June 2017 - Fort Myers Real Estate and Homes For Sale

Agents have been calling us asking if showings are down. The answer always is some listings seem to receive more showings than others and it depends on your inventory mix at the time. It is an interesting question though, so we did a little digging into the latest Southwest Florida showing activity in MLS.

CSS (Centralized Showing Service) is the predominant showing system used by Realtors across Southwest Florida. We have reports and statistics we can search on using their system to glean information about showing activity. This data can be useful to Realtors and sellers alike.

Here are two examples. We tracked showing activity in the Fort Myers area for May by price range. The average listing from $195,000-$400,000 saw 4.6 showings. That’s roughly one per week. Look at the $220,000 price range. Having a home listed at $220,000 rather than $225,000 saw a 57.29% increase in showings. This tells us that is a price sensitive segment, and over pricing by just a dollar can cost a seller some showings.

Our next example tracked the same zip codes in the $400,000-$600,00 range. We wanted to see if there was a significant change in showing activity. On average, there was about a 25% drop in showings from May to June.

So why is that? Has the market softened? Perhaps. However, it could just be that kids are out of school and people have concentrated on vacations, summer camps, working in the yard, etc. We’d expect showings to be down from season. Keep in mind, we selected the $400-600k price range. Other price ranges may tell a different story.

The point is, your Realtor has access to all this information. For a $300k home in Cape Coral zip code of 33914, it may help to search and compare in 33914 and nearby zip codes. If a trend emerges, this can be useful information to the seller.

If the MLS average is one showing per week in your price range, it can seem like an eternity waiting for showings. There are ways to increase showings.

Make home accessible. Turning down a showing because the home isn’t ready hurts your chances. We had a seller turn down a showing last week and it cost them. The buyer wasn’t available the next day, and who knows, they could have bought on that day.
Consider re-positioning your home in the marketplace. Are you in a stale price range? Is your home overpriced? If the answer to either question is yes, you may need to take action.
Freshen up your home. Consider changing the lighting to make rooms look brighter. Clear out furniture that’s too big for the room to make the room look larger. Perhaps new paint and carpet would make a difference.
Market your home. The more people who know about it the more chance you have a showing.
Look at your home through the eyes of a buyer. Sometimes an owner can’t see the dirt or smell the dog because they’re used to it. Tour open houses and see how other sellers show their homes, then compare to your own. It may open your eyes.
Listen to your Realtor. Arguing your position about how great your home is versus your neighbors won’t sell your home. The market either accepts your home or it doesn’t. If your home shows well, is priced properly, and marketed effectively it should receive offers. You picked your Realtor for a reason. Listen to them. If you’re not going to listen to them, find another Realtor. It’s like anything, doctor, lawyer, Realtor. If you don’t have confidence in them, you won’t take their advice. It pays to take a professional’s advice. It’s what you’re paying them for.

Feel free to search the MLS at www.LeeCountyOnline.com or call us at 239-489-4042 We’ll be happy to guide you through the home buying or selling process. Always call the Ellis Team!

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11807 Bayport Ln #202

Avalon Preserve

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Have you ever had a Realtor call you and say “We have a buyer for your property?” Or perhaps you’ve interviewed agents to sell your home and you asked if they had anybody looking for a home like yours?

Chances are the Realtor said yes. Chances are you weren’t sure you believed them. What if there was a way to know for sure? Would that pique your interest?

I remember a seller in Moody River Estates asking me that question a few years ago. I answered as I typically did at the time “I don’t know, we very well could.” They listed with us and I took the listing back to the Ellis Team and announced that we just got a new listing. One of our buyer agents said he was writing an offer in there as he had just showed there yesterday. It was literally right around the corner from our new listing.

I told him to hold up and go show ours before submitting that offer. Buyer agreed to go see our new listing, and low and behold they liked ours better. We sold our listing in 1 day simply because we did have the buyer, and yet I didn’t promise that. I didn’t want to sound like all other Realtors.

We Have a Buyer For Your Property Reflection Lakes Buyer Search — Reflection Lakes Buyers

As I look through our leads, I realize we do have buyers for just about anything you can imagine. This will be a great tool for our sellers. For instance, let’s say we’re listing a new home in Reflection Lakes. I can now go into our database and see how many registered buyers we have searching in Reflection Lakes. Turns out we have 251 searching in our database. That’s pretty good. When we take the listing we can begin calling those buyers. The buyers will appreciate the heads up on a new listing and so will our seller.

We Have a Buyer For Your Property Cape Coral Buyers — Cape Coral Buyers

I searched Cape Coral. We have 1,015 people actively searching in Cape Coral. That’s a nice stat to know when a Cape Coral seller is interviewing us. I pulled up Town and River for fun. We have 97 people searching for Town and River looking for homes above $400,000. If we listed a property in there for $900,000 I could change the search to Town and River buyers over $850,000. It would give me a list and we could call them. Pretty neat stuff.

We Have a Buyer For Your Property Town and River buyers — Town and River Buyers

Perhaps we’re listing a $400,000 property. When I search our database I see that we have 390 people searching in that price range.

We Have a Buyer For Your Property

Of course, you don’t list with us just because we have a buyer for your property. We’ll create new marketing to get more buyers for you once we have it listed. We spend more money marketing homes than other Realtors. Our present and past marketing can go to work for you on Day 1. Hopefully we can create multiple buyers for your property.

When you interview agents, you want to see marketing success. Yes, Ellis Team listings sell faster and for more money. We can show you that. Our team can also show you how our marketing generates buyers, lot’s of them. We have buyers’ name, email, and phone number. Our team know’s what buyers are searching for and when they want to buy. It’s good data.

So when an agent tells you marketing doesn’t sell homes, price does, end the interview and call the Ellis Team. Marketing absolutely sells homes! Anybody can give your home away. Not everybody can sell it for what it’s worth!

If you’re thinking of selling, you should call the Ellis Team 239-489-4042 Ask for Sande or Brett. Chances are we have your buyer for your home. We’ll still market is as if we don’t. Perhaps we can create multiple buyers, and that would be good! Put our marketing to work for you. We go for top dollar, and we get it. Visit www.LeeCountyOnline.com to see why we have so many happy buyers and sellers. Our website is updated every 5 minutes and has all the listings. It’s more fun to use than other sites too!

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1561 Cumberland Ct

3 Bed, 2 Bath 1,738 Sq Ft in Tanglewood

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2636 SE 19th Pl

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Tune in to our Southwest Florida Real Estate Market Update for Sellers June 2017

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Southwest Florida real estate home prices increased 6% in April up to $249,000. Median home prices had been $235,000 last April. However, while the median price saw a rise, the average sale price only increased .9% over last year.

As you can see from the graph, in 2016 April’s numbers increased over March. That didn’t happen this year. The median price actually slipped $6,000 this April from March and the average sale price fell almost $15,000.

Pending inventory is down 10.1% and new pending sales were down 5.1%. Active listings were up 4.6% although new listings were down 10.1%.

What does all this data mean for the Southwest Florida real estate home market? We believe home prices have risen enough such that we’re in a fairly balanced market. Our market is no longer rising because it had over-corrected and was undervalued. Standard economic forces will be the driving factor going forward. As we write this article today the Fed’s decision has not been announced. It is widely expected they may raise rates .25% this week which would affect car loans and equity lines. It may or may not affect 30 yr mortgage rates.

We do know that since the election over $4 Trillion dollars of wealth has been created in the stock market. Home prices have risen as well. Could we see some of that stock market money make its way over into the real estate market? It’s happened before.

Rising interest rates typically erodes buyer purchasing power, so that’s not always good for the real estate market, although rates are low by historical standards.

Could baby boomers withdraw lofty 401k and investment money and move over to real estate? It depends on their outlook of the stock market, interest rates, and the economy going forward.

Jobs are being created again too. Over 700,000 have been created since the election. This may be good news for the real estate market, although jobs are shifting. Have you noticed retail sales are taking it hard?

Companies like Sears, Kmart, Lowes and others have struggled. Shopping malls are closing across the country as shopping patterns are changing. More are shopping online.

We’ll be keeping an eye on economic data as we think that will lead to consumer confidence. We’ll also be looking at inventory supply numbers as well as builder inventory numbers. We think there is an opportunity for builders to sell homes again. If they build it, buyers will come.

Many local sellers would like to sell. They just don’t know where they’d like to live yet, so they’re waiting. In addition to touring available existing inventory, our team has been checking out new construction projects. We think this may be the driver that unlocks home sales. While inventory has risen some, it’s still low enough that home sellers don’t feel like they have enough choices to make a move.

It’s a double-edged sword though because as new construction inventory opens, there becomes more competition for existing home sellers. Our economy needs both to fully thrive, but in the right proportions.

Southwest Florida Real Estate Home Prices Steady

I like where this market is right now. The Southwest Florida real estate market is balanced depending on which price range you’re in. If you’re thinking of making a move in Southwest Florida, give our team a call. We know the existing inventory and the new construction projects. You don’t pay more to use a Realtor when buying new. Our fee is already built-in to their price. It’s cheaper for them to pay realtors a commission than it is to advertise to bring in that many sales. Plus, they know we have the ability to bring in more customers, so they treat our customers better. It could cost you by not knowing all your options.

You need to know things like county versus city property taxes, CDD fees, homeowner and flood insurance rates. These vary by location and age of the home. We can help you sort all this out so you make a great decision.

Call our team at 239-489-4042 or visit www.LeeCountyOnline.com to search all the homes. If you have a home to sell, call us and ask for Sande or Brett. We’ll sell your home fast and for top dollar so you don’t miss that next opportunity.

Be sure to vote for the Ellis Team as Best Real Estate Team in News Press Readers Poll

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Saturday 1-3 PM

2 Bed, 2 Bath $105,000

3284 Prince Edward Island CIR Unit 1, Fort Myers FL 33907

Watch the Future of Real Estate June 2017 Southwest Florida Real Estate Market Update

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?

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

Open Saturday 1-3 PM

5691 Kensington Loop

$330,000

1561 Cumberland Ct

Open Sunday 1-3 PM

$285,000

13812 Lily Pad Cir

Open Sunday 1-3 PM

$250,000

Buyers and sellers always ask how the market is doing, and the answer depends on which agents you’re talking to. It’s easy to conflate how the market is doing with how your personal sales numbers are doing for the month. While it is human nature, it is often a mistake. Southwest Florida inventory rises in April as sales decline.

When an agent’s sales numbers are up the agent feels great and wants to shout from the mountain top how great the market is doing. When an agent’s numbers are down it must be the market. Both cases reflect the attitude of the agent not the actual market statistics.

Buyers and sellers don’t care about that stuff. They want to know how the market is doing. They want it local. Hearing how an agent’s numbers are up when the market is down is about like saying the national housing market is up, but our local market is in the tank. They only care about one thing, and that is the local data.

In SW Florida, single family inventory rose 4.6% in April. This isn’t because a bunch of new listings hit the market. New listings were down 10.1%, so it must be that less homes sold in April. We didn’t draw down as much inventory through sales as we’d hoped. There are two ways to draw down inventory. Sales or expired listings. If an expired listing re-lists, then even that isn’t drawing down inventory.

When we study closed sales in April we find that it did indeed drop. Closed sales fell 2.5%. One month isn’t anything to get worked up about, so we look at new pending sales and total pending inventory to get a clue as to what future months might bring.

New pending sales fell 5.1% in April which could be a warning sign for May and June. Total pending inventory fell 10.1% in April. So, what’s the takeaway from all this data? Is this bad news for the local real estate market?

It simply means pricing and marketing are critical. Prices have held steady but sales are declining. Total dollar volume of sales was down 1.6%. All in all this is a pretty steady market and nothing to be alarmed about.

Southwest Florida Inventory Rises

This is not the market to over-price a home. The SW Florida real estate market is steady and stable. You might call it healthy and balanced. Over-priced sellers will probably be disappointed. Sometimes even proper priced homes get lost in the shuffle as new inventory is added every day. Therefore, we say marketing is critical too. You don’t want to give your home away.

Reducing your home far enough will always guarantee a sale. Once a home is at or below market value the market will scoop it up. The real estate market isn’t as efficient as the stock market. You can’t just look up on the big board and see the price, its P/E ratio, and all the other data available on the stock market. This is why some homes will sell below market value.

Upfront proper pricing helps prevent this. Marketing exposes homes so they don’t have to sell below market. Advertising and marketing smooths out the inefficiencies of the real estate market. Marketing exposes your home to more buyers, thereby guaranteeing a better sales price. In the absence of a big board, marketing is key. We’ll do a future article on this topic soon.

You too can search the MLS like a pro. Check out www.LeeCountyOnline.com You can search every home in MLS. you will receive the freshest data as our database is updated every 5 minutes. Find out what your home is worth online for free, and get detailed neighborhood reports.

You can always call us at 239-489-4042. To list your home, ask for Sande or Brett, or let our team of talented agents help you find your dream home. We’d love to help you!

Are all Realtors the Same? Find out what it pays to talk with the Ellis Team at Keller Williams Realty Fort Myers & The Islands

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2636 SE 19th PL Cape Coral Open House — 2636 SE 19th Place, Cape Coral

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3 Bed 2 Bath Pool Home Direct Access Waterfront Cape Coral

4 Bedroom 3 Bath Waterfront Pool Home

Fort Myers Real Estate and Homes For Sale

SW Florida Real Estate Market Updates & News

Monthly Archives: June 2017

Latest Southwest Florida Home Showing Activity

Ellis Team Open House

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We Have a Buyer For Your Property

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Southwest Florida Real Estate Home Prices April 2017

Southwest Florida Real Estate Home Prices Steady

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Why Do Some Homes Sell Below Market Value?

Why Do Some Homes Sell Below Market Value?

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Southwest Florida Inventory Rises in April

Southwest Florida Inventory Rises

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Southwest Florida Real Estate Home Prices Steady

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Why Do Some Homes Sell Below Market Value?

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Southwest Florida Inventory Rises

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