Beware Listing Inventory Disappearing Quickly

We have been reporting for weeks that pending sales have been outpacing new listings.  See last week’s article “Housing Inventory Falls in May” We entered 2020 with low inventory and since the Coronavirus outbreak it’s only deepened.  It’s time to issue a warning.  Buyer beware listing inventory disappearing quickly.

Many people watch the news and speculate that homes are not selling.  The truth is homes are outselling new listings by a 2 to 1 margin.  In the last 24 hours we had 84 pending sales and 39 new listings.  It’s a similar story the past 7 days, and the last month for that matter.

Buyer Beware Listing Inventory Disappearing Quickly

Buyer demand is strong.  Realtors are on the front lines, so we hear the stories every day.  Northern buyers are flocking to Florida and buying property.  They are either buying a 2nd home and moving here to escape quarantine, or more predominantly they are escaping what they see as repressive government overreach and leaving their state entirely.

If business owners pull out of those states some of those jobs will never return.  Others are deciding on early retirement and getting out of Dodge.  You can only lockdown people for so long before they feel they need to make a change.  States like Florida and Texas are particularly attractive for a few reasons.

Both states have had far less mortality rates and fewer hospitalizations than other states.  Buyers feel as though states like Florida and a few others have been better managed through the crisis.  Secondly, Florida and Texas offer no state income tax.  Before Coronavirus people were already fleeing high tax states like New York, New Jersey, Illinois, etc.  Low tax states like Florida helps seal the deal for business owners and higher end employees seeking relief from high taxes.

The other thing we have learned through this pandemic is people and businesses are re-thinking work models.  More companies have allowed work from home, and employers and employees alike have gotten used to it.  Now that its viable, companies are questioning if they need high lease space commercial properties or if they can get by with less expensive space out of the bigger cities.

Financially it may be an easy choice for employers, and even easier for employees.  Add in the pandemic and there is a propensity to escape densely populated areas to more rural areas.  When you combine financial concerns with health concerns, more employers and employees are choosing to get out of the big city, even if it means quitting a job, or closing a company.

We believe over the next few years companies will start migrating out to flex space in the suburbs, and out of high tax states altogether.  As more people leave those states, it will place a higher financial burden on the fewer remaining to carry a higher tax load, and they will eventually leave too.  It’s like a chain of events that began a few years ago with America’s economic revival and it’s picking up steam today due to Covid-19.

Buyer Beware Listing Inventory Disappearing Quickly

Our advice to buyers is select a property that meets your needs and lock it down.  We are down to about 3.85 months supply of inventory and going lower every day. We were down to 4,440 single family homes on the market in Lee County Mid May, and if this pace keeps up, we’ll be down in the 3,000’s by June.

If you are a seller, there is no better time to sell than right now.  We are seeing properties that did not sell in season suddenly sell because they are the next one up.  If you are a buyer, you need a realtor that knows how to write a winning offer, and that takes experience.

If you are a seller, you need a Realtor with experience dealing with multiple offers, or the wisdom to know when to wait for a better offer that might be just around the corner.

Neither side should wait.  Interest rates are low, and there are compelling reasons for both sides to act quickly.  Call Brett or Sande Ellis 239-489-4042 Ext 4 to discuss your sale, or visit www.SWFLhomevalues.com to find out what your property is worth instantly.

Buyers, we have a system that will alert you to new listings the minute they hit the market.  We can also tell you about new listings we might be working on.  We’re here to help.

Happy Memorial Day!

SW Florida housing inventory supply falls to 3.85 months, down from 4.20 months supply back in March.  We do not have official April sales numbers, but a quick search of single-family homes in our MLS shows 1,116 closed sales in 2020 versus 1,361 in 2019.  That is a 18% decline in sales in our MLS.  So how did the months of supply go down?

Housing Inventory Supply Falls in May

Housing Inventory Supply Falls in May

Heading into the Coronavirus crisis inventory was light to begin with.  Sales picked up in the $300-$600k category and declined in all others.  Inventory increased in the under $100k category and declined in all others.  Keep in mind, these numbers are from previous 365 days from each point in time.  365-day sales were down 1.96% while 365-day inventory was down 10.16%

We can determine that months supply of inventory is down because there are fewer home sellers.  It is also possible that we have less home sales because there is less inventory, which means there is less opportunity for buyers to choose from.

We have seen more sellers step up and decide to place their home on the market, and yet the listing numbers are still down.  This tells us it is an absolute perfect time to sell because there is less competition from other sellers and buyer demand is still good.

Speaking of buyer demand, we see several key factors in play and right now one is winning out.  Locally, we are seeing layoffs and business closures.  This was to be expected due to shut down. Some businesses just could not survive this.  The other thing locally we have found is many people who still have their job but were renting have decided they want to buy.  They were shut in on quarantine in a place that wasn’t their own, and they did not love.  Many want a larger space and moving forward we’re not sure the virus is going away anytime soon.

Northern Buyers Heading to Florida

Secondly, many people up North do not agree with shutdown orders of their businesses and lifestyle and they are deciding to purchase in Florida.  They may not like the fact they live in a high tax state, and now with onerous restrictions, they have had enough.  Florida is one of the places they want to be now.

At least three factors are in play, and two are winning out favoring real estate sales in Florida.  Our team has been advertising in markets up North and we are generating a lot of buyers looking to relocate to Florida.  Some of them are Now buyers, meaning they are not waiting until they retire.  They want to purchase now, and covid-19 and the reactions to it is the impetus for their immediacy.

If sales declined 18% in April, our team’s sales did not. This suggests some agents are being aggressive  finding buyers for properties while others may be sitting home wondering what they can do.  Brett and Sande have been involved in real estate in SW Florida through many shifts.  The reason for this shift is different, and yet all shifts are alike.  They tend to come suddenly, and how you act and market in a shift matters more then when times are great.

Aggressive Agents Have Strong Sales Right Now

A great market hides a lot of imperfections because sales seem to find the agent.  Not all agents survive in a shift, as many are exposed as order takers instead of marketers.  High tide lifts all boats, and often masks other issues.  Low tide reveals who has the grit, knowledge, and determination to get the job done.  You must survive to thrive.  Surviving means performing, and performing means serving your clients at a high level and educating them.

If you enjoy reading this column and you’re thinking of buying or selling in SW Florida, please reach out to Brett or Sande 239-489-4042 Ext 4 or visit www.SWFLhomevalues.com  to get an instant value on your home.  You can search homes there too.

Sande and Brett are here to give you advice on if now a good time for you to make a move and talk about how the process would work.  If you’re a buyer and do not have a property to sell, visit www.LeeCountyOnline.com We look forward to helping you!

See last week’s article “If You Could Work From Anywhere Where Would You Want to Be?

Closed and pending sales outpace new listings in the SW Florida real estate market once again.  Looking at the latest 7-day Lee County numbers shows 192 new single-family home listings and 349 new pending sales.  There were 222 closed sales.  The closed sales number will only increase because numbers were taken Wednesday April 29th at the time, we are writing this article.  It takes a few days to report out closed sales end of month. As pending sales outpace new listings we’ll have to track and see if there is eventual upward price pressure.

Pending Sales Outpace New Listings

Pending Sales Outpace New Listings

The Lee County Florida real estate market has been busy this past month as new pending sales outpace new listings. Closed sales did as well. The Ellis Team has been busy too this past month.  We hold daily sales huddles and yesterday we counted 10+ pending deals for month of April and we did not have all our agents on call.  That is not bad for s state that is been on stay at home orders.  Keep in mind, real estate is considered an essential business, so we’ve been able to conduct virtual showings and virtual open houses, but the public hasn’t been out shopping models and showings like they used to.  Most all of this has been done virtually with minimal in-person showings.

Our team takes the real estate business seriously.  It’s a full-time profession for us, which means we don’t have other jobs paying our bills.  Because we take it so seriously for our clients, we’ve learned to innovate and adapt to changing conditions.

We know many buyers still want or need to buy.  Many sellers want or need to sell, so it’s up to us to find a way to make that happen for them and find a way we did.

Other agents are switching companies, and some companies are even contemplating closing their doors.  We are fortunate to belong to a national company with no debt and full of ideas.  We share best practices and ways to get the job done for our customers.

New Virtual Programs

If you read this article or subscribe to our blog you know about the programs we’ve introduced the past month.  Programs like www.virtual-listing-appointment.com, or www.virtual-open-houses.com, or www.virtual-showings.com None of these programs existed 30 days ago and they are so critical to what we’re doing today.

It is not the website themselves that makes this a success.  It’s the concept.  For instance, sometimes another Realtor has a buyer and they ask a question about one of our listings.  We have options to show them the home or answer their questions.  We can visit the property and do a live or recorded video.  Our team can schedule a 3D showing online with the customer and their agent, so they can ask any question.  As the listing agent we can answer those questions and even point out a few things the other agent might not have shared.  Nobody has to be at the property because we utilize cutting-edge technology upfront to be able to show the property over and over again with the 3D tour.

The bottom line is successful agents will thrive and adapt no matter what the market throws at them.  I have sold real estate through several recessions, double digit interest rates, and a housing and financial collapse.  Those experiences taught us how important it is to adapt quickly.  What seems like an obstacle to many agents is a simple pivot for us.

The Future of Real Estate

Going forward we can see this may become the future of real estate.  We believe there will be a new normal.  Many agents you see today won’t be here 6 months from now, and next year there will be a new crop of agents eager and ready, but they won’t have the experience of what it takes to survive and thrive in a shift.

The shift can be economic, health, or just mindset.  Let’s face it, few in America look at things the same today as we did 60 days ago.  The world has changed, and so must we, regardless of which industry we are in.

If you have a property to sell, visit www.SWFLhomevalues.com, or call Brett or Sande Ellis at 239-489-4042 Ext 4 and we’ll be happy to talk to you about your options.  Yes, we’d love to show you how we’re selling properties with advanced marketing we can put to work for you, and we can do this virtually with you as well.  We look forward to hearing from you.

See last week’s article “Southwest Florida Real Estate Market Update April 2020

Ellis Team Weekend Open Houses

Getting a Mortgage Today

New Listing of the Week

5314 Chippendale Cir E  Whiskey Creek

It is time for another Southwest Florida real estate market update. It seems everyone I talk to asks how the real estate market is doing during this Coronavirus shutdown. During the last 7 days in Lee County 212 homes came on the market and 301 went pending. 289 closed in the last week.  This tells us that we’re pending and closing more homes than are actually coming on the market.

This also tells us that now is a great time to sell. You have less competition from other sellers, and homes are actually selling. This past week our team held 9 virtual open houses. All open houses received over 200 video views and our best one had 3,300+ people tuning in. You might ask how do we get so many people to view our open houses online. We will answer that later in the story.

As you can see from the graphs, inventory levels were falling pre-Coronavirus. In other words, this is not a new trend. More homes have been selling than what is coming to the market. This was indicative of a strong housing market locally and a strong economy. Given the shutdown, we have no idea what shape the economy is in today. What we do know is the housing market has remained strong.

Southwest Florida Real Estate Market Closed Sales by Year

We have official sales numbers through March, and you can see that 2020 was on pace to eclipse the previous 4 years. Some people feared we would lose closings in March as buyers became fearful of the unknown. That scenario did not play out. The question going forward will be how does the disruption affect the market going forward?

Nobody knows for sure the answer to that. Hopefully answers about when states will open back up and to what degree will become clearer soon.  What we do know is that it is a good time for sellers right now! It’ always more fun to sell when there is less competition from other sellers.

Buyers still need to buy, and when you see low inventory and buyers buying sight unseen, you know it’s a good time to sell.  What will happen when this virus thing is over and all those sellers who did not want to put their home on the market during the pandemic decide to sell?  Sellers will have more competition. It does not mean the market will be bad, it just means it may take longer to sell as they’ll have more competition.

Pricing is still a critical component. The market either accepts or rejects the price, and some sellers will never get that point regardless of if the market is up, down, or sideways. Proper pricing is important.

Back to the question about how we drive so many people to our online open houses. It’s all about the marketing. The Ellis Team are Southwest Florida real estate experts at driving traffic, whether it be old-school like print marketing or cutting edge like targeting buyers. Our brand is wide and our reach is deep because we have a large digital footprint to draw from.

If you are considering putting your home on the market today, you want it sold for top dollar and fast.  You want to limit the in-person showings. The faster we get your home sold for market value, the better it is for everyone. The Ellis Team digital reach can help you achieve that.

If you’d like to get a quick feel for the value of your home, visit www.SWFLhomevalues.com  It you’d like to setup a meeting with Brett or Sande to talk about the market, your home, or your options, we can jump on a video call and talk about it. Simply visit www.Virtual-Listing-Appointment.com and fill out the form, or call 239-489-4042 Ext 4 and ask for Brett or Sande.

If you are thinking of selling, let’s talk about your opportunity today versus waiting and figure out what’s best for you.

Good luck and Happy Selling!

See last week’s article “Virtual Open Houses Sells Homes in a Virtual World

Check out this weekend’s Virtual Open Houses

Today we’d like to show you how virtual open houses sell homes in a virtual world.  People may not realize that real estate is still selling.  In fact, I just checked MLS and in the last 7 days 224 homes went pending and 247 homes closed.  In fact, more homes went pending than actually came on the market in the last week, and Florida is under a stay at home order.

Virtual Open Houses Sell Homes in a Virtual World

How is it that so many homes are selling?  Top agents are adapting to market conditions.  We know some buyers still need to purchase and some sellers still need to sell.  The market didn’t go away, even though access and the way we show homes did.

This weekend the Ellis Team is hosting an online virtual Open House Extravaganza.  We’ll have 7 virtual open houses this weekend. The neat thing is we can do this during the week too.  Our Virtual Open Houses website www.Virtual-Open-Houses.com has links to times and locations of each open house.  Each open house will be its own event and also streamed live.  The beauty of this is customers can tune into the live stream, and the virtual open house can live on long after as a posted video.  If you miss one of our open houses you can go back and watch a previous open house. Virtual open houses sell homes and the Ellis Team wants to be at the forefront of that process.

Who knows what you’re going to see?  Because this is live and reality based, you might see some unexpected things.  We’re not saying this will become as popular as the Tiger King, we’re just saying you never know.  These live events will be streamed on our Facebook page www.facebook.com/Ellisteam as a live event.  Check it out or check out our virtual open house page mentioned earlier for a complete and changing schedule.

We’ve been getting hundreds of people attending live open houses.  Not only do we get the live views, there are many more views later through shares.  Who knows, this may set a new trend in how open houses are conducted.

Consumers also love it when we do a virtual open house from a gated community.  They no longer must worry about getting through a gate.  Consumers can see if the home and property interests them before deciding to give up time to go visit a gated community.

Our agents are getting better and better.  Each home is unique, and the internet or cell phone access can vary greatly by location.  They are stepping out of their comfort zone to bring you properties you can see.  In addition to our listings we can bring you new developments and new construction homes as well, so stay tuned for all kinds of opportunities.

Perhaps you’ll find a listing you love.  Perhaps you won’t.  Our agents also show homes virtually through our www.Virtual-Showings.com program.  The virtual showings program differs in that we have a virtual meeting with you and listen to what you’re looking for.  We then select properties that match your criteria and show those homes to you versus a live stream virtual open house.  The virtual showing is sort of like your custom virtual open house only we can do that live or through a 3D tour anytime day or night.

If all this is confusing to you, we’re still available to talk to.  If you’d like to sell your home, you should call Brett or Sande Ellis 239-489-4042 Ext 4 and we can show you all the tools we’re using to sell homes today.  Remember, 247 sellers closed this past week.  It might as well be you.

If you’d like a Free online instant estimate of your home’s value, check out www.SWFLhomevalues.com  It’s quick, free, and pretty darn accurate in most cases.

Our team is here to help.  Hopefully we’re providing the tools you need wherever you are, in whatever situation you’re in.  If you need to talk, we’re a quick phone call away.

Take care and stay safe.  This will all be over soon.  Maybe not soon enough, but hopefully soon.

See Last Week’s Article “Guided Virtual Showings Program Helps Buyers Tour Homes Safely

Be sure to check out our video on virtual showings too

Sellers can take advantage of our Virtual Listing Appointment