Category Archives: Fort Myers Real Estate

News and information relating to Fort Myers real estate market

Thinking of Selling?

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Thinking of Selling Automated computer home valuation system SW Florida real estate

Thinking of Selling? Sellers have read that home prices are up and interest rates are low, so they’re curious if it would make sense to consider a move right now.  Many have been trapped in their home for so long they forgot what it was like to have options.

They want to take advantage of low interest rates but many are not sure they have enough equity to make a move.  The whole process can seem daunting.

For years the Ellis Team has played with several online valuation models to help curious homeowners out.  We’re excellent at counseling sellers and going over options, but many don’t even want to waste our time until they get a sense that they can do this.  The online valuation models were all over the place until now.

Automated computer home price analysis Fort Myers real estate

No online valuation will ever take the place of what we do; how could it?  The computer has never been inside your home or the homes it’s using as a basis to compare yours to.  It’s just a computer.  We have found one that does a decent job though.

If you’re considering selling simply go to www.swfloridahomevalues.com  In just a few easy steps it asks for your property address, brings up an aerial view of your home and asks you to verify if it has the home size, bedrooms, and bathrooms correct in the database, and voila’ it sends you a beautiful automated selling price analysis for your home complete with a map of comparable sales, a list of comparable sales along with their selling price, date sold, price per sq ft, and more.  It also provides neighborhood ratings and will email you instant alerts on changes to your home’s value.

It’s free to use and very helpful.  All we ask is that if you decide to sell now or in the future, you at least give us a shot and see what we can do for you when you’re interviewing agents.

We’re experts at guiding you through the home selling maze.  We understand many pieces of the puzzle have to fall into place and many times we can offer suggestions to help you.  We’ve helped thousands of homeowners through this process so we’ve gained some experience along the way that can really help you make better decisions.

If it’s just preliminary information you’re seeking, we’ve got tools like this website for that. If you need more detailed information or have questions about how the process would work for you, we’re always here to talk to.  We’re not pushy salespeople; we sincerely like to help people.  Whether you’re buying or selling today or perhaps years from now, the Ellis Team is here to help.  To search the MLS visit www.Topagent.com and you can always call us at 239-489-4042

 

Good luck and Happy Buying/Selling!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

 

 

Lines of Credit Payments About to Skyrocket

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Most people don’t realize that their Home Equity Line of Credit (HELOC) could be facing some stiff payment increases in the coming years.  If you bought a home in the 2000’s chances are your lender discussed adding on an interest only line of credit to your first mortgage in case you needed money in the future.

 

Lines of Credit Payments About to Skyrocket

Home equity lines of credit origination chart by year
HELOC Origination Chart

Some people used the line of credit from the get-go to avoid paying PMI insurance.  It was an attractive option as it was probably interest only and the payment was affordable.  Many are as low as 3.25%  Rates are still that low today but the rates can go up at anytime, but that’s not what has the banking industry worried.

The part that wasn’t fully explained to consumers is that the interest only portion lasts for the first 10 years.  After that, the borrower must begin making principal and interest payments, which will add money to your monthly payment even if rates don’t rise.  But here’s the kicker.  The new payment is amortized over 15 years, not 30 years, so essentially you have to pay back the entire HELOC over 15 years in addition to your 1st mortgage.

Let’s say you have a 1st mortgage and a $200,000 interest only HELOC.  At 3.25% the HELOC monthly payment is $541.67.  With the new amortization that payment increases to $1,405.34  If it was based upon a 30yr amortization the payment would be $870.41, still a substantial increase.  Unfortunately it’s not, so get ready to pay a lot more.

Now, let’s assume the interest jumps to 4.5%.  These rates can adjust at anytime as the market changes, and most economists predict they will go up.  At 4.5% amortized over 15 years that same payment jumps to $1,529.99

You can see from the chart when the HELOC originations started jumping.  Many SW Florida homeowners are up against this reset now and many more will be hearing about this subject in the next few years.  It is a shock when you’re not expecting, but homeowners who act now have a chance to do something about it.

You can start making the extra payments voluntarily now which will reduce the principal when your loan does reset.  This also gets you used to the higher payments and allows you to budget properly.

For some this will not be feasible.  If you have equity now and good credit you might look at refinancing both loans into one mortgage.  It’s much harder to get a loan today than it was 10 years ago, but if you can that may be a great option.  If you cannot refinance, you may want to look at selling now, especially if you have equity.  It would be a shame to come up against the deadline and be forced into delinquency because you can’t afford the higher payments if you have equity.

If you are upside down on your mortgage, you can either start talking with your lender now or look at doing a short sale.  Nobody wants to go into foreclosure.  Many have resisted a short sale up until now, but a short sale is much better on your credit than a looming foreclosure would be.

We’re not here to tell you what you should do. That’s a personal decision and maybe one to be discussed with your attorney or accountant.  We are here to educate you on what’s coming and tell you about your options.

If you think you may want or need to sell, please give us a call.  We’re experts at looking at the situation and listening.  We’ll get you top dollar for your home and help you move on.  So many people have been locked into their homes waiting for the market to rise, and it has.  Perhaps the market has risen enough for you to sell now.  Perhaps it makes sense to down size, upgrade, and move to another location, etc.  We can help.  Give us a call at 239-489-4042  If you’d like to search the MLS first, go to www.Topagent.com and you can see what homes like yours are selling for.  Of course there’s no substitute for meeting with us and us evaluating your home.  We look forward to working with you to sell your home, or to buy one.
To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042 You can even search for waterfront property in Fort Myers, Cape C oral, or all of SW Florida    Good luck and Happy House Hunting!!!

 

 

Home Sale Prices Rising Nationwide

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Last week I had the pleasure of presenting the residential market outlook to the CCIM (Certified Commercial Investment Member) Real Estate Outlook Conference.  This conference is comprised of the Top commercial specialists in Charlotte, Lee, and Collier Counties along with community leaders like Mayor Randy Henderson of Fort Myers, Jim Nathan president of Lee Memorial Health System, a VP from Hertz, and Wilson Bradshaw president of FGCU among others.

The commercial market lags the residential market.  Residential went down before commercial did and therefore came out sooner.  CCIM experts were happy to report commercial is again on the rebound.  2013 was a very good year for residential which bodes well for commercial going forward.

Home Sale Prices Rising Nationwide

Nationwide housing prices rebounded in December quite nicely over the previous year.  Detroit saw the largest increase in the RE/MAX national housing report followed by Las Vegas.  Fort Myers came in with a 24% median price increase in December, and for the year Lee Home Sale Prices Rising NationwideCounty saw a 28.31% gain over 2012 numbers.

In December there were reports nationwide of a slowdown in home sales but many states have reported this may have been a weather related issue as treacherous weather has wreaked havoc on airlines, schools, and businesses up North this year.

The North’s bad weather could be SW Florida’s good fortune as we have seen in years past bad weather up North leading to more home sales down here.  In fact, yesterday I heard Carnival cruise lines announced they sold more cruises in January than any other month in history.  With blizzard conditions this week and forecast conditions again next week, this might be the last year for some suffering through this weather.

Lee County is working on bringing more companies to SW Florida, and with record breaking bad weather, maybe we’ll attract entire companies rather than just disgruntled homeowners looking to make a change. This would be huge as we’d be adding jobs to the area to go along with increased residents.

While the SW Florida real estate market may not see 28% price gains this year, 2014 looks to be on track to be another great year. If another company or two like Hertz or Gartner decides to relocate here it could turn into a fantastic year.

We’ll be keeping our eye on several wild cards which could affect our market.  Weather up North is one of them, along with the national housing market, interest rates, the overall economy, consumer confidence, business hiring and unemployment, and company relocations.

Realistic sellers have an excellent chance to sell their home right now.  We have seen some over-pricing occurring in this market and we’re watching these listings sit on the market.  A Seller’s market is an excellent time to sell but not a license to over-price.  Over-priced homes do not sell.  Believe it or not, back in 2005 and 2006 many sellers failed to sell because they were greedy and missed an opportunity.  Oh my, would they love to have those days back!

If you have a home to sell, call us at 239-489-4042.  We can help.  If you’re a buyer, it pays to work with someone who knows the market.  To search the MLS go to www.TopAgent.com

Good luck and Happy Selling/Buying!
To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042 You can even search for waterfront property in Fort Myers, Cape C oral, or all of SW Florida    Good luck and Happy House Hunting!!!

 

Visit our Google+ Business Page

 

Brett Ellis Bio

 

Year End Prices Rise 86 Percent From Their Lows

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Each year we announce the official SW Florida real estate year end prices which are basically an average for the year of the median sales prices for residential homes in Lee County Florida.  It isn’t the December year end sales figure as sales in any given month can be seasonal and can vary from month to month depending on what closes in any given month.

Year End Prices Rise 86% From Their Lows

Official numbers haven’t been released yet so we calculated the weighted average median price each month and performed the calculation.  I would expect our number to closely resemble the official number if/when it is released.  Sometimes the Board goes back and revises numbers in the past and we didn’t do that.  We also noticed that the monthly official sales total 12,060 sales while the January 2014 release shows there were 12,144 closed sales for the year, so perhaps they’re revising past numbers again.

In future years we’ll just track sales directly from MLS as we’re now on one system.  Back in 2008 we described the year end chart as something like a shark’s fin.  It still looks that way but at least we’re coming out of the downturn nicely.  You can see we clearly have a ways to go before reaching the highs back in 2005, but 2013 sure looks a lot better than the low in 2009.

In fact, we’re 86.09% better than we were at the lows in 2009.  Each week we provide data and graphs on the inventory levels, monthly price gains, market absorption, and much more, and only once per year do we get to break it down like this.

In a rising market it sure is a lot more fun to look at this graph.  Back in 2007 and 2008 people were wondering when the market was going to bottom, and in 2009 we had our answer.  We saw it on a monthly basis and it’s very easy to see looking at in on a yearly basis.

Many sellers are calling us and pleasantly surprised that they’re now able to sell their home due to the price increases.  Unfortunately there are some sellers that refinanced or bought at the top of the market and didn’t put much money down and they’re still upside down and can’t sell yet.  Each passing month adds more potential sellers who can afford to sell if they wish to.

Each year prices have gone up combined with their mortgage going down which has allowed more to become free from their home.  So many felt trapped in their home while they were upside down, so they just waited for the market to respond.

If you’re a seller, the time might be right for you to sell now.  Inventory is still low and we have buyers actively looking for the right home to come on the market.  Interest rates are still low so moving to your next home is affordable now.  It may not be as affordable in the future.  Plus, the future home you hope to buy when your home sells may be going up in value too.

Keep in mind this is a market snapshot.  Not all homes in all prices appreciate or depreciate at the same rate.  It’s important to speak to a professional who can help you with your situation.  Of course, if you’d just like to snoop around on the MLS you can at www.TopAgent.com.  If you’re considering selling, please give us a call at 239-489-4042.  We’re easy to talk to and we never pressure you.  We’re here to present you with your options and let you choose what’s best for you.

 

Good luck and Happy House Selling!
If you’d like to search the market as either a buyer or seller, visit www.Topagent.com If you need extra help we’re always available to talk to you and help you make better decisions. Our phone number is 239-489-4042 Good luck and Happy House Hunting!

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042 You can even search for waterfront property in Fort Myers, Cape C oral, or all of SW Florida    Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

 

 

2013 Final Sales Numbers Are In

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2013 final sales numbers are in and again we saw price increases inline with expectations.  The median sales price of a single family home in Lee County Florida popped up to $177,000, up from $170,000 in November and up 24% over last December’s $142,750.  The mean average sale price was only up 12.8% over last year with December 2013 coming in at $269,789 versus $239,186 in December 2012.  2012 numbers were revised upward about $15,000 so that helped to keep the average down to an increase of only 12.8%.

2013 Final Sales Numbers Are In

Aiding in the increase to local housing prices is the limited supply of homes, or scarcity as some buyers like to call it.  About this time of year inventory begins to rise but last year it was hardly enough to keep up with all the seasonal buyers that arrived.  This year it seems the seasonal buyers have arrived earlier, and if they stay as long many are wondering if the inventory levels will hold up.

Season sets the tone for the rest of the year. At the Ellis Team we are working on bringing several homes to the market.  The past several months it seems like we’d list 5 homes per week and sell 7, so inventory levels have gone down for us.  Thankfully they are increasing right now for the overall market.

SW Florida single family home inventory Fort Myers, Cape Coral, waterfront homes

Unfortunately in the 6,169 single family homes currently for sale some will never sell regardless of how low the inventory is.  This is because some sellers are still overpricing their home even in a good market.  This is nothing new, some sellers will always over-price a home and buyers will continue to reject it.  What hurts is missing a good opportunity to sell.  Some of these over-priced sellers actually do want to sell their home; they’re just misinformed about the market.  Either that or they’re under the impression that the seller can always come down but you can’t go up, so they overprice it.

In reality, you can go up if it’s priced correctly because a fairly priced home in a low inventory market attracts multiple buyers who may bid up the price.  An overpriced home attracts buyers who are expecting more and when they compare the over priced home to similarly priced homes they find they get more value in the other homes.  They don’t make offers on the over priced homes, they make offers on the homes that offer more value.

This is probably the biggest misconception sellers have about selling their home.  When you read in the paper it’s a seller’s market, that’s not a license to overprice your home.  It simply means if you price your home at or close to market value, it should attract buyers.  This isn’t always the case in a buyer’s market.  Many years ago we’ve had listings that were priced properly but due to lack of buyers some homes just sat on the market. It took extra marketing just to get a sniff from a buyer.  Of course back then the average time on the market was 9 months or more compared to now.  The median time on the market in December 2013 was 43 days.

If you’re interested in selling, now is a good time.  It’s also a good time to talk to a professional that can help you price it correctly, market it correctly, and take advantage of the many buyers we have shopping for homes.  If you’d like to speak with us, call us at 239-489-4042.  You can search the MLS on our website www.Topagent.com

If you’re looking for a waterfront home to purchase, keep in mind our team is waterfront specialists.  Not every waterfront home in SW Florida is the same.  Some canals have varying depths which limits the size of boat you can have in that canal.  Sometimes the waterfront behind your home may be deep but the waterfront  entrance to the community may have silted in and restrict the depth at the entrance.  Sailboats need more clearance, so you really need to know how much draft your boat pulls, or how much your future boat might pull.

We can help you with all your waterfront needs.

 

Good luck and Happy Selling!
If you’d like to search the market as either a buyer or seller, visit www.Topagent.com If you need extra help we’re always available to talk to you and help you make better decisions. Our phone number is 239-489-4042 Good luck and Happy House Hunting!

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042     Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

 

 

New Pending Sales Set to Rise

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How can we predict pending sales will rise in the coming months? We need look no further than the last 4 years to see a seasonal trend that happens each year starting around January and culminating around March or April. It’s an annual pilgrimage to bring homes to the market in search of buyers, and it works. New pending sales set to rise.

New Pending sales Set to Rise

If you study the new listings chart you’ll see a spike in new listings entering the market each January which coincides with a spike of new pending sales also starting in January. It ends with a rise of closed sales March through May of each year.

It’s a good thing too because without the new listings we wouldn’t have enough properties to satisfy the appetite of all our visitors each year. If you’re wondering whether they’re here just look at the roads, or call a hotel. We’ve heard many hotels had no vacancies this past week and our roads are full.

People are definitely here and we think many are going to purchase again this year. The past two seasons have been good as consumers have been more confident that prices had bottomed and it was safe to invest again in Florida.

Pending Sales 2009-2014 Fort Myers Cape Coral

New Pending Sales Set to Rise

We expect prices to rise again this season as demand is high and inventory is limited. Our weather has been fantastic and weather up North has been bad. A new crop of Baby Boomers will decide this is the year to purchase property in Florida, and so many fall in love with SW Florida. People tend to buy where they’ve been or where they’re familiar with, and this puts the Fort Myers, Cape Coral, Estero, Bonita Springs area in a favorable position.

The Ellis Team is currently working on bringing several new listings to market. Some are really fun to market but fortunately we don’t always get that chance as the market scoops it up before we can tell everyone about it. Literally new listings can been seen and shown in a matter of hours and contracts can follow within a day or so, and many listings are getting multiple offers.

If you’re a seller, now might be the time to consider making a move while demand is high. If you’re a buyer, remember, you’re not in competition with the seller. You’re in competition with all the other buyers out there trying to buy the property you want, so you must structure your offer correctly so you put your best foot forward.

Some buyers mistakenly think it’s all about price, and that is a component. However, if all 4 offers are over asking price, it comes down to which looks stronger on paper. Which buyer is best suited to perform? Which buyer is offering the strongest terms?

If you’re considering buying, call a Realtor who knows the market and can guide you through the process so you make a good offer according to local customs. If you’re a seller, you also want an experienced agent who can help you price your property correctly, and help you select the best offer. It does no good to select the wrong offer and be left holding the bag after season when many of the buyers have gone home only to find out your buyer can’t perform. Whether you’re a buyer or a seller, the Ellis Team can help you make good decisions in a fast paced market. Feel free to search the MLS at www.TopAgent.com or call us at 239-489-4042. Good luck and Happy House Hunting!

If you’d like to search the market as either a buyer or seller, visit www.Topagent.com If you need extra help we’re always available to talk to you and help you make better decisions. Our phone number is 239-489-4042 Good luck and Happy House Hunting!

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042     Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

 

 

Twas the Week After Christmas

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Twas the week after Christmas, and all through the land, The phones were all silent, and open houses were bland,

But that all changed now that Christmas has passed, for buyers are looking, these listings  won’t last.

The weather up North is really not nice, they’re driving around in heavy snow and slick ice.

It wouldn’t be so bad, if the snow would just melt, the winter season is long, and that wind is just Hell. 

Snowbirds keep calling, new listings better come quick.  I don’t know why they’re driving slowly, our roads are not slick. 

Perhaps they’re driving the neighborhood with a magnifying glass and map, when all they have to do is use our website or search our phone app. 

It’s easy to remember, and works on the go, simply go to TopAgent.com, and search like a pro 

So please dear sellers, pick up that phone, always call the Ellis team, we’ll get your home sold. 

May 2014 be Merry and all your wishes come true, and if we can be of assistance, let the Ellis Team help you

 

Twas the Week After Christmas

Phone calls typically don’t pick up until about Jan 15 or so as seasonal visitors get settled into their rentals.  We do however have an influx of people visiting the week after Christmas and they may be here only about a week or so.  When they see how nice SW Florida is, they quite often inquire about real estate.  If you go to the beach around new years I guarantee you will see a lot of shirts from Wisconsin, Iowa, and OhioState.  That’s because Florida has several bowl games and many of these fans come down to Ft Myers Beach for sun and fun before the game.

This year Wisconsin plays South Carolina in the Capital One Bowl in Orlando Jan 1.  Iowa also plays Jan 1 against LSU in Tampa. Ohio State plays Jan 3rd against Clemson in the Orange Bowl in Miami.

We get visitors from all over and many from Germany and Europe over the Holidays.  Once the New Year’s rush is over many of our visitors tend to rent monthly.  It’s amazing how many calls we receive the day before they leave, and sometimes on the way to the airport asking to see a house.  I guess they really hate to leave, and who can blame them?  We moved here from the Midwest, and most people living here came from somewhere else.

As you can see from the graph prices over the past few years have risen in season and we expect that trend to continue this year.  It’s already happening.  We hope 2014 is a great year for you, and if you have questions, don’t hesitate to call us. 239-489-4042 or visit Topagent.com

If you’d like to search the market as either a buyer or seller, visit www.Topagent.com If you need extra help we’re always available to talk to you and help you make better decisions. Our phone number is 239-489-4042 Good luck and Happy House Hunting!

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042     Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

 

 

Where Are Prices Headed in the New Year?

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Everyone always asks where are prices headed in the new year?  Buyers and sellers read the headlines and hear prices are up 13.03% over last year, but what does that mean?  Are all prices up 13%?  Is that the average price or the median price?  If prices are going up, how much more will my home be worth next year?

We’ll attempt to answer some of these questions.  Prices vary by month.  It is true the median price of a home is 13.03% higher this October ($157,000) vs. last October ($138,900)

As you can see by the attached graph home prices maxed out this year around April.  The average sales prices maxed out at $292,201 in April while the median sale price maxed out in June at $185,000, although April was a close second at $182,000.  Prices have gone down regularly since April, so some might conclude that prices are actually falling, not rising.

This isn’t true either.  If you go back and look at 2012 the same pricing phenomenon was reached with prices maxing out in May before falling a bit later in the year.  The difference is prices leveled out in the 3rd and 4th quarters of 2012.  We have seen a leveling out in 2013 until the dip in October prices.  We’ll be watching November and December data when it’s released to see which trend evolves.

We don’t get too wrapped up in any one month’s data as certain sales can slip into the next month which can skew one month’s data up or down.

For the past few years season has dictated where prices will go for the following year.  By season I mean sales occurring in Jan-April and closing into May.  We do have a bit more inventory to sell this year, and our inventory prices are higher than they were last year, so logic would dictate as long as the market responds with sales at those prices we should have a pretty good season.

Some economists are expressing concerns over interest rates and how an anticipated rise next year could affect real estate purchases.  A 1% increase in interest rates decreases buyer’s buying power by about 9%. Flood insurance has been another concern for Realtors.  As of now, flood insurance rates are going up when you buy certain properties.  Congress may delay the rate hikes for up to 4 years but all proposals are stalled at this time, so rate hikes are in effect.  We’re talking about some significant hikes, and this could weigh on real estate prices for affected homes.

All in all we’re confident and hopeful heading into 2014.  There are some wild cards in the forecast as there is every year. The bottom line is a recovering economy can cure an awful lot of wild cards, so we’ll continue to track the economy, interest rates, flood insurance, health care costs, and any other issues that impact buyers purchasing ability and jobs.

If you’d like to search the MLS, visit www.TopAgent.com and find your place in paradise today before interest rates go up.  Good luck and Happy House Hunting!

If you’d like to search the market as either a buyer or seller, visit www.Topagent.com If you need extra help we’re always available to talk to you and help you make better decisions. Our phone number is 239-489-4042 Good luck and Happy House Hunting!

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042     Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

 

Weather Up North Affecting Real Estate in SW Florida

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Earlier this week we noticed an influx of web registrations on our Search MLS site from up North and we wondered if perhaps the weather up North was turning cold.  Each year, and especially in the brutally cold years, we receive inquires from our Northern friends looking at what they can purchase in sunny SW Florida.

Weather Up North Affecting Real Estate in SW Florida

Weather Up North Affecting Real Estate in SW Florida
Weather Up North

I understand their interest for our family moved to SW Florida in the 80’s from Illinois.  I didn’t have to search too hard as last Monday night I turned on Monday Night Football from Chicago and the temps were below zero.  I remember those days well.

Even people flying in and out of the Fort Myers airport were delayed due to cancellations in Dallas and delays up and down the Eastern seaboard.   Weather up North is frightful and it’s starting early in December.  This could be a long winter if this keeps up.

Chicago on Wed was forecast for snow and a low of -2 degrees.  Green Bay WI was forecast at a high of 2 degrees and low of -8. Minneapolis isn’t forecast to even hit zero.  I’m writing this article on Tuesday just for frame of reference.

Back in the 1990’s I put a little graphic on our website www.TopAgent.com that showed Fort Myers current weather.  It registered like 80 degrees while GunnisonCO was about -40 that day.  I had many inquiries that week from frozen people who were sick and tired of shoveling snow and dealing with the ice.

Every bad winter since then we’ve noticed an uptick in fed up people looking to relocate.  Not everyone is in a position to do so, but every year the baby boomers get one year closer to retirement and they start planning.

Many snowbirds, as us Floridian’s affectionately like to call them, will come down and pick out a place they can purchase and use for vacation until they’re ready to make the move full-time.  Some never make the move full-time but buy places their entire family can come vacation to in cold wintry times just like we have this week.

We call it Season for a reason here in SW Florida because just as we enjoy some of our most beautiful weather of the year Jan-March, the snowbirds suffer through their worst.

Some buyers look for a 1 or 2 bedroom condo on the beach, while others look for a single family home close to the airport for easy access in and out.  Others want property on a golf course so they can golf while their friends back home are suffering through another snowstorm. Still others want a waterfront home on a canal so they can take their boat out and text pictures of the big fish they just caught to their co-workers.  Nothing like rubbing it in.  I can’t tell you how many times customers in our office can’t wait to rub it in to their friends about the place they just bought in SW Florida.

We’ve even had a few customers ask us to email pictures of their new place to their friends just to boast about their new found vacation home.  Of course, many of these vacation owners end up moving here permanently, or split time between the two homes.

The vacation home purchase begins the process.  Typical buyers who buy a vacation home will buy another home down here in the future once they get their job and family in a position where they can move.

So here’s to that process beginning early this year, and with each cold snap or snowstorm we and other Realtors alike look forward to more phone calls and web registrations from our snowbird friends.  Good luck and Happy House Hunting!

If you’d like to search the market as either a buyer or seller, visit www.Topagent.com If you need extra help we’re always available to talk to you and help you make better decisions. Our phone number is 239-489-4042 Good luck and Happy House Hunting!

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042     Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

 

Listing Inventory on the Rise

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We’ve been waiting on inventory levels to rise so that sales can pick up and as is traditional for this time of year, the market has responded. Single family home inventory rose over 400 units from September. Last year inventory rose almost 300 units in October.

Listing Inventory on the Rise Fort Myers Cape Coral

Listing Inventory on the Rise

Inventory levels peaked this January and then began to fall as we outsold inventory as it came to the market. Hopefully our inventory will continue to increase heading into season so we have enough to sell this season.

Median prices are up about 12% over last year. In recent years most of our big price gains have occurred February though May, so we’ll be watching to see this year how season affects prices. We expect to see higher prices this season which sets the bar for the rest of the year. In season we tend to have more cash sales which are less affected neither by appraisal issues nor from changes in interest rates.

Fort Myers real estate sold

The economy seems to be improving which could lead to more market strength; however there are some wildcards on the horizon that could temper market gains.

No one knows what affect ObamaCare will have on disposable income. If people end up saving money on the exchanges they’ll have more to spend on other things, which could help the economy and housing. However, if as is being reported insurance costs rise for a great number of people, this could have an adverse affect on the economy and housing. If more of people’s income goes to health insurance then they have less to spend on house payments or other things. If it adversely affects the economy, this slows down people’s disposable income as well.

If employers either drop coverage altogether after 2014, or cut back on full time employees, this could definitively adversely impact the real estate market. It would also affect the stock market, business, and the economy as well.

Interest rates are set to rise at some point as the government phases out buying treasuries to keep interest rates low in a down economy. The Fed’s have signaled the will end this buyback soon, and the question is simply a matter of when and how they will taper.

If the economy takes off perhaps it can weather these two wildcards. People think the real estate market is either set by Realtors or happens in a vacuum, but the reality is it is influenced by many market forces and Realtors have little to do with prices. Realtors simply help buyers and sellers interpret the market based upon facts and data, and ultimately buyers and sellers make decisions about what they buy and sell.

It’s kind of like walking into a store. If a product presents as a good value, buyers will purchase. If a product is inferior or over-priced, buyers will walk. Buyers today shop many stores and look things up on the Internet. A Realtor or seller can’t just set a price and expect the market to respond. It has to be based off of data and logic.

If you’d like to search the market as either a buyer or seller, visit www.Topagent.com If you need extra help we’re always available to talk to you and help you make better decisions. Our phone number is 239-489-4042 Good luck and Happy House Hunting!

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042     Good luck and Happy House Hunting!!!

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