Like clockwork Lee County summer real estate sales are heating up.  So why aren’t Lee County home sellers jumping for joy?  Many home sellers are happy, because their home was on the market all season and now it’s selling.  Others are happy because their home just sold while their neighbor’s home sits on the market.

This past season we saw many sellers priced at one point while the buyer’s perception of value was at another.  In many cases, the seller’s perception exceeded the buyer’s perception by 10% or more.  Sellers didn’t want to accept this reality, so homes sat on the market.  You’ll always have some sellers that refuse to accept today’s market prices, but when you have many, it causes the market to take note and listen.

The market always speaks to us.  It’s up to us if we’re ready to listen.  We’re humans, and we don’t always want to accept change.  For those that accept change and react quicker, the opportunity is the greatest.

Lee County Summer Real Estate Sales Are Heating Up 7 Day Market Watch

Right now, home sales are brisk $300,000 and below.  This makes sense because that’s where the bulk of the buyers are.  That’s what more people can afford. We just pulled up the 7-day market watch from MLS, and we notice there more pending sales (379) than new listings (365).  You’ll notice too there were more price reductions (385) than either.  These price reductions are leading to more pending sales as sellers get their home down to where the buyers are.

Selling a home is kind of like fishing.  If you place your bait 20 ft above where the fish are, you get nothing.  Lowering the bait 10 ft above where the fish are still yields nothing.  Fish tend to swim in schools.  You’ve got to place the bait where the fish are, not where you want them to be.  Pricing a home is the same.

If you price your home above where the buyers are, they don’t even look at it.  Typically, you should expect an offer with every 4-5 showings.  If you’re not getting offers, your home is probably still overpriced.  Sellers say, “We just reduced our price $10,000” so that can’t be it.  It can.  If you were $30,000 overpriced, that $10,000 reduction still places you 20 ft above the fish.  Until you get down where the fish are, you’ll attract few showings and little to no offers.

Lee County Summer Real Estate Sales 7 Day Market AveragesAre Heating Up

Of the 379 new pending sales, the median price was $249,000.  The average price was $335,540.  This confirms the $300,000 range and below as being the sought-after part of the market.  If you have a home $400,000 or more on the market right now, you’re probably still fishing for the correct asking price.  You may be wondering why buyers just are not accepting your price.  Your neighbor’s home may be sitting on the market too.  Occasionally one will sell, and you’ll be wondering what they did to attract that buyer.

It takes aggressive marketing.  Aggressive marketing alone won’t work.  Together with your agent, you’ll need to adjust that bait until you find where the fish are.  When you do, it will sell.  The SW Florida real estate market isn’t suffering from a lack of buyers.  The buyers are not aligned with some sellers’ asking prices.  When the seller gets down to where the buyers are, the buyers are biting.  This past week or so the Ellis Team has placed 7 properties under contract.  Some agents believe the summer is the slow time, but that’s a bad assumption.  We have buyers in all price ranges.  We just closed a property over $1 Million.

The agents out there hustling are selling homes.  It’s a great time to sell, so long as you’re willing to price your home at the market. Isn’t that always the case though?  Together with your agent you should ask yourself, “Am I willing to price my home at a price that will cause it to sell?”  If the answer is no, then why are you putting it on the market?

If you’d like to talk to Sande or Brett Ellis about selling your home, call us at 239-489-4042 Ext 4.  Next week we hope to share some exciting news that may make your home stand out and sell faster. Find out what your home is worth online.

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Alva

River Hall

Fort Myers

Botanica Lakes

Caloosa Trace

Carillon Woods

Cross Creek Estates

Danforth Lakes

Daniels Park

Fiddlesticks

Gulf Harbour

Highland Pines Estates

Fort Myers Waterfront Homes

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Reflection Lakes

River District Fort Myers High Rise Condos

San Carlos Park

Shadow Wood Preserve

Tanglewood

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Whiskey Creek

 

Cape Coral

Tarpon Point

In February we reported that the housing supply in Southwest Florida stood at 5.48 months.  We are happy to report the Southwest Florida housing supply declines since February, down to 5.28 months.  This occurred for two reasons.

Active inventory fell from 5,705 homes for sale in February down to 5,552 in late April.  Closed sales in last 365 days back in February were 12,487.  Today that number rose to 12,612.  Both statistics helped reduce the months’ supply of inventory in SW Florida.

Southwest Florida housing supply declines

Sometimes sales are low because of rising prices, and sometimes they’re low simply because there isn’t enough inventory.  Inventory has grown in the last few years a bit.  Closed sales fell 2.7% in March from previous year. Closed sales in February were up 10.7%, and its possible closed sales in April are up too which affects that number.  We won’t have official closed sales numbers for April until late May.

In almost all price ranges housing supply fell except for the $200-$250k price range, which actually grew from 3.72 months’ supply to 3.85 months’ supply.

These numbers tell us our market is balanced and healthy.  Most experts agree that a balanced market is around 5.5 months supply. At 5.28 months we’re right there.

Of course, markets vary by neighborhood amenities, location, price range, and more.  The chart shows you how each price range is faring right now. Obviously, it you have a $1 Million plus home, it will take longer to sell on average than lower priced homes.  There just aren’t as many buyers as there are sellers.  The Ellis Team just sold a $1.1 Million condo in Gulf Harbour in 122 days.  It takes aggressive marketing and proper pricing to make that happen.  Currently there are 6 active listings in this building and no pending sales.

We’ve had a great season so far. Our sales have doubled over last year even though the Board of Realtors membership has only increased 4.3%.  I’ve spoken with a few other top agents who are also having a banner year. This tells us that experienced agents who spend money advertising and have been through up, down, and sideways markets are getting it done.  Experienced agents have the knowledge to navigate their sellers though any kind of market.

Listing your home with a family friend, neighbor, or relative can cost you thousands on your sale, and might cost you a relationship as well.  We don’t have the burden of trying to get the number you want or need.  We can objectively investigate what the market is paying for your home.  Then we target buyers online and through our networks to find that buyer.  The days of sticking a sign out front or placing it in MLS and hoping someone will sell it are gone.  To get Top Dollar you must go out and find the buyer.

If you’re a buyer, you want to know how prices are performing in a community, how fiscally solid the homeowners association is, and other factors that may be influencing the market.  Working with a skilled, full-time, knowledgeable Realtor is key.  You won’t realize how much it costs you to hire an inexperienced agent until you run into issues, and then it will be too late.

We’re keeping our eyes on interest rates in the coming weeks.  If they rise it will put pressure on buyers to make a move this summer.  They’ve already risen, and we believe there is room to rise much more over the next few years.  Waiting to buy or sell will cost buyers and homeowners with higher rates and will put pressure on affordability.

We encourage you to check out www.LeeCountyOnline.com where you can search for all the homes on MLS.  Or, you can call us at 239-489-4042.  Ask for Sande or Brett Ellis if you’re thinking of selling.

Good luck and Happy House Hunting!

Ellis Team Weekend Open Houses

Whiskey Creek Open Saturday 1-3 PM

1455 Claret Ct

Reflection Lakes Open House Sunday 1-3 PM

13994 Reflection Lakes Dr

South Pointe South Open Sunday 1-3 PM

9721 Deerfoot Dr 3 Bed 2 Bath Home

9721 Deerfoot Dr

 

In the old days we used to send out market update reports to neighborhoods which would provide homeowners a list of nearby properties on the market, pending, and recently closed sales.

New Market Report for Home Sellers in SW Florida
Sample Market Report

Sellers loved the information because it gave them a handy reference guide of similar homes in their neighborhood.  They could take it and drive by those homes and compare locations and appearance to their own home.  People would track homes for months especially when they had a potential interest in selling in the near future.

We pioneered the online computer valuation estimate even before the big national online valuations came out.  Sellers are now able to go online at sites like  www.LeeCountyOnline.com or www.Ellisteam.smarthomeprice.com  and get an instant price analysis of their home.  These sites are great and sellers love them, but they don’t give you the list of comparables like those old reports did.

One of the problems with the old reports was they were somewhat outdated the day they came out.  Agents compile the reports and send to printer.  Once it’s printed, they get mailed, which takes time.  They weren’t real-time.

We decided to bring back those reports, but not for just a few select neighborhoods.  We want everyone to have them, and in real-time.  And we’ve done it.  Introducing new market report for home sellers in SW Florida.

Simply go to Market Reports section on our website.  You’ll see several neighborhoods listed with more on the way.  If you don’t see your neighborhood listed, don’t worry.  Just click on a neighborhood, any neighborhood.  At the top select Create Your Own Market Report.  With just 2 clicks you can select your neighborhood and yours is created.  You can even save it and have it sent to you monthly.

We’ve created market reports for neighborhoods like Reflection Lakes, Whiskey Creek, Cross Creek Estates, Danforth Lakes, Highland Pines, Caloosa Trace, Daniels Park, Botanica Lakes, and even the Downtown River District high rise condos.

You can see what homes and condos are listed for, which units are going pending, and what homes are selling for.  You’ll get the price per square foot for each home along with the averages so you can compare your home to the market.

It’s all in Real-Time, just like our MLS search site.  You won’t have to wait for properties to close, agents to compile reports, and the postal service to send them.  Our database is updated every 5 minutes. Don’t believe it?  Test it out.  Within an agent inputting a listing or sale in MLS, our system updates.

If you’re thinking about selling, www.LeeCountyOnline.com will be a great resource.  There’s no substitute for professional advice though.  Please call us and find out how our marketing is bringing more buyers and top dollar for our sellers.

If you’re a buyer, you’ll love the website too.  It’s hard to find properties and beat out other buyers to hot new listings.  Because our site is updated every 5 minutes you’ll have a distinct advantage over other buyers.  Our agents are great and listen to your needs.  We’re not here to sell you anything but rather find you what you’re looking for and help you get it.

Our people are the best, and our technology isn’t too shabby either.  Call us and we’ll talk, or login and see the difference.  Not all Realtors have the same people skills or the same technology.  And they don’t all spend the money to market your home the way we do either.

Call us at 230-489-4042.  Good luck and Happy House Hunting!

Large 5 Bedroom 3 Bath Home in Danforth Lakes

Danforth Lakes Market Report 5 Bedroom 3 Bath Pool Home
Danforth Lakes Pool Home 5 Bedrooms 3 Baths