Fort Myers Beach Archives - Page 29 of 41 - Fort Myers Real Estate and Homes For Sale

While many agents in SW Florida are complaining about lack of closings the numbers just do not bear this out. Statistically average sale prices are about what they were in the boom of 2005 and early 2006, and 2018 single family homes closings almost at boom levels as well.

Back in 2005 we had 12,273 single family closings. In 2017 we had 12,356, and 2018 is on track to beat that. The peak for closings was between 2009-2011 when prices were a lot lower. Today we have peak level pricing and high levels of sales.

Looking at the single–family homes sold chart shows 2018 neck and neck with 2015 levels, which was a very good year. We ran Year to Date numbers and discovered 2018 is just 16 closings shy of the 2015 pace. When we look at real estate pricing along with months supply of inventory, we realize the 2018 real estate market is doing very well.

Back in July 2015 the months supply of homes was 3.8 months. July 2018 it stands at 4.9 months. Anything below 5.5 months is considered a seller’s market. The median price in 2018 stood at $255,000 and the average stood at $350,566. Back in July 2015 the median sold price was $209,830 and the average stood at $326,883. In 3 short years that’s a 21.53% rise in median price and a 7.25% rise in average prices.

Real estate agents tend to report on how the market is doing in direct relation to how their business is doing. This is not a good way to judge the market as shifts in market share can affect your production, and not necessarily the market. The average agent does less than 1 deal per year. The average full-time agent may do less than 7 deals per year. If an agent’s production goes from 7 deals one year to 4 deals the next, it might feel like a drastic market change has occurred to that agent. The reality is maybe their marketing isn’t working like it used to, or maybe they’re not working as hard or as efficiently as before. Neither scenario is a good market indicator.

Our team consistently sells over 100 homes per year. This year our goal is 225. Because we’re big advertisers, our homes sell fast and for top dollar. Large teams like the Ellis Team may siphon off more deals from single agents which cuts their production to less than last year’s levels. In this case, it feels like the market isn’t as strong, and they honestly tell this to their clients because that’s their experience.

It pays to study the numbers. Agents should study their numbers and compare them to the overall market. In doing so they’re much more likely to spot actual trends in the market and rely less on feelings and estimates.

We’ve been studying the market for decades, so we know when the market is on the move. Getting Top Dollar is a function of knowing exactly where the market is, and quite possibly where it’s heading. The only way you can do this is to know exactly where it is and exactly where it’s been. Experience and market conditions fill in the blanks from there.

Whether you’re buying or you’re selling, you need to know this information. Make sure you’re working with an agent that studies the numbers. If you’re considering selling, call Brett or Sande Ellis 239-489-4042 Ext 4. If you’re in the market to purchase, our team can help you too.

For a free computer analysis of your home’s value, visit www.swflHomeValues.com We have an app that has all the open houses every weekend. If you’re interested, give us a call.

Always call the Ellis Team at Keller Williams Realty! We’re here to help, when you need us and how you need us.

Ellis Team Weekend Open House

Open Saturday 1-3 PM

If you’ve noticed a lack of housing options in your home search, you’re not alone. Home prices have been climbing nationwide since 2011. It’s no coincidence the lack of new home construction has played a role in the surge in home prices nationwide.

Lack of New Home Construction Nationwide Fueling Housing Shortage

Many homeowners in SW Florida would love to sell their home and move to another. They’re caught in a catch 22 situation because their home is sell-able, and yet they haven’t found a suitable place to move to. Because housing inventory is so light, many sellers won’t accept a contingency offer, because they don’t have to. So, when a homeowner finds a home they like, they don’t have time to place their home on the market and act.

If the kids are grown and moved out of the house, some sellers have options. If their home is no longer working for them, they can sell and move into a rental while they shop for a new home. They can build a new home, or they can wait for a resale. These homeowners are in an advantageous position right now because we can get top dollar for their home, and they’re ready to pounce when the right home hits the market.

If they wait, they must put their home on the market fast, and perhaps take less for their home just to make the speed part of the deal work.

Nationwide, the historical average of new homes being built is 1 million. Since 2011, we haven’t hit 1 million yet. Each year, we’re adding to the deficit of what the market needs. The lack of supply puts pressure on the resale market and prices rise. The rub is that prices are rising at 6% while incomes are only rising at 2-3%.

Experienced Agents Get Creative in Low Inventory Markets

The Ellis Team at Keller Williams has gotten creative in finding housing for our buyers. The first thing we do is provide the area’s best website for house shopping. Our website www.LeeCountyOnline.com updates every minute, so you’re looking at homes in real-time. Speed wins and beating out other buyers to hot new listings is the name of the game. We have some new mortgage options too that are saving buyers thousands of dollars on their transaction. This has enabled some buyers to purchase now and list their home after they’ve secured their next home.

We’ve also put a few deals together with a home sale contingency. Sometimes it makes sense, and when it does we’re able to negotiate that, so it works for buyer and seller. It takes a skilled and experienced agent to negotiate this, so don’t try this with a newer agent.

If you’ve thought about selling, but not sure where you would go if your home did sell, you should call Sande or Brett Ellis (239-489-4042 Ext 4) for a free quick meeting. After listening to your situation, we may be able to find a solution that suits your needs. We have a secret list of buyers just waiting for the right home to come on the market too, so we might already have your buyer. If you’d like to get an idea of what your home may be worth, check out www.swflhomevalues.com

Selling now can be a big advantage while inventory is low. Many sellers will place their home on the market as season approaches. Having buyers all to yourselves for a few months is fun, and quite possibly you’ll have your home sold before other sellers.

Call the Ellis Team today and see how we can accomplish your goals. Good luck, and Happy Home Hunting!

Ellis Team Weekend Open Houses

Open Saturday 1-3 PM

15118 Cloverdale Dr

Open House Sunday 1-3 PM

2008 Bolado Pkwy Cape Coral

Cape Coral Pool Home Ellis Team Weekend Open House

National experts and economists are warning that the national real estate market may have peaked. This past week we attended the Keller Williams Mega Camp and spoke with top agents from all over the country to get their perspective as well. We’ll attempt to answer that question. “Has the National Real Estate Market Peaked?”

There are many forces that influence how well a market is doing, and in 2018 we’re seeing a new dynamic we’ve never seen before. Typically markets pull back due to economic factors like unemployment, interest rates, consumer confidence, etc. This year we’re seeing fewer sales nationwide due to lack of inventory.

Inventory is starting to rise again. So are interest rates which are affecting home affordability. Prices rose approximately 4-6% nationwide last year, while incomes rose 2-3%. In a fully indexed market, this isn’t sustainable. Keller Williams’ leadership mentioned we’re in a supply driven shift, which is unique because usually shifts in the market are determined by other factors we mentioned earlier.

So, the answer lies in what happens first? As we exit the supply driven stall, what wins out? Does consumer demand eat up the new inventory, or does interest rate hikes take its toll and dampen the ability of buyers to pay more?

Nobody knows the answer to this, but some experts are predicting lower sales due to a softening in some markets. Mortgage applications are down 3% last week nationwide and have been down for 4 straight weeks. Mortgage bankers are noticing a 17% decline in year over year mortgage applications.

The economy is on a roll. Unemployment is down to 3.9%, and demand for housing has been strong. We all know real estate is local. SW Florida can be influenced by other markets, but each market has its own strengths and weaknesses that can buck the national trend.

For instance, while the rest of Florida and the country were enjoying wild gains the past year, SW Florida did not. This might be good news for SW Florida because if it’s determined later that the national market got a little ahead of itself, we may be insulated from losses as we did not participate in all those gains. Lee County may have been a leading indicator.

Fundamentally it feels like a strong market nationally. If it is fully priced, the future depends on affordability and what happens with jobs, income, and interest rates. Price will move up or down depending on these other variables.

Locally, we’re subject to the same issues, and a few more. Throw in a possible hurricane, red tide, blue green algae, etc. and you see we have some wild cards. Personally, it feels like we too have a pretty good real estate market going right now. And the red tide and algae will soon pass. Because we didn’t participate in the big run-ups this past year, and because we have outside money that comes into SW Florida each season to invest in our market, we have potential for good times ahead.

The average Joe gets hurt the worst when the market shifts because outsiders price them out of the market. Locally incomes only rise so much, and yet local buyers must compete with snowbirds and investors to buy the area’s most affordable properties. It puts a strain on local buyers with limited income.

Regardless of what the national market does, Lee County has some really nice things going for it. And the negatives that are here today may be gone in a few months. We just need to see if sellers thinking of selling beat the interest rate hikes. Those that sell now may be in a favorable position, even if the market only stalls. It’s more fun to sell in a low inventory market than a neutral market.

Our website www.LeeCountyOnline.com has all the listings, and it’s updated instantly, so finding your SW Florida real estate bargain is a quick search away. One of our happy Ellis Team agents will be happy to answer your questions. To sell your home, call the Best Team in SW Florida. 239-489-4042. Ask for Brett or Sande Ellis Ext 4. And we’ll be happy to help you get Top Dollar and close in record time!

August 2018 SW Florida Real Estate Market Update

Buyers choose to buy all year long for various reasons. Leases expire, their existing home goes under contract, or a new job opportunity in SW Florida presents itself for an out of state buyer. People retire, relocate, and buy vacation homes 12 months out of the year. Florida is a net gain state, meaning it’s gaining more residents than it loses each year. So, we decided to answer the question, “Are certain months better to list your home for maximum results?”

As you can see from the graph, listings pick up each year around October. In 2016 it started in September, but only modestly. As a seller, you have a distinct advantage of being on the market in August and September over those that enter the market in October.

With limited choices for buyers, they are forced to scoop up homes that meet their criteria quickly for fear of losing out to other buyers. This fear disappears when more listings enter the market. In fact, when buyers lose their fear of missing out on a home, they become indifferent. When this occurs, we know we’ve hit a pricing plateau and buyers have turned off. The market must re-balance itself, and correct. The sellers that react and respond quickly get out. The sellers that do not, linger on the market wondering what it’s going to take to sell their home.

Thankfully we don’t have that market right now. Buyers are motivated because many sellers have made price corrections. Interest rates are rising, and it’s costing buyers to wait. They need a home, and they want one now, within reason. Buyers aren’t acting stupid today. They are educating themselves, studying the market, and acting when they need to.

And this is precisely why sellers who are on the market in August and priced correctly have a distinct advantage to sellers who wait until October. Ask yourself two questions?

When is the best time to sell an item? The answer is when there are fewer items on the market. When is the best time to purchase an item? This answer is when there are more items to choose from. It’s simple supply and demand.

The listings are coming, we know this for sure. It happens every year. If you’re a seller contemplating a sale, wouldn’t it make sense to beat the seller rush and put your home on the market now? Buyers are out there, and they’re motivated. Many buyers are frustrated because they can’t score a deal. They’re getting beat out by other buyers and watching home after home come off the market while they have none. They need a home, they’re watching rates go up, and yet they can’t catch a break.

Sellers can take advantage of this mismatch, but time is running out. Soon, other sellers will have the same idea and place their home on the market, and you lose your advantage. Oh, you can still sell in October-December. It’s just more fun when less sellers are competing with you.

Imagine being a high school girl waiting for a guy to ask you to prom. Wouldn’t it be nice if there were 5 girls in the class and 30 boys? You’d practically have your pick of which offer to choose. You wouldn’t settle for the 1^st offer if it wasn’t right, because you know better options are a moment away. It wouldn’t be so good for the buys though. Only 5 would get dates, and the other 25 would be waiting for a new girl to move to town.

This is what it’s like in August in the SW Florida housing market. Buyers are looking. Supply is limited in certain price ranges. Our team is having another record month in August. We need more listings. Our marketing is working. If you’re thinking of selling anytime soon, we should probably talk.

Call Brett or Sande Ellis 239-489-4042 Ext 4. Or visit www.SWFLhomevalues.com to get an instant free idea of what your home may be worth. Let us show you how we can save you thousands on your next transaction!

Ellis Team Weekend Open Houses

All Realtors are not the same. Who you work with matters. In fact, it can cost you thousands to use the wrong agent. People don’t realize this until it’s too late. Here are some tips on how to select the best real estate agent on your next transaction, and why it’s important.

Select the Best Real Estate Agent on Your Next Transaction — Voted Best Real Estate Team in SW Florida 3 Years in a Row

The Ellis Team at Keller Williams Realty was just awarded the best team in SW Florida by the News Press readers for the 3^rd straight year, so hopefully we have some good ideas on what to look for in an agent for you.

Full-Time-We believe working with a full-time agent is critical. It’s difficult enough keeping up with all the education requirements, regulatory and legal changes, and ever-changing inventory. A part-time agent just can’t keep up. You have to wonder about the agent’s commitment level to the profession when they only devote part-time to it.

Experience-There is no substitute for experience. An agent develops a reputation in the community, both by consumers and by fellow agents alike. Trust plays a big part. If other agents trust your agent, they’re more likely to accept your offer as your agent puts their reputation on the line on each deal. They are trusting that we are experienced and know how to handle our customer. If an agent gets the reputation of not being able to properly educate and counsel their customer, agents are less likely to want to take deals from them in the future. Newer agents combat this because experienced agents know newer agents may lack the skills necessary to successfully navigate a deal all the way from contract to closing. At the very least, newer agents should be in daily contact with their broker and/or mentor to assist them.

Negotiating-Every agent thinks they’re a great negotiator. Negotiating skills take lots of education, and lots of practice. It doesn’t happen overnight, and it’s not true just because you think it’s true. Every singer on American Idol believes they’re great, and some of the best episodes are watching those that believe they’re great, and clearly, they are not. It will cost you to hire an amateur that thinks they’re the next American Idol.

Marketing– If you’re selling, you want an agent that’s willing to invest their own money into your advertising. If they’re going to collect a commission from you, you want someone who’s invested along with you. Not only does marketing work, it shows commitment. If they’re not willing to spend money on your listing, it tells you their degree of confidence in selling your home. Ask to see the marketing plan and compare against other Top marketing plans out there. There is a huge difference in marketing that will become apparent to you if you interview the right people.

Track Record– Compare track records of the agents you interview. Ask to see their sales in the past year. How many listings did they sell? If they only work with buyers, they may not have the experience necessary to successfully represent a seller. There is a lot of ground-work that needs to be done, like obtaining rules and regulation, HOA docs, financials, disclosures, etc. And all this before we even begin talking about pricing strategies.

Company-Each company has its unique set of benefits. Are you looking for a boutique company, or an International powerhouse with connections all over the world? How many referrals does the company receive each month from out of town? Does the company advertise outside the area? All questions you want answers to.

In summary, buyers and sellers want someone they can trust and someone that will dedicate their time and experience to helping them. They want attention, diligence, knowledge, experience, and honest feedback. Hire an agent who is strong enough to listen to you and tell you you’re on the right track, or another track is necessary for success.

If you’re looking to list your home, please call Sande or Brett Ellis 239-489-4042 Ext 4. Our team of buyer agents can help you purchase as well. Or visit www.LeeCountyOnline.com for the best real estate website in SW Florida.

Ellis Team Weekend Open Houses

Open Sunday 1-3 PM

13994 Reflection Lakes Dr – Reflection Lakes

1462 Claret Ct – Whiskey Creek

14941 Lake Olive Dr – Parker Lakes

Median sales prices for single family homes in Lee County rose .8% year over year for June, rising slightly to $250,000. The average sales price rose 2.7% to $352,890, up from $343,652 last June. For the most part, Southwest Florida real estate home prices held steady in June.

Southwest Florida Real Estate Home Prices Held Steady in June

Prices did fall from May numbers. Median home prices were down $10,700 in June of 2018 and down almost $11,000 for average sales price in June. The market has been flat for the past 18 months, there’s just no getting around it.

We are seeing fluctuations in certain price ranges. The over $300,000 price ranges in Lee County were hit the hardest over the past 9 months or so, however we have seen more sales in all price ranges in recent months along with declining inventory.

Official Inventory Levels Rise

Speaking of inventory, the official number of listings at the end of June rose 3.1%. However, internal Ellis Team research shows this number declined in July. There were a lot of expired listings that came off the market at the end of June. Closing activity was down 2.5% in June. Ellis Team numbers were up significantly in June.

New pending sales were down in June which may translate to lower closed sales in July and August. We’ll have to keep an eye out on July numbers in a few weeks.

There is some uncertainty in the economy. Interest rates have risen, which impacts buyers’ buying power. Trade tariffs are increasing the cost of new construction, which could help the resale market if that continues. The stock market is doing well, and GDP numbers for June came in at 4.1%, the highest in decades. The economy seems to be running on all cylinders. The only fear is if looming trade wars will stall out certain sectors of the economy.

We can’t control what happens nationally. Locally, hiring the right Realtor can make a world of difference. Buyers want a Realtor with local knowledge, and experience when situations arise, like inspection issues, HOA issues, etc.

Sellers want a Realtor who will look over the contract and make sure it’s written properly and free of loop-holes. We’re seeing more contracts come in from new agents that are not completely filled out. We’re seeing offers from experienced agents slipping in loop-holes and buyer closing costs into the fine print. Your Realtor really needs to look at the contract to make sure the buyer agent didn’t slip in extra ways to void the contract, or shift buyer closing costs to the seller.

We Can Save You Thousands on Your Next Transaction

The Ellis Team can save you thousands on your next transaction. If you’re selling, call Sande or Brett Ellis at 239-489-4042 Ext 4. Or you can find out what your home is worth online for Free at www.SWFLhomevalues.com

If you’re buying, you can save thousands too. We’ve got a tool that saves the average buyer about $5,000. Call us and ask how you can take advantage of this tool 239-489-4042 You can search the MLS at www.LeeCountyOnline.com It’s updated instantly with all the latest listings. Viewing homes online that were sold yesterday, or missing out on new homes that just entered the market can be frustrating. When you use our site, you’re more likely to have a better outcome. The best homes go quickly. We can help you beat out other buyers to hot new listings.

The market is steady. Each price range can vary. It pays to study the market so when opportunity strikes, you’re ready. We love sitting down with people ahead of time and planning out a strategy, even if it’s 6-12 months down the road. If you’re thinking of making a move, we should talk. Give us a call. You’ll be glad you did. 239-489-4042 Ext 4. ask for Sande or Brett Ellis.

A question we get from time to time is what are the common pitfalls of selling by owner? It’s a great question, so let’s dive in.

Common Pitfalls of Selling By Owner

The first pitfall is legal. Most sellers don’t realize the regulatory pressures they are under, whether they sell by owner or with an agent. The state has jurisdiction over property, homeowner, and condo disclosures. The federal government has jurisdiction over issues like lead-based paint disclosures, waterways, docks, etc. We’re lumping the Army Corps of Engineers in with the federal government. Missing any one of these important disclosures could cost you a sale, or worse, a lawsuit or fine.

Security is another issue that concerns sellers. They want to know who is coming into their home. Sellers are concerned if the prospect is an actual buyer, or someone who is looking over the contents of the home only to come back later and rob the place.

The Buyer’s ability to pay for the home might be one of the largest concerns sellers have. When selling by owner, asking this question can be tenuous. The buyer feels like it’s none of your business and their finances are their business. But it is the seller’s business. As a Realtor, we can ask those tough questions and demand proof. It’s what we do, and if a buyer is skittish about answering, it bears more questions. Realtors with experience can read more into what’s being said and uncover more facts. Red flags should never be ignored. Newer agents, and For Sale By Owners don’t always see the red flags, and when they do, they don’t know how to handle them. Security might be the biggest of the common pitfalls of selling by owner.

Marketing is critical to getting top dollar. It doesn’t do much good to save a commission and lose money at the same time. I’ve seen 3 studies that show For Sale By Owners sell for 6%-16% less than using a real estate agent. Essentially it costs you nothing to use an agent but could cost you thousands not to. Placing your home online in a few places isn’t marketing. It’s simply listing it in a directory. A few buyers might notice it, but you’re not getting it out to the masses.

Sure, you’ll get some calls from people looking to flip homes and unqualified buyers, but nothing that is going to close or gain you top dollar. If you doubt us, just try it and see how you fare. Then call us after a few weeks and we can change that for you.

Are All Realtors the Same?

All Realtors are not the same. If some Realtors have a hard time marketing a home, imagine how hard it is for a For Sale By Owner. Again, just placing it in MLS and putting a sign up is not marketing. You need much more than that to get the word out. If all you attract are unqualified buyers and just a small percent of the market, you’re not attracting top dollar.

Imagine putting an item for sale in an online auction. If you had one bidder, you might sell it. If you had 10 bidders, it’d probably go for more money. When you have 1,000 bidders, it would sell for more than if you had just one bidder. Full market exposure equals Top Dollar. Less than that equals less than Top Dollar.

The Agent You Hire Matters. The Ellis Team markets your home for all it’s worth. We shoot for Top Dollar. Why be satisfied with one buyer when you could have several to choose from? Our marketing generates lots of buyers. We can bring all the buyers you’ll ever need, but if the home is not priced correctly, they’ll just go buy something else. We’ll help you avoid the common pitfalls of selling by owner. See also 3 Reasons Why Homes Fail to Sell.

Check out www.swflhomevalues.com to get an idea of what your home may be worth. Our computer is very good. In fact, it’s the best we’ve ever seen by an automated valuation service. However, it it not perfect and there is no substitute for having Sande or Brett come out to your property and doing a comparative market analysis.

Or you can Search the MLS like a pro at www.LeeCountyOnline.com

If you have a home to sell Always Call the Ellis Team, your Top Dollar Realtor! 239-489-4042 Ext 4 ask for Sande or Brett. We’re here to help. Sande Ellis and Brett Ellis are a mother-son team and have over 30 years experience selling homes in Southwest Florida. Brett and Sande personally visit each property and do an in-depth analysis of the price as well as strengths of the property. This is important because if we’re going to reach the best target buyer for the home, it pays to know every detail that may attract that best buyer.

Of course, many times our marketing attracts multiple buyers. This is good news for sellers when we’re able to do this as it typically brings a better price for our sellers. Imagine an online auction. If you had an item to sell and had 10 buyers, you’d fetch a certain price. But if you had 1,000 buyers, the price your item would fetch might be much more, wouldn’t it?

Ellis Team Weekend Open Houses

Open House Saturday & Sunday 1-3 PM

San Carlos Park

18449 Phlox Dr

Open House Sunday 1-3 PM

Cape Coral

2709 SW 12th Ave Cape Coral

We get calls all the time from discouraged sellers asking for our help. They placed their home on the market with another agent and it didn’t sell. They just can’t understand why their home wasn’t liked enough by a buyer to make an offer. We tell them there are 3 reasons why homes fail to sell.

A home must be marketed everywhere to attract top dollar. Simply placing it in MLS or adding a few yard signs may not get the job done. Even though your home is on MLS, it’s not reaching the whole market. It also doesn’t stand out. Buyers have choices, and if you’re just on a list, your home better stand out as a bargain or offer something they really want. Getting your home out to the right people at the right time in their buying cycle is key. We can’t tell you how many times a buyer has said we wished we’d known about this other home when we were buying. It was on MLS, but it didn’t stand out. It was just a home on a list.
So, you’ve got your home on the MLS. Does the description make the buyer want to call and ask more questions? Are all the fields perfect in MLS. If a Realtor, or buyer for that matter, is searching for a particular field and yours is missing, your home is invisible in that search. Do you have all the required documents uploaded into MLS at time of listing? This isn’t the time to be lazy. Many times, buyers have questions about the HOA, the rules, the finances, etc. and they like to see the answers immediately. If they’re absent, they move on and you lost your chance.
Your home must be priced at market. If it is over the market, it’s not really on the market. Finding the true market price can be tricky, we get it. It takes years of experience and studying the market daily as the market is always in flux. We tell sellers we should receive an offer about every 4-5 showings. If we’re not getting offers, something is wrong. If we’re not getting showings at all, something bigger is wrong. We’ve either got an error in the details, or our price is off more than originally thought. If you’d like to get a pretty good ball park idea of your home’s worth, go to www.swflhomevalues.com It is a computer and does a pretty good job, but it’s no substitute for us looking at your property.

Many people say it’s not price, it’s the condition or the location. It’s true, you can’t change the location. You’re locked in by location, and if you’ve got a neighbor that isn’t keeping up their property, it could affect your value.

If your condition isn’t up to par, it too could affect your value. Notice the key words here? Your value. Value is determined by the market. You set the price, the market determines the value. If your price isn’t at value, it will sit. You can improve your condition, and that may help. You may not get dollar for dollar back on improvements, but they may help protect your downside if your home has some objections from buyers.

3 Reasons Why Homes Fail to Sell

It pays to hire a professional. Failing at any one of these 3 critical components can kill a sale, or worse, cause you to sell it for less than it’s worth. Why reach 1 buyer when you can reach hundreds? A Realtor with years of experience can help you price it properly, market it for all it’s worth, and handle all the details so you have a smooth move.

If you’re thinking of selling, Always Call the Ellis Team at Keller Williams Realty 239-489-4042 Ext 4 ask for Sande or Brett. If your home failed to sell the first time, we can help fix that and get you on your way. Good luck and Happy Selling!

If you’re buying, check out www.LeeCountyOnline.com We’ve got all the homes for sale in MLS, and it’s updated instantly. No more looking at homes that aren’t really on the market anymore.

Ellis Team Weekend Open Houses

Open House Sunday 1-3 PM

Reflection Lakes 5 Bedroom 3 Bath Pool Home on Lake

13994 Reflection Lakes Dr

Open House Sunday 1-3 PM

Daniel’s Park 4 Bedroom 3 Bath Home With 3 Car Garage

14077 Danpark Loop

The month’s supply of SW Florida real estate inventory supply declined in July from April levels. There are many reasons for this which we’ll go into detail.

Sellers are listening. Buyers’ motivation topped out about 9 months ago and sales suffered. We’ve seen instances in the past where buyers were at one level, and sellers were at another level, and there was a standstill. The longer the standstill, the longer homes sit on the market and inventory grows.

This time around, word got out and sellers didn’t want to be caught holding the bag. They made the adjustments quicker, and it’s paid off. Sure, nobody is happy to reduce their asking price. Without movement, nothing would happen. If a seller’s true desire is to sell, then you’ve got to find that price point where price equals value in the market’s eye. It looks like sellers have been doing that.

For the most part, inventory has declined, and sales have increased. Inventory declined in all price ranges in Lee County Florida. Closed sales increased in all price ranges except the less than $100k and $100-150k ranges. This decline could simply be a matter of not as much inventory to sell, therefore not as many closed sales. With months supply of 1.25 months or less, it’s hardly worth mentioning except to be factual.

Buyers should take note. You’re no longer in the driver’s seat. With 4.57 months’ supply of overall inventory we’re back to a seller’s market, statistically speaking. Sellers, don’t get too excited either. It really depends on which price range your home is located. Once your home crosses that $300,000 threshold you enter neutral to buyers’ market territory. If you’ve got a home that’s been on the market awhile, it’s probably time to adjust to where the buyers are.

If you’re a seller priced under $300k and your home is not selling, there is a problem. An immediate adjustment may be in order. If it is priced correctly, it should be getting action. We tell sellers we should be getting offers about every 4-5 showings. If we’re getting showings and no offers, the marketing is working. The price or condition isn’t. If a seller isn’t getting showings, it’s either the price or the marketing. It could be both.

As a seller, you’re really in charge of two things. Setting the correct price and selecting the best agent. Mistakes in the MLS, bad photos, or lack of marketing muscle can be a turnoff to buyers or make your listing invisible. We’ve seen lack of good marketing cost sellers a sale, or thousands in their pocket at closing because they didn’t attract the highest and best buyers for their home.

If your home is overpriced, you’re just adding to the marketing time and kidding yourself. Typically, in the end you’ll end up taking a lower price than you otherwise would have had you priced it correctly upfront. If your agent recommends taking action on price, listen. If you aren’t having that conversation with your agent, perhaps it’s time to be proactive. Perhaps your agent recommended a lower price at tie of listing, but you were stubborn or convinced it should be higher. Perhaps your agent has recommended price adjustments and you’ve declined. Whatever the case, ultimately, it’s on you as the seller.

If you decline your doctor’s advice, the results are on you as the patient. If you decline your attorney’s advice, the results are on you as the client. The same is true in real estate. It’s your home. If you’re OK with owning it and not selling, then that’s fine. If you’re not OK and would like to move on, it’s time to adjust. It’s either the marketing or the price.

If your home has expired, or if you’re considering putting your home on the market, perhaps it’s time to get a 2^nd opinion. Always Call the Ellis Team. We specialize in getting homes sold the 1^st time. We’d be happy to look at your home and figure out what we can do to sell it. 239-489-4042 Ext 4 or www.LeeCountyOnline.com Ask for Sande or Brett Ellis.

Ellis Team Weekend Open Houses

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13460 Marquette Blvd

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Real estate agents across SW Florida have been complaining that sales have been sluggish, however the numbers show that 2018 Lee County Florida home sales shaping up to be decent year. Both April and May numbers have topped previous years, and January, February, and March are right in there. If things keep progressing, we’ll have a chance to top 2015 sales levels.

What is fueling the increase in home sales? Two things come to mind right off the bat. Higher inventory and price reductions. Inventory 7.8% this year to 5,787 listings compared to 5,368 last year. This opens up more choices for buyers.

We’re seeing as many price reductions as new listings in a typical 7-day period. In the past 7 days we saw 440 price reductions compared to 323 new listings and 376 pending sales. This tells us sellers have recognized the need to adjust their price and are making the adjustments. When this happens, sales occur.

Official numbers released this week show median price and sales price increasing in May. You might ask, how is it possible to have increasing prices while sellers are decreasing their asking prices? Median price is defined as the price where half the sales occur over that price and half occur under. If most of the upper end sellers overprice their home, there are fewer sales up there and it forces the median price down, because that’s what’s selling. Lower priced sellers were more in-tune with the market. As the mid and upper ranges accepted that change needed to occur, more sales started happening. As this occurs, it pulls the average and median price upward.

Many will read the headlines and infer that prices are rising when in fact prices have not been rising. It’s the fall in prices that created the sales. It is the reluctance of mid to upper sellers to adjust sooner that stalled the sales. There were only so many mid to lower listings to go around.

We expect to see good sales numbers the balance of 2018 as the market adjusts to the shift. The market always adjusts. It’s only a matter of how long it takes to do so. It’s kind of like pulling off a band-aid. You can pull it slowly or rip it off. Either way it comes off, it’s just a matter of how long you want the pain to last.

Buyers can rejoice now because there are some pretty good deals out there. For instance, we’ve got a 5-bedroom, 3 bath pool home on the lake in Reflection Lakes for just $459,000. Last year that same home would have sold for $525,000. We’ve got a 4-bedroom 3 bath home in Belle Lago for $465,000. It was on the market with another broker last year for well over $500,000. Imagine getting a 4-bedroom home in Paseo for $500,000. We’ve got that too. We even have a 4 bedroom home in Reflection Lakes for $375,000.

In fact, if you want to see a list of Hot Buys, go to www.LeeCountyOnline.com and click on the Featured Listing Section. If you’re interested in how a neighborhood is doing, check out the Market Reports section.

Sellers who are curious as to their home’s value will appreciate the property valuation tool. It’s free, and provides a detailed report on your home within seconds.

If you’re thinking of buying or selling, we should probably talk. We’ve got a way for you to save thousands when getting a mortgage. We have options for you to save thousands too when selling. If you’re thinking of selling, ask for Sande or Brett Ellis 239-489-4042 Ext 4. If you’re buying, we have a team of buyer agents ready to help you find your dream home and save money on the loan too. Always Call the Ellis team! We’re here to help.

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Open Saturday 1-3 PM

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