Tag Archives: Ellis Team at Keller Williams

Cost of Waiting to Purchase SW Florida Real Estate

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Putting off that home purchase?  Perhaps you’re saving up for the down payment, or you’re waiting on sellers to reduce prices?  That might cost you in the long run.  Let’s explore the cost of waiting to purchase SW Florida real estate.

Cost of Waiting to Purchase SW Florida Real Estate

In October median prices were up 6.7% and average prices were up 8.6%.  These numbers are indicative of how we’ve been running all year, so we’ll say they’re legit for conversation purposes.

Cost of Waiting to Purchase SW Florida Real Estate

Let’s assume home prices increase 5% going forward. That’s reasonable compared to this past year.  The Federal Reserve is expected to hike rates this week and the consensus is 3 times again next year.  Right now, as of time of this article the Fed Funds rate is 2.1%.  It’s expected to climb to 2.7% in the next year and 2.9% into 2020. That’s almost a 1% incline in rates.

If rates go up 1% and home prices go up 5%, it will cost a buyer about $12,500 in price which translates to an increase of $190.38/Mo in payment.  Over the life of the loan that’s an additional $68,537.

When people see it broken out like that they realize the true cost of waiting.  This doesn’t even factor in the equity gains over 15 or 30 years. If someone were to rent and never purchase, they would never end up with a paid off home for retirement.  Buying real estate is the single best option for people to build wealth.

Sure, perhaps you could have been lucky and bought Bitcoin 8 years ago. You’d be wealthy today.  However, you could have lost everything, and you still could as the jury is still out on its long-term value.

Real Estate a Hedge Against Inflation

Tangible assets are a hedge against inflation.  Therefore, people buy real estate, gold, silver, etc. in inflationary times.  The difference is if the price of gold or silver goes down, you can’t live in it.  Gold or silver can’t be rented out and you can’t draw income from them either.  You can live in real estate whether it’s up, down, or sideways.  You can usually rent it out too and have someone else pay your costs of ownership.

At present we don’t know what’s in the final tax bill.  We don’t know if it will even pass, although we believe something will.  There are some provisions that may not be as friendly to real estate.  Hopefully this will be offset by provisions that should jump-start the economy.

Florida stands to gain versus other tax heavy states which could lead employers and people up North seeking more tax favorable states.  We could envision a scenario where companies decide to relocate to tax friendly states like Florida, Texas, and other low tax states.  This could offset possible mortgage interest deductions and deductions for state and local income taxes.

Nothing we’ve seen in the bills so far would hurt Florida.  Whatever they do to real estate, Florida will be less impacted than most.  Florida stands to gain if other states are hit hard.

No Benefit Waiting

The bottom line is we don’t see any benefit in waiting to buy.  It will only get costlier both in terms of rate and prices.  And if sellers are waiting to sell their properties up North, right now might be the time.  Imagine an exodus out of high tax states.  That’s not a fun time to sell when everybody else is selling, all the while buyers are high tailing it down to Florida.

We’re already seeing net migrations out of NY, NJ, IL, and CA.  This could heat up in a few months if tax policy plays out like they’re talking.  Florida stands to gain, and you can too if you beat the rush.

www.LeeCountyOnline.com has all the listings, and it’s updated instantly.  Finding properties on the  Internet that sold months ago or have incorrect pricing is frustrating.  It’s difficult to beat out other buyers to hot new listings with bad information.  Our website fixes all that for you.  When time and expertise advice matters, Always call the Ellis Team at Keller Williams, 239-489-44042, your one-stop shop for great real estate success.  If you’re thinking of selling, ask for Sande or Brett Ext 4.

SW Florida Real Estate Hurricane News and Information

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We’ve seen a lot of scams and misinformation this past week so we thought we’d pass along some useful SW Florida real estate hurricane news and information.

SW Florida Real Estate Hurricane News and Information Rumor Control

If your property insurance was cancelled leading up to the hurricane, executive order 17-235 issued by Governor Scott provides that cancellation is now rescinded for 90 days.  Furthermore, all rates are frozen for 90 days, and the order allows policyholders 90 days to provide requested information from their insurance company.  In other words, this will give policyholders time to either renew or shop around for coverage in the wake of the storm.  Great job Governor Scott.

FEMA is available to assist people with housing and emergency needs.  From what we can gather, you must prove losses and damage and in some cases, show hardship.  It looks like they’ll issue credits off your tax return in some cases.  FEMA says it will provide some coverage that your insurance company may not.  It may be worthwhile applying at www.disasterassistance.gov  We did hear of somebody receiving $500 on the spot for their business.  FEMA will send out claims adjusters to view your damage.  This is especially helpful if your property has been flooded or is uninhabitable.  There is some housing assistance for those people.

There are rumors that FEMA, the Red Cross and FPL will reimburse you for lost food, but this turns out to not be true.

We’ve heard FEMA will not reimburse you for lost food on the news, and yet we’ve seen a checklist for you to itemize your food losses.

You hear so many things online and in the news and it’s difficult to know what’s true.  It’s especially difficult in times of disaster, limited power, internet, etc.  Beware of scams.

Mortgage Relief

Mortgage forbearance is a hot topic.  Across social media everyone is advising you to apply and the banks must automatically grant you 3 free months of no payments.  Let’s clear up a few things in this regard.  Lenders are forgiving and offering assistance.  If you have a government backed mortgage through FNMA or Freddie Mac you may be able to postpone payments up to 12 months.  FHA loans may extend up to 90 days.  In some cases, they will go longer depending on circumstances.

It’s best to contact your lender yourself.  Be wary of online scams.  There should not be a fee charged to you for this help.  If someone is charging a fee, this might be your first red flag.  These payments are not waived, they are tacked on to the end of the loan, so if you don’t need the assistance, it might be best to pass on the idea.

We’re seeing contractors going door to door looking for work.  Again, be wary.  If you pay them money upfront you may never see them again, and you always want to see their license and insurance.  God forbid they get hurt on your property, or claim they did.  You could be out some cold hard cash and have legal worries. Be wary of offers and possible strings attached.  Evaluate the source of the help.You don’t need permits for everything.  We’ve heard things like fence repair and replacement in a storm doesn’t need it.  Be sure to check for yourself before completing or hiring repairs.

Buyers Are Looking

The good news is we have buyers contacting us looking to purchase.  People up North haven’t given up on Florida either as they are signing up at www.LeeCountyOnline.com and searching for property. If you have a home to sell, we have buyers.

While we’ve been busy this week delivering generators to those in need, we’ve also been scurrying to fix damaged listings impacted by Irma.  We’ve secured contractors to repair and replace items so our sellers can be on their way and buyers can move into their new home.  Buying and selling real estate is more complicated than ever.  It’s wise to hire a professional to help you with all the details.

If you’re buying or selling and need a professional Realtor, please call the Ellis Team at Keller Williams Realty 239-489-4042.  We’re here to help.

More Resources:

Best Hurricane Irma Computer Model

FEMA Hurricane Irma Page

American Red Cross Hurricane Irma Page

Why Do Some Homes Sell Below Market Value?

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Last week we talked about the efficiency of the real estate market.  Simply put, the Southwest Florida real estate market isn’t as efficient as the stock market.  No real estate market is, because the information isn’t as readily available and we’re not dealing with apples and apples. So why do some homes sell below market Value?

Why Do Some Homes Sell Below Market Value

Let’s elaborate.  The stock market has what they call the big board.  Everybody can look up and see what a stock is trading at this second.  If you’re looking at class A common stock for a company, 100 shares of the same stock are exactly the same.  There is no difference.  Additionally, everybody has access to the same information on the company at precisely the same time.

The real estate market is different.  Even if you have two homes with the exact same floor plan, they are different.  They are located on separate lots, making potential differences in location value.  The upgrades can be different.  Their repair and maintenance may differ, and of course the decorating and appearance can affect the value of the homes as well.  One home may have a pool.  They may not be built the same year with the same materials.

And this assumes it’s the exact same floor plan.  We all know most homes aren’t the exact same floor plan.  So how would a consumer, appraiser, bank, property appraiser, seller, or agent fairly compare various homes against each other?  It’s a complicated process, because you’re not dealing with apples and apples like a stock.

The other component that affects what a home might sell for is the exposure to the market.  If the home is fully exposed, presumably everyone who is looking in that price range for those amenities would be aware of the home.  This just isn’t the case.

Have you ever driven by a neighborhood and said to yourself, “Wow, I didn’t even know this subdivision was here?”  Or open a newspaper and wonder where that home is located?  These are two examples whereby if the customer didn’t stumble upon the area or see an ad for the property, they wouldn’t even know it existed.

The agent you hire to expose your home to the market makes all the difference.  If you wanted to sell a widget online in an auction, do you think you’d get more if you had 1,000 bidders than just 1 or 2 bidders?  Of course, you would.  Full exposure equals full market value.  Partial exposure equals less than full market value.  This is one reason For Sale By Owners net 16% less on average than using an agent.

Not all agents are the same.  Some offer limited market exposure, which is better than sell by yourself.  Some offer much more exposure.  Of course, all this marketing costs money, so every agent can’t do it because they don’t have the money.

Agents get creative and clever and tell you that the home will be listed on 50-100 Internet sites and that’s all you need.  This isn’t full exposure.  Sure, it’s better than nothing but it’s not full exposure like we’re talking about.  Don’t assume all agents are the same, and don’t assume all marketing is the same.  It just isn’t!

Your home isn’t just like every other home.  It needs to stand out.  It needs someone to stand up for it and say Buy Me, I’m special!  The Ellis Team can do that for you.

Why Do Some Homes Sell Below Market Value?

Recently while doing some market research I stumbled upon a property that is undervalued.  It’s sad because the home should sell for more than it’s currently listed for.  It’s been on the market awhile.  It could use a few repairs that would make a big difference, but I presume it just may not have been marketed like it could be.  This seller will undoubtedly net less than they should simply because they didn’t do a few repairs and because the market doesn’t realize it’s a good deal.

The real estate market is not as efficient as the stock market.  If you’re looking for Top Dollar, Always Call the Ellis Team at Keller Williams! 239-489-4042 or visit www.LeeCountyOnline.com and search the market like a pro.

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Are All Realtors the Same?

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One common belief among home sellers is that all Realtors do pretty much the same thing.  Sometimes we even get the question, “Are all Realtors the same?”  They put a sign in the yard, place it in MLS, and pray someone else sells it.

Are All Realtors the Same

I can understand why the public is confused.  They don’t see what really goes on in a real estate transaction, so how could they possibly know?  Years ago, the broker made all advertising decisions.  With the advent of higher splits to agents, brokers have less money to call the shots now.  They can’t deliver all the benefits they used to and still pay the agents top splits.

This fact began the decline in advertising. Top splits should have gone to the highest producing agents, who would then take that money and re-invest into advertising.  Unfortunately, the high splits now go to anybody who can fog a mirror.

One might assume if an agent was receiving a higher split they’d have money to advertise, and that would be wrong!  The average agent sells than 1 home per year.  Even if they sell a home or two they don’t have money left over to advertise.

If they did have money to advertise, they wouldn’t know what’s effective.  We hear agents all the time say this doesn’t work and that doesn’t work.  The truth is, it doesn’t work the way they are doing it.  If you’re going to advertise, it pays to go big!

A $200 online budget will get you nowhere.  A small print ad with too much info crammed in will not produce.  Agents try these things and get no results, then they honestly say we tried that and it doesn’t work.

You’ve heard the term Go Big or Go Home.  It’s true in advertising.  The Ellis Team (230-489-4042) has always gone big.  Sure, we evaluate what’s working and what’s not all the time.  The point is, if you want results for your sellers, you must step up.  They are placing their trust in you.

There is a reason our listings sell faster and for more money.  It’s because we advertise.  We take pride in the fact that sellers net more using our services than they would on their own without paying a commission.  We expose their home to more people than they can, which results in higher prices and faster sales.

Agents wonder why buyers or sellers ask for part of the commission back.  In other markets, there are a few companies that have started doing that.  If an agent isn’t willing to go big and reinvest into marketing why not?  They’re not fully exposing the home and bringing top dollar.

Personally, I don’t think an agent should give back.  Agents earn it.  I do think some agents are worth more than others.  I think sellers should ask more questions about marketing and advertising so they better understand what they’re paying for.  Most agents give standard answers like the home will be advertised online and on a hundred websites, etc.

Are All Realtors the Same?

The truth is, many agents can’t answer the question because they don’t know.  When you interview an agent who understands and utilizes marketing and compare that to the agents who don’t, you begin to get an understanding what the differences are.  As a consumer, you might even learn more about home marketing than a lot of agents.

Agents are only taught how to pass the real estate exam, not how to effectively sell a home.  This knowledge must be obtained other ways, and it requires capital to invest in advertising.  Typical agents come into this business because of the low start-up costs but they don’t have the knowledge, expertise, or money to implement a plan, so they rely on the broker.  The broker isn’t much interested because they’ve given the splits to the agent to attract them to their company in hopes they turn out one day to be a high producing agent and stick with their company.  Don’t let the broker’s issue become your issue.  Hire a marketing pro.

If you think it’s expensive to hire a professional, wait until you hire an amateur.  Always call the Ellis Team at Keller Williams 239-489-4042 or search the MLS at www.LeeCountyOnline.com

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Renter Frustration Mounting

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Not a day goes by that we don’t receive a call or talk to someone who’s frustrated by the rental situation in SW Florida.  Renter frustration mounting for several reasons.

Rents are sky high in SW Florida.  Many times, it’s less expensive to buy than to rent.  When you add back potential appreciation along with principal reduction, many renters realize they’re just throwing good money down the drain.

Renter Frustration Mounting

This past week was Uncle Sam day.  Renters miss out on nice tax deductions too on interest, and this time of year it bothers them.

The renter has no control over their home.  Many times, the owner decides to raise the rent, move back in, allow a family member to move back in, or sell the home.  This displaces the renter.  It’s not a fun place to be in when you can’t plan where you’ll be living next year.

Rental inventory is hard to find.  Your best bet is to call the agent who has the inventory, but how do you do that?  You can call an agent who has access to MLS.  Here’s the problem.  Many rentals are listed on MLS, but the compensation to an agent might be $50-$100.  That’s hardly worth an agent’s time and gas running a prospective tenant around town looking for a rental.  Add in the fact the tenant may not pass the landlord’s background check, credit report, or pet restrictions and you’ve got the potential for showing many more days.  Agents have bills to pay too and simply can’t work for free, or less.  These force renters to work with the listing agent of the rental.

Scams are rampant in Florida.  Many times, a tenant thinks they’re talking to the owner and they’re not.  It could be a scam.  If the rent seems like a great deal it might be a scam.  If they tell you to just drive by and send money to hold the unit if you like it, it’s probably a scam.

Renter Frustration Mounting

So what should a tenant do?  First, working with an agent to rent a property is probably safest.  If they are licensed and working for a broker there are some extra protections for you.

Check out large apartment complexes.  You may not like them, however there is little risk the owner will decide to sell next year.  They may jack your rent, but at least you can stay where you are if stability is important to you.

Check out your credit.  Good lenders can get you in touch with people who can help get derogatory credit off your report.  Late payments on credit cards and past due medical bills hurt the most but they don’t have to.  If you can get these cleaned off your report, you may be able to buy a house sooner than you think.  It all starts with a little planning.

We work with lenders who can help.  Buyers are simply amazed what can be done for them and they’re so grateful when we get them into a home they can call home.  They don’t have to worry about where they’ll be living next year.  Statistics show people who own their own home end up with a lot more financial freedom than those who rent.  Stop making your landlord rich.

The Right Lender

Call the Ellis Team at Keller Williams 239-489-4042.  We’ll put you in touch with a lender that can either approve you or help you improve your credit.  Feel free to search the MLS www.LeeCountyOnline.com  You might find some homes that interest you.

We received a call this past week from an older couple who’s being displaced.  They want to find their forever rental.  Unfortunately, nobody can guarantee that.  We know they’re tired of moving and just want to rent one place.

Let us help.  Perhaps you can buy today.  If not, get help working on that credit.  Even if you never buy a home, better credit will lower the cost of borrowing on cars, credit cards, etc.  There’s no reason not to look into it.

Good luck and happy searching!

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Market Data Shows Price Decreases Amid Growing Inventory

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It’s that time of year again folks.  SW Florida home sellers begin reducing prices as season drags on.  This isn’t necessarily a bad thing.  In season, homes fly off the shelves, but not all homes.  Each year some sellers get greedy and hope that an out of town buyer will overpay for their home because they just love it so much.  What’s different this year is that inventory levels are higher and the monthly supply of inventory has grown. Market data shows price decreases amid growing inventory.

Market Data Shows Price Decreases Amid Growing Inventory
SW Florida Market Watch

Motivated sellers are finding out that they cannot overprice a home and expect it to sell.  It’s been a seller’s market in years past.  This year it’s more of a balanced market.  We have perhaps one of the healthiest markets we’ve had in a decade.  By that we mean neither seller nor buy has an advantage.

When the market shifts like this it’s an opportunity for educated sellers to use their knowledge and jump ahead of other sellers before they figure out what’s going on.  It’s not that hard to do.  Many sellers are reluctant to hear the truth, so they tell themselves the market is better than it is.  They study neighbors asking prices and add some more simply because their home is nicer.  Never mind the fact their neighbor’s home has been on the market for over a year.  They judge their competition by asking prices instead of sold prices.

Market Data Shows Price Decreases Amid Growing Inventory Listings
Listing Inventory

The educated seller looks at other sellers who have won the home selling game.  It’s kind of like asking a group of fishermen how the fish are biting today.  You wouldn’t ask the ones going out in the morning who haven’t caught anything yet.  If you truly want to know how they’re biting, you’d ask the ones coming in at end of day with fish in their boat.

Market Data Shows Price Decreases Amid Growing Inventory Months Supply
Month’s Supply Inventory

The same is true with the real estate market.  We must look at actual sold data and compare to the subject property.  And we should look at what the conditions were at the time of those sales versus today.  If a home sold 5 months go back when we had less inventory to compete with we may have to discount that a bit now that we’re competing with many more homes.  We must take all conditions into account.  Otherwise we may misjudge the market, and that only hurts the seller in the long run.  Sure, they’ll feel better about themselves for a month or so until they realize the price they thought their home was worth was just pie in the sky.

Sellers may blame the market. They may even blame their Realtor for not selling it.  We’ve been through shifting markets before.  Many times, we’d call a seller and talk to them about market conditions.  Some just do not want to hear they need to reduce their price.  No Realtor enjoys that conversation anyway, but ignoring changing conditions can be at your own peril.

We have a good market right now.  Chances are if your home hasn’t sold yet it’s due for a pricing checkup.  Marketing becomes more important as inventory grows.  Pricing is equally important.  It could just be that you were a little too aggressive initially and re-positioning your home in the marketplace could do the trick.  As you can see, a lot of sellers are selling, and the one’s that aren’t are reducing their price.

If you need to get your home sold, call the Ellis Team at Keller Williams for expert pricing and marketing 239-489-4042.  If you’d like to shop and educate yourself online first, go to www.LeeCountyOnline.com  It has all the listings and it’s updated every 5 minutes.  No more looking at homes that sold months ago, or old prices.

If you’re looking to buy or sell, our team can help!  We make the process easy and we handle all the details.  Let us help you with your next SW Florida transaction.

Good luck and Happy House Hunting!

Finding SW Florida Real Estate Buyers Using Advanced Marketing

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Suffice it to say marketing real estate has come a long way in the last decade or so.   Gone are the days when you could just put a sign out front, an ad in the paper, and upload it to MLS and expect it to sell.  Oh sure, it might sell, but what if that doesn’t work?  The Ellis Team and other top agents are finding SW Florida real estate buyers using advanced marketing techniques.

Finding SW Florida Real Estate Buyers Using Advanced Marketing Facebook Audiences
Online Audience Demographics

Sure, we still use the newspaper, signs, and the MLS.  All marketing works to a degree, and any one of them could sell the home.  We can’t just sit back and hope the buyer finds us.  We have to go out and find the buyer, and that’s exactly what we do.

Finding SW Florida Real Estate Buyers Using Advanced Marketing

Through the power of Google, Bing, Yahoo, and Facebook we’re able to lock in on the buyer and bring a home to them, instead of praying the buyer finds us.  We can search for buyers who are likely to move, who make a certain amount of money, have a certain degree of education, just entered new relationship, or have a level of equity in their current home.

Finding SW Florida Real Estate Buyers Using Advanced Marketing Facebook Behaviors
Behaviors Likely to Move
Finding SW Florida Real Estate Buyers Using Advanced Marketing Income
Online Lead Income Level Selection

 

Home Ownership Characteristics Finding SW Florida Real Estate Buyers Using Advanced Marketing
Home Ownership Characteristics

We can drill even further.  We can target doctors, people up north, and hundreds of other attributes.  Real estate is a people business.  The best agents learn a lot about their clients because they ask questions.

Today there is a database that has all this information.  When you put a sign in the yard you’re limited to just those that drive by the property, and you have no idea if they need a home or could even afford one.  When you know which people make a certain amount and are likely to move and are looking for a 2<sup>nd</sup> home in SW Florida it makes it easy.  Sure, you have to know what you’re doing and how to reach these people, but the time invested in targeting the right people more than offsets targeting the wrong people.

When we list a $1 Million property, we want to find million dollar buyers.  It does us no good to find $100,000 buyers for that Million-dollar home.  And vice versa.  When we list a $200,000 home, it doesn’t matter how many $5 million buyers we have.

We sell what we list.  Sometimes sellers will ask how many homes have you sold in his price range, and that might be the wrong question.  The best question is how will you reach qualified buyers for my home?

We’ve sold properties in our career anywhere from about $5,000 to over $15 Million.  Of course we need to price the property correctly because no amount of marketing will sell an over-priced listing.  Proper pricing isn’t enough however.  We’ve got to go out and find the buyer, we can’t expect the buyer to find us without proper marketing.

We not only have a database of buyers in all price ranges ready to make a move, we go out and look for more buyers as we list each property.  This expands our database, so it’s quite possible we already have the buyer for your home.  When new properties hit the market, our buyers are alerted each day of new listings that match their criteria.

If you’re thinking of selling and not sure how an agent will find a buyer for your home, give us a call.  239-489-4042.  Ask for Sande or Brett.  We’ll be glad to show some advanced marketing techniques we’re using to sell our listings.  It not only works, it’s kind of fun.  Feel free to use our website to search the MLS or find out what your property is worth.  www.LeeCountyOnline.com Always call the Ellis Team at Keller Williams.

 

Good Luck and Happy House Hunting!

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1338 Landmark Ct-Whiskey Creek Waterfront Pool Home

Agents Reporting Lower Sales Counts Across Lee County

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This past week we’ve been speaking with agents who have noticed lower sales counts across the county, which begs the question “Is something happening to the local real estate market?”

June’s official numbers won’t be released until a few days after this article is written, so we decided to look at May’s numbers and combine some current data from MLS and a few large real estate companies in SW Florida.

Agents Reporting Lower Sales Counts Across Lee County
May 2016 SW Florida Housing Numbers

Agents Reporting Lower Sales Counts Across Lee County

If you look at May’s data you’ll notice pending inventory is down 12% from last year. New pending sales are down 6.4% while inventory is up 14.1% This chart lends credence to the fact that the number of sales counts are softening.

At Keller Williams our office tracks Listings Sold Volume. The board was down 13.21% in June while our office was up 25.33% That’s a differential of 38.54% I spoke with 2 large RE/MAX offices and they both said they were up about 38% and 50% respectively. I’m not sure if that was sold volume or units, but either way they’re up.

So why are some offices increasing sales while others are obviously losing sales? The answer can be complicated. Perhaps the office had 1 or 2 large sales skewing the volume numbers. Perhaps they sold a chunk of homes to an investor. Or, perhaps their agents are just more tuned in to what’s going on in the market and making adjustments.

Agents Reporting Lower Sales Counts Across Lee County Market Watch
7 Day Market Watch

I pulled a 7 day Market Watch available through our MLS. Price decreases are outpacing new listings. I was excited to see pending sales outpacing new listings as well, although we know not all pending sales will close. You’ll see some sellers giving up by looking at the terminated, expired, and withdrawn counts.

It can be frustrating to bring a property to market and have little to no showing activity. When this happens it tells you that you’ve overshot the market. If your home is priced at market it should receive showings. If your home is way above the market, it’s not really on the market and is shunned by potential home buyers.

Sometimes the sellers believe the market is at one point and the buyers believe it to be at a lower point. When this stand-off occurs, activity lessens. The sellers that want or need to sell react and make a move to find the buyers. When this occurs, a property will sell.

We recently had a property go under contract. We picked a price and had lots of showings. It was priced close enough to where buyers would look at it, but not make an offer. We reduced it once and got even more showings and one low-ball offer. We reduced it a second time and it sold, for much higher than the low-ball offer.

The home initially was priced right where it should be based upon past sales. However, the market rarely stands still. In that price range we noticed a shift in the market. If this seller would have stayed at yesterday’s prices, the home could still be on the market.

You never want to get caught chasing the market down. You want to get ahead of it. People read that prices are up, and they are up 4.7% in May versus last year. That doesn’t tell the whole story. That is median price, and some price ranges are increasing while some are decreasing.

Knowing where your home fits is crucial. Sure, you can interview 5 agents and pick the one who says the highest price. But have you done yourself any favors? If your home sits on the market and 6 months later you’re shaking your head because it hasn’t sold, are you going to be happy you selected the agent with the highest price?

We’d suggest interviewing agents who know the market, will be brutally honest in regards to price, and markets the home in a way to reach the entire market. If you do that, you will have success. If you don’t, you can find that agent the 2nd time around and hope that prices haven’t declined further. If it was priced right the first time, it should have sold. Keep in mind, just because you overprice it today doesn’t mean the market can’t fall further. If it does, you’ll just be chasing the market down.

See Also Business Observer Article on SW Florida Real Estate Market

Always call the Ellis Team at Keller Williams, we’ll help you get your home sold now! 239-489-4042 Find your dream home now!

 

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Reflection Lakes 4 Bedroom Pool Home on Lake

 

 

 

 

 

 

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Palmetto Point Waterfront Community

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Sometimes we like to take a break from statistics and real estate market news and tell you about a neighborhood or area in SW Florida. Today we picked Palmetto Point waterfront community in South Fort Myers.

Palmetto Point Waterfront Community
Palmetto Point Waterfront Community

We don’t currently have any listings in Palmetto Point, we just love the neighborhood and enjoy selling homes in there whenever we get the chance.

Palmetto Point waterfront community is special because it offers deep waterfront access which accommodates large yachts and sailboats. It is located adjacent to Gulf Harbour Golf and Country Club so residents can join Gulf Harbour and enjoy their amenities like golfing, tennis, fitness, and fine dining without having to live in the country club.

I remember when I first moved to SW Florida in 1988. I used to drive through Palmetto Point waterfront community and say this is where I’m going to live one day. While that never quite worked out for one reason or another, my love for waterfront communities like Palmetto Point has only grown.

Most Expensive Home in Palmetto Point Waterfront Community
Most Expensive Home in Palmetto Point

Currently there aren’t many homes on the market in Palmetto Point. The most expensive home is on the market for $4,395,000 and features 5 bedrooms and 5.5 baths. It has approximately 7,292 sq ft living area, a 3 car garage, and overlooks the yacht basin with room for a 100 ft yacht in your back yard.

Least Expensive Home in Palmetto Point Waterfront Community
Least Expensive Home in Palmetto Point

The Least expensive home on the market right now is $329,000. It is considerably smaller at 1,645 sq ft of living area and is not waterfront although it does have a canal view. You won’t be able to park your boat behind this home.

There are other waterfront listings for $1,190,000 and $799,900. In case the existing inventory doesn’t suit your fancy, there are 5 waterfront lots currently available ranging from $695,000 to $2.25 million. If you’re looking for Fort Myers deep water access in a Fort Myers waterfront community, Palmetto Point might be just what you’re looking for.

If you’d like to see more information on any of the active or sold properties simply head over to Palmetto Point Market Report section. You’ll see that the highest sale in Palmetto Point in the 6 months sold for $3.75 million. You can click on any of the homes and see all the information about them. The site will give you days on the market, price per sq ft, sold date, and all the property details.

Palmetto Point Waterfront Community Market Report

Palmetto Point Waterfront Community Market Report
Palmetto Point Market Report

You can also find out what your home is worth on this site. Well, at least according to the best online computer models available today. Keep in mind that the computer has not been inside your home nor seen the updates you’ve done. For that, you’d want to speak to a professional like the Ellis Team. We’re experts at getting top dollar for nice homes in SW Florida.

You may have heard about the recent sale on Sanibel for $6.837 million. This past year we have seen several sales north of $1 million. While the $1 million+ currently has a 19.74 month supply of inventory right now, that’s actually pretty good historically speaking. It always takes longer on average to sell the larger homes as there are fewer buyers for them, but like anything else, if it offers what everybody wants, is in good condition, and priced correctly, it will sell.

If it isn’t priced correctly, properties will sit on the market. Proper pricing along with exposure to the market is what sells property.

If you’re looking for a waterfront gem but don’t have $1 million+ right now to spend on a home or lot, we have one in Overiver Shores that’s a beauty for $600,000. It’s 5 bedrooms, 3 baths with 3,363 sq ft living area and offers access to the river in seconds. There are buys out there if you know where to find them.

If you’re looking to buy or sell waterfront property in SW Florida, always call the Ellis Team at Keller Williams. We know the market and can guide you through searching for your piece of paradise. You can reach us at 239-489-4042 or search away at LeeCountyOnline.com

Good luck and Happy House Hunting!

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