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

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