NBC-2 did a report Monday night about how out of state buyers are snatching up bargains in SW Florida.  Buyers have been coming in from all over looking for bargains, some of them foreclosures, in the Fort Myers, Cape Coral, and Lehigh Acres area.

The Ellis Team lists a lot of bank owned foreclosures and we are seeing buyers snatch up these properties in hours.  Many of these properties receive multiple offers in just a few days, so it’s important for buyers to know the rules the lender is requiring and to follow them.

Buyers quite often ignore the rules and are disappointed when their offer is not accepted.  Working with an agent who knows the requirements of the offer will increase your chances of acquiring the property, although it cannot guarantee it when multiple offers are invloved.

We will be adding shortly a way to search for foreclosures on our website.  To search the entire SW Florida real estate MLS, including Fort Myers, Lehigh Acres, and Cape Coral, visit www.Leecountyonline.com

 

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Brett Ellis on NBC Nightly News with Brian Williams SW FLorida real estate affordability

 

Busy Week in the News For The Ellis Team at RE/MAX Realty Group in Fort Myers Florida

NBC News featured SW Florida’s real estate market and the Ellis Team at RE/MAX in a story which concentrated on housing affordability.  Lower prices are attracting buyers back into the market, and home sales statistics bear this out.  Home sales have been up dramatically over last year each month this year.  NBC News decided to come to the epicenter of where the housing crisis turned bad, and noticed there may be a turn around in the works, which could be a positive sign for other parts of the country in the coming years. Click here to watch The Flip Side of Foreclosures: Affordable Homes  MSNBC also has a Blog article up about this story Mortgages Are Out There . And So Are Bargains which also features the Ellis Team in the Blog.

NBC Today Show from Fort Myers Florida featuring Brett Ellis of RE/MAX Realty Group

The NBC Today Show visited Fort Myers on September 23 and reported on foreclosures in the SW Florida real estate market, particularly on Lehigh Acres and Cape Coral Florida.  NBC came to The Ellis Team for answers.  Click here to watch Florida’s Foreclosure Hot Zone.

 

Last night Brett Ellis was also on the ABC News about home sales increasing while prices have been declining.  Click here to watch this story.

 

This past week Brett Ellis was featured on WINK News regarding Governor Sarah Palin’s speech in Fort Myers, and Mike Ellis was seen live on WINK News as a local business leader and his reaction to the presidential debate.  We’ll try to get video uploaded on these two stories later on.

The O’Reilly Factor called and asked Brett Ellis to be on The O’Reilly Factor this past Tuesday.  Unfortunately the taping time with Bill O’Reilly conflicted with Brett’s son’s baseball game that night, so we had to pass on that interview.

Ellis Team to Appear on NBC Nightly News with Brian Williams Regarding Fort Myers Housing Affordability

Ellis Team to Appear on NBC Nightly News with Brian Williams Regarding Fort Myers Housing Affordability

Brett Ellis of The Ellis Team at RE/MAX Realty Group will appear this week on NBC Nightly News with Brian Williams.  The focus will be on buyer affordability in the Fort Myers and Cape Coral housing market, and how buyers have begun purchasing in 2008 as affordability has come back to the market.  Home sales in July were up 80% over last year, and up 32% in August over last year.

This should be a positive story about the SW Florida real estate market.  The show will air Wednesday October 8, 2008 at 6:30 PM ET

To search for your home, click here to search the entire MLS.

Edit-Since this story ran Fort Myers has emerged from the foreclosure crisis and rebounded completely.  The Today Show did a story during the 2008 presidential election.

Since this story ran the Ellis Team moved to Keller Williams Realty from RE/MAX Realty Group. We explain why in the link.  Not only has the SW Florida real estate market rebounded, so have sales at the Ellis Team.  Keller Williams was built for teams and we have been able to attract top talent by offering ore opportunity to our team members.

NBC Today Show Interviews Ellis Team in Fort Myers

 

NBC Today Show Interviews Ellis Team in Fort Myers

The Ellis Team was featured on the NBC Today Show regarding the presidential election.  Florida has been identified as a battleground state, and the housing market will play a vital role in how people select the next president.  The Fort Myers, Cape Coral, and Lehigh Acres area have been identified as the epicenter of what happened in Florida, and NBC wanted to come here and report on what is happening today.

Click here to watch the viddeo.  The good news is that home sales were up 80% over July 2007 numbers and up 41% over August 2007 numbers, so even though prices are lower, buyers are back in the market scooping up properties because they are affordable.

Foreclosures have been highest in Cape Coral and Lehigh Acres where speculators built many homes in hopes of flipping to other investors or end users, but the speculators overbuilt for the current demand.  Fort Myers has been hit with some foreclosures, but nothing like the Cape Coral and Lehigh Acres area.  For detailed statistics on the SW Florida housing market, visit our housing statistics page.

 

The latest Fort Myers Cape Coral SW Florida real estate Current Market Index has been released today and the overall Fort Myers Cape Coral housing index numbers fell to 7.75, from 7.88 the month prior.  Cape Coral again led the way as Cape’s index fell to 6.38 while Fort Myers stands at 13.76.  The lower the number the more favorable it is for sellers, and the higher the number the more favorable for buyers.

Current Market Index for Fort Myers Cape Coral Area

 

Fort Myers Cape Coral SW Florida real estate current market index chart

Lee County listing inventory for single family homes remained steady at 15,530 up a mere 7 homes from last month, and pending sales increased to 1,617, up from 1,546 in August.  The overall Lee County Florida Current Market Index is at 9.60 in September, down from 10.04 in August.  The September condo index stands at 20.21, up from 19.27 in August.

These numbers tell us the overall market is basically holding steady to slightly improving since August, and should bode well for closings in future months.  It also tells us that so far the market has been absorbing the influx of foreclosures and selling them as they are not adding to inventory supply.  This is another positive sign as the local SW Florida real estate market would be in trouble if the foreclosure activity added to inventory supplies.  The large number of foreclosures is however keeping the supply where it is and preventing it from declining.

About a month ago Reflection Lakes was considering a very bad policy for access to its gate system that would have impaired Realtors ability to show homes, which in turn would impair sellers ability to sell their homes in an already tough real estate environment.  You can read more about that past policy at Reflection Lakes Gate Policy Bad For Home Sales?

The new policy allows the gate to call an agent’s cell phone number so the agent can allow access once another Realtor get’s to the gate.  And there in lies another real problem.  I spoke with a board member prior to the last meeting, and when the board member proposed this idea as a possible solution I told him it wasn’t a good idea.

Here is the issue.  Busy Realtors don’t use their cell phones for incoming calls or showings.  The Ellis Team alone receives on average 80 calls per hour, and this doesn’t even include calls to setup showings which go to a separate showing desk to be logged into our computer system for propert tracking.  RE/MAX receives many calls too, and we have many receptionists to take those calls.

It would be very rude for us to answer our cell phones each time someone called the office.  Just imagine a buyer working with an agent, but instead of being able to talk to that agent one on one for a few hours while viewing homes or negotiating a contract, the agent was answering their cell phone multiple times per minute.  Some of these calls would be for showing feedback, others might be from other clients, others might be from the title company or mortgage company, and now a new call to open a gate.

Keep in mind the agent may be on a listing appointment.  Again, this potential sellers wants quality time with the agent they’re thinking about hiring, and they want to ask tough questions.  People hate being interrupted by someone else’s cell pone every 2 seconds.  It’s just rude to do that to someone.  Now the Reflection Lakes gate calls the agent’s cell phone.  The agent may be unaware of whom this Realtor is or if they really have an appointment, because the agent isn’t at their office, and would have to make another call to the showing desk to find out.

Sellers don’t want to list with agents who have nothing else to do but setup showings or sit around and wait for the phone to ring.  Those aren’t the Realtor’s selling properties today.  And what if the Realtor is on another line when that gate request comes through?  What if that Realtor is on vacation?  Realtors take vacations too, but the agent who doesn’t have a showing system in place with their company will lose showings.

Ultimately it will be the homeowner who will be hurt by this policy.  Realtors should have a code that works to get into the gate.  Adding a bunch more bureaucracy and phone calls won’t help the situation.  Reflection Lakes won’t even allow this gate request to go to agent’s company, the very people who setup and manage the showings.  It must go to a cell phone.

We have a tremendous gate problem in Reflection Lakes.  When it was sold to us we were told we they picked the best gate company because repairs and maintenance would be less because this was a quality system.  We didn’t know the gates would be so slow, and that the software wasn’t capable of keeping up because of phone transmission problems.  Now it’s becoming a big issue just getting data to and from the gates.  Adding a cell phone policy for Realtors won’t solve this.  The truth is it’s a technical problem in the phone lines.  If it’s just too much data, then we need a better software system.  You would think for the money we paid for the gates the speed of the gates and the software would be sufficient.

Through July of 2008 the Ellis Team has sold and closed 154 homes.  This is a tough environment, and agents are having to work harder and more skillfully to put deals together, and keep them together.  At an average of 80 calls per hour, you can see there’s not a lot of sitting around waiting for the phone to ring time.  And there’s certainly no sitting around waiting for the cell phone to ring just so we can let someone in Reflection Lakes who may or may not have an appointment to see one of our listings.  If the board is going to take the time to adjust these policies, and speak with Realtors about what works and what doesn’t, at least listen to the advice you get instead of acting unilaterally.  I know the board has tough decisions to make with this gate that doesn’t seem to quite work like it was promised, but please for the sake of our homeowners, take all the facts into account before making the problem worse.

I really don’t believe the security of our community is being jeopardized by Realtors having access to the gates via a code.  The Realtors have access to the insides of homes, so why would you be afraid to give access to the gate? 

The Ellis Team at RE/MAX Realty Group is hosting another free SW Florida real estate short sale seminar on Monday, November 26, 2007 at 7 PM  We will teach buyers how to effectively purchase properties in Fort Myers, Cape Coral, and all of Southwest Florida at or below fair market value.

Registration is FREE, and you must call our office at 239-489-4042 as seating is limited.

SW Florida real estate market numbers released today by the Florida Association of Realtors show a continuing decline in the real estate market, which comes as no surprise as we posted our Ellis Team CMI Index numbers back on October 16 that suggested this would be the case.

Single family home sales fell to 327 in September, down from 520 in August, and 693 last September.  Single family home prices fell to $231,600 this September, and was down 7.7 percent from August’s $250,800 and down 11% from last September’s $261,400.

Single family home sales were the good news.  Condo sales fared worse, also predictable due to the CMI Index numbers released a few weeks ago.  Condo sales were 102 this September 2007, up from 96 in August, but down from 168 last year.  Prices for condos were up to $224,000, up from $218,800 in August, and down from $231,600.  The bad news for condos isn’t the prices or sales levels, it is the sales levels as compared to the level of inventory on the market.

Even with the poor numbers, they can partially be explained by seasonality, and partially by overall weakness.  See SW Florida single family home sales graph 2005-2007. To view sales prices , see SW Florida single family home price graph 2005-2007.

The Outlook going forward actually is brighter than the numbers indicate.  For the first time in a long while buyers are getting excited again, and are venturing out looking at homes.  For some, it is simply becuase home prices are back in their affordability range.  For others, it’s the sense that now may be the time to buy as prices have come down so much, and they’re feeling confident again going forward.

 

SW Florida Building Permits Slowed From Record Levels in 2005. Permit activity in the SW Florida real estate market was off compared to record 2005 levels. Builders are less likely to pull permits for speculation construction with the amount of resale inventory on the market, and investors looking to flip for a quick buck have dried up.  That leaves builders with the normal buyer contracts, and even that has slowed from 2005 levels.

In 2005 buyers bought new construction at record levels for a few reasons.  First, because there was a severe shortage of homes on the market, and new construction was Plan B and served as backup inventory.  Secondly, investors liked buying at pre-construction prices, and the building process gave them time to find a buyer for that home so they could make a nice profit without hopefully ever having to own the home.  Investors serve as financiers so to speak and helped speed up supply.

Demand from end users never changed very much.  We had artificial demand which the investors created, which made the market appear much better than it really was.  While we had artificial demand, we now have Real Supply.  When you mix Real supply with Normal demand, you have a Buyers Market.

Buyers are in the driver’s seat, no question.  The only question is the speed at which they are driving, and how long it will last.  We are starting to see signs of increased buyer activity.  This is welcomed news for many.  Many buyers were sitting on the sideline waiting for somebody to give the “All Clear, it’s OK to buy now signal.”

Many buyers have heard the signal and are stepping back in.  The market may not be All Clear in all segments; however we are seeing very nice activity in certain segments.

Mixed Messages:  Many buyers think when they hear the words “Buyer’s Market” that they own the road.  Buyers still need to be aware that many properties are pried very well.  Those sellers are successful at selling in this market.  It’s not like we don’t have any buyers, we certainly do.  We have normal buyer activity just like we’ve always had.  Because the best properties always sell, buyers are not in competition with the seller for those properties.  Buyers are in competition with other buyers who will scoop up the property and steal it from them.

So, if you’re a buyer and see a property you like and is priced well, don’t sit too long.  The best values are selling, and you’ll be on your 2nd, 3rd, or 4th choice before you know it.  The only good news is that if you can live with your 2nd -4th choice, they are there for you this year.  Last year you didn’t have a 4th choice.