Category Archives: Fort Myers Beach

Listing Inventory Keeps Rising in SW Florida

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Listing inventory keeps rising in SW Florida. Both single family homes and condo inventory have been rising steadily since February 2022.

Listing Inventory Keeps Rising in SW Florida

Listing Inventory Keeps Rising in SW Florida

It’s simple math. More homes are coming on the market than going off.  Supply is outpacing demand. When you sit down and really think about it, it hits you. When you read the headlines, you would think the real estate market is on fire and everything is rosy. By and large, we have a good real estate market.

Many sellers get it. Some came out with aggressive pricing to test the market, almost not believing that the market has changed from what it once was.  Then reality sets in. This past week alone 428 single family homes reduced their price. Of the 428 price reductions, 17 went pending.

Wouldn’t it be better to set a price where you know the home will sell?  You don’t have to price it below the market to do this. Pricing above the market ensures the property will sit, and when it does buyers begin to wonder why other buyers have rejected it. Overpricing a home can cost you. If listing inventory keeps rising you would want to get ahead of that.

New Pricing Method

 The problem with looking at comparable home sales is everything is in the past. Sold pricing doesn’t always give you an accurate picture of what is going on in the market today. Sure, appraisers can issue a time value adjustment when they see a changing market, but that doesn’t help home sellers as that is always calculated after the fact.

How should home sellers look at pricing their home for today’s market? There is a new market methodology that better identifies where a home should be priced. The advantage to getting the price correct upfront is you end up with a better price on the back end.

Have you ever watched a neighbor’s home go on the market? One that you know is overpriced. Back in 2021, that overpriced listing might have sold. But this isn’t 2021 anymore. Today that listing sits, and sits, collecting dust and cobwebs because nobody wants it at that price. Your neighbor needs to sell, they just haven’t come to the realization yet that they aren’t going to get their price. They feel like they need a certain price to not lose money. Possibly they need a certain amount for their next venture.

Market is Option Based

In the end, the market doesn’t care what your neighbor needs. The market only cares about what the home is worth, and how it compares to other alternatives. Buyers today are hit with higher interest rates, higher insurance costs, and higher cost of living. Their money is stretched thin, and they for darned sure don’t want to overpay for a home in today’s economy. Buyers will select their best option.

I don’t want to say buyers are adversarial towards sellers. They just don’t care about the seller’s problems because they have their own. Remember a few short years ago. Sellers didn’t care about the buyer’s circumstances or how they might become homeless a few years ago. Buyers today do not care how much a seller needs from their home sale.

This is how it should be. Buyers and sellers should focus on what the home is worth today, not what it used to be worth, or why this deal should be different than the market.

When you focus on the data, you tend to get a better outcome. The data will win the day anyway, unless the home sits on the market getting tired and worn in the buyer’s eyes. In this case, the home might eventually sell for less than it should.

Aggressive Marketing

Thinking of selling? You need a Realtor with aggressive marketing, and one with experience in a changing market. The market is still good, but for the best results use an experienced pro who’s been there before. This is why the Ellis Team at Keller Williams has been voted Best in Real Estate by News Press Readers for 10 straight years. Put our knowledge and marketing to work for you! 239-310-6500

 Good luck, and Happy Home Selling!

FEMA Risk Ratings Impact on Future Flood Insurance Rates

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New FEMA risk ratings impact on future flood insurance rates is being felt, and some home buyers are astounded. We’ve been pouring through the numbers looking at the areas most impacted.

FEMA Risk Ratings Impact on Future Flood Insurance Rates

Most Impacted Zip Codes

New FEMA risk ratings impact will depend on which zip code you live in. Of the zips listed in this chart, 33901 will see most impact at an average rise of 365.58% Next in line looks to be 33921 which is in the Boca Grande area with a 361.99% rise. The third highest is 33920 which is in the Alva area coming in at 318.05%

We have a complete database of each zip code in the United States that shows the average risk rating versus the current average cost of flood insurance.

This does not mean that every policy in the zip code will cost the amount stated. This is an average for the entire zip code. It does, however, give us an across-the-board estimate of how much some policies will rise.  What we fear is that some policies in a zip may be more extreme than others. The extreme policies might be the policies raising the average versus an across-the-board rise.

33919 will rise on average 259.63% and 33907 will rise an average of 235.68%  Zip 33908 which saw heavy flooding will go up 270.10%

Don’t Give Up That Policy

If you have an existing NFIP policy it can only go up 18% per year, so it would take 15 plus years or so to reach some of these levels. If you did not have flood insurance, you cannot go back and get it at the grandfathered rates.

We also tell people when shopping around to be careful about selecting private flood insurance. When you give up the national policy, you give up that protected rate. The danger is a private policy might not renew your policy any given year. Or zones could be reclassified. You might be in flood zone X today and not be required to get flood insurance. Future maps could change that, and you might be required.

If you are required to purchase flood insurance for your mortgage when you previously didn’t have to, you do not get the old rate. Worse yet, you also lose the 18% protection. New policy holders who do not renew or assume an existing policy pay the 100% full rate for the property. We do not see a way around this.

We are not insurance agents, so we cannot give insurance advice. As consumers, we are watching what is happening. As real estate professionals, we always ask home sellers if they have current flood insurance and a copy of the policy. Having an affordable policy that can be assumed can increase their property value compared to a neighbor who has nothing to offer.

Cost Versus Benefit

Many buyers have begun to shy away from high insurance properties unless they can absolutely afford it and are willing to pay the price for paradise.

Any time you add a high cost to something over and above the purchase price, buyers must decide if the amenity is worth it. For instance, some golf communities have high fees, but they offer golf. Other communities offer a marina, etc. The amenity benefit has to exceed the cost in the buyer’s mind. While flood insurance isn’t exactly an amenity, it is a cost associated with living in a particular area and will be evaluated on a cost-reward basis by buyers.

Have Questions?

If you are thinking of selling your SW Florida home, always call Sande or Brett Ellis at 239-310-6500. We can walk you through all the intricacies of a home sale, because we know what to look for upfront.

Many agents list a property without studying all the factors only to be surprised by a cancelled sale later. There is nothing more discouraging than thinking your home is sold only to find out the buyer is backing out over something that could have been known upfront. Flood insurance is one of many factors.

Good luck, and happy home selling. For questions, give us a call.

Single Family Home Inventory Rising

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Single family home inventory in Lee County is rising. This past week we crossed 4,000 single family homes, and number we haven’t seen since May of 2020.

Single Family Home Inventory Rising

We expect there to be several expired listings at the end of May which will bring current single family home inventory down.  This has happened each month in 2023. Inevitably inventory rose as more listings came on the market than expired. Perhaps many of the expired listings relisted as well. Each day we are watching new listings exceed pending sales, so we know inventory should keep rising.

Is 2020 the New 2023?

In past articles we’ve mentioned that closed home sales are mirroring 2020. If there is a correlation between the number of closed home sales and the 2020 single family home inventory counts, it could be a clue as to where inventory will head. Back in 2020 we had about 5,500 homes on the market, which was less than the 2019 highs of 7,195. The market was getting good in 2020 as was the economy, just before Covid hit.

Inventory levels took a hit as few wanted to sell during Covid, and builders had a hard time keeping up with demand. Interest rates were low. Now that Covid is in the rear-view mirror mostly, and so are low interest rates, we are returning to normal levels of inventory.

Why is SW Florida Different?

Nationwide there is a shortage of homes on the market because many people with low rates on their home do not want to sell and buy another at a higher rate. Why is the SW Florida market gaining inventory when the rest of the country seems to be losing inventory?

Perhaps it’s the hurricane.  Some people are done with storms and rising insurance costs. It could be that less workers are moving to Florida as employers call them back to work.  This doesn’t make sense because people are still moving to Florida in droves. The last report I saw was that 958 people move to Florida every day. In fact, Florida is the #1 net migration state. More people are moving to Florida than leaving versus any other state in America.

I noticed SW Florida International Airport saw a 23% drop in traffic in March. This makes sense because our beaches were barely open, and we lost so much tourism. There simply weren’t the homes, condos, and hotels to rent in many places like Sanibel Island and Fort Myers Beach. Many Airbnb’s have been damaged as well.

Single Family Home Inventory Rising

This doesn’t exactly explain why inventory is growing in SW Florida while it appears to be dwindling in other areas. SW Florida single family home inventory has almost quadrupled since February 15, 2022. Back then it was 1,071 homes on the market versus almost 4,000 now.

Over the summer we are going to track listing inventory against closed sales to see if 2020 numbers are the standard our market should be judged by, or if this is a blip. Markets rarely stay the same for long, and this could just be a coincidence until our market decides what it wants to do.

2020 wasn’t a bad year before Covid hit. Prices were rising slightly, and inventory was coming down from 2019 levels.

2nd Half of 2023

Some say the Fed will raise rates again in June, while others are convinced they are done. Many predict mortgage rates may come down by the end of the year. We believe a lot will be decided in the next two months. By then we may have a better handle on how the second half of 2023 will go for the economy and the housing market.

If you have a home to sell, Always Call the Ellis Team at Keller Williams Realty 239-310-6500. We have the best stats and can advise you as to how the market is doing long before others figure it out.

Good luck and Happy Selling!

Why Sell The Traditional Way When There is a Better Way?

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Why sell the traditional way when you could sell your home for thousands more? That is the question many home sellers are asking.

Why Sell The Traditional Way

Most Realtors use passive marketing.  They list a home, put a sign up, place it in MLS, and wait for people to respond. A few will even take out ads, but they are not targeted.  It is a lot like placing bait in the water and waiting to see if a fish comes along and bites. The worst thing is, they’re not 100% sure the fish are even there, or if they’re biting today.

Breakthrough Technology

 The Ellis Team has a system to identify and target almost all the potential buyers for your home within 3-4 days. By doing so, the home doesn’t have to sit on the market week after week while buyers begin to wonder what is wrong with the home. Buyers know that other buyers have seen the home and rejected it, so something must be wrong.

Our system eliminates the two price depressing problems facing sellers today. As inventory grows and homes linger on the market, this strategy becomes more important.

Studies have shown that this new program sells homes from 8.4 to 12% higher than the MLS median price, as confirmed by 6 independent studies.

How Does it Work?

So how does the program work?  Essentially everything you thought you knew about selling is thrown out the window. There is a reason big companies like Apple sell out new products instantly. It is because they understand how consumers think, and they bring products to market accordingly. Their products are not designed to sit on store shelves for months hoping a consumer will come along and choose to buy it.

The Ellis Team has been selling homes this new way for a while, and the results have been amazing. Sure, our team did very well selling homes the traditional way because we out worked, out marketed, and hustled our way to the top. We didn’t consider ourselves traditional because our results stood for themselves, and we did things nobody else did.

Why Sell The Traditional Way When There is a Better Way?

When we looked at this new system, we realized there were some things we could do to improve, and if we did that, our sellers would benefit even more. Since implementing the system our sellers have sold even faster and for more money. The system works.

Not only does the system sell homes for more money, but it also saves money later in the inspection process. Buyers are glad they were able to get a nice home and the sellers are happy that they didn’t leave money on the table. And everyone is happy because the process goes fast.

Real World Example

Earlier this year we had a seller who bought another home out of state. They had 30 days to sell their home to come up with the down payment and financing to complete that other sale. Their out of state agent referred them to us and said I know this is almost impossible, but they just bought a home, and they need their sold fast. Can you help?

I said no problem, our system is designed to sell homes fast and for top dollar. We priced the home higher than the comparables and we sold it for cash quickly. It closed on time and the sellers had days to spare in their new home. Our system identified multiple qualified and motivated buyers for their home. The other Realtor was truly amazed as well.

Fishing

Wouldn’t it be easier to fish if you knew exactly where the fish were, at what depth to place the bait, and what time of day they would be hungry? Of course it would. This new breakthrough technology and home selling system helps with all of this, and the results are amazing.

If you have a home to sell, call Brett or Sande Ellis at 239-310-6500 or visit My Home Sold in 8 Days and we’ll be glad to meet with you and help you with your situation. We love helping people and seeing the smile on their faces when we pleasantly surprise them with results.

Happy Memorial Day Weekend!

7-Day Real Time Market Activity Report Lee County

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The Lee County 7-day real time market activity report shows some interesting facts. This report gives us clues as to how the market is doing in real-time, so let’s take a deeper dive into the data.

7-Day Real Time Market Activity Report Lee County

New listings outpaced new pending sales by 7. If we add back the 91 back on the market listings the numbers grow to 98. There were also 49 extended listings. 47 listings terminated and 57 expired. Our internal research shows that the MLS added about 50 listings net to the inventory supply in the last week.

The differential between active listings and total pendings has expanded to 1,432 single family homes. This number is the largest number we’ve seen since February 7th.

Technical Analysis

The next breakthrough number we are tracking is the Ellis Team Current Market Index. This index is published internally and used with our clients. It is on the rise again, and we are watching to see if it crosses the Mar 21st data point. If it does, we have a pretty good idea of where it’s headed based on technical analysis.

The other data point we are looking at is the price reductions. Even though we had more new listings come on the market than new pendings, we had more price reductions than new listings. This tells us sellers are recognizing the market and reacting to changes. Sellers are searching for that price point that will make their home sell in today’s market.

Comparative Market Analysis

The problem with the comparative market analysis is it tells you where the market has been, but not always where the market is going. It is important to look at past sales. Past sales will influence the appraised value, but not necessarily determine today’s value.

How Buyers Shop

Buyers do not look at closed home sales when shopping for a home. Think about when you are shopping for an item, either in store, or online. You tend to check on what you could buy it for now. You have no way to see what an item was selling for last month.

The Ellis Team has identified new metrics when pricing homes. Yes, the home must appraise in many cases. However, pricing homes based upon the past may not always be the best idea either.  We have a new form that shows sellers another way of looking at the value, and our sellers find it useful.

8-Day Sale

The Ellis Team also has a program to sell a home in 8 days. The number one complaint we hear from sellers is keeping the home nice for showing after showing for months on end. Our program identifies the best buyers for your home in 3 to 4 days with technology, then we market to those buyers. While not every listing sells in 8 days, we utilize a different strategy to sell your home along with several probability increasers. We can tell you more about those when we meet.

Watching sellers reduce their price numerous times is never fun. When a home sells in 8 days price reductions become unnecessary and sellers typically sell their home for more money. In fact, 6 independent studies show that this program sells homes for 8.4-12% higher than average MLS sales. We have the validation letter.

If you have a property to sell in SW Florida, call Brett Ellis or Sande Ellis at 239-310-6500 We will be happy to show you the latest market statistics along with the Ellis Team Current Market Index numbers and show you the 8-day sale program.

If you’re not ready to sell your home yet and are just curious about prices, check out www.SWFLhomevalues.com It’s a great way to get your home’s value every month quickly and for Free.

When you have real estate questions, Always Call the Ellis Team at Keller Williams Realty! Good luck, and Happy Selling! We hop you find this 7-day real time market activity report useful.

Lee County Median Sales Prices Decline in March

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Lee County median sales prices declined $10,500 in March 2023 from February. This is significant because median home prices generally increase throughout the season. We have been reporting for months that home prices dropped in 2022 but nobody realized it because most people focus on year over year numbers.

Lee County Median Sales Prices Decline in March

Year-over-year median prices were up 1.9% in March. The median sales price this year stands at $437,000. Last march it was $429,000. In February of this year the median price was $447,500. Looking forward, the official number for April 2022 was $470,000. If the median sales price doesn’t climb to $470,000, we’ll be reporting the first year-over-year loss in a while. About 6 months ago we predicted we would see this drop with the April or May numbers.

Preliminary April Numbers

 One thing that could change Lee County median sales prices that is if April sales numbers come in higher. Preliminary numbers reported through April 25th when this article was written suggest numbers of $445,000. This number will be off because there are some closings that haven’t been reported yet, and some closings that haven’t taken place yet.

The end of the month always includes several sales. If the $445,000 number holds up. It would be a 5.32% drop.

Why Studying the Market Matters

 We study the market to give our clients an advantage. For instance, years ago when we saw our Current Market Index turn negative, we got all our sellers out before the big price decreases. It’s never fun to be caught chasing the market down. When the market is moving upward, it is important for buyers to get in there quickly and beat out other buyers to hot new listings. Waiting literally costs the buyers money.

Predictions

 We are not making predictions about the market here. We’ll save that for our clients. We are simply reporting what we are seeing. The predictions about when we would see negative numbers weren’t really a prediction about the market. That was more of a mathematical equation that was going to reveal itself in the future, and the future is almost here.

We believe home sellers are going to be just fine moving forward. Sellers must price their home correctly and market it correctly and success will follow. Today’s Current Market Index is stable, so we don’t see large price fluctuations anytime soon, unless market conditions change.

We do have the possibility of lower interest rates on the horizon as the economy slows down. Lower rates help borrowers afford more, which could lead to higher prices in the future. A declining economy may weigh against that as more buyers lose their jobs.

X-Factor

 The X factor will be how many people continue to relocate to Florida who do not need a job to purchase or have a job that will allow them to relocate. Those remote jobs are drying up as more employers require their workers to show up in person, but there are still some out there.

The true answer is nobody knows what the future of real estate prices will be in SW Florida. We are watching all the indicators driving values and on balance they appear to be neutral. If you have a property you’re considering selling, call Brett or Sande Ellis at 239-310-6500. We will be happy to guide you through your home’s value and what improvements if any would be most beneficial for your sale.

You can always visit www.SWFLhomevalues.com to get a Free Instant home value of your home. We think it’s kind of cool to track that value over time, which the system will do for you.

If you have your eye on a property but are not quite sure how to pull it off because you have a property you would need to sell, we should talk. We are experts at making things happen, and we have some creative financing options you might not know about that can help.

Good luck and Happy House Hunting!

Free Shred Event Saturday April 29th 10 AM- 12-PM

Link to Register

Ellis Team shred event April 2023

5846 Wild Fig Ln

Open House Sunday 12-3PM Whiskey Creek Area

3 Bed 2 Bath  $350,000

 

 

Net Domestic Migration Trends Favor Florida

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We’ve been studying net domestic migration trends to help us explain supply and demand for housing in Florida. While demand is down compared to last year, it is still strong enough to equal supply which is keeping housing prices stable.

People Leaving

Reports conflict about which states are losing the most. One prominent news source lists New Jersey as losing the most, while many others suggest New York, Illinois, California, and Michigan.  This could be because some are looking at percentages versus raw numbers, and others are studying data county by county. Suffice it to say, New York, Illinois, and California show up in just about every report we see.

Net Domestic Migration Trends Favor Florida

Net Domestic Migration Trends

The other thing we look at is where are these people fleeing to. In most reports, Florida and Texas are the clear winners. We also see North Carolina, South Carolina, Georgia and Idaho.

With all these people moving to Florida, you would think we would have a supply imbalance. Inventory supply in SW Florida is holding steady after gaining in 2022 and early 2023. It is still rising, but minimally now. Pending sales are gaining weekly and meeting the supply.

Stabilized inventory could be a result of lower interest rates. Long term mortgage rates have fallen off their highs. Additionally, we are seeing the migration patterns continuing.

Before Covid

People forget these patterns were in place before Covid. Many think that Covid is what drove people to states like Florida and Texas. This is true. People did move here for the freedom and work from home atmosphere during Covid.  However, after Covid people are continuing to move to Florida for the low crime and low taxes. Not only are we seeing individuals choosing to move here, we are also seeing entire companies relocating to more tax-friendly states.

When a company decides to move it is like a slow-moving train. It takes planning and time to move a company, and these plans can be in the works for years. When a company announces a move today, the plan may have been initiated more than two or three years ago, depending on the size of the company and logistics.

We do not see the trends changing anytime soon. Because Florida is a popular state, and because we have limited housing supply, our prices should remain relatively stable. The people able to make the move in the next few years should do better than those that wait.

Two Reasons

We believe this for two reasons. Prices could keep escalating in Florida. Secondly, when enough people move out of the high-tax states, it leaves less people behind to pick up a larger share of the tax burden. Someday few will want to move to those states because the tax burden will be unbearable, and it could limit their ability to sell their homes at today’s prices. If they cannot sell their homes, some may stay and continue to suffer the high tax burden.

Southwest Florida should continue to do well. As we fill in, we expect more people to begin moving into central Florida and eventually the panhandle. Granted, the weather isn’t as nice as it is in SW Florida, but prices are less, and people may have to make choices if home prices stall up North.

Nationwide, we have housing shortage, so demand is up there with supply. The high tax states could continue to lose residents, and eventually this causes more funding stress, and the need for more taxes. It’s a loop that perpetuates itself, and it may not be good for real estate values in those states.

Bottom Line

Bottom line is Florida is one of the places to be, and the sooner people make the move we think the better off they’ll be for the reasons outlined above. Of course, not everybody can move here at once. We don’t have enough supply and not everyone is in a position job or family wise to make the move at once.

Real estate values in Florida should fare well, even if the economy dips into recession. SW Florida home values have done well coming out of recessions in the past, and we see the demographics setting up nicely shout a recession occur again.

To search for your piece of paradise, check out www.LeeCountyOnline.com where you’ll find some features no other website has. Or call us at 239-489-4042 and we’ll be glad to help.

SW Florida Residential Inventory Supply by Price Range

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We have fresh residential SW Florida residential inventory supply numbers to report for April 2023. The overall single family inventory supply stands at 3.03 months, up from 2.81 months in February.

Each week we evaluate inventory supply numbers, and we’ve reported how they have been going up since last year. For instance, on April 12th of 2022 Lee County had 1,337 single family homes on the market. In 2023 we have 3,740. That is a 179.73% increase in inventory in one year.

SW Florida Residential Inventory Supply Gains by Price Range

We like to break it down by price range. Where we see the most inventory gains are in the higher price ranges. The $400-$600k price range increased from 2.82 months in February to 3.38 months currently. Even more gains can be seen in the $600k-$1 million price range which increased from 3.27 months in February to 4.20 months now. That is almost a one-month gain in inventory.

SW Florida Residential Inventory Supply by Price Range

The $1 million + market did gain a full month in inventory going from 5.35 months in February to 6.35 months now. The $200k-$300k markets lost inventory in the past two months, while the $100k-$200k markets gained slightly.

Rising inventory underscores the need to do two things to achieve success when selling. A home should be properly priced to attract all the buyers for a home, and it should be marketed to all those potential buyers.  Let me explain further.

When a home is overpriced, it is not reaching the true buyers for that home. The home attracts higher priced buyers whom after investigating the home are disappointed because the home does not measure up to other similarly priced homes they are looking at. The higher priced buyers balk at the home and make offers on other homes that offer more of what they are looking for.

The true buyer for the home never sees the home because it isn’t on their radar. It is over their price range, so they do not even see the home on their search. It might as well be invisible.

TV Guide

Think of it like a TV Guide. You can choose to see all channels, or just the ones you are subscribed to. Let’s say Comcast or DirectTv offer 1,200 channels but you subscribe to 140. Most people don’t want to waste time searching through channels they can never watch. It is not only frustrating but time consuming to do over and over every time you want to see something. The same is true when searching for homes. It is frustrating to see homes you can never afford when you are seriously looking to purchase. The serious buyers do not want to waste their time. The casual lookers don’t mind wasting their time, or yours. They aren’t going to buy anyway, they’re just looking to see what’s out there killing time.

Market to Every Buyer

Secondly, once you’ve identified true buyers for your home, you must market to them. Fortunately, our company has developed a new form of marketing that leverages online technology to identify the best potential buyers for any home in America in just 72 hours. Once we’ve identified the best buyers for your home, we can create a competitive environment which validates your home’s desirability. Identifying buyers quickly keeps your home from sitting on the market for months causing buyers to think it’s overpriced.

Sell in 8 Days

Sellers love the program because we can sell most homes in 8 days or less. It’s no fun having your home on the market for months, keeping your home clean everyday for showings, and reducing your price while your neighbors sell their home. Our program sells homes for thousands more than the traditional way of selling, and it’s fast. To learn more, simply call 239-444-8150 or visit www.MyHomeSoldin8Days.com

Sell Your Home in 8 Days For Thousands More Than the Traditional Way

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We have a program to sell your home in 8 days for thousands more than the traditional way. Local agents didn’t understand the program, and neither did we until we researched it.

Sell Your Home in 8 Days

72SOLD is a company in Arizona that changed how real estate was sold in that state. The program was so successful that other companies started noticing. And yet, they couldn’t quite understand how they were doing it.

The Ellis Team are Regional Directors with 72SOLD

We were elated when we found out Keller Williams partnered with 72Sold to bring the program national. Immediately we signed up for the training, and we were blown away at the potential. We spoke with many of our Arizona agent friends who personally witnessed the amazing results.

After training for several months, the Ellis Team began using the program. I personally have used the program 7 times. 6 of the 7 homes sold within 2 weeks, and most within 8 days. One listing did take a little longer. The sellers were amazed at how much we got for their home, and how quickly it sold.

Sellers really appreciated the process. Many didn’t want to show the home for months on end, and they appreciated getting Top Dollar while selling quickly. When we sit down and show the program to sellers, they wonder why everyone doesn’t sell their home this way. The 72SOLD program really changes the way real estate is sold. The Ellis Team is grateful we can offer this program.

We still have the option to sell your home the traditional way. In most cases, sellers choose the new way. We knew the results in Arizona were good, but would this work in Florida? After using the system, we can say we love the results.

What the Program is Not

Can we tell you what the program is not? It is not a guarantee that if you list your home it will sell in 8 days for double or triple what the market will pay. There are selling techniques we as agents must follow, and of course there are market conditions we must consider.  The program is filled with probability increasers, so using each technique increases your chances of selling. If we use all of them, the results speak for themselves. In fact, three independent studies have shown that homes using this program sell for 8.4%-12% higher than the MLS average and faster.

Unsatisfied in the Past

Perhaps you’ve sold homes in the past and you weren’t entirely satisfied with the process. Maybe you tried to sell your current home and failed. Perhaps you’d like to sell your current home but don’t want to pay high fees and get the same results everyone else in the neighborhood has gotten.

If you’d like to make a move, we should talk. We may be able to shorten the process of selling your home for you, and get you Top Dollar too. We have several local home sellers that have tried it and wouldn’t sell any other way. Let’s have a conversation and see if we can help you too.

Give Sande Ellis or Brett Ellis a call at 239-310-6500 and find out what we can sell your home for. Or visit www.MyHomeSoldin8Days.com We can sell your home now or wait for a time that’s better for you. The program works in all markets, good and bad. The program was built before the multiple offer market and has evolved since then. Each week we meet 3 times per week on a national call and implement new proven changes to the program. We are learning based and continue to tweak the program, and having thousands of transactions each quarter helps us learn and improve together.

Put the power of Keller Williams, the Ellis Team, and the 72SOLD program to work for you! We look forward to having a conversation with you.

Good luck, and Happy Selling!

Real Estate Prices Headed North or South?

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One question we get frequently is where are real estate prices headed, North or South? Buyers want to know, and sellers want to know.

Real Estate Prices Headed North or South

The perfect answer is nobody knows for sure, and the market will determine the outcome. A lot of forces are in play that will influence the market. The good news is history and data leave clues. Let’s break down what we know and what history suggests could happen.

Post Hurricane Pricing

Last October we wrote an article entitled Past Hurricane Sales Pricing Data.  We showed the pricing trends after Hurricane Charley and Hurricane Irma. It’s also important to note the economic conditions at those times back in 2004 and 2017. Our conclusion was that neither hurricane impacted prices. The economy itself was a larger determinant of what happened following the hurricane than the actual event was.

As of this date, closed sales are running almost identical to 2020. In other words, closed home sales are running ahead of 2018, the year after Hurricane Irma. Keep in mind after Hurricane Irma our area was plagued with red tide and blue green algae. While we have had red tide in spurts in 2023, we’ve experienced nothing like we did in 2018. Let’s keep our fingers crossed because 2020 wasn’t a bad year for home sales until Covid squashed home sales in April and May. We rebounded nicely after that, and the rest is history for Florida home sales.

Seasonal Peaks

Traditionally median and average home sale prices peak in April or May, depending on which statistic you look at. We have a few more months left to fully evaluate if we can get back to 2022 levels or surpass them. If we do not, it would not be surprising to see home prices lower year over year the rest of the year. We wrote several articles on that in the past.

One trend we have noticed is pending sales have been tracking interest rates. As rates creep up, pending sales have retreated. As we have received reprieves in rates in certain weeks, pending sales pick right back up. Rates have been down the past few weeks; however, we see them creeping up again.

Interest Rates

Wall street is split on whether the Fed is done raising rates. Some say, including Fed chairman Powell, and some Fed governors, they will raise more. Others say the Fed will have to begin lowering rates as soon as this summer.

If you’re confused, you’re not alone. Wall Street doesn’t know either. If history holds true, we will be watching interest rates.  When rates fall below 6%, we could see a resurgence in home buyer activity. If they fall below 5%, we could see prices rise again.

Inventory is Growing

Home inventory has more than doubled in the last year. In fact, our numbers show it tripled. Still, they are low historically speaking, which has helped keep prices up. There would be a lot more listings if sellers were not trapped in their home by low interest rates. So many home sellers would make a move, but they don’t want to give up sub 3% rate on their home.

As the months and years go by, people’s lives change and you will begin to see more homes go on the market. Additionally, when interest rates begin falling, we may see an increase as well. It will be interesting to see how much the demand picks up with falling rates, as well as the supply.

Real Estate Prices Headed North or South?

That mathematical equation will probably determine where home prices go.  If you have a home to sell, you should talk to Brett or Sande about our 8-Day Program that nets sellers thousands more than the traditional way. Simply call us 239-444-8150 to get our price on your home.