Southwest Florida listing inventory rises in October to 5,157 units, up from 4,829 in September.  That is a 6.79% rise in just one month.  We went back to last year and noticed listing inventory rose 6.09% those same months, so inventory is rising a bit faster this year.

Home inventory was up 16.64% this past September over 2015 and in October it’s up 17.42%.  We’ve been mentioning all year 2016 has been a leveling off and balancing market, so rising inventory isn’t surprising.  In fact, it was predicted.

November statistics won’t come out until next week.  We’ve been studying preliminary numbers and from what we can tell, median and average sales price are going to be fairly even.  Perhaps a small gain on median price and small loss on average price.  However, we can only track Lee County numbers submitted to our MLS.

If our numbers are correct we may see an uptick in number of closed sales in November.  Also frustrating is the fact that they go back and adjust last year’s numbers, so that can influence predictions as well.

Southwest Florida Listing Inventory Rises

Southwest Florida Listing Inventory Rises

We searched active homes on market on December 13th and we found 5,104.  If we add back in the pending and contingent listings we have 5,955. We’ll be watching the official November stats when they are released next week.  As you can tell from the chart, the trendline is up slightly.

Some people believe we’ll see more homes hit the market as interest rates rise.  Others believe we may see less as sellers may decide to stay in their low-cost mortgage.  I can tell you one thing.  If you currently own and your home no longer works for you, the time to list is now.

We need to get your home sold and you into your new home before rates rise again.  They’ve already risen about .75%.  This will cost you more to finance the same amount, so waiting will cost you tens of thousands over the life of your new loan.

Did you know you can search the entire MLS from our website?   It has all the homes, and it’s updated every 5 minutes, so you’ll be the first to know about new homes as they enter the market or change their price.  You can even save your search, and have multiple saved searches in case you’re looking at different options.  We even have a free tool to find out what your home is worth online.

The Ellis Team is also busy meeting with potential sellers.  We counsel sellers on how to get top dollar for their home and how their home should be positioned and marketed in the marketplace.  Sellers are finding out there is a difference and listing with the wrong Realtor can cost them thousands.

Don’t list with a Realtor that doesn’t bring you top dollar.  You might ask, what’s our secret for getting top dollar?  We’d love to show you.  It’s not by accident, it’s by design.

Let us sit down with you and show you how our 30+ years in the market combined with today’s latest technology and aggressive marketing is making a difference for our sellers.  If you think hiring a professional is expensive, wait until you hire an amateur.

Our team is growing.  We have thousands of buyers in our database looking to purchase.  If you’re an agent looking to grow your business, give us a call.  If you’re a potential seller looking to sell before rates go up, give us a call too.  Put our experience and wisdom to work for you.

We’ve been through changing markets before.  Rising rates change the game and knowing how to help buyers and sellers can be the difference to keeping your deals together and saving everybody money.  You can call us at 239-489-4042.  If you’re considering selling, ask for Sande or Brett Ellis.

Good luck and Happy House Hunting!

Southwest Florida Real Estate Market Update December 2016

A few weeks ago we wrote about 5 things a buyer should know about Lee County Real Estate, so we thought we’d follow-up with a version strictly for sellers.  5 Things a Seller Should Know About Lee County Real Estate.

5 Things a Seller Should Know About Lee County Real Estate

 

  1. Prices are Falling.  Don’t get too alarmed here as it’s not unusual for prices to fall this time of year.  It’s more of a statistical anomaly.  Prices are still up over last year’s numbers, but they are falling monthly.  Next season will be the barometer.  Some sellers mistakenly believe they can ask anything for their property and it will sell.  This is not true.  Its funny how the seller believes their property is worth so much more than everybody else’s property, but when they are the buyer they look at things differently.
  2. We Must Sell Your Property 3 Times.  First, we must sell it to other agents.  If they believe the property is over-priced they won’t show it.  Next, we must sell it to the buyer.  The buyer is the one out looking at all available like kind properties.  If they feel it’s over-priced relative to other similar listings, they’ll make an offer on something else.  Lastly, we must sell it to the buyer’s bank.  The bank orders an appraisal not for the buyer’s benefit but for their own.  If the appraiser says we sold it for too much we’ve got a problem.  If we fail at any of these 3 sales, we don’t have a sale.
  3. Interest Rates are Rising.  This takes purchasing power away from the buyer.  Every 1% rise in rates eats away 9% purchasing power from the buyer.  If there are a limited number of buyers for your home today, rising rates will chip away and steal some of those buyers from you.
  4. Flood Insurance Rates are Going Up. Some say rates could double or triple on certain properties.  If you don’t sell, this could affect your bottom line.  If you do sell, it could affect the buyer’s bottom line, which could influence their offer.  Your home doesn’t have to be waterfront to be affected.
  5. Rising Values Brings More Competition to the Table.  Yes, inventory is limited today, and it has helped propel home values.  As values rise, expect more competition from other sellers whose value rose above water on their current mortgage and can now afford to sell, or from sellers who are just ready now and have waited for values to climb to a certain point.  Builders are now entering the fray because home values have risen enough for them to be able to compete again.

 

This is actually a good time to sell right now.  The odds of selling right now are as high as they’ve ever been, if your home is marketed and priced properly.  We saw over-priced homes in the height of the Boom fail to sell, and we’re seeing it today.  We are saying we have a good market.  We’re also saying don’t get too greedy or you could be one of those sellers saying I wished I hadn’t over-priced my home back when the market was good.  Real estate works in cycles, and we’ve heard this repeated too often.

 

If you’re considering selling and would like for us to sit down and meet with you, simply give us a call at 239-489-4042 or visit www.SWFLhomevalues.com
Feel free to search the MLS at TopAgent.com. Good luck and Happy House Hunting!!!

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