The number one question real estate agents get asked is “How is the market?” Often, people wish to know what it means, and how we’re doing against other parts of the state, especially nearby counties. Today we’ll look at Fort Myers-Cape Coral home sales versus Naples and Florida real estate sales to get an idea.
In March, Florida home sales were unchanged and median prices were up 2% over last year. Year to date numbers tell a similar story. In Fort Myers-Cape Coral, home sales were down 4.4% in March while median prices were down 3.7%. These are continued signs of a shift occurring in our market. Year to date numbers show home sales down 8.5% while median prices rising 1.4%, but we think median prices will reflect lower numbers going forward.
Naples homes sales were down .4% in March while median home prices were down 7.9%. Year to date numbers show closed sales up 1.1% and median prices down 7.7%
Because these numbers reflect year over year numbers, many customers, and agents alike don’t understand what’s been going on in the market. When a market begins to shift, it takes up to a year for people to see it in the numbers, even though the trend has shifted.
For instance, the Fort Myers-Cape Coral market began shifting last Fall, but because we compare year over year numbers people didn’t see the negative numbers until now. Agents felt it as sales slowed and listings began to expire. Seasoned agents knew and adjusted. The sellers that listened to their seasoned agents got out and the ones that didn’t listen, or weren’t working with a seasoned agent who’d been through a shift before could still be on the market or expired.
Perhaps we’ll do another story about invisible inventory. Invisible inventory refers to the old saying that if your home is priced over the market then it’s not really on the market. It’s overpriced and won’t sell. It’s invisible to buyers because it’s attracting the wrong buyers.
So, what are sellers to do in a shifting market? They could wait it out. Some sellers decide to wait a few years until the market recovers to a price they like. The thing about that is they miss out on low interest rates today if they’re financing their next home. And, while they wait for their home to go up in value, their next home is probably going up too, so they don’t gain anything, only lose.
Sellers could try to sell themselves and save the commission. This rarely works out as only 4% of lookers can actually buy now. We have a free report on how to sell your home without an agent should you like to try. It’s packed with helpful tips, so just email me and let me know Brett@topagent.com
Sellers could try a discount broker. Problem is, you can’t save your way out of a shift. I can’t tell you how many homes we’ve listed and sold after a seller has tried the discount route. You might as well try it yourself than pay an agent for little to no service.
Marketing matters now more than ever. Like we’ve said, just listing a home on 100 websites isn’t marketing. We have a database of thousands of buyers because we market so much. Call us and we can see if we have a buyer right now looking in your neighborhood. Chances are we do, and we can do an instant search to see who they are. If not, our marketing creates buyers specifically for our listings. Let us show you how we use cutting edge technology and marketing muscle to market your home.
Call Brett or Sande Ellis 239-489-4042 Ext 4 You’ll be glad you did. Or go online www.SWFLhomevalues.com to get an instant estimate of your home’s value.
Good luck and Happy Selling!