Fort Myers Real Estate and Homes For Sale

In the past few months we’ve been on several listing appointments and sellers usually ask how their price range stacks up against the market. Current listings by price range really only tells half the story, so this article will attempt to cover the other half.

Inventory by Price Range

As you can tell by the published graph, the $100,000-$149,999 currently has the most listings followed by the $400,000-$599,999 range. By looking solely at the graph one might think there is a backlog of homes on the market in the $100-150k range. This just simply isn’t true.

Would it surprise you to learn that in that same $100-149,999 range there were 2,670 single family home sales in Lee County last year? That works out to a 3.61 month supply of homes on the market. Conversely, the $400k-$599,999 range had 869 sales last year. This works out to an 11.72 month supply of homes on the market. Even though the $100k range has the most homes on the market, it is a much healthier market because there are more than enough buyers in that range to absorb the inventory.

We created a custom graph using the exact same price points to illustrate how each price range is doing. In essence, the lower the price range, the more range of buyers there are for a home and the most demand. The market is best able to absorb the existing inventory from the lowest price range on up to the highest.

If you’re a seller with a million dollar plus home, you have about a 3 year supply of homes on the market that is competition for your home. This is assuming no other homes come on the market. If your home is in the $400,000-$600,000 price range, you have about a 1 year supply of homes on the market as competition.

It’s easy to see by the graph how your home rates by price range. This is important knowledge. If you would like to sell a home in 4 months time or less all you have to do is look at what price range you’re in and see what the competition is. If you’re in the $600,000+ range which has a 15.96 month supply of homes on the market and you wish to sell in 4 months or less, it pays to be realistic and price your home more aggressively against the competition.

Many home sellers mistakenly believe they can set the price and buyers have to pay it. It’s true, the seller does set the price, but the market determines the value. Buyers are not only shopping your home but many others like yours in your price range.

If you have a home to sell it pays to know how much you should sell it for. We compare your home against like kind comparables that have closed recently. We also show you how your home stacks up against other current homes for sale. You never want to under price your home because if you do you just give away your equity to the buyer. You also don’t want to overprice your home either because if you do you’ll help sell your competition and insure your home stays on the market longer, and history proves that homes that linger on the market sell for less than homes that were priced correctly upfront.

If you have a house to sell, call us at 239-489-4042. We’ll guide you through the home selling process and cut through all the clutter. Good luck and happy home 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

Brett Ellis Bio

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.

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.

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!

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

Brett Ellis Bio

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

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 3^rd 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

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

Brett Ellis Bio

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 3^rd and 4^th 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!

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

Brett Ellis Bio

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

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!

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

Brett Ellis Bio

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

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.

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.

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

Brett Ellis Bio

Back in the spring we sounded alarms that due to rising interest rates and rising prices buyers on the fence should seriously consider purchasing sooner rather than later. On July 5^th we posted a graph on our Blog “What Do Buyers and Sellers Need to Know About Rising Interest Rates?”

Back then we shared a chart which we’ll re-print today that showed how much purchasing power a buyer lost in 2 short months when rates rose a little over 1% in that time. A buyer lost about 10% purchasing power due to rising rates, not to mention prices have been going up so it became increasingly harder, if not impossible to find the same home for less money.

Why Now Might be the Best Time to Buy

We bring this up because we think it’s going to happen again. Prices are still rising and rates have dipped a little bit. As of today Bankrate.com is reporting a 4.33% 30 year fixed rate mortgage.

The reason we see rates going up in 2014 is because the Fed has signaled it will cut back in buying US Treasuries that have been keeping rates low. Market forces would say we should have rates over 5% but the US government has been trying to spur the economy by buying down the rates. It sounds like robbing Peter to pay Paul, and it is really, but its net effect has been to keep rates down which helps people buy homes. When people buy homes, they also buy appliances, carpet, paint, etc. Each home sale sets off a chain of events that pumps money into the economy.

As the economy improves there is more pressure for the Feds to cut back on this program. Several large industry publications are speculating that possibly ObamaCare will harm the economy buy taking disposable income out of consumers and forcing them to either buy insurance or pay higher premiums. If this does harm the economy, the Feds will be able to continue buying down the rates artificially. If the economy would improve rates will go up.

We have artificially low rates that will rise someday, and many are banking on 2014 coupled with rising prices nationally and locally. Prices may come down nationally for a few months due to seasonality but they do start heading up again in Feb or March if history holds true.

We also posted an article on June 13 on the Blog on how rising prices and rising interest rates affects a buyer’s down payment and monthly payment. In one year the average down payment went up $8,360 and the average monthly payment went up $173.23 It’s getting harder and harder for buyers to save up the down payment, and the longer they wait the more they have to come up with. With rising rates, putting more down doesn’t mean lowering the payment. This is why buying now could save you both ways.

We’re not saying this to spur more sales. I think the public thinks Realtors just do this because they need more sales. In fact, inventory is limited and it’s tough finding homes for buyers. There is no shortage of buyers, there’s a shortage of sellers. We say this to inform you of your options and hopefully educate you on what’s best for you. What we say is also backed up by facts and evidence that you can go back and read for yourself and compare to today.

If you’d like to search the MLS check out www.TopAgent.com and hopefully you’ll find a home that meets your needs. Feel free to call us too at 239-489-4042 Sometimes we know about certain properties coming to the market before they hit MLS, or we may be able to help you with your online search.

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

Brett Ellis Bio

We’ve noticed a trend developing this year with more home sales in the $500k-$1 Million price range in 2013. In fact, within the past month or so the Ellis Team has sold and closed 2 homes in this range that were previously on the market and didn’t sell before.

High End Market Heating Up in Fort Myers-Cape Coral-Estero Real Estate Markets

The first home was located in Carillon Woods and had been on the market previously with another agent. They had several offers but just couldn’t come to any agreements. We listed the home and raised the price a little and sold it within 20 days.

33 Timberland Cir Fort Myers, FL 33919 Market Heating Up in Fort Myers-Cape Coral-Estero Real Estate Markets — Carillon Woods Sold in 19 Days $565,000

The second home was located in Belle Meade and had also been listed with another agent.

The first home in Carillon Woods was listed at the correct price but just needed a little negotiation help. The second home may have been priced a little high in the beginning and needed help finding where the true market was for that home. The previous Realtor had lots of expensive brochures at the home for the buyer viewing the home but that marketing didn’t necessarily drive buyers to the home. Even if an agent spent a million dollars marketing the home it still wouldn’t sell if it was over-priced.

8510 Belle Meade Dr Fort Myers FL 33908 — Belle Meade Sold $635,000 Nov 8, 2013

In both events, the sellers needed guidance and market advice. Yes, our marketing brought buyers to the table. In the end, it was the advice and guidance we provided that closed the sale. Neither sale was a particularly easy deal. Both buyers were concerned about inspection items and negotiating the best deal they could. The expertise of the agents involved, for both buyer and seller made these two transactions successfully come together. These two deals are similar to sales across SW Florida in this price range.

Many people believe the value of a Realtor is the marketing. Others believe it’s pricing. Others believe it’s just handling paperwork. It’s all those things, but it’s a lot more. A good Realtor handles the emotions, the objections, and the road blocks that are put up as a transaction unfolds and knocks them down. A good Realtor advises their client on how to act, how to respond, and what to do when difficulties arise. Experience is the key! Sometimes what a client says isn’t what they mean. Sometimes what the other side says isn’t what they’re really asking for. An experienced agent provides the wisdom and can be the difference between listing a home and actually selling one.

Buyers in this price range shop and make sure they get a fair deal. In fact, they’ll take a bargain if they can find it like any other buyer, but they want to make sure they’re getting a good deal. Buyers in this range tend to be selective, and why not because they are investing a good amount of money on their home.

Sales in this price range are up 28.4% over last year. MLS shows 624 single family home sales YTD this year in Lee County versus 486 same time last year. We’ve definitely seen an increase in higher priced properties this year, and the past month is a perfect example.

If you’re a buyer, you can search for properties in MLS right on our website www.TopAgent.com If you’re a seller, it pays to consult a Realtor with experience who can properly guide you from A-Z, not stop at C or D. You don’t pocket the cash until you complete all steps. Many sellers think steps 1-3 are good enough and they find out later on they either didn’t get the offers they wanted, or they couldn’t get it closed. It’s usually best to find out your options upfront rather than find out later on. Call us at 239-489-4042 and we’ll be happy to discuss your situation.

If you’d like to search the MLS, visit our website at www.Topagent.com If you’re considering selling and would like the Ellis Team to show you what we think we can get for your home, go to www.SWFLHomevalues.com or call us at 239-489-4042 Good luck and Happy Selling!

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

Brett Ellis Bio

SW Florida real estate market continues recovery. Many would say our market is Hot, and compared to 2006-2009 it’d be pretty hard to disagree with that statement. While we are seeing some nice gains, our market is healing, which is a good thing.

A couple of things we look for are the percentage of cash vs. financing to identify the liquidity in the market as well as the percentage of traditional sales vs distressed sales. Our market has good volume now and would be higher if we had more inventory to sell.

We’ll come back to inventory in a moment. As you can see from the attached graph, traditional sales are above 70% of the total sales. Back in 2009 they were close to 20%, so that’s a big swing.

Cash sales are dropping as a percentage of total sales. Many would say that’s a bad sign, but it’s actually a good sign. Banks add money to the market. For awhile banks weren’t lending much. There is a cap on cash sales and the amount cash buyers will pay, but not so much on financing. Buyers will use leverage to purchase more, so it helps add liquidity to the market. Cash is always good, and having cash buyers is a good thing, but relying on them is a sure fire way to a stagnant market. Infusing capital into the market helps pull the market higher, and we’re seeing definite trends in financing. Banks have finally made it possible to borrow again, and that will help us continue this recovery.

I recently had a potential seller ask me why I didn’t say the market has fully recovered and that we were in full blown market mania. When I showed the seller how much his home value had increased from 2009 he was impressed, but he had refinanced his house during the boom and owed more today than it’s worth. Had he not taken money out at the height of the market he would have had equity, but since he did, he was still underwater. He chose not to sell today but we’d revisit the issue next year.

This is exactly why I say we’re still recovering. Back in 2005 we had artificial influences affecting the market, and we still do today. Today the artificial influences are the fact that some sellers still owe more than their property is worth today. If we didn’t have upside down sellers we’d have more inventory, and if we had more inventory we’d have more sales.

Some sellers are above water but just don’t like their equity position because it doesn’t leave them much down payment for the next home. In any event, equity positions are holding back many sellers who’d otherwise like to sell but are still trapped in their homes. This is perhaps one of the last barriers to calling this a full blown market recovery.

When the economy finally takes off, we could move closer to that point. Signs point to a recovering economy, but things like ObamaCare could stall that if companies cut back to stay afloat. We’re also hearing from small business owners who are facing large premium increases, so this cuts into their disposable income and their real estate purchasing power. Something tells me that when fully implemented, the public will turn to their congressmen and demand some changes, and they’ll make some changes to lessen the effects.

In the meantime, let’s keep this economy rolling, and keep the banks lending. We’re doing our jobs in the trenches and we’ve got this market heading in the right direction. If the banks and Washington all play nice, 2014 is going to be a great year. To search the MLS go to www.TopAgent.com You can always call us at 238-489-4042

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

Brett Ellis Bio

Battling low appraisals. In the past few months I’ve had agents call me from all over the country asking how we’re handling properties that sell for more than the appraisal. We’re tied into dozens of private Realtor discussion boards, Realtor networks, and organizations and this topic has been popping up frequently, so we thought we’d take a moment to help those in SW Florida with some tips we’ve learned over the years to combat this problem.

Let’s identify the problem. Appraisers are looking in the past for data that supports today’s value, but the problem in a rising market is that the data in the past is lower by definition because prices have been rising. When a market is on the move appraisers can make a time value adjustment but it seems they’re quicker to make adjustments in a declining market than they are in a rising market.

Here are some tips for agents to get appraisals up to market value:

Once property goes pending make showings by appt only. When appraiser calls meet them out there with comparables you used to value the property. Appraisers have a difficult job. They’re underpaid and expected to turn these around within a day or two. If you have legitimate information that may help them it is usually welcomed. If you go in with an attitude and trying to persuade them to come in with a value just because you need a sale at a certain price it won’t work. Appraisers legitimately want to get it right; they just need facts that fall within accepted guidelines to backup the value they issue.
If the loan was placed with a mortgage broker and not a direct lender and you feel the appraisal is bad, the mortgage broker can request an appraisal from a separate appraisal management company if the lender they’re brokering it to accepts from more than one management company.
Since HVCC (Home Valuation Code of Conduct) went into effect May 1, 2009 lenders can no longer work directly with appraisers. This is why agents may only get one chance to talk to the appraiser at the time they inspect the home.
FHA appraisals are good for 6 months, so once it’s completed you’re pretty much stuck with that value. You can dispute a FHA appraisal and provide documentation and it can be amended, but this is not guaranteed.
The seller can pre-pay the mortgage insurance which might eliminate the need for the property to appraise
If an out of town appraiser calls with an order to appraise the home, don’t let them in. Call the lender and tell them you want an in-town lender and to re-order with another appraiser. Over the years out of town appraisers unfamiliar with the local market have wrecked many deals.

Remember one thing about the new HVCC. They have cut what they pay the appraisers and shortened the time the need results. When you call an appraisal management company to ask for business the typical question is what is your cheapest price and fastest turnaround. This isn’t always conducive to an appropriate value on the home. Perhaps one day somebody in authority will re-work this process as it can hold back the real estate market. Thank Goodness we have cash deals bolstering the market.

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

Brett Ellis Bio

Fort Myers Real Estate and Homes For Sale

SW Florida Real Estate Market Updates & News

Inventory by Price Range

Inventory by Price Range

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New Pending Sales Set to Rise

New Pending Sales Set to Rise

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Twas the Week After Christmas

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Where Are Prices Headed in the New Year?

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Weather Up North Affecting Real Estate in SW Florida

Weather Up North Affecting Real Estate in SW Florida

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Listing Inventory on the Rise

Listing Inventory on the Rise

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Why Now Might be the Best Time to Buy!

Why Now Might be the Best Time to Buy

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$500,000-$1 Million Market Heating Up in Fort Myers-Cape Coral-Estero Real Estate Markets

High End Market Heating Up in Fort Myers-Cape Coral-Estero Real Estate Markets

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SW Florida Real Estate Market Continues Recovery

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Battling Low Appraisals

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Inventory by Price Range

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New Pending Sales Set to Rise

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Weather Up North Affecting Real Estate in SW Florida

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Listing Inventory on the Rise

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Why Now Might be the Best Time to Buy

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High End Market Heating Up in Fort Myers-Cape Coral-Estero Real Estate Markets

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