Southwest Florida pending home sales are up 3.3% from this exact same week last year. They are also up 5.7% from last week. We are measuring the cumulative pending home sales and not the new pendings. Of course, new pending home sales will help add to the total until they either close or fall out.
Why Do We Track Southwest Florida Pending Home Sales?
Pending sales lead to closings, and we are constantly evaluating what kind of market we are in an where we are headed. Being able to predict future closings helps keep our clients ahead of other buyers and sellers in the market. The Southwest Florida pending home sales metric is perhaps the easiest and most basic metric we track, and yet it tells us important information.
How Do Sellers Use This Information?
We always want to price at the market, or ahead of the market. Sellers never want to price behind the market. If the market is declining, pricing behind the market just gets you further behind as time passes. In a rising market, you can afford to price ahead of the market as the market will catch you eventually. This is where we study absorption rates and how long it will take for the market to catch you. Then we can align with your goals and help you decide how to market your home.
Buyers Need Help Too
Buyers can easily get caught negotiating in yesterday’s market, to their own detriment. In a declining market, buyers may want to be more aggressive with their offers. But what happens when the market begins to turn back positive? Buyers wonder why they keep missing out on offers, only to watch the listing sell to another buyer. Many times, the buyer was using outdated information in their decision process.
Emotional Transactions
Both buyers and sellers are guilty of using data to convince themselves their position is correct. They get frustrated when the other side doesn’t understand where they are coming from and why. Sometimes they seek out another agent who can better convince the other side of their position. Sometimes this is true, the agent you’re working with may not understand the market. However, sometimes it is the buyer or seller who doesn’t understand what’s happening today.
Headlines Are a Problem
How many times have you read a headline only to find out the story doesn’t match the headline, or the reporter didn’t seem to understand the data. It might surprise you to know that reporters often write the story and a headline writer creates the headline. The headline is meant to sell the story, not 100% match the story. That is frustrating. Worse is when the writer doesn’t understand the data. How could we expect them to? If some agents don’t understand, how could a reporter outside our industry understand the data? Reporters have to be a jack of all trades, covering finance, medicine, local, crime, weather, etc. There is no way they can know the story without speaking with a professional.
Thinking of Buying or Selling?
It pays to speak with a professional who knows the market. Each neighborhood can act differently than the overall market, and savvy buyers and sellers study micro-markets to find the best value. To help you track these trends, we’ve launched dedicated resources for some of the area’s most sought-after locations. You can now explore the latest market data and listings on our new Brightwater community page and our Pelican Preserve real estate guide.
If you’re looking for an agent to market your home and differentiate you from all the other sellers, always call the Ellis Team at 239-489-4042 or visit our website at www.topagent.com. Good luck, and Happy Selling!
Good luck, and Happy Selling!
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