Category Archives: Southwest Florida Real Estate

Market updates and news and information about the SW Florida real estate market

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!

 

Understanding Today’s Home Buyer Critical to the Sale

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Understanding Today's Home Buyer Critical to the SaleIn a hot market like we have today many agents and sellers believe anything will sell if you just stick it on the market.  This couldn’t be further from the truth.

There are currently over 4,700 single family homes on the market that have not sold yet.  This number is low and we do have a hot market, but I’m trying to make a point here.  The bottom line is there will be sellers in any kind of market; Hot, Warm, Cold, that will not sell.

The most obvious reason is over-pricing.  If you over-price your home, chances are it will not sell no matter how good the market is.  In a rising market, the market will eventually catch up to your price and it may sell in time.  If you’re not in a rising market it will just linger, and if the market turns to decline, you’ll be caught chasing the market down.

Understanding Today’s Home Buyer Critical to the Sale

But this isn’t supposed to be a pricing article either.  Understanding your target market and who the buyers are today can make all the difference in selling or sitting.  Agents who work with buyers must understand today’s buyers’ needs or you’ll be a chauffer and nothing to show for it.

Our team works with a lot of buyers.  We also manage a condo sales center, so we see everyday the gamut of buyers and what their concerns are.  Not every buyer is the same, nor is every group.  We’ll talk about a few here.

First-time home buyers typically need a lot of information.  They haven’t been though the process before and they have a lot of questions.  They want to make a sound decision and can’t afford to make a mistake.  They don’t know the hidden costs like polybutylene plumbing or older wiring and how that can affect their insurance costs.

Typically a first-time home buyer will find a home, go to contract, pay for inspections, and then learn all the repair items through the inspection reports.  When they go to their insurance agent and find out the home cannot be insured, or it’s going to cost $5,000 year they get nervous.  When they give the insurance quote to the lender they find out it disqualifies them to buy the home because in makes their income ratios out of balance.

These were all preventable and predictable outcomes.  Having an agent and lender with experience could have saved everyone the trouble of going to contract.  The seller had their home off the market for 10-15 days.  The buyer is out inspection fees, and most first-time homebuyers are limited down payment money to begin with.

While nobody can predict the outcome of a property inspection, there are some things you should be looking out for.  Buyers need to do a better job of selecting an agent who has experience who can guide them through the process.  Sellers need to select an agent who won’t just take the first offer because it’s easy.

Sometimes buyers need creative help with the offer.  Structuring the offer correctly upfront can make all the difference.  If a buyer is tight on down-payment and closing costs, there are ways for the seller to legally help out and make the deal work.  If the buyer is tight on ratios, sometimes an interest rate buy-down can make the difference.

The key is you have to know upfront the way to go.  It’s usually (but not always) too late to go back and correct it later.

We haven’t even covered move-up buyers, relocation buyers, baby boomers, boomerang buyers, half-way backs, retirement, or 2nd home buyers.  The key is, when you understand the buyer, you have a greater chance of getting the buyer into the home they love and the seller onto next, whatever that is.

If you’re a buyer, you can search the entire MLS for free at www.LeeCountyOnline.com  Finding the right property is only half of the equation. Working through inspections, financing, HOA approvals, environmental, insurance, surveys, and title issues are the other half.  Working with an experienced agent is invaluable.

When we say it pays to work with someone with experience and cares, it’s true.  If you think it doesn’t pay, wait until you see what it costs if you don’t.

For the seller, it may cost you the sale.  For the buyer, it may cost you application fees, inspection fees, appraisal, etc.  It may cost you your dream home when you have to let it go.  And it may cost you your 1st backup, because it sold while you were messing around with the wrong deal.

We’re here if you need us..  239-489-4042

Good luck, and Happy House Hunting!

This week’s featured communities:

Paseo Fort Myers

Miromar Lakes Beach & Golf Club-Estero

Gulf Harbour  Waterfront Community Fort Myers

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

 

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SW Florida Real Estate News Week of June 26, 2015

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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

How New Federal Rules Will Affect Financed Closings After August 1?

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A few weeks ago we wrote about 8 things buyers and sellers need to know before August 1.  Since then we attended a TRID (TILA-RESPA Integrated Disclosures) class taught by Westcor Land Title Company and we thought we’d bring you new information as it will affect closings this Fall.

How New Federal Rules Will Affect Financed Closings After August 1

The Good Faith Estimate and initial disclosure are being replaced by a Combined Loan Estimate.  This disclosure is done upfront.  At the end of the loan process there are sweeping changes as well.  There will no longer be a HUD-1 closing statement nor the Truth in Lending disclosure.  Those are being replaced by a new 5 page single Closing Disclosure form.  Ironically, this form will not suffice as a closing statement.  Title companies will still need to prepare a 2 page closing statement and there is no set regulation on that.

How New Federal Rules Will Affect Financed Closings After August 1

Let’s get to the issues that will affect closings.  There are new rules that require 3 day disclosures to the borrower.  This will require the lender to gather information from the title company so they can properly disclose to the buyer.  But wait, it’s more than 3 days.  If you mail the documents regulations say there is a 3 day window on top of the 3 day waiting period, so we’re looking at 6 days.  Lenders may try to find a way to personally deliver the documents, but that’s not always practical.

Electronic delivery may become an option, but there has to be proof the borrower is actually the one that opened and reviewed the files, so it gets tricky.  Fines for non-compliance are harsh, so lenders are not going to want to mess around with this.  It’ll be easier for them to say sorry, closing must be delayed.

HOA’s will play an important part too.  The title company will need estoppel payoffs much sooner, but they’re only good for so many days.  Typically these HOA management companies want to charge extra fees for updating them, so title companies wait until end, but they won’t be able to.  HOA’s need to change the way they do business or we won’t be having on-time closings.  If things change, it may trigger a new re-disclosure process.  If it does, plan on an extra 2 weeks.  Even if an HOA fee doesn’t trigger a new waiting period, the form still needs to be changed for closing.  This will require banks have people on standby just to change figures like prorations and estoppel fees that don’t affect the borrower.

How New Federal Rules Will Affect Financed Closings After August 1

If there are walk-thru issues that affect the closing it will require the final disclosure to be redone.  Who is going to do that and when?  The lender will, but the lender has a hard enough time meeting today’s deadlines.  Just imagine issues like this.

We predict final walk thrus may be done a week or more before closing to prevent issues at closing.

You can kiss the 30 day closing goodbye.  It’s not going to happen.  We’re probably looking at 45-60 day closings realistically.

What happens when one of the agents understands the new process but the other one doesn’t?  Many agents only do 1-2 transactions per year.  Buyers and sellers may have to re-think who they do business with because these new rules require agents who are on top of their game, and details.

The consumer will not be educated.  New rules take effect, but there is no education program for consumers.  They will get all their education from lenders, agents, and title companies.  Let’s just hope the lenders are ready for the new forms, the new deadlines, and that the agent you’re working with is too.  It will take all of us working together to pull this off.

I see blood in the water.  Not because it can’t work, but rather because I don’t see an entire industry all having the staffing and education necessary to pull this off at the get-go.

HOA’s will need to change too.  The FAR-BAR contract is being re-worked for the new rules.  Most people won’t know that the new Federal rules violate state laws in 24 states, including Florida, in regards to sections C. and H in the new Closing Disclosure.  So it will be interesting, and some changes will have to be made.  Until then, pray that your lender and agent are prepared for August 1.  If not, your closing may not take place.

Search MLS listings in SW Florida the new and easy way.

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

 

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

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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

Real Estate in the Headlines

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We thought you might like to keep up to date on some of the real estate in the headlines we’re reading, so we’re rolling out periodic updates you might enjoy.

Real estate is always a hot topic in the news.  Different areas of the country experience different real estate markets because they are subject to varying economic conditions.
Here are some headlines we published yesterday

Real Estate in the Headlines

Each week our blog brings you local news and information but we don’t live in a bubble either.  Real estate, while local, can be influenced by markets across the country and by changing economic and tax climates both here in the U.S. and abroad.

Real Estate in the Headlines
River and Pool View of Town and River Home

Does this pool look enticing to you?  It sure does to me.  We’ve included a search function on our website if you’d like to search for your private pool in paradise.

 

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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