We recently did some research and discovered the top 10 reasons sellers become frustrated with their listing agent and thought we’d share them with you. We’ll group them into areas.

Top 10 Reasons Sellers Become Frustrated with Their Listing Agent

Performance

  1. Overpricing or Underpricing the home. Agents who overpromise a high selling price to secure a listing, then fail to deliver, or agents that underprice the home, causing the seller to lose money, create major frustrations. Both cost the seller money.
  2. Inadequate Marketing. Sellers expect more than simply placing it in MLS and letting it automatically go out to the portals. When marketing efforts are weak, sellers feel their agent isn’t doing enough.
  3. Lack of Experience. Inexperienced agents may make mistakes or lack the knowledge to handle complex situations, causing stress for sellers.
  4. Scheduling Issues. Issues with scheduling showings, open houses, or other important appointments can create significant inconveniences for sellers.
  5. Poor Negotiation Skills. Sellers rely on their agent to negotiate the best possible deal. If an agent fails to effectively advocate for their client’s interests, it can lead to disappointment.

Communication

6. Poor Communication. This is a frequent complaint. Sellers want to be kept informed throughout the process, and a lack of                     responsiveness or updates can lead to significant frustration.

7. Inadequate Feedback. Sellers want to know what potential buyers think of their home. A lack of feedback after showings can                 leave sellers feeling uninformed and anxious.

8. Not Addressing Concerns. Agents that do not listen to the sellers concerns and address them in a timely manner cause                          frustration.

9. Honesty. Sellers need honest feedback about their home’s condition and marketability. Agents who avoid difficult                                       conversations so as to not upset the seller can hinder the selling process.

10. Disappearing Agent. Once the listing agreement is signed, some agents become less responsive, leaving sellers feeling                            abandoned. The list it and forget it agent is a big turn off for sellers.

Decades of Experience

In all our years of experience we can say little has changed over the years. The reasons sellers become frustrated with their listing agent hasn’t changed either. Our team has been through up, down, and sideways markets and sellers have the same frustrations today as they had back in the 1980’s. Sellers want an experienced agent with marketing muscle to make their home stand out, and an agent that listens and communicates. Is that too much to ask for?

We don’t think so. It takes a caring person with systems to pull this off. An agent has to be willing to spend their own money to market a client’s home because the broker advertising won’t make a home stand out.

Culture

The agent must have people to help, as it is too big for one person to do it all. The people on the team must share the leader’s vision of communication, marketing, feedback, and honesty. When you find a team like that with experience, hire them.

There are good agents out there struggling to provide everything a seller needs. Failure to provide any of these needs leads to frustration. The real estate industry is consolidating now, and it is pressuring agents to do more. It takes money to advertise, and time and money to train people.

Teams

Not all teams are created equal. Some teams are two or more agents that simply partner together and do the same thing. A true team divides up tasks and has experts specializing in what they do best. In this way, the whole is greater than the sum of its parts and true synergy is achieved.

If you’re thinking of selling, always call the Ellis Team at Keller Williams Realty 239-310-6500 We’d love to sit down with you and see how our team can help you achieve your goals.

Good luck, and Happy Selling!

See last week’s article “March Housing Supply Increases in Lee County”

Latest Sales Numbers

Zillow Vs Realtor.com Vs Homes.com Analysis

March housing supply increases again this month in Lee County. Ellis Team numbers indicate single family home listings at 9,300, up from 9,208 the previous week. For reference, that same number was 6,694 last year. That is a 39% rise in listing inventory since last year.

March Housing Supply Increases in Lee County

Official figures from Florida Realtors have been running higher, presumably because they use out-of-area Realtors who list property in Lee County but not in our MLS. We won’t get official numbers for March until the 3rd week of April.

2-6 Weeks of Season

What is going to happen when the season is over? We might catch a break this year since Easter is so late, so the season might run through April. The other thing working in our favor is interest rates are going down, but not for the reasons you might imagine.

Interest rates have been heading down because there is fear of a recession. A little bit could be reduced federal spending, but we discount that because we are still spending too much, and the debt is growing. We are now spending more on interest as a country than national defense.

If the US enters a recession, it may be hard to work down the inventory. We expect there to be a lot of expired listings on April 1, as there is every year. The question becomes, how many of those listings will re-list versus give up?

What’s Different This Year?

We suspect many of those sellers will re-list, for the same reason they listed the first time. In a typical market, many sellers will test the market during season and sell their property, if they can get what they want. Many do, and they sell. Others don’t, and they keep the property and live to sell for another time. What’s different this year is many people chose to sell for financial reasons. Maybe they’re tired of insurance costs going up, or the HOA fees increasing. Some are tired of storms, or traffic. Still others have been called back to work in another state. Whatever their reasons, they no longer wish to own here. That is very different than someone who sells if they can get their price. The motivation level is different.

Price Reductions

This past week we saw 1,200 price reductions on single family homes in Lee County. The average reduction was 3.64%. This tells us more sellers are motivated and willing to get to where the buyers are. Sellers may not like where prices are today, but they know what they must do to sell.

All is not lost. If a property does not sell in season, it doesn’t mean it won’t sell until next year. It simply means there will be less eyes on the property in town because we have more people here in season. Buyers will go home and they will have eyes on the property from afar.

Marketing

This is why marketing is becoming so important. How do you reach buyers when they have gone home? We reach out-of-town buyers differently than local buyers. A seasoned agent with a large marketing budget knows how to reach buyers from everywhere.

Call Brett Ellis or Sande Ellis 239-310-6500 to find out how we reach more buyers for your home. Who you list your home with matters. Price is important, but so is marketing. Sellers don’t mind cutting their price, but only after they know the home has been marketed for all its worth. If you feel like you’ve cut too far and your home still failed to sell, call us.

We are not here to solicit current listings from other Realtors. If your home expired and didn’t sell, why not get a 2nd opinion? If you are currently listed, have those tough conversations with your Realtor about price and marketing.

Get an online home value estimate instantly at www.SWFLhomevalues.com Good luck, and may the season be good to you!

Is Now a Good Time to Buy?

Ellis Team Weekend Open Houses

Open Houses Saturday 1-4 PM

2513 SE 24th Ave Cape Coral FL

11056 Sea Tropic Ln Fort Myers FL

1118 NW 20th St Cape Coral FL

Open Houses Sunday 1-4 PM

4700 Castalia Ct Fort Myers FL

1811 NW 39th Ave Cape Coral FL

13716 Bald Cypress Cir Fort Myers FL

7678 Bay Lake Dr

 

 

 

The real estate market is constantly evolving, and today’s conditions demand a nuanced approach with shifting market pricing strategies. Gone are the days of simply listing above comparable sales and waiting for a bidding war. In a shifting market, strategic pricing is crucial to attracting buyers, minimizing time on the market, and ultimately, maximizing your return on investment.

Shifting Market Pricing Strategies to Attract Buyers

Shifting Market Pricing Strategies

Before diving into specific strategies, it’s essential to understand the current market dynamics. Are interest rates rising? Is inventory increasing? Are buyer preferences changing? Keeping a pulse on these factors is paramount. Rising interest rates, for example, reduce buyer purchasing power, making price sensitivity even more critical. Increased inventory means more competition for sellers, requiring a sharper pricing edge.

The Pitfalls of Overpricing

The temptation to overprice is understandable. You love your home, and you want to get the best possible price. However, overpricing can be a costly mistake. It can lead to:

  • Limited Buyer Interest: Buyers often start their search online, filtering by price. An overpriced home may not even appear in their search results.
  • Extended Time on Market: The longer a home sits on the market, the less attractive it becomes to potential buyers. It can create a perception that something is wrong with the property.
  • Price Reductions: Eventually, an overpriced home will likely require a price reduction. However, initial price reductions can make buyers wonder if further reductions are coming, potentially leading to lower offers than if the home had been priced correctly from the start.
  • Stigmatization: Nobody wants the home that has been sitting on the market for an extended period.

The Power of Strategic Pricing

So, what are the keys to pricing your home effectively in a shifting market?

  • Accurate Comparable Market Analysis (Comps): Your real estate agent will conduct a thorough analysis of recent sales of similar properties in your area. This is the foundation of sound pricing. Pay close attention to the “days on market” for comparable sales. If similar homes are selling quickly, it indicates a stronger market.
  • Consider Market Trends: Beyond comparable sales, analyze current market trends. Are prices generally trending upward or downward in your area? Are interest rates rising or falling?
  • Evaluate Your Home’s Condition and Features: Is your home updated and well-maintained? Does it have desirable features that are in demand? Factor these elements into your pricing strategy. A move-in-ready home will command a higher price than one needing significant repairs.
  • The Psychological Impact of Pricing: Consider pricing in a bracket. Pricing brackets exist and knowing where they are is paramount. This can make your home appear more attractive to buyers searching within a specific price range.
  • Don’t forget the importance of a skilled real estate agent: They have access to the latest market data, understand the nuances of pricing in your specific area, and can provide invaluable guidance throughout the selling process.

Adapting to a Buyer’s Market

If the market is shifting in favor of buyers, you may need to adjust your strategy. This might involve:

  • Pricing Competitively: Be prepared to price at or slightly below comparable sales to attract attention.
  • Offering Incentives: Consider offering incentives such as paying for some of the buyer’s closing costs or including extras.
  • Highlighting Value: Emphasize the unique features and benefits of your home.
  • Marketing: When there are fewer buyers, you have to spend more to find them.

The Bottom Line

Pricing your home in a shifting market requires careful consideration, market knowledge, and a strategic approach. By understanding current trends, analyzing comparable sales, and working closely with a skilled real estate agent, you can position your home for success and achieve your real estate goals. Remember, the right price is the one that attracts buyers and gets your home sold in a timely manner, maximizing your return in today’s dynamic market.

Always call the Ellis Team at Keller Williams Realty 239-310-6500 for a consultation about your home or visit www.SWFLhomevalues.com for a Free Instant online home value estimate.

Today’s Short for the Day

The Future of Real Estate March 1

See Last Week’s Article “National Home Prices Trend Higher

Official November sales have been released and so far, we can report 4th quarter closed home sales down in SW Florida. We started the year off well. September is when we noticed the largest drop off for the year.

4th Quarter Closed Home Sales

4th Quarter Closed Home Sales

Some people blame the election for slow sales in the 4th quarter. Buyers certainly were holding back during that time period, and that was a common reason given. However, the hurricanes may have played a part too.

Hurricane Helene made landfall in Florida on September 26th. While offshore to SW Florida, Helene brought flooding and uncertainty about where she was going to go days before she hit. Only a few weeks later, Hurricane Milton made landfall on October 9th in the Tampa area. Milton came closer to SW Florida than Helene did, and the flooding seemed to be worse.

Both these storms did two things. They impacted some closed sales, and they made buyers think twice about where they wanted to live. Some SW Florida residents grew weary and decided to leave the state altogether. Others decided to move inland more, avoiding the hassle and cost of flooding, and perhaps the higher cost of insurance.

Election

And then there was the election. Nobody knew how that was going to turn out, but people had feelings on both sides. People hold off large purchases when there are unknowns, and typically resume their life when unknowns become known. Regardless of who won, we believe people would go on with their lives. The fear of the unknown is often worse than the reality of the known, even if the desired outcome was not achieved. Now people can move on and deal with facts, even if they do not agree.

Interest Rates

The Fed just cut rates another quarter percent. This hasn’t translated to lower mortgage rates though. In fact, mortgage rates have climbed since the Fed began cutting rates. Many buyers have been waiting for lower rates. Because rates have not cooperated, this may have stalled some home buyers’ decisions.

Next week we’ll have some interesting insight into what buyers may ultimately decide in 2025, and how this could affect home sales. It’s an opinion you probably haven’t read anywhere else, so stay tuned.

Selling Your Home?

Selling a home today requires three things.  Advanced marketing. You’ve got to find a way to make your home stand out. With almost 7,700 single family homes on the market in Lee County, the marketing must work. Secondly, it must be priced correctly. The unfortunate thing is some correctly priced homes still do not sell. Again, marketing matters. Lastly, your Realtor needs advanced data analytics. How do you know where your home needs to be priced if you don’t have analytics on the market?

This isn’t a price it and forget it type of market. The market is changing daily, and sellers need to keep up with the data. Knowing exactly what the market is doing helps you keep one step ahead of other sellers. Remember, your competition isn’t the buyer. It is all the other sellers competing for the same buyers as you.

We hope this weekly article helps you stay attuned to the market. For more advanced analysis, contact Brett Ellis or Sande Ellis at 239-310-6500. We can guide you through the data and marketing maze and get your home sold. When the market makes a move, it pays to know before everyone else. Most sources report the numbers a month or more after they occur, then react. The Ellis Team studies the market daily and provides guidance.

Or, visit www.SWFLhomevalues.com for instant automatic valuations. Computers aren’t perfect, but they are fun to track and do offer some insight. Call Sande Ellis or Brett Ellis for the inside scoop when a computer just won’t do.

Good luck, and Happy New Year!

Regularly we report the overall single family home inventory for the county, but today we want to break down the Lee County Florida  housing supply by area.

In November we reported an overall month’s supply of inventory of 5.9 months. Today the overall Lee County single family month’s supply stands at 6.84 months, so it has gone up substantially in the past month.

Lee County Florida Housing Supply Lee County Florida Housing Supply Best Market

Inevitably, people ask what the month’s supply of inventory is in the area they live in relative to the county overall. Today we are breaking it down by area. As you can see from the graph, North Fort Myers is doing the best at only 5.09 months.

The area hit hardest in the market right now is Fort Myers Beach with an almost 2 year of supply of homes on the market. The outer Islands are next at over 1 year of supply. This tells us something is going on at the beach and on the islands. Repetitive flooding and the cost of cleanup is the most likely issue on many of these homes followed by the high cost of insuring these homes.

Hurricane Ian hit over 2 years ago, and we’ve had some flooding events from Hurricanes Helene and Milton. While offshore, these past two storms did bring onshore water rise. Combining cost and hassle of cleanup with insurance costs has caused many to leave the area or relocate inland.

Fort Myers and Bonita/Estero also beat the overall county numbers. Cape Coral was higher at over 7 months’ supply, but not as bad as I was expecting. For the most part, most areas are between 5-7 month’s supply except for the beach and the islands. A balanced market is considered at 5.5 months’ supply and anything over that is considered a buyer’s market. Anything under 5.5 months is considered a seller’s market. North Fort Myers takes home the prize of being the only seller’s market in Lee County.

This brings home the point that all markets are local. What is happening in other states, counties, or even other areas of town don’t always reflect what is going on at the local and hyper local area.

Buying or Selling

When you are buying or selling, it pays to know what the market is doing where you are. Hiring an expert that studies the market is key, even down to the subdivision level. Other useful tools are www.LeeCountyOnline.com and www.SWFLhomevalues.com. LeeCountyOnline.com allows buyers and sellers to see all the listings and save searches so that new or changing listings are emailed directly to you. Some of the national portals are missing some of the listings, and they don’t have all the search abilities you do with this website. We also love the neighborhood market reports as well.

Swflhomevalues.com provides an instant online home value. Better yet, it allows you to track that value over time. In this way, you can see how a home is doing every month over time. This tool adds perspective on how the market is affecting that home’s value.

Our team has other useful tools, but these two are convenient and allow customers to gather a lot of information on their own without talking to anyone. You can also do it at 2AM when you can’t sleep.

We are not trying to get out of talking with customers. Sande and Brett love talking with people about their situation and ways we can help them accomplish their goals. We also know many people enjoy information before planning, so we like to provide that as well. When the time comes to buy or sell, we hope you’ll think of the Ellis Team at Keller Williams Realty 239-310-6500

 Good luck and Happy Holidays. We’re here to help if you need us.

Ellis Team Weekend Open Houses

Open House Saturday 12-3 PM

10813 Dennington Rd Fort Myers FL 33913

10813 Denninghton Rd Fort Myers FL 33913
Bridgetown at the Plantation

Open House Sunday 12-3 PM

11830 Bayport Ln Unit 2304 Fort Myers FL 33908

11830 Bayport Ln Unit 2304 Fort Myers FL 33908

Open House Sunday 12-3 PM

14386 Reflection Lakes Dr Fort Myers FL 33907

14386 Reflection Lakes Dr Fort Myers FL 33907

 

The Ellis Team current market index predictions for the 1st quarter of 2025 are in and we are seeing some mixed signals. Historically the current market index has been an accurate forecaster of future prices in the SW Florida Real Estate market.

Current Market Index Predictions

Because the index is a leading indicator, the resulting prices lag the index number. As you can see from the graph, the index number has been rising in the past few years. Accordingly, home prices have been falling for the same period. Sometimes it takes a few months for the resulting prices to move. The index trend is still upward, so we would expect home prices to come under pressure moving forward.

Current Market Index Predictions for 1st Quarter 2025

Seasonality

One exception to the model is seasonality. Traditionally our higher sales in SW Florida occur in or just after season. The underlying index numbers may point to lower future home prices, but they sometimes have to wait for the seasonal sales to complete. A drastic rise in the current market index can offset seasonality, but so far we’ve only seen a slight to moderate uptick in the index.

Going back decades, the index moves were more dramatic, and we saw prices fall dramatically when the index said they would.

In the past few weeks, we’ve written about the Inventory Sales Gap Metric along with the Supply-Demand chart and the Months Supply of Inventory graph. When we combine those data sets along with the Current Market Index Predictions, the picture becomes clear. We believe November median home sales prices in Lee County will be down about $12,000 from last year. Additionally, the number of closings may be down by about 90 sales as well. We won’t know for certain until official numbers are released later this month.

January

Two things typically happen in January. Showings begin to pick up after about January 15th and stay steady for the season, and listing inventory increases too. Many SW Florida property owners place their property for sale in season, thinking that is the best time to sell. The truth is, higher priced buyers are here in season, but that only matters if the listing is priced correctly. Additionally, by waiting until January, more sellers are in competition with each because they all waited.

This past week the Ellis Team placed 6 properties under contract. Showing activity has definitely picked up in the last two weeks, but not on all properties. There may be less buyers here in December, but the buyers that are here tend to be serious. In January there may be more lookers, but it doesn’t mean they will all buy in January. Many are just beginning the buying process, and some take a few years to finally decide to make the move.

Winning Strategy

If your goal is to sell in 2025, you need two things. Hire the Best Realtor you can find, and price it properly. No matter how much your agent advertises your property, if the buyer doesn’t see the value, it will not sell. Not all agents market the same. Each will have their spiel about why their marketing is effective. If you are considering selling, it pays to interview the Ellis Team at Keller Williams 239-310-6500. Hiring the wrong Realtor can cost you thousands, and it could cost you the sale entirely. Talk to Sande Ellis or Brett Ellis and we can discuss your needs and what it will take to get your home sold in a changing market.

Knowing exactly what the market is doing combined with the best marketing and experience leads to better outcomes. Nobody studies the market like we do, and we’ve been voted Best in SW Florida 12+ years by News Press readers. That is not by accident.

We look forward to hearing from you. Or check out www.SWFLhomevalues.com for instant online home price valuation models.  Good luck, and Happy Selling!

Today we would like to introduce the inventory sales gap metric for Lee County Single family homes. This metric measures the difference between the available single family home inventory versus the pending sales.

Inventory Sales Gap Metric

It is entirely possible to have rising inventory and rising sales. Imagine a low inventory market where virtually all the homes that enter the market go pending. In this case, the inventory sales gap metric is very low. As more homes come on the market, more go pending because demand from buyers is high. We saw this happen in 2022 and some weeks in 2023.

Inventory Sales Gap Metric Lee County Single Family

When pending sales exceed new listings entering the market along with homes coming back on the market, the gap lessens. This new graph shows in a different way than our supply-demand graph what the gap looks like. Both of our graphs help identify in an instant the health of the market.

As you can see from the graph, the inventory sales gap metric is widening. This means that the gap between listings and pending sales is widening. Currently, single family home inventory is rising and pending sales are flat. The good news is that we are seeing a slight uptick in new pending sales except for last week, which dropped by 1 home.

Ellis Team Current Market Index

The current market index is the third indicator our team uses, which accurately predicts the forward direction of prices. The current market index is still rising, which is not a good indicator for future prices. The index is the highest it has been all year. We’re going to be keeping an eye on new listings, new pending sales, and closings for the next 6 weeks. It will be fascinating to see how many new sellers decide to enter the market and how buyers respond.

Buyers seem to be responding. Showing activity is picking up and the phones are ringing. Many experts are predicting interest rates may not fall much in 2025 and could stay in the 6-7% range, which is average over time. Once buyers’ expectations for rates to decline go away it could spur motivation to buy sooner. It is possible the index could reverse course if buyers turn on in season.

The real question becomes what happens in January? Are there more shadow sellers waiting to place their property on the market? How does that number compare to the buyers looking to purchase this season. The forward direction of the real estate market feels like a college football playoff game. The winner will be decided in the trenches. Whichever side gains the most ground will determine the future of real estate prices in the next few months.

Selling?

If you’re thinking of selling, you need a team with marketing and experience. Many of our properties are receiving offers. Ellis Team listings receive more exposure than average listings, and our experience is second to none.  If you’re thinking of selling, call Brett or Sande Ellis 239-310-6500 or visit www.SWFLhomevalues.com for an instant free online home value. Of course, Sande or Brett will be glad to verify if the estimate looks correct.

Good luck, and Happy Home Selling!

Ellis Team Weekend Open Houses

Open House Sunday 12-3 PM

11830 Bayport Ln Unit 2304 Fort Myers FL 33908

Open House Sunday 12-3 PM

2304 NE 13th Ave Cape Coral FL 33909

Home prices remain flat as home sales dip. October median home price in Lee County was unchanged at $400,000, the same as last year. The average sales were down 3.2% to $530,281 in 2024, down from $547,676 last year. We prefer to use the median price as it’s less susceptible to high or low sales influencing the number.

Home Prices Remain Flat as Home Sales Slip

Total single-family homes closed were down 13.6% in October. 2024 is tracking to be one of the lower sales volume years, and a sign of how unhealthy the economy is in 2024.

Interest Rates

Interest rates fell at the end of last week slightly, which would be a welcome sign if they continue. The talk of government cutting spending is welcome news to the bond market. It’s almost as if the bond market wants to believe the government can cut spending, but given their track record the markets are hedging their bets.

Additionally, inflation is still too high, but new data will be coming out in the next few weeks. PCE is due out November 27th, but this article is written on November 25th ahead of that report. If PCE comes in at .2% or less look for interest rates to lower. If it comes in higher, we might have to wait for rates to come down further.

Inventory

SW Florida inventory is rising. Pending sales have been slow, although slightly better in the last week. New listings are outpacing new pending sales by a wide margin, which leads to increased inventory. High inventory is one reason home prices remain flat. With the election behind us we hope that buyers will begin to focus on their real estate goals heading into 2025.

Lower interest rates may help get some buyers off the fence if they occur. Season is near, and already winter is hitting northern states with a fury. Early winters usually spur people’s interest in Florida.

Flood Insurance Update

In case you missed it, FEMA has decided to place Fort Myers Beach on probation. This means they lose their 25% discount. Essentially flood insurance just increased 25% on the beach. Probation also means they could lose the flood insurance program altogether if they don’t make more changes. This probation could last up to 2 years before rate discounts would apply, if they qualify.

How will flood insurance rates affect property sales on Fort Myers Beach? We do not know. All we can say is it’s unfortunate as they have worked hard to maintain that discount. It may not be the end of the world, but it’s never good when costs increase that much so suddenly.

Best Search Site

Where can you go to find the best deals in SW Florida? www.LeeCountyOnlinie.com is the best place to search. Not only can you search all the homes, but you can save searches so that new properties matching your criteria will be emailed to you when they arrive. It’s like a store sending you Black Friday deals tailored just for you, all year long. Give it a try and let us know what you think.

Of course, you can always reach us at 239-489-4042. We have all the technology, but there’s no substitute for speaking with a live person that will listen to your needs and work with you to accomplish your goals. AI is nice, but we think in the end most people will want to work with a human they can trust. Our team looks forward to working with you.

After you’re done shopping all those Black Friday deals, check out what our SW Florida real estate market has to offer. There are some deals out there, and the best time to buy is when there is product on the shelves. The worst time to buy is when the shelves are bare. It’s a good time for buyers right now.

Good luck, and Happy Shopping! Let us know if we can help you.

Ellis Team Weekend Open Houses

Open House Saturday 12-3 PM

2513 SE 24th Ave Cape Coral FL 33904

2513 SE 24th Ave Cape Coral FL
Direct Access Waterfront Pool Home

Open House Sunday 12-3 PM

10813 Denninghton Rd Fort Myers FL 33913

10813 Dennington Rd Fort Myers FL 33913
Bridgetown Open House Sunday 12-3 PM

Since touring homes now require buyers to sign an agreement before showings, we thought it would be nice to cover real estate buyer consultation topics agents should address with buyers before they sign an agreement.

Real Estate Buyer Consultation Topics

A real estate buyer consultation is a comprehensive meeting to educate and discuss several important matters in the home buying process. Let’s talk about some of them.

Real Estate Buyer Consultation Topics

  1. Will buyers pay cash or financing? If they are financing, what credit score do they need? How much will they need for down payment? How much are closing costs? Is the escrow amount the same for cash offers as financed offers?
  2. What is the process? How long does it take? Is a home inspection required?
  3. Should we use a standard contract or an as-is contract? What are the advantages of each?
  4. What happens if the home fails inspection?
  5. What happens if the home does not appraise?
  6. What will the homeowner’s insurance cost? Can this be found out before placing an offer? Are there ways to save on homeowner’s insurance?
  7. Is flood insurance required? If so, how much is it? Are there ways to save on flood insurance?
  8. How much home can I afford?
  9. Is the HOA fee included in the loan qualification process?
  10. Can my agent get access to discussions an HOA has been having about future costs to be levied?
  11. What will an agent charge me to work with me?
  12. Are sellers still paying the commission?
  13. What if I find a For Sale by Owner myself?
  14. What website has access to all the listings?
  15. Is it a Buyer’s market or Seller’s market?
  16. What’s really going on with interest rates?
  17. How do we make my offer look better to the seller?
  18. Should I use an agent when working with a builder?
  19. What questions should I be asking about the HOA/Condo?
  20. Has the home flooded in the past?
  21. What could cause my home insurance to be cancelled?
  22. If I intend to rent out the home, what are the rental restrictions?
  23. What are pet restrictions?
  24. Is a solar loan assumable by the buyer?
  25. What home improvements pay off when I go to sell?

Upfront Knowledge

This was just a quick list of 25 items an agent could discuss with you in your consultation. Of course there are others. Ellis Team agents want to know more about you and what the home should do for you. Depending on your answers, more questions could arise.

The main thing is we want to educate and inform our buyers how the process should work, and cover items that typically arise in a transaction. Or course, when surprises happen, we are with you every step of the way to discuss your options.

Buyers should know upfront how much they can afford and how much a home is going to cost. Every home eventually needs maintenance and repair, so it’s best to evaluate a home’s current condition before making a purchase decision.

Set Expectations

When expectations are set up front, decisions are easier when the facts present themselves. Too many buyers are surprised by facts, then paralyzed by fear of making a bad decision because they hadn’t contemplated that situation. Education on the front end prepares buyers and makes new information an easier decision, because it was addressed already. It’s impossible to educate every buyer about everything that could possibly happen. This is why we stand as your partner to help you through the transaction. It is beneficial, however, to cover the main things we see repeatedly.

Lastly, the real estate buyer consultation is your chance to learn and ask questions. The answers will be invaluable to your decision. You’re not just buying a house. First, you’re hiring an agent. Secondly, you’re using that agent to help you buy the best home for you, at the best terms for your family.

If you’d like to speak with us, we can be reached at 239-489-4042. Or visit www.LeeCountyOnline.com to search the MLS like a pro. Either way, the Ellis Team at Keller Williams Realty is here to help you.

Good luck, and Happy House Hunting!

Ellis Team Weekend Open Houses

Open House Saturday 12-3 PM

11056 Sea Tropic Ln, Fort Myers, FL 33908

11056 Sea Tropic Ln Fort Myers FL 33908
Coco Bay

Open House Sunday 12-3 PM

7674 Bay Lake Dr, Fort Myers, FL 33907

7674 Bay Lake Dr Fort Myers FL 33907
Reflection Lakes Open House

Open House Sunday 12-3 PM

14386 Reflection Lakes Dr Fort Myers, FL 33907

14386 Reflection Lakes Dr Fort Myers FL 33907
Reflection Lakes Open House

SW Florida listing counts headed higher in the past week. Over listings rose by almost 400 units as single-family homes and condos shared the rise in inventory.

As listing inventory rose this past week, pending sales declined, which is a double whammy for the local real estate market. To be fair, America has been in an election hangover waiting for results.

Post Election Market

We went back and looked at local real estate inventory the last time Trump was elected. This data might deliver clues on what to expect this time.

Listing Counts Headed Higher in Past Week

Listing inventory in SW Florida remained constant until the Fall of 2019. Trump became president in January of 2017. It took about 2 ½ years for his economic plan to take effect. We also looked at local home prices back then. It was roughly Fall of 2019 before they started rising as well.

This tells us two things. Home inventory levels are a good measure as to where pricing will go. Secondly, new economic policies take time to take effect.

Speculation

Some speculate that Trump will be smarter this time and hit the ground running. If his policies are enacted sooner, their effect could take place sooner. Of course, things are different this time around. Our national debt is over $35 trillion and climbing, inflation roared, and interest rates tripled in less than 4 years. Will the president’s policies work with these new conditions? Will he be able to execute every financial option he’d like to because of the debt and interest rates? We’ll be watching to see if the effects work faster or slower than last time.

Slow Your Roll

These are all questions to be answered over time. Trump has proposed ending the cap on SALT deduction. This would help real estate in high tax states like CA, IL, NY, NJ. Those high tax states were responsible for sending many residents to Florida. The high taxes will remain, but the deduction might slow the flow of migration to Florida from these high tax states. This could affect demand in Florida, which would limit price increases.

SW Florida has excellent supply. With listing counts headed higher, we do not need demand to drop off radically. We believe many will still choose to migrate to Florida because of the weather and tax advantages. Allowing a higher deduction for high tax states may keep some there is all we are saying.

The Fed

We are watching interest rates moving forward. The Fed just reduced another 1/4%, but so far the bond market hasn’t liked it. Bond rates have gone up about .8% since the Fed has lowered 3/4%. In fact, many on Wall St are worried the Fed may have to raise rates in 2025 due to the economy doing better and high debt. This would essentially be egg on the Fed’s face because it would mean inflation is not under control.

The worst thing a Fed can do is lower rates before inflation is under control. We saw this back in the 80’s when the Fed was forced to start raising rates again. It threw us into a double dip recession. The Fed was wrong about transitory inflation, and they may have been wrong about lowering rates too soon. The bottom line is, rates may not come down as fast as people thought in 2025. We may need lower taxes and lower cost of oil to help the economy out, or risk recession.

The next year will be fascinating to watch. Many economic conditions will be in play and depending on what the new policies are moving forward and how quickly they take effect will shape which direction our real estate market moves.

Either way, we’ll help you keep track of what is really going on in the real estate market. You can always call Sande or Brett Ellis with Keller Williams Realty 239-310-6500 with your questions, or get a value for your home online at www.SWFLhomevalues.com

With inventory high, who you hire matters!  Go with experience, and marketing! With listing counts headed higher, and we have no idea how many more may enter the market in January.

Good luck, and Happy Selling!

Ellis Team Weekend Open Houses

Open House Saturday 12-3 PM

10813 Dennington Rd, Fort Myers FL 33913

Bridgetown Open House
Pool Home on Lake

Open House Sunday 12-3 PM

4768 Crested Eagle Ln, Fort Myers, Fl 33966

Eagle Reserve Open House Sunday 12-3 PM
Fenced Back Yard

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