Lee County housing inventory fell since April and now sits at 5.04 months supply. Back in April it was 5.81 months. Housing supply fell in all categories except $150,000 and below. Let’s take a look at what caused this.
Lee County housing inventory fell 13.3% since April. Active listings fell from 6,283 back in April to 5,447 in June. Either more homes are pending and haven’t closed yet, or many listings expired since mid-April, and sellers gave up trying to sell. Closed sales are almost even. They slipped from 12,986 last 365 days in April to 12,973 in June.
Perhaps sellers got discouraged. There is new hope as interest rates have fallen and given a boom to real estate buyers making homes more affordable. Rates have fallen unexpectedly due to trade talk about 1% since last Fall. That adds about 11% purchasing power to a buyer, which means buyers have been able to step up in price to get the home they want for the same payment.
This creates additional opportunities for buyers, and we know this may be a limited window. If it’s an opportunity for buyers, then it’s also an opportunity for sellers.
When a seller decides to list their home, they have two major decisions to make. What price to price it at and which agent to list it. Both decisions are critical, and either one can kill your chances for a sale.
Many sellers believe the MLS will sell their home, so it doesn’t matter which agent they choose. Nothing could be further from the truth. All agents are not the same. Some are better at negotiating, and some are better at marketing. A few are great at both and knowing who they are can make the difference between a sale and no sale. It can also cost you thousands. Less marketing means fewer buyers to choose from and more time on the market. With fewer buyers, you’re not assured of getting top dollar for your home or a sale at all.
Pricing is important too. It’s important to know where you stand in the marketplace. How does your home rate? How much competition is there? Is the market generally favorable for your home or unfavorable? Your agent should be able to discuss with you the absorption rate as well as the months supply of homes. We’ve given you the overall month’s supply for single family homes in Lee County. This can be done at the neighborhood level too.
We love to sit down with homeowners and go over the comparable sales. We’ll look at photos of kitchens, bathrooms, front entry, etc. and compare them to the subject property. The seller quickly gains an understanding of what buyers are looking for and how much their home is going to sell for. We look at current competition as well.
Sellers love to know how much they’re going to net out in the pocket at closing, so we do a net sheet right there at the table. Armed with this information, sellers make better choices. Together the agent and the seller interpret the data. It must be looked at objectively through the eyes of a buyer, because they’re the ones buying. A good agent can help you with that.
To get an approximate value for your home, head over to www.SWFLhomevalues.com. It’s free and easy, and you’ll get a value within seconds. No waiting for an agent to call you.
To see the latest marketing and how we reach buyers targeted for your home, give Sande or Brett Ellis a call. 239-489-4042 Ext 4. Our team has been voted the Best by News Press readers several years, and we’ve been top agents in SW Florida for over 30 years. We know the market, and we know how to market. Put our experience to work for you!
Read last week’s Real Estate Consumer Experience Will Forever Change Industry