The Ellis Team is growing once again. We are proud to announce Ellis Team buyer specialist Dan Goczeski has joined our team as a buyer specialist. Dan was our Customer Care Specialist and Listing Coordinator up until last week, and we’re certainly going to miss him in that position. Dan has always had a passion for helping people and he certainly went the extra mile in his role at the Ellis Team.
Dan has been a resident in Fort Myers for the past 30 years and is very knowledgeable about the area. He has witnesses first-hand what SW Florida has grown into today and he looks forward to helping others find their piece of paradise too. Dan has an extensive professional history from being a licensed financial advisor to a General Contractor in SW Florida. Dan has worked with clients in many fields, but customer satisfaction was always his top priority. All of these qualities are what makes Dan uniquely qualified to find just the right property for you.
Dan saw how many buyer leads were coming into the team and it caused him to think about becoming a Realtor in SW Florida. He’s always been in a position advising clients in the building and financial services sectors, but he developed a sense of helping others in real estate through his experiences with the Ellis Team at RE/MAX. Once he saw how we help so many people it made an impact on him and he wanted in.
So it is with welcome arms we welcome Dan Goczeski to our team of buyer Specialists. Congratulations!
If you’re considering buying or selling in Fort Myers, Cape Coral, Estero, Ft Myers Beach or anywhere in Lee County Florida, give us a call. 239-489-4042 or visit our website www.Topagent.com
Each day we talk to customers that want to move to SW Florida to enjoy our year round sunshine and all we have to offer, like boating, fishing, shelling, golf, tennis, and more. Often times customers find themselves buying expensive real estate on a golf course or waterfront homes with a dock in the backyard.
Living the SW Florida Dream Affordably
Fun For the Whole Family
Some potential buyers dream about buying in SW Florida but are just shy of having enough money to buy that expensive golf course home or waterfront property without exhausting too many reserves to pull it off, so they do nothing and give up.
If buyers knew of cost saving alternatives to enjoy the SW Florida lifestyle we believe many would act, so we looked into affordable boating and found some answers.
You’ll see many ads for boat clubs on TV and in the newspaper and there are all kinds from local clubs to national companies. We decided to focus on national companies because we’ve seen some local companies close shop leaving their customers out in the wind. National companies may be more secure and offer ways to enjoy boating while traveling as well.
We focused on the two best known national companies to us, Freedom Boat Club and Carefree. Both have local and national locations and costs vary by location. Each club works similarly in many aspects in that there is a buy-in and a monthly cost. Freedom Boat Club has some seasonal options in addition to the yearly plans, so you can save money if you only want to use a boat during certain months.
Carefree Boat Club has the lowest buy-in at $3,500 with a 5 year rate lock and $4,500 with a 3 year rate lock. Freedom Boat Club has lower monthly fees and a $5,500 buy-in and the rate is locked in for life.
Carefree Boat club advertises that members save 40-60% compared to owning their own boat. Freedom Boat Club provided a chart that compares the cost buying a new boat and maintaining for 3 years versus being a boat club member and saving for 3 years. There is no doubt joining a boat club is more cost effective.
You do give up the convenience of having your boat in your back yard and using it anytime you want, but both boat clubs agree that availability is plentiful because they keep their membership numbers at certain ratios. As they increase members they add more boats to the fleet.
Gone are the days of paying for insurance, towing services, costly maintenance, boat payments, storage if you dry dock it or rent a slip, tax, title, and licensing, and all the headaches of owning a boat. Don’t forget to mention the cost of selling and buying newer boats as time goes on.
For a one-time investment and low monthly fees you can have it all, and save on real estate too. The hard core boater or fisherman will probably not be attracted to such an idea, but the casual boater who would like to enjoy the water without all the cost and headache of boat ownership will be attracted.
Snowbirds from up north who are casual boaters will be too as they won’t have to tie up hundred’s of thousand’s of dollars in expensive waterfront property just to house that boat that will also cost them.
There is a saying that goes, “The two best days in a man’s life is the day he buys a boat and the day he sells it.” Not sure why it wouldn’t apply to women too.
By joining a boat club you take away that last day where you’re relieved to sell the boat because it cost you bunches to keep it. Now you have an affordable alternative.
Whether you need to look for an expensive waterfront home or condo, or a more laid back parcel you can retire in, Always Call the Ellis Team at RE/MAX Realty Group 239-489-4042
Good luck, and Happy Boating, no matter how you get out there!
If you’re considering buying or selling in Fort Myers, Cape Coral, Estero, Ft Myers Beach or anywhere in Lee County Florida, give us a call. 239-489-4042 or visit our website www.Topagent.com
The beautiful thing about advertising is that you’re free to choose which venues work for you. Some people complain that newspaper advertising is dead and costly, so they quit years ago. Others complain that Yellow Pages are dead and costly, so they quit that too. Many brokers are in a fight to get their website ranked as highly as possible to avoid paying advertising. SW Florida Real Estate Brokers Find Buyers in new ways.
We believe getting your website ranked highly is fantastic, and we’ve strived for that for years with good results. In fact, we’re changing over our website right now in hopes it will achieve even higher rankings. Mostly we want it to work for the consumer. You can check on the progress at www.Topagent.com
While getting ranked is important, search engines are adding more paid content to their front page, effectively squeezing out the free search results. There are fewer and fewer spots left on front pages eaten up by paid advertising.
For those that believe newspaper advertising is dead, we can look no further than 2 weeks ago. I wrote an article entitled “Thinking of Selling” That weekend we had over 130 sellers sign in to our website to find out the value of their home. That’s quite a response.
People believe we’re foolish to take out full page ads in the Yellow Pages. Yet each week we receive calls from buyers and sellers from the Yellow Pages. Some are visiting in hotel rooms. Others still use it at home. The real advantage may be the online component of Yellow Pages. Dex is a large advertiser that gets ranked on the first page of Google and Bing. If you’re an advertiser in print, you’re an advertiser online.
The same goes with the Newspaper. You’re not just advertising here locally as Gannett covers many papers across the US.
Our advertising philosophy can best be described as “Cornering the Market.” We use print, TV, Internet, radio, mail outs, etc.
The Ellis Team advertises our listings online in sites like USA Today, CNN, Trulia, New York Times, Fox News, and many more. Relying on search engines is great if you’re looking to pick up a few buyers here and there on the cheap, but if you really want to market your seller’s property it’s worth spending money to reach buyers everywhere.
Advertising isn’t expensive if it works. The newspaper still works. It costs money, but if you’re consistent and don’t try to cram too much into a small ad it’s effective. Yellow Pages work. Radio, TV, Internet; they all work. The trick is learning what’s effective. Certain ads work. You can’t blame the advertising medium if you post a crappy ad and nobody calls.
So when you hear an agent say they don’t advertise in the newspaper, or Yellow Pages, or whatever because it costs too much, ask yourself this question “If I buy a cheap cup of coffee and it tastes bad, did I really save anything by buying cheap coffee?”
When you’re interviewing real estate agents you have to ask pointed questions about where your home will be advertised and how often. It’s not rude. It’s your home and you’re paying the commission. If the commission includes advertising it pays to find out how much exposure your home will have versus other brokers. Many sellers assume all agents are the same when in reality brokers advertise differently. The brokers who advertise more may be better negotiators too because they’re spending more money on your home and they need to be.
If you have a home you’re considering selling in Fort Myers, Cape Coral, Estero, Ft Myers Beach or anywhere in Lee County Florida, give us a call. 239-489-4042 or visit our website www.Topagent.com
It’s season again and it’s not uncommon for listings to rise during season which is usually a good thing except for those sellers that decide to “Test” the market. There’s an old saying that goes “If your home is over the market it isn’t really on the market.”
Perception Vs Reality in the SW Florida Real Estate Market
Sellers overprice homes in all kinds of markets; good, bad, and sideways. Overpricing is nothing new, but it seems to be gathering steam these days as sellers read headlines that the market is improving and prices are on the rise.
It is true, the market has continued to heal itself, and prices have been rising for many homes. Some price points have a shortage of homes on the market while some price points have as much as 3 year supply.
The other day I noticed the following post on Facebook from a Bonita Springs agent who I’m friends with “Well, I see we’re back to listing properties based on list prices, not sales prices again.” Several local SW Florida agents chimed in and agreed.
Personally I’ve been on dozens of listing appointments in the past several months. Some we’ve taken and many we have not. Some sellers are interviewing as many as 8 agents trying to get an agent that will agree with their price.
I’ve gone back and tracked several of the listings where we recommended a true market price and the seller chose to list with another agent at a much higher than market price. Some have even listed just slightly higher than market and they all have one thing in common. Their homes are still on the market. They have not sold, and they will not sell because they are over-priced.
Oh, sellers can justify about anything. Perhaps the Germans or the Canadians will come and fall in love with it and buy it. We do extensive marketing to foreign buyers but one thing I can tell you is they research the market and don’t want to overpay either. Imagine if you were traveling to another country, or even another state. You’d research the market before you felt comfortable buying wouldn’t you? Germans, Canadians, and Snow Birds from here in the States do the same thing. Nobody wants to overpay. They don’t care how much you need for the property, only what it’s worth.
Pricing your home correctly is only part of the battle. So much more goes into effectively selling and successfully closing the sale. Many owners and agents can get the contract, but closing it is another story. This is where the real expertise comes in. Notwithstanding this fact, overpricing the home negates the experience it takes to close a sale because you rarely even get that chance.
And if you are lucky enough to over-price and find a buyer, the appraisal will trip you up when the property doesn’t appraise. Even many cash buyers are putting in contingencies that property must appraise.
A lot of sellers like to overprice in season then get serious when many of the high end buyers go home. Why would you want to do that? Again, if you’re over the market you’re not really on the market. Why not have your home on the market when the most higher end buyers are here?
Sure, many of these seasonal buyers come back and visit in the summer, but some buy on impulse while they’re enjoying the weather and good times here as well. Especially when they see how bad the weather is up North.
Sellers don’t like when buyers have erroneous perceptions about the market. Buyers don’t get what they want when that happens and the seller just sells to a buyer with correct perceptions. The same is true for sellers. If you have erroneous perceptions, buyers will pass you by and work with a seller that perceives the market correctly.
Agents don’t control prices, the market does. I don’t care if prices go up $10,000 or $20,000. I can’t. It’s my job to research and interpret the market for our clients so they can be successful. I can’t make the market anything it’s not. If I could, I’d start with my own property.
If you’re thinking of selling, give us a call and we’ll work with you to get the best price. You might find other agents who will list it higher, but ask yourself this question, “Am I looking to sell my property or just list it and waste my time?”
All those other listings we walked away from are still on the market. Our listings are selling. Things that make you go hmmm. Call us at 239-489-4042 or stop by our office at 7910 Summerlin Lakes Dr Fort Myers, FL 33907
Some might look at recent SW Florida single family home sales numbers and wonder if the market has peaked as sales have slacked off a bit, but let’s not jump to conclusions just yet. This week we take you inside the numbers and explain what’s happening and what we’re keeping our eyes on.
Are SW Florida Real Estate Sales in Trouble
As you can see from the Homes Sold graph, sales are down. This is somewhat expected as inventory is down and agents have been selling more new construction to satisfy home buyer’s needs. 2013 sales numbers dipped in January but rebounded nicely going into season leading up to a fantastic May. This could happen again this year.
Should sellers beware? Maybe. While you can definitely see the seasonality of home sales, there is no doubt the rising home sale prices will limit buyers, as will rising interest rates. Rates are expected to rise even more in 2014.
We also looked at pending sales in December 2013 and January 2014 as this is an indicator of potential future closings in the coming months. Pending sales were down 16.4% year over year in December, and down 6.4% in January. Again, this is a short time frame to look at, and some of this could be attributed to limited inventory, however it could impact reported closings going forward.
We really want to look at how February sales come in which won’t be reported for another 3 weeks or so. Prices will probably be higher and sales could be lower than last year. January thru May sales set the trend for all year, so we’re keeping a close eye on trends these first few months.
Yes, we’ll probably have rising prices. Prices rose again in January to a $180,000 median price and a mean average of $301,035. That’s up roughly 25% or better for both numbers over last year.
Are rising prices limiting sales? Is limited inventory holding back sales? Is new construction competing with existing home sales again? Are rising interest rates limiting sales? Nobody knows the answers yet. We’ve identified some indicators to watch though.
If you’re a seller, you might want to look at how well your home competes against other similar homes on the market. A few weeks ago we posted on our Blog inventory levels by price range. If you have a $ 1 Million+ home there is currently about a 3 yr supply of homes on the market, so you have to look at what you need to do to sell your home versus waiting 3 years. And what if the market falls within 3 years or more listings come to the market? It could take even longer to sell at reduced prices.
If your home is in the $400-600,000 range, there is about a 1 year supply of homes. Again, it pays to know your competition and price accordingly. Our market has been doing well the past few years. 2014 looks to be another good year, but don’t take price gains for granted. There is no law that says prices will rise forever. New construction is now competing against you again for the first time in years. SW Florida may return to a more moderate market, which is probably best anyway.
We’ll keep tracking the trends, and as always, if you need assistance buying or selling in SW Florida, Always Call the Ellis Team. 239-489-4042 or www.TopAgent.com
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.
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
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
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!!!
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 County 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!!!
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.
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!!!
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%.
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.
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!!!
The Ellis Team is growing once again. We are proud to announce Ellis Team buyer specialist Dan Goczeski has joined our team as a buyer specialist. Dan was our Customer Care Specialist and Listing Coordinator up until last week, and we’re certainly going to miss him in that position. Dan has always had a passion for helping people and he certainly went the extra mile in his role at the Ellis Team.
