Ellis Team open house Archives - Fort Myers Real Estate and Homes For Sale

Today we’re focusing on Lee County duplex search results. We’ve been getting a lot of inquiries from buyers looking to buy a duplex and live in one side and rent out the other. This makes a lot of sense right now with rising rates. Why not let a tenant help you pay for the mortgage, and help qualify for the mortgage?

Last week’s article “Cape Coral Gulf Access Homes for $500,000 or less” was so popular we decided to keep it going. Many of you reached out or registered on the website to search for homes, obtain neighborhood market reports, or get your current home’s value. We are glad you loved the information.

Lee County Duplex Search Results

Currently 139 duplexes are on the market. They range in price from $149,900 all the way up to $3.995 million. Of course, I had to check out the $3.995 million duplex. It is located on Captiva right on the beach. It is gorgeous. I could see myself living there. Are there any tenants out there that would like to rent one side so I could live my dream and you help me pay for it?

Seriously, buying a duplex can be a smart decision for some, and many are looking into it. You must be careful though and make sure both sides are included. I’m looking through some of the listings and it appears some are listed with only one side included. While the building may be a duplex, the ownership might not be.

To see this search for yourself, go to www.LeeCountyOnline.com and look for Fun Searches on the right side of page. We just added Lee County Duplex search this week. Keep in mind, you can search Collier County, Charlotte County, and many other areas in Florida. This website is powerful and has access to more than just Lee County listings.

Saved Searches

You can also create and save your own searches. Perhaps you have no interest in duplexes or waterfront homes. Maybe golf is your thing. You can create your own search, and our system will find it if it’s out there. Additionally, it will email you when new properties enter the market that match your criteria, so you’ll be the first to know. Just search away. Be sure to save your search if you see properties you like. Or favorite a property to keep track of it. Buyers like to know if a favorite property goes pending, when it sells, or if it has a price reduction. This technology will do all of that.

You can have an unlimited number of saved searches. For instance, I could set up a saved search for duplexes in one area of town and single-family homes in another. Perhaps I want to buy a larger home for me in one price range and a smaller condo for my parents, or children. There is no limit to the various searches you can set up.

We have access to every field in the MLS, so if you want to drill down even further, we can help you with that. Just give us a call.

Market Report

Perhaps you live in a current neighborhood or have an interest in one. You might be interested in our market report page. www. https://www.leecountyonline.com/sw-florida-market-reports/ This page has access to sold listings and photos. No other website we know of has all this.

Home Value Report

How would you like to know your home’s current value? Our website will tell you. The best part is it will email you your updated value every month.

Simply go to www.SWFLHomevalues.com and put in your address. It’s fast, free, and fun to watch over time.

Of course, We’re here to talk to. All this technology is great, but we love helping and talking to people, so give Sande or Brett Ellis a call at 239-310-6500. Good luck, and happy shopping!

Changes in the SW Florida Real Estate Market

Ellis Team Weekend Open House

Open House Saturday 12-3 PM

17681 Acacia Dr

Local pending sales drop as inventory rises which caused the month’s supply of inventory to rise 70% in May over last year. New pending sales dropped 11% in May 2022 versus May 2021, while overall pending inventory fell 11.5%

The drop in pending sales comes at the exact same time as inventory rising to 57.1% year over year in May. This explains why we are seeing price reductions. New supply to the market is outpacing demand. We still have excellent demand, but the market is not absorbing all the new listings coming to the market.

The month’s supply of inventory rose to 70% to 1.7 months supply. 1.7 months is a historically low figure, and yet we know the supply is outpacing demand. This number will not stay at 1.7 months’ supply.

Price Reductions

Today I looked and there were 2,629 single family homes on the market in Lee County. 947 of the 2,629 homes on the market recently had a price reduction. This means 36% of all homes on the market today have had a price reduction since they listed the home.

Local pending sales drop as inventory rises — 7-Day Market Watch

The most fun time to be a seller statistically was back in February. Don’t get us wrong, it’s still a great time to be a seller, and homes are selling well, if it is priced correctly.

The question is, is it more fun to be a seller today than it will be a month or two from now? We know it was more fun a few months ago, and by the trend we are seeing in the numbers, it very well could be more fun today than in the future.

We have been telling sellers for months, the sooner you decide to sell the better off you may be. This is true today as well. We are studying preliminary sales numbers for June, and it looks to us that median sales prices will be down against May numbers.

Sales Prices Lower

Official May median price was $469,950. I just pulled up all single-family home sales in Lee County as of June 28^th, the day this article was written, and median sales price came in at $449,950. That is a $20,000 drop if the number holds up. Keep in mind, there are some outstanding sales yet to be recorded for the month.

Average sales prices look to be lower in June as well. Official May average was $658,886 and the preliminary average is $598,413. That is a $60,000 drop. Again, there are some outstanding sales that could change these numbers.

Top Dollar

While we have an excellent market, the data suggest the market is cooling. Your Top Dollar may be today, and every day you wait may cost you money. If you are thinking of selling, sooner may be better than waiting. If your home is on the market, adjusting your price to get it sold today may be better than waiting. If the market continues cooling, it may not be as fun a few months from now.

A word of caution though. Median and average home sale prices traditionally decline about this time of year, so don’t make too much out of it. More luxury homes sell in first quarter every year. What is different this year is inventory is rising.

The Fed is also tightening, and the lending market has risen. We may be in a recession, or close to one. With all these events happening simultaneously it may be safe to assume prices have stalled until we get back to a lower interest rate environment.

If you have a property to sell, you should talk to Sande or Brett Ellis 239-310-6500 We study the market and can give you up to the minute advice. When the market changes you need an experienced agent who’s been through a shifting market and knows how to handle it. Check your home’s property value on our site at www.SWFLhomevalues.com

Good luck and have a Happy July 4^th Weekend!

Ellis Team Weekend Open House

Saturday 12-3 PM

2007 SW 30th Ter

4 Bed 2 Bath Pool Home

SW Florida August home prices stabilize ending a three month decline in average home prices. Median home prices peaked in May and only slightly declined in July. Median home prices held steady for August.

We are watching daily inventory counts to see if there is any movement. If anything, inventory has declined since August numbers. We do not see building inventory and many properties are still receiving multiple offers.

Interest Rates

Today as I write this article the 10-year note stands at 1.529% That number will fluctuate throughout the day. It has trended up the past month. For instance, it was about 1.289% a little over a month ago. The reason we track this financial instrument is because 30-year mortgages are pegged to the 10-year note. My unofficial formula is adding about 1.6% to whatever the 10-year note is, and it will get you close to current mortgage rates.

That would put us close to 3.125% to 3.25% interest rate, which is about where rates are at with no points. Rising rates can motivate buyers to buy now, but it also cuts into purchasing power. Rising rates may not make a difference now as we have more buyers than sellers, but someday it could if the market slows down.

Inflation

We are also watching the price of oil. Rising oil is a clue to rising inflation and a barometer of pressures on bond yields which influence interest rates. As of today, West Texas intermediate crude oil is at $79. This is up significantly and could lead to more inflation.

If congress passes more unfunded spending in the wake of rising inflation, it could spark interest rates rising faster. If that happens, all eyes will be on stock markets and real estate markets. The United States is at a precarious time with our debt to GDP ratio, and any moves could trigger interest rate swings.

If financial markets do swing, the next question is what effect will that have on consumer behavior? Where will people want to live if they leave their job? We are also at a critical time with jobs and vaccinations. The federal government is mandating all health care employees be vaccinated or health care providers will lose their Medicare funding. No hospital or large provider can afford to do that. The question is. How many people will quit or be let go from their jobs in health care?

It is not just healthcare either. Many teachers are facing the same dilemma. In New York alone, we have heard reports of 150,000 teachers at risk of losing their job.

Vaccine Mandates Effect on Real Estate

If the mandates stick, will these people stay where they are or make a move? Florida has been a popular destination. With so much uncertainty, it will be fascinating to watch how these factors play out. In any such transitions, there are always winners and losers. What effect this will have on Florida and our real estate market remains to be seen.

Rising rates tend to temper the market. Changing demographics can further exacerbate a declining situation or moderate losses, depending on where you live.

For anyone to tell you they can predict the future right now would be absurd. All we can do is open a window into our thinking and show you some of the factors we are looking at. We have a list of 7 key indicators we will be tracking.

One thing is for sure. Ellis Team clients will always have the latest information on what we are seeing. We feel it is our duty to buyers and sellers to have our latest research. It is part of why people hire us. We do not mind sharing some of this research with News Press readers as we feel the public should be informed.

If you are interested in selling, always call Brett or Sande Ellis 239-310-6500. We can discuss what we are seeing and how this will affect your property value. For a free online instant property valuation, visit www.SWFLHomevalues.com Our system will update you every month the value of your home.

The Ellis Team looks forward to speaking with You!

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Ellis Team Weekend Open House

Hendry Creek

Open House Saturday & Sunday 12-3 PM

15666 Light Blue Cir

Ellis Team Open House — Hendry Creek Waterfront Open House

Just when you thought you had seen everything, along comes another change in the real estate market. We are seeing SW Florida home builders changing sales tactics again, and it’s not good news for the buyer.

To mimic the success home sellers are having through their Realtor, several home builders have instituted a highest and best offer format on their homes. Basically, it works like this. The buyer makes a binding offer on a lot. There is typically a stated priced however the buyer can offer highest and best. The winning bidder chooses the home they want built and they go to contract.

Buyer Pays the Difference

If the home does not appraise, buyer agrees to pay the difference. Once you bid up the price, you’re buying it regardless of whether you pay cash or finance it. If the buyer is financing it, they will have already been pre-approved to bid on the property and shown financial ability to pay what they are biding.

Previously, home builders have been limiting sales contracts so they could keep up with price increases and maximize profit. Home sellers may have shown builders the way as builders want in on the fun as well. All of this puts additional pressure on buyers because they do not know what it’s going to take to win the bid.

I spoke with a homebuilder who used this in another city in Florida. The lot had a $25,000 stated lot premium and was offered out for highest and best. The winning bidder bid it up to $170,000 and won the bid. They then went to contract with the house on tip of that plus options.

The builders argue that it is not fair to sell to whoever shows up first. They are getting as many as 100 people per day through their model homes. That is 700 per week. If a builder releases 2 lots and calls for highest and best, they now have 700 from this week, and thousands from previous weeks who have seen the property. Builders love this because not only are they raising prices on the house as costs rise, but they are also maximizing value on the total package.

New Construction Prices Will Pull Resale Prices Higher

Rising new construction prices can help pull resale prices even higher when you have such limited supply and strong demand. It used to be when building prices got too high people would switch over to resale and vice versa. Now there is no switching. Buyers must jump on the first home that meets their needs and come with their best offer.

Buyers are not competing with the seller, or the builder. They are competing with other buyers. We have great tools on how to win bids when you are not holding all the cards. These tools help, but they are not an automatic win for buyers in every circumstance. You’ve got to play the cards you are dealt, and a great Realtor can help you play them as best as possible. If you are a buyer, call the Ellis Team at Keller Williams Realty 239-489-4042 or visit www.LeeCountyOnline.com

If you are a seller, you need an experienced Realtor. Buyer agents are trying all kinds of tricks and shenanigans trying to win deals. Some are legit, and some are not. An experienced agent can keep you from going down the wrong path with the wrong buyer. If something doesn’t seem right, you need an agent with experience to sort that out.

Getting Top Dollar For Your Home

With builders changing sales tactics, so too must home sellers. There are additional ways to maximize your sale price. Brett and Sande Ellis know how to do this as well. If you are looking for Top Dollar, call Brett or Sande Ellis 239-310-6500 or visit www.SWFLhomevalues.com to see what your home is worth.

Do you know what your home is worth? If you haven’t checked in the last week, then you really don’t know.

We have many happy home sellers that are glad they called the Ellis Team at Keller Williams Realty. Let’s talk and see if we can help you too!

Ellis Team Open House

Cape Coral Waterfront Pool Home Sat 12-3 PM

Agents have been calling us asking if showings are down. The answer always is some listings seem to receive more showings than others and it depends on your inventory mix at the time. It is an interesting question though, so we did a little digging into the latest Southwest Florida showing activity in MLS.

CSS (Centralized Showing Service) is the predominant showing system used by Realtors across Southwest Florida. We have reports and statistics we can search on using their system to glean information about showing activity. This data can be useful to Realtors and sellers alike.

Here are two examples. We tracked showing activity in the Fort Myers area for May by price range. The average listing from $195,000-$400,000 saw 4.6 showings. That’s roughly one per week. Look at the $220,000 price range. Having a home listed at $220,000 rather than $225,000 saw a 57.29% increase in showings. This tells us that is a price sensitive segment, and over pricing by just a dollar can cost a seller some showings.

Our next example tracked the same zip codes in the $400,000-$600,00 range. We wanted to see if there was a significant change in showing activity. On average, there was about a 25% drop in showings from May to June.

So why is that? Has the market softened? Perhaps. However, it could just be that kids are out of school and people have concentrated on vacations, summer camps, working in the yard, etc. We’d expect showings to be down from season. Keep in mind, we selected the $400-600k price range. Other price ranges may tell a different story.

The point is, your Realtor has access to all this information. For a $300k home in Cape Coral zip code of 33914, it may help to search and compare in 33914 and nearby zip codes. If a trend emerges, this can be useful information to the seller.

If the MLS average is one showing per week in your price range, it can seem like an eternity waiting for showings. There are ways to increase showings.

Make home accessible. Turning down a showing because the home isn’t ready hurts your chances. We had a seller turn down a showing last week and it cost them. The buyer wasn’t available the next day, and who knows, they could have bought on that day.
Consider re-positioning your home in the marketplace. Are you in a stale price range? Is your home overpriced? If the answer to either question is yes, you may need to take action.
Freshen up your home. Consider changing the lighting to make rooms look brighter. Clear out furniture that’s too big for the room to make the room look larger. Perhaps new paint and carpet would make a difference.
Market your home. The more people who know about it the more chance you have a showing.
Look at your home through the eyes of a buyer. Sometimes an owner can’t see the dirt or smell the dog because they’re used to it. Tour open houses and see how other sellers show their homes, then compare to your own. It may open your eyes.
Listen to your Realtor. Arguing your position about how great your home is versus your neighbors won’t sell your home. The market either accepts your home or it doesn’t. If your home shows well, is priced properly, and marketed effectively it should receive offers. You picked your Realtor for a reason. Listen to them. If you’re not going to listen to them, find another Realtor. It’s like anything, doctor, lawyer, Realtor. If you don’t have confidence in them, you won’t take their advice. It pays to take a professional’s advice. It’s what you’re paying them for.

Feel free to search the MLS at www.LeeCountyOnline.com or call us at 239-489-4042 We’ll be happy to guide you through the home buying or selling process. Always call the Ellis Team!

Ellis Team Open House

Open Saturday 1-3 PM

11807 Bayport Ln #202

Avalon Preserve

$195,000

Gated Community

Southwest Florida real estate home prices increased 6% in April up to $249,000. Median home prices had been $235,000 last April. However, while the median price saw a rise, the average sale price only increased .9% over last year.

As you can see from the graph, in 2016 April’s numbers increased over March. That didn’t happen this year. The median price actually slipped $6,000 this April from March and the average sale price fell almost $15,000.

Pending inventory is down 10.1% and new pending sales were down 5.1%. Active listings were up 4.6% although new listings were down 10.1%.

What does all this data mean for the Southwest Florida real estate home market? We believe home prices have risen enough such that we’re in a fairly balanced market. Our market is no longer rising because it had over-corrected and was undervalued. Standard economic forces will be the driving factor going forward. As we write this article today the Fed’s decision has not been announced. It is widely expected they may raise rates .25% this week which would affect car loans and equity lines. It may or may not affect 30 yr mortgage rates.

We do know that since the election over $4 Trillion dollars of wealth has been created in the stock market. Home prices have risen as well. Could we see some of that stock market money make its way over into the real estate market? It’s happened before.

Rising interest rates typically erodes buyer purchasing power, so that’s not always good for the real estate market, although rates are low by historical standards.

Could baby boomers withdraw lofty 401k and investment money and move over to real estate? It depends on their outlook of the stock market, interest rates, and the economy going forward.

Jobs are being created again too. Over 700,000 have been created since the election. This may be good news for the real estate market, although jobs are shifting. Have you noticed retail sales are taking it hard?

Companies like Sears, Kmart, Lowes and others have struggled. Shopping malls are closing across the country as shopping patterns are changing. More are shopping online.

We’ll be keeping an eye on economic data as we think that will lead to consumer confidence. We’ll also be looking at inventory supply numbers as well as builder inventory numbers. We think there is an opportunity for builders to sell homes again. If they build it, buyers will come.

Many local sellers would like to sell. They just don’t know where they’d like to live yet, so they’re waiting. In addition to touring available existing inventory, our team has been checking out new construction projects. We think this may be the driver that unlocks home sales. While inventory has risen some, it’s still low enough that home sellers don’t feel like they have enough choices to make a move.

It’s a double-edged sword though because as new construction inventory opens, there becomes more competition for existing home sellers. Our economy needs both to fully thrive, but in the right proportions.

Southwest Florida Real Estate Home Prices Steady

I like where this market is right now. The Southwest Florida real estate market is balanced depending on which price range you’re in. If you’re thinking of making a move in Southwest Florida, give our team a call. We know the existing inventory and the new construction projects. You don’t pay more to use a Realtor when buying new. Our fee is already built-in to their price. It’s cheaper for them to pay realtors a commission than it is to advertise to bring in that many sales. Plus, they know we have the ability to bring in more customers, so they treat our customers better. It could cost you by not knowing all your options.

You need to know things like county versus city property taxes, CDD fees, homeowner and flood insurance rates. These vary by location and age of the home. We can help you sort all this out so you make a great decision.

Call our team at 239-489-4042 or visit www.LeeCountyOnline.com to search all the homes. If you have a home to sell, call us and ask for Sande or Brett. We’ll sell your home fast and for top dollar so you don’t miss that next opportunity.

Be sure to vote for the Ellis Team as Best Real Estate Team in News Press Readers Poll

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Ellis Team Open House

Saturday 1-3 PM

2 Bed, 2 Bath $105,000

3284 Prince Edward Island CIR Unit 1, Fort Myers FL 33907

Watch the Future of Real Estate June 2017 Southwest Florida Real Estate Market Update

Is it possible to have rising real estate sales at the same time as rising inventory levels? Obviously, it is possible as Southwest Florida real estate inventory rises as sales grow in March.

Most people equate rising inventory levels to lower sales which is usually what leads to the rising levels in the first place. However, in years past I can think of a few scenarios where this absolutely wasn’t true.

I remember back in the late 80’s and early 90’s talking about a subdivision called Eagle Ridge. Back then we had discussions that every 3^rd home in there was on the market. Sales weren’t frequent enough to work down that inventory so it stayed relatively constant back then at every 3 houses on the market.

Fast forward to years later and there were very few sales and almost no homes on the market. When one did come on the market buyers would ask if it was a tough neighborhood to sell in because there were no sales. The reason there were no sales prior to that is because there was no inventory to sell. Had there been inventory we would have sold them all.

This is an example of one subdivision at two points in time. It had few sales, for very different reasons. One was because of too much inventory and one was because of too little inventory. You can’t always read too much into inventory levels. This metric must be considered in perspective.

In March inventory levels grew to 6,100, a 5.1% increase over last year. Month’s supply of inventory grew to 5.7 months, which was a 5.6% increase over March 2016. We don’t get too excited about any one month numbers. We like to look at market trends.

As you can tell from last week’s article, sales were up 18.1% in March and average sales prices were up 19.1% The Southwest Florida real estate market is strong if the seller has priced the property correctly and it is marketed to the buyer.

Today’s sellers want top dollar. Today’s buyers just want to buy a home and pay fair market value. These are not mutually exclusive. We’ve been selling homes at full price in many cases. The buyer is happy to land a nice home and the seller is happy because they got more money than their neighbors.

So why is it that some sellers get top dollar and some do not? We believe it’s a combination of things. Price, condition, and market exposure. If an agent tells you that marketing doesn’t sell homes, you should call us. Marketing absolutely sells homes. It sells cars, homes, and everything else. There is a reason a certain auto dealer sells more cars than anybody else. It’s because he advertises more.

Marketing Works

There’s a reason our team sells homes for top dollar. It’s not because we price them lower. We price our homes for all they’re worth. The reason our sellers receive more in their pocket at closing is because we expose their home to more people with more frequency than other agents.

You’re reading this article right now. Perhaps you see our weekly newspaper ad, or our online ads. Quite possibly you watch our videos, tour our 360 degree home tours, or receive targeted ads for a specific property we’re marketing. Chances are you see our ads and you don’t even realize you’ve been targeted.

When we list a property, we don’t just sit back and wait for agents in the MLS to hopefully bring a buyer. We don’t give your property away. If we guaranteed a sale simply because you were priced under the market, we wouldn’t be getting you top dollar, would we?

Anybody can give a house away. That’s not selling, that’s taking the low hanging fruit. If you have a property to sell, always call the Ellis Team 239-489-4042 Ask for Sande or Brett. We’ll show you what full market exposure looks like and help you get Top Dollar. We’re your Top Dollar Realtors.

Feel free to search the MLS for free or research the market at www.LeeCountyOnline.com

Ellis Team Weekend Open House

Saturday 1-4 PM

12781 Kelly Sands Way

There are several indicators to judge the real estate market in SW Florida. A few of the things we look at are Inventory levels, pending sales, closed sales, and price changes. Real estate inventory levels grow in SW Florida.

A neutral market is considered to be 5.5 months. When we last calculated month’s supply of inventory back in December 2016 the overall market supply for single family homes was 5.65 months. That number has grown to 6.29 months. That’s still a healthy number, however it is growing. This could be an indication of a shifting market.

Market shifts are entirely normal. They are as guaranteed as the weather changing, so it’s nothing agents fret about one way or the other. Experienced agents are accustomed to dealing in shifting markets. The way you market and sell does change as the market changes. In fact, just last September the average supply was 5.07 months. We warned months ago we’d be keeping an eye on these numbers to see if the trend continues.

Real Estate Inventory Levels Grow in SW Florida

Since September we’ve seen an increase of more than 1 month supply of homes on the market. Because this index includes active listings plus pending sales with contingencies, we won’t get too excited because we have many pending from season that may close and help bring these numbers up.

So, what’s the take-away from these numbers? Sellers have increased competition from other sellers. The buyer is not your enemy. Other sellers are. Increasing inventory supply puts a damper on price increases. At some point, it can stall price gains altogether.

It also pays to know where your home stands in the food chain. For those that have a million dollar plus home, you realize there is almost a year and a half supply of competing homes on the market. If your motivation is to sell, you have to price your home to best compete against all those other homes.

If you have a home in the $300,000-$400,000 range, you too need to watch the market as your price range is above the average. Homes, $300,000 or less, are doing better than the overall market as there are more buyers fighting to purchase these homes. Not everyone qualifies for the higher priced homes.

When bringing a home to the market you must ask yourself, what is your motivation? Where are you going when you sell, and when would you like to accomplish this? Look up your home’s price in the chart and evaluate it objectively. Pretend you’re a buyer. Would you buy your home right now for the price you’re asking?

Hire the Best Agent

If you don’t like the category your home is in, it’s imperative that you hire the best agent who has experience working in a shifting market, and brings serious marketing for your home. The more buyers who are exposed to your home, the more your home will fetch at the sale. In some cases, it may be the difference of selling at all.

The other thing you must do is price it correctly. Your number can’t be what you’d like to get, or what you need to get. It has to be what the market will bear. The market has no sympathy. It doesn’t care if your home is your retirement nest egg, or you owe a lot on it. The market sizes up all the homes for sale and ranks each one. The home’s that show the most value relative to their price sell. Even if a home is super nice, if it is overpriced relative to its value, it will sit.

Think of a pro football player. A team only has so much money to spend. They have a budget. If there is an all-pro quarterback available in the free agent market whose value is $10 Million per year, but he wants $30 Million because he’s special will a team pay it? Probably not if they can get another all-pro quarterback in the $10 Million dollar range. They’ll save that $20 Million and spend it on other players they need to fill out the team. Tony Romo just retired because his value dropped. He wants top money and while teams would love to have him as a backup, he’s not the franchise player anymore. It’s sad, but it’s reality.

It doesn’t matter how nice a home is or what it has in it. If you overprice it relative to the market, it won’t sell. You can search the MLS like a pro for free at www.LeeCountyOnline.com Please call the Ellis Team 239-489-4042. We’ll help you price it fairly, and market it aggressively.

Ellis Team Weekend Open House

Sunday 1-4 PM

1516 SW 43rd St Cape Coral

Pool Home

3 Bedrooms, 3 Baths

$560,000

SW Florida real estate agents were expecting big numbers this real estate season, and so far, we’ve seen SW Florida home sales flat this season. The real key going forward will be March and April numbers when they are released over the next two months.

We have a crystal ball that tells us how sales numbers might come in. Pending listings leads to closed sales. While not all pending sales close, we can generally track future closings by the level of pendings.

Pending inventory is down 5%, so it’s logical to believe that we won’t see a major increase in future closings unless many more homes go pending at the end of March.

Inventory levels have risen 6.1% from last year and month’s supply of inventory has risen 11.1% While SW Florida is a large and diverse market, overall this tells us the market has cooled a bit as inventory is growing with fewer pending home sales.

We can’t judge a book by its cover. The cover may say we have a healthy, slightly cooling market, and that’s OK. This book however has many chapters, and each chapter tells a different story. Collectively all the chapters combined give us the overall figures.

Homes priced below $300,000 are on fire, and even many homes priced higher are receiving multiple offers. We have a good market and demand from buyers. Prices have risen steadily in recent years and there is a cap to this.

Home sellers many times price ahead of the market. In a rising market, each new seller prices just higher than the last sold and it seems to work, until one day it doesn’t. This tells us either the market is taking a pause, or the market has capped relative to the income typical buyers have to qualify for that bracket of home.

Rising rates also influence home affordability and can cap prices. We’ve seen a few rate hikes by the Fed with more coming. On balance, we have a healthy market and I like where we’re sitting.

SW Florida Home Sales Flat This Season

As in any market, it’s imperative to price your home where the buyers are. In a shifting market advertising and marketing plays a larger role as well. Full market exposure brings the highest possible price, so don’t settle for inexpensive or non-existent advertising.

If the agent you interview tells you advertising doesn’t sell homes, it’s probably because they don’t advertise homes much. Perhaps they prefer to advertise their public image, or perhaps they just don’t have the budget to market listings. In any event, it pays to interview agents that do advertise so you get full market exposure.

We’d be happy to sit down with you and cover all the ways we advertise homes. You’d probably be surprised at the difference, and this might explain why certain agent’s homes sell faster and for more money than others.

If you’re a buyer, we can help too. Our market knowledge and monthly market statistics help you make the best decision possible. When competing in multiple offer situations you need an agent that knows how to help your offer compete. If the chapter you’re looking in happens to be a cooling market, you don’t need to stretch too much and overpay. Let a seasoned professional from the Ellis Team help you.

You can search the MLS like a pro. Our database is updated every 5 minutes and contains the latest listings, price changes, and information you need to compete. If you’re a seller, you should check it out too.

Always Call the Ellis Team at 239-489-4042 and ask how we can make your dreams become reality. It pays to work with professionals that know the market. If you think working with a professional is expensive, just wait until you hire an amateur.

Good luck and Happy House Hunting!

Ellis Team Open House

15047 Balmoral Loop

Gated Community

3 Bed 2 Bath Pool Home

$317,000

Official January 2016 real estate sales numbers are in for SW Florida and as expected single family home sales fell 5.5% Condo sales were down 7% from last year.

Median sales prices were up 22.6% over last year; however they were only up .87% over last month. We did see a big jump in mean average sale prices in January, going from $280,186 in 2015 to $427,536 in January 2016. That’s a 52.6% jump. One reason we don’t use the mean average is because one large sale can skew the numbers.

Pending inventory fell 13.6%. Some say it is because we have fewer inventories to sell while others suggest the market may be taking a breather and leveling off. Now that the stock market has recovered some and oil has rebounded off its lows, maybe we’ll have a sense of stability going forward.

Of course we have that election thing hanging out there and I think everyone can agree this election cycle is like nothing we’ve ever seen before. If uncertainty creates confusion, we’ve got it in this election process.

Within the next few months perhaps the economy’s future will come into focus and people can start planning where they want to go with their real estate desires. So many in SW Florida have options now that their mortgage has paid down and prices have risen. Many feel like they’re no longer in jail and are free to explore their options.

We’ve seen an increase in local homeowners considering a move. They need to properly value the current home they have and see what improvements or repairs are needed to make it most sellable. They also want to know what they can buy if they do sell.

Our website www.LeeCountyOnline.com is great for both because you can search all the listings available for sell, as well as see sold and pending data in your neighborhood via the Market Reports section on our site. There is even a button to receive an online computerized valuation of your home.

Deciding whether to sell a home and buy another home is like putting together a puzzle. All the pieces have to fit, and when they do you have to decide if you like the finished puzzle. There is no substitute for meeting with a professional Realtor who understands this process. However, if you just want to turn all the pieces over and begin putting the corners and edges together first, our website is an excellent place to start.

If you’d like advice from a professional, give us a call. 239-489-4042 We’re friendly and never pushy. We simply present you with your options and let you decide what’s best for you. If you do decide to make a move, you’re not going it alone as you have someone by your side advising you and helping you with the process. We turn a complicated process into a smooth transition for you and your family.

And we help you avoid some costly mistakes. Please call, we’d love to help you. We’re the name you know and the people you trust. Always call the Ellis Team at RE/MAX Realty Group. 239-489-4042

Open House This Weekend Sat 1-4 PM

2110 SW 13th St Cape Coral

Lee County Duplex Search Results

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Changes in the SW Florida Real Estate Market

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Open House Saturday 12-3 PM

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Price Reductions

Sales Prices Lower

Top Dollar

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Saturday 12-3 PM

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Interest Rates

Inflation

Vaccine Mandates Effect on Real Estate

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Buyer Pays the Difference

New Construction Prices Will Pull Resale Prices Higher

Getting Top Dollar For Your Home

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Cape Coral Waterfront Pool Home Sat 12-3 PM

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Southwest Florida Real Estate Home Prices Steady

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Marketing Works

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Real Estate Inventory Levels Grow in SW Florida

Hire the Best Agent

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SW Florida Home Sales Flat This Season

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