Category Archives: Fort Myers Real Estate

News and information relating to Fort Myers real estate market

15 Tips to Get Your Home Ready to Sell

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It is no secret that a buyer looking for a home is impressed by its upkeep.  And occasionally you will see a seller described in an ad like “Mr and Mrs Perfect”  or “Mr and Mrs Clean”  are moving away and offer their meticulously kept home for sale.  Buyers spring into action on these homes because sellers meticulous about cleanliness are generally meticulous about repairs as well.  And we all know most people do not live perfect.  Most sellers have a few things to do before putting their homes on the market.  This article is dedicated to those who have a few things to do.

15 Tips to Get Your Home Ready to Sell

The Ellis Team has always passed along tips to get a home ready to sell.  Recently we had the good fortune to hire Michelle Hendren who has a strong background in Property Management.  Property managers are said to have “seen it all.”  Michelle contributed several of the tips.

15 Tips to Get Your Home Ready to Sell

Tip #1  If the woodwork does not need painting use fabric softener sheets to clean the woodwork.

Occasionally sellers will plan to replace a newer carpet because of a spot or stain

Tip #2 Wet the stained area.  Spread a sufficient amount of baking soda over the affected area.  Wait.  Come back later to find the baking soda has magically lifted the stain (even nasty red stains).  Michelle mentioned that on one occasion the entire carpet was treated.

Tip #3  They will think you have a green thumb.  Your plants will look healthier after you spread the used coffee grounds around them.  And bugs will take a hike because of the coffee smell.  How about that?

Have you ever had a shower door or glass in the bathroom that you had cleaned but lacked the luster of new.  You knew that it was clean but would still look scruffy to a buyer.

Tip #4  Use Turtle wax or another similar car wax.  Apply to tub, shower, tiles and doors.  Poof … a shiny bathroom as old water stains disappear.  Keep the look fresh by wiping down the shower door with baby oil.  Water will bead on the doors.

Tip #5  Dishes and utensils will appear more sparkly clean when you place the concentrated pouch in the silverware rack and not in the door dispenser.  We got this tip from an appliance salesman.  I tried it and loved the results.  I would never have thought of it.

Tip #6   Extend the life span of washing machine and dishwasher by using liquid products.  We have been told that the powdered products are made of paper and will clog the appliances.  Who knew?

Tip #7  Freshen the smell of the appliances by running an empty cycle with 1 c fresh vinegar.

Tip #8  If you can smell it; you cannot sell it.  Remove the cause of any stench or smell.  Sometimes we all become accustomed to certain smells in our homes.  A buyer walking into your home does not want to become accustomed to a smell.   We will share some thought with you depending on your situation and the cause of the smell.  Remember we are here to help.  While we do not profess to having seen it all, we have seen a lot and have had many successful sales after sellers followed a few suggestions.

To get the rest of the Ellis Team Tips just go to  TopAgent.com/EllisTeamTips.  If you have a tip you’d like to share with us that we may publish in a future issue simply email me at Sande@TopAgent.com.  Let us know if we can give you credit for the tip by using your name or if you prefer your tip to be incognito.

Search the SW Florida Real Estate MLS property database.

Buyer Beware of Online Real Estate Scams in SW Florida

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It’s happening up and down the coast of SW Florida everyday.  It’s gotten so bad it’s forcing buyers and sellers to only deal with reputable agents.  It’s practically destroying the credibility of companies like Craigslist and VRBO and yet they can’t seem to do anything about it.  It’s really Buyer Beware of Online Real Estate Scams in SW Florida!

Buyer Beware of Online Real Estate Scams in SW Florida

Last week our phone started ringing off the hook and it hasn’t stopped since.  We’ve received hundreds of calls from prospective tenants calling about a rental in Tanglewood. The good news is we have a rental listing in Tanglewood.  It’s a gorgeous 3 bedroom 2 bath home with 2 car garage and nice back yard.  It’s a bargain at $1700/mo.  The problem is people are calling on the online rental ad for $950/mo.

People are driving by and then calling us from our sign because they’re confused.  They see the online ad with no Realtor and then see a Realtor sign at the property.  It’s good that they called because the scam wants them to check out the neighborhood and view the online photos then send them money after filling out a rental questionnaire.

The emails tell customers not to contact the agent and ignore the sign as they’ve decided not to sell and they don’t have an agreement anymore.  It says Realtors tend to over-price properties and they just want to rent the home, and money isn’t important to them.  They just want a tenant to take very good care of the home.

Thus they are renting it for half its market value.  This should be a warning sign.  The other should be “Don’t contact the agent for any reason.”

They are taking photos we took and put in MLS and scraping them and posting on Craiglist and using them in follow-up emails to prospects.

What makes this so funny is this isn’t a normal listing.  Sande Ellis is the owner of this home.  We’d encourage at a minimum for people to use Lee County’s Property Appraiser’s website www.Leepa.org to verify who the owner is of any property.

The rental questionnaire they send out is also disturbing.  They ask questions like, Are you married, Do you have a pet, Do you work at night?  Once they steal your money you send them they have information about you.  This information could be used for identity theft, or worse.  They know if you work at night, have a spouse that might be at home, or a dog that might be a problem for someone breaking in.

I don’t know if they’re trying to look smart and ask pertinent questions so you’ll send them money or if they have nefarious intentions.  Either way these are not good people, and chances are they don’t even live in the US.

We reached out to law enforcement who sees this every day.  Quite often they try to get as many people as possible to send them money, all expecting to rent a deal that’s too good to be true. Judging by the hundreds of calls we’ve received most people don’t fall for this, but enough must or they wouldn’t keep running this scam.  There is no telling how many people send in money only to find out later they’ve been scammed.

If you’re looking for a nice rental home in Tanglewood, we have one.  Give us a call. 239-489-4042  We’d suggest only dealing with reputable companies whether buying or renting.  If you insist on taking your chances, make sure you’re dealing with the actual owner.  And use common sense.  If the deal appears too good to be true, it probably is.

We hope this article benefits anyone trying to buy or rent. We hate to see anyone get burned by scammers.  You can always search for homes for sale on our  SW Florida Real Estate Search Site  This is a trusted site and all the homes on this site are actually listed in the MLS.

Good luck and Happy House Hunting!

See previous property scam article October 2014

SW Florida Real Estate Market Update

 

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Feel free to view our Virtual Tours SW Florida Real Estate News Week of June 26, 2015

Other Resources

Search all Estero Real Estate Homes For Sale

Fun Things to do in SW Florida

Fishing and Boating in SW Florida

Lee County Florida Sports

SW Florida Entertainment

 

By Brett Ellis

RE/MAX Realty Group – Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

239-489-4042

Update on Inventory Supply in SW Florida

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We’ve been talking about price increases and low inventory for months, so this week we thought we’d revisit some data and provide an update on inventory supply in SW Florida.

Update on Inventory Supply in SW Florida January 2015

Back in January we analyzed the supply of inventory and compared it to May of 2014.  Since January there have been some changes.  All price ranges of inventory supply fell except one.

The $600,000 to 1 Million range actually increased from a 14.12 month supply back in January to a 16.64 month supply today.

Update on Inventory Supply in SW Florida July 2015

The overall market stands at 4.52 months compared to 5.5 months back in January.  Anything less than 6 months is considered a seller’s market and the overall market certainly qualifies for that.  In fact, anything up to about $400,000 is a sellers market and up to about $600,000 is a neutral market.  Once you start getting up over $600,000 there’s more competition for the buyers as there are less buyers and more inventory available.

For instance, back in January there were 579 homes on the market priced between $600k-$1 Million.  Today there are 807.  That’s a 39.38% jump in inventory. Thankfully we had 90 more sales in the past year in that price range which helped offset the large jump in inventory or the months supply would have been larger.  It would have jumped to 19.68 months were it not for the increased sales.

Otherwise listing inventory pretty much dropped across the board. In the $100,000-$150,000 price range listings dropped from 721 to 457 while sales actually increased in that price range.  Hence why you see only 1.87 months supply of inventory.

Even the $1 Million+ price range saw a shrink in inventory and an increase in sales.  It’s no secret that prices have been rising in SW Florida and now you can see in clear detail the reason why.

If you’re a seller it pays to know the inventory levels.  If you have a home in the $400,000+ range you may need some extra advertising to stand out from the crowd, and you want to make sure your price is in line as buyers have more choices.  You don’t want to price yours and help sell your neighbors home.

If you’re a buyer this is useful information as well.  It’s easy to focus on your search and see other homes, but when you get a bird’s eye view of the market you can better decide how strong to make your offer and how quickly you may need to step up.  In some price ranges you’re not really in competition with the seller.  You’re in competition with all the other buyers looking for the most desirable homes in your price range.  The real question is, if you don’t get your first choice home, how happy are you going to be with your 2nd, 3rd, or 4th choice, assuming there even are other choices?  In some neighborhoods you’re lucky to find 1 or 2 homes on the market.

It’s very frustrating missing out on Hot properties.  One way to stay on top of the market is to search the MLS at www.LeeCountyOnline.com Not only can you search the MLS for exactly what you want, the system will also email you when matches reduce their price or when new homes enter the market that match your criteria.  This helps buyers beat out other buyers to Hot new listings.

If you’re a seller, we’ll sit down with you and analyze where your home stands in the market, the best pricing strategy for your home, and how we would market it to make it stand out from the crowd.  We can even help you sell your home and help you search for another one. Give us a call at 239-489-4042

 

Good luck and Happy House Hunting!

 

Ellis Team Hiring Buyer Specialists

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Right now there is an imbalance in the market.  We have more buyers than sellers.  A few weeks ago we introduced a new website and it is attracting a lot of buyers.  We knew it was a better system than the one we were using before, but the registrations to use this new system has exceeded our best expectations.

Ellis Team Hiring Buyer Specialists

We have roughly the same number of visitors to our website.  The difference is because this new system is more consumer friendly and cutting edge, consumers are using it versus skipping over the old system.  If you’re a buyer or seller, you can check it out live at www.LeeCountyOnline.com

We just searched the MLS and right now there are only 3,858 single family homes on the market.  There are about 900 more if you count pending with contingency, but we’ll stick with just Actives for this discussion.  There are only 961 low rise condos (1-3 stories) 256 mid rise units and 292 high rise units on the market in Lee County.  There are 157 townhouse units on the market, and 217 villa units.

That’s not a lot of inventory, so buyers are hungry searching for deals.  There are 1197 closings last month in MLS, so roughly one third of the market closed last month.  If you’re a seller, this is good news and you might want to think about selling right now.  At the Fed meeting a few weeks ago they signaled they are ready to raise interest rates later this year.  They’re just waiting on a bit more data.

If you’re a buyer, you need access to all the data, and you need it now.  You don’t want old data that includes properties that are pending and sold months ago.  That’s what you get with some of the national online companies.  Your data is also sold to lenders and brokers.  We know because we see the data that comes to us and lenders.

Our system emails you each day new properties that enter the market as well as price changes.  You can also setup multiple searches.  I’ve spoken with many users who have told me it’s so much better than any other service they’ve tried, and they named names.

Because we wish to provide superior service, we need more agents.  The system is working. Our advertising is working.  We need experienced agents who can help people with their search to make sure it’s setup the way they want and returning the desired properties.

Once buyers favorite a property they either want to keep track of it or go see it.  We need more agents to show property and help people find their dream home.  As we add more agents we’ll keep adding to the advertising budget, which will create even more buyers.

Ellis Team Hiring Buyer Specialists

If you’re an experienced agent and not getting the leads you think you can handle, you may want to call us.  We have openings today, and chances are once we fill them we’ll have more openings in the future as we increase spending.  Call us for a confidential interview.

If you’re a seller thinking of selling, you might want to call a team that has lots of buyers.  Our marketing is working.  Our websites are ranked well.  Our print and online advertising is working, and now we have a MLS search site that consumers say beats all others. When interest rates rise it does cost buyers more money to buy a home, so they can afford less.  It will cost buyers to wait, but it can cost sellers too.  If more homes come on the market in the next year, and rates rise, your home may not be as Hot as it is right now.  Nobody is predicting a downturn, but it is more fun to sell when there is less competition and buyers are hungry to buy.

Call us to get your home sold now, while it’s fun!  Agents, call us now to get the leads you deserve and get back to making money.

Good luck and Happy House Hunting!

We have a long list of communities you can search on our new website  Here are a few:

Botanica Lakes Homes For Sale

Marina Bay Fort Myers

Miromar Lakes Beach & Golf Club

We recently updated our San Carlos Park Homes For Sale Page

 

 

New Improved Property Search Site For Consumers in SW Florida

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Here we go again shaking things up in the real estate industry.  You might recall back in the 90’s we were the first agents to put the MLS on our website. Everyone asked if it could be done. The National Association of Realtors flew us out to Chicago to talk about it and this is how agent search sites were born, followed by Realtor.com We always believed consumers should have access to information even before anybody else did.

Since then, technology has come a long way.  We’ve used a few technology providers over the years and thousands have signed up and used our service.  Many of you have bought or sold homes from us using this technology and we thank you.

Property Search Site For Consumers in SW Florida

We wanted a better system though.  Good isn’t good enough anymore, we wanted great!  We wanted several things in a new system:

  • Advanced Search Capability with more options
  • Map search
  • Photo gallery display so can see all the pictures at once. We hate clicking to see each picture
  • All the listings
  • Quick Basic Search
  • Updated Daily
  • Daily E-Mail updates of new properties coming on market that matches my criteria
  • Price change alerts
  • Save favorite properties
  • Mortgage Calculator to see how much home would cost per month
  • Find Out What Your Home is Worth Online
  • Community Pages with search results
  • City pages with search results
  • One system buyers and sellers could use-No more need for separate systems and agents from all over calling
  • More consumer friendly-Ease of use

New Improved Property Search Site For Consumers in SW Florida

We designed it and it’s been live for about 2 weeks.  Already consumers love it.  They are favoriting properties and receiving alerts when prices change.  Many have thanked us.

When you have thousands of people using a system it’s a tough decision to make a change.  Perhaps that’s why we held off, but then again, we’re not satisfied with just providing good. You deserve Great, so here it is.  Simple go to www.LeeCountyOnline.com and see how you like it.

If you’re a buyer, you’re definitely going to love it. It’s so easy and the results are fast.  Sellers will like the home value tool.  As always, we’re here to talk to as well. 239-489-4042 We like to make your search fun and easy.  If you prefer searching on your computer or Smartphone, you can do that.  If you prefer calling and speaking to us, you can do that.  We’re here for you on your terms.

Good luck and Happy Searching!

More Homeowners Celebrate Their Independence From Their Home

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It’s Independence Day here in SW Florida and across the great United States so it’s time to celebrate. What a great country we live in. Local sellers are rejoicing as well as new reports show more homeowners celebrate their independence from their underwater mortgage.

For years homeowners were trapped in their home because they owed too much money to sell it. Inventory is limited across the country because of it. In fact, it’s causing an affordability crisis in many lower end neighborhoods because they are 3 times more likely to be underwater as homes in the top third. Buyers are having a hard time finding an affordable home in these areas.

More Homeowners Celebrate Their Independence From Their Home

Here in SW Florida we have an inventory shortage. The good news is many that were underwater could sell now when they choose to. They are no longer trapped in a home they don’t need or a mortgage that’s tough to afford.

More Homeowners Celebrate Their Independence From Their Home

As you can see from the Home Prices graph media sale prices have increased 145.48% since January 2011. That’s just what the doctor ordered for many sellers. Our prices were over-valued but they fell too far and too fast. Our market has healed and the economy is doing better in Florida than the rest of the country.

We wrote last year that one of the final steps to a healing housing market would be an increase in financed sales. We’ve written on this many times. If you really care to research search the term cash sales on our Blog.

Cash Sales in SW Florida

Cash sales are at their lowest point since the downturn. This means an infusion of capital and confidence has come back into the market. Cash buyers were never going to propel this market to a normal healthy level. Cash buyers were limited, and many wanted a good deal when the market was down. They didn’t want to overpay.

Today it’s different. With inventory so low sometimes cash is King, but the difference is they have to pay market value even with cash to compete against all the other buyers. Several years ago we had multiple offers, but only because they were basement prices. Today we have multiple offers from end users who want the property to enjoy, not just flip.

Banks have become more confident in home values, appraisals, and lending again. Banks were gun-shy too, but now real estate is seen as a solid investment. Depending on how things turn out with Greece, Puerto Rico, and the Euro, hard assets may become king again and there may be a flight from stocks to real estate again.

If you’d like to search for your piece of paradise here in SW Florida check out www.LeeCountyOnline.com It has all the listings and it’s fun and easy to search. You can even find out how much your home is worth there too.

Making a move is a complicated process. Talking to a Realtor who understands the process and what it takes to sell a home so you can buy another one is Gold. We are experienced and we can help you. It’s just communication and working through your needs and finding solutions.

If you’d like to speak with us, call us at 239-489-4042 or send us an email Brett@topagent.com You can always use our website too and we can get back in touch with you.

Enjoy your weekend and celebrate your Independence, both as a country and possibly as a homeowner.

We have a new way to search the MLS we think you’re going to like.  To search the entire MLS go to LeecountyOnline.com

We have some additional pages you might like.

We’ve added popular neighborhoods, gated communities, luxury waterfront high rise condominiums and more.  Here are a few neighborhoods you can check out:

We have many more so head on over and check them out.

Months Supply of Inventory Dips Drastically

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Sellers, listen up!  You’ve probably heard Realtors state over the years “This is the Best Time to Buy” or “This is the Best Time to Sell”.  There may have been truth to that, but never more so than right now.

Months Supply of Inventory Dips Drastically

Inventory levels have dropped to their lowest level since we began tracking inventory with a new system in 2012.  We’re down to 4,712 single family homes on the market in Lee County and this brings us to a new low in Months Supply of Inventory, down to just 4.3 months.  That is a 22.9% drop in months supply from last year and a 14.9% drop in number of listings compared to last year.

Months Supply of Inventory Dips Drastically

If I were to tell you new pending sales were up 5.6% and May closings were up 1.2% you might wonder how that could be if inventory levels were falling drastically.

It’s all true.  Sales are out-pacing new listings.  Closings are up and it’s driving the supply of available inventory down.  Median sale prices are up 11.4% in May while average sale prices fell by .8%.  This tells us that the bottom of the market is coming up which is pushing the median price up.  The big sales didn’t occur last month so it didn’t pull the average up at the same rate.

Months Supply of Inventory Dips Drastically Single family homes sold

Some sellers are getting nervous and wondering if now is the best time to sell while others see a nice upswing and want the market to go up even more so they’re waiting to sell.

From a statistical standpoint, the best time to sell is when you have more buyers than sellers, and this market definitely qualifies for that.  We can’t tell you how much further the market will go up, how fast, or for how long.  What we can tell you is demand is larger than supply and it’s always more fun to sell in those kinds of markets.

If you’ve ever tried to sell a home when supply was much greater than demand you know that’s not near as much fun.  We’d caution sellers not to overprice, even in a low supply market or you may miss it.  Buyers will turn off at a certain point.  Back in 2005 buyers turned off.  Of course they were a different kind of buyer back then.  We had speculators back then.  What is different today is we have real buyers, real end users.  That’s why we’re not concerned about a downturn like we were in 2005.

Just the same, buyers can only purchase what they can afford, so there is a limit to what they can pay.  Unless we import a bunch of millionaires, incomes will drive the market and pricing as much as supply and demand will.  We’re getting to that point.  We could see further price gains with this kind of demand/supply imbalance but there will be limits one day, and this is one of those moments in history where sellers may want to begin asking the question, “Is now the time to sell?”

When we hit that point prices may stagnate and supply and demand may level out.  That doesn’t mean prices have to fall.  It just means it won’t be as fun to be a seller as it is today.  Today is big fun for a seller.  Tomorrow may be good, just not big fun.

If you’ve ever been to a sporting even and thought that game was good, but not as good as the best game I ever saw, it might be a little bit like that.

If you’d like to check out available inventory, you can do so on our website at Leecountyonline.com  You can also find out what your home is worth too.

If you’re thinking about selling, now might be a good time to call us and we can discuss your options.  239-489-4042  We’re here today, tomorrow, or next year, but it might be more fun to talk today!

SW Florida Real Estate Market Update

 

Visit our Google+ Business Page

Feel free to view our Virtual Tours

SW Florida Real Estate News Week of June 26, 2015

Other Resources

Fun Things to do in SW Florida

Fishing and Boating in SW Florida

Lee County Florida Sports

SW Florida Entertainment

 

By Brett Ellis

RE/MAX Realty Group – Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

239-489-4042

Fort Myers and Cape Coral Listing Inventory Down 9.2%

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Fort Myers and Cape Coral listing inventory down 9.2% in the latest data released by Florida Realtors.  To be fair, this data includes more than just Fort Myers and Cape Coral.  It includes single family homes in all of Lee County, but since Fort Myers and Cape Coral are the two largest cities, that’s how the headline reads.

Fort Myers and Cape Coral Listing Inventory DownFort Myers and Cape Coral Listing Inventory Down Total Inventory Down

If new listings are up 6.1% over last year, you might be asking how listing inventory is down 9.2%.  New listings have been up for several months in a row now.  The answer is while new listings are up, new pending sales are up 10.2% in April and 17.7% in March.

Fort Myers and Cape Coral Listing Inventory Down

New listings are hitting the market, but demand is soaking them up before they can linger on the market.  This tells us that demand is out-pacing supply.  Agents complain that there just isn’t enough inventory and they’re correct.  We have inventory, it’s just that it’s not enough for the demand.

As you can tell we’re into graphs as they tell a story visually that sometimes gets lost in the raw numbers.  Of course, we only have so much room in the article or we’d fill it with all graphs and no explanation.

Buyers have been into our office desperate to find homes in their price range.  One way buyers can find out about new listings that hit the market is to search online.  Our website has a feature whereby if you login and save your search the system will email you listings that match your criteria.  You can save the listings that interest you, but the best part is when a new listing hits the market that matches your criteria the system will notify you.

Buyers love being notified when new properties hit the market.  They get a leg up on the competition.  Unlike some of the national websites, our information includes all the listings that brokers share with each other and its updated daily.  Some of these national websites have old data or not all brokers participate.  Remember, it’s the individual brokers who decide where the listing data is displayed, not these national companies.

This is probably why buyers get upset when they find properties online only to find out it’s been off the market for awhile.  That is frustrating.  These national websites come in and spend a ton of money online promoting their websites so it’s hard for buyers to know which sites are the best ones to search on.  They typically search whoever is listed at the top of Google or Bing not knowing that website may not have accurate or timely data.

I’ve been seeing new national websites popping up weekly now.  All they are trying to do is scrape data from the MLS or wherever they can get it, attract buyers through online advertising, and then sell ads to brokers.  Why not go straight to the source and get the best data directly from a broker?

Sellers like our website too because they can find the value of their home through our home valuation tool.  Sellers too can be on the lookout for new listings because many times they want to find a property to buy before they decide to sell.  Having a local broker who knows the market is gold versus a website that sends your lead out to multiple agents who may or may not be active in your market.

With tight inventory buyers need every advantage they can get.  They’re not competing with the sellers as much as they are against other buyers who want the same property.  Give yourself the extra advantage and call the Ellis Team at RE/MAX Realty Group 239-489-4042 or visit our website at www.Topagent.com
SW Florida Real Estate Market Update

8 Things Buyers and Sellers Need to Know Before August

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We first wrote about this topic back in March and yet we still find many agents and buyers and sellers have no idea what’s about to happen starting August 1. Large companies like RE/MAX are lobbying Congress to delay implementation because so few are prepared and the impact will be great.

8 Things Buyers and Sellers Need to Know Before August

I’m attending a major seminar next week about the upcoming changes and their effects on real estate closings. Let us tell you what we know right now.

8 Things Buyers and Sellers Need to Know Before August

1. Currently borrowers receive two separate forms at loan application; the Good Faith Estimate and the initial disclosure. This is being replaced by a Combined Loan Estimate.

2. At the end of the transaction the HUD-1 settlement statement and the final TILA (Truth in Lending Disclosure) are being combined into a new 5 page single Closing Disclosure Form.

3. Closing times will be impacted by the new requirements. The CFPB (Consumer Financial Protection Bureau) mandates borrowers have at least 3 days to review the new Closing Disclosure. Review starts upon receipt of the form by the borrower. This means 6 business days unless you can confirm receipt by hand delivery.

4. Walk-Thrus will need to be moved up. Often times at walk-thru the buyer notices a repair item or something missing that was in the contract. The seller needs to keep a property in same repair up until closing. If the walk-thru is done the day of closing there isn’t time to change the closing statement. A title company cannot give a credit to the buyer on the closing statement without re-starting the time issue. It’s unclear if an item can be escrowed, but I have heard a repair can be escrowed as long as no money goes to the buyer.

5. If a closing is delayed for any reason, it changes to disclosure and prorations, which means the process starts all over and everyone must wait to close.

6. Line numbers have been removed on closing statement. There are now 7 fee areas on the disclosure, like origination charges, services buyer did not shop for, services buyer did shop for, taxes and other government fees, pre-paids, initial escrow payment, and other.

7. Buyers will receive more than one closing disclosure. There is one 7 days before closing and another noting any changes that occurred between initial disclosure and closing. One title company states this disclosure can be done post-closing but an attorney I spoke with familiar with that matter said differently, so we need more clarification on this matter.

8. Lenders have notoriously sent over closing packages the same day as closing. This practice will end, and that’s the good part. It will force many lenders to get their stuff together well in advance.

The hiccups will occur with lenders and title companies that aren’t prepared and on a strict systematized schedule. We also see problems when a lender does not have final clear to close from underwriting in time to make all these disclosures.

Additionally, if there are any changes like repairs, those must be negotiated well in advance. We see many deals falling through. Closings will take longer, and frustrations will mount for buyers and sellers. The government will not care that the buyer has a moving truck sitting in the driveway all ready to go for a week. The government will not care that the buyer wants to close; everyone will be forced to wait.

The government will not care that the seller needs to close by a certain date to close on their next house. Any changes will delay several closings, and nobody will care. The buyer can be perfectly fine with new changes, I.E receiving a credit, but everyone must wait to re-disclose and close.

Agent, lenders, and title companies will be pulling their hair out. Fortunately for me, I’m bald. A lot of education and communication will be needed as we inch closer to August. We can all gripe about it, but its here and we have to deal with it. If your closing is delayed, you can thank the government for more regulation. They won’t care, so just sit back and be patient. It is what it is folks!

Good luck and Happy Home Selling/Buying!

SW Florida Real Estate Market Update

Update to Story

CFPB Just Announced Relaxed Enforcement August 1

 

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New Riverfront Rental at Oasis

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Check out Bella Casa Condominiums.  We’ll be happy to show you this project in South Fort Myers

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Fun Things to do in SW Florida

Fishing and Boating in SW Florida

Lee County Florida Sports

SW Florida Entertainment

 

By Brett Ellis

RE/MAX Realty Group – Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

239-489-4042

May 2015 SW Florida Market Real Estate Update

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Official numbers for April were just released and median sales prices were up 14% over 2014 numbers.  As you can see from the sales prices graph, median home prices have more than doubled since 2011.  In fact, they’ve gone up 157.63% since January of 2011 which is a nice gain by any standards.

May 2015 SW Florida Market Real Estate Update Fort Myers Real Estate Prices

People often call our office asking for homes they can flip.  They are surprised to learn how low inventory is right now.  They immediately ask about short sales and foreclosures and we tell them there aren’t many anymore.

The economy has improved and so has people’s job outlook.  Secondly, home prices have improved such that if they were underwater before, they may be able to sell now without being a short sale.

Most of the people who were in trouble have sold via short sale or lost their homes via foreclosure awhile back.  The public simply needs to know that SW Florida has recovered and it isn’t that kind of market anymore.  Most locals know that but visitors who aren’t familiar with our daily headlines are not.  Sometimes they read old stories on the Internet or watch old videos on YouTube.

May 2015 SW Florida Market Real Estate Update

 

May 2015 SW Florida Market Real Estate Update

Here is a graph that shows perfectly traditional sales versus short sales versus foreclosures in Lee County Florida. Back in January of 2011 normal sales were only about 35% of all sales.  Short sales were actually more than traditional sales and foreclosures were about 20%.  Fast forward in time and you can see the trend. Normal sales started picking up steam in November of 2011.

Speaking of old stories and old videos, we have them up on our website.  Simply go to our Lee County Florida real estate website  and click on the video tab or our video playlist on the right side of the screen.  It’s fun to go back in time and see what we were talking about years ago and how far this market has come.

Real estate is all about education.  The market is rarely static and is always changing.  The listings change daily and market trends develop over time.  The public has a keen interest in their property value if they are an owner and where values are headed if they’re considering buying.  Just like the stock market, most people don’t have time to study each property or each stock, so they rely on headlines and news articles for general information until it’s time to get serious.

Our website has a tool to find out what your home is worth online.  Owners really love this free tool because it gives you a value today and updates you each month as the market changes.

Buyers love the website because they can search for homes and condos online without a bunch of agents calling them like on the national websites.  Sellers can also search for homes as they may want to see what’s available before they decide to sell.

2 weeks ago we told you about our Buyer Advantage Program.  We informed buyers of listings we were working on as listings go fast in today’s market.  We listed one of the properties and it sold in 1 day on the market.  We have more coming to market in the next few weeks.  If you’d like to get advanced notice, be sure to signup at Topagent.com in the Buying section.

We’re looking forward to a fabulous summer season.  You can always call us at 239-489-4042 if you’d like to speak with us.  We hope you enjoy the Free online tools we provide but remember there’s no substitute to talking with an experienced Ellis Team professional.

Good luck and Happy House Hunting!

SW Florida Real Estate Market Update

Visit our Google+ Business Page

Feel free to view our Virtual Tours

New Riverfront Rental at Oasis

Check out our Buyer Advantage Program

Check out Bella Casa Condominiums.  We’ll be happy to show you this project in South Fort Myers

Other Resources

Fun Things to do in SW Florida

Fishing and Boating in SW Florida

Lee County Florida Sports

SW Florida Entertainment

 

By Brett Ellis

RE/MAX Realty Group – Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

239-489-4042