Tag Archives: Heritage Cove

Tough Times For Limited Services Brokers and For Sale By Owners

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Just released home buyer’s data suggests tough times for limited services brokers and for sale by owners. 94% of home buyers used a real estate agent in the home buying process.  Those same buyers also used the Internet as a tool to find their home 94% of the time as well.

How Buyers Found Their Home Tough Times For Limited Services Brokers

Limited Service brokers are brokers who provide limited services to sellers to sell their home, presumably for a reduced fee.  This is not what the typical home buyer is looking for.  If anything, they require increased services.  They become frustrated at people who cannot answer their questions; all their questions.

The typical home buyer searches for 10 weeks before making their purchase.  This is a big reason why buyers shy away from For Sale by Owners and limited service brokers.  When they stumble upon a home, they’re not ready to decide for a while.  And when they do become ready, they want someone to help them with all the details.

The most difficult steps for buyers who purchased was finding the right property (47%) paperwork (27%) understanding the process and steps (15%) mortgage (13%) saving for down payment (9%) and appraisal of the property (4%)

Warning for Real Estate Agents

What Buyers Want From Agents Tough Times For Limited Services Brokers

 

Your job is not to find the buyer their home. In fact, even though buyers predominantly use real estate agents to purchase their home, only 40% found the home they bought from the agent.  51% of buyers want help in selecting the “Right” home.  Buyers love to search on their own.  They do so on average 3 weeks before contacting an agent.  Even then they love searching on their own, but they get overwhelmed with all the choices.  They don’t necessarily need an agent to find the home.  They need help selecting the best home amongst the choices.

Sure, buyers love websites like www.LeeCountyOnline.com that gives them a competitive advantage over other websites.  However, being notified of that hot new listing before anybody else, or that property that came back on the market, or a recent price change won’t help until they’re ready.

Number of Weeks Searched Tough Times For Limited Services Brokers

This is when an agent shines, and this is what buyers look for.  They want someone that will be with them those next 7 weeks while they search, and the weeks after that to help them close.  They want an agent who has a great reputation, is trustworthy, and knows the market, in that order.

This report from Florida Realtors is 198 pages and is filled with every imaginable demographic, statistic, chart, and insight you can think of.  It truly helps real estate agents determine what buyers are looking for and how they go about finding and purchasing it.

The report also covers sellers and what they look for in an agent.  If you’re a seller and not sure you’re asking all the right questions, or covering all the right angles, we’d be happy to show you this report.  Did you know only 19% of home sellers use their previous agent?  64% of home sellers contacted 1 agent to sell their home, while 20% contacted 2, and 10% contacted 3. Page 194 has some particularly shocking information regarding how sellers perceived their home was marketed.

It’s shocking to us because the agent either did more than the seller realized, or they didn’t market to the standards that we do on the Ellis Team.

If you’re thinking of selling, please call Brett or Sande Ellis at 239-489-4042.  If you’re looking to purchase, our team can help, and we definitely provide what buyers are looking for in this report.  Or feel free to search our website www.LeeCountyOnline.com  We know you may not be ready today, and that’s OK.  It’s a process.  We’re here when you need us, and our website is here 24/7 even when you don’t.

Ellis Team Weekend Open Houses

Paramount at the Shores- Gulf Harbour

Open Saturday 1-3 PM

Heritage Cove

Open Saturday 1-3 PM

Lee County Sellers Enjoying Inventory Supply Advantage

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It’s a few weeks after hurricane Irma and already we see Lee County sellers enjoying inventory supply advantage the first week of October.  Last week we told you that the hurricane could become a tremendous opportunity for SW Florida home sellers.   Inventory was already low at 4,666 at end of August.  We predicted a possible 10% decrease in inventory which would take us down to 4,200 listings.  This week single family inventory stands at 4,248, so that assumption has come true.

Lee County Sellers Enjoying Inventory Supply Advantage

In the last 24 hours 73 new listings have come on the market, while 76 went pending.  This tells us that early in the week more people are buying than deciding to sell.  If this continues, inventory will fall even further. Each year, many home sellers decide to sell in January.  I guess they think somehow, it’s a better time to sell as more visitors are here beginning in January.

It is true, we will have more people here January through March.  It’s also true that those visitors will have many more listings to choose from than they do now.  So as a seller, is it better to sell in season, or now?

We believe it may be better to sell now.  We have lots of buyers ready to purchase now.  We have low inventory.  Buyers just do not have the choices now that they will have in season.  Sure, there are lots of buyers that do not have to buy now.  They can wait for more choices.  However, some do not have that luxury and need to buy now.  Isn’t it always better to sell when people need to buy and there isn’t much to choose from?

Imagine the stores just before the hurricane.  If you got there late and there were only a few cases of water, did you care what brand it was?  Did you care if it was 50 cents more than the brand you usually buy?  No, you needed water.  You recognized scarcity and what it would mean if you didn’t buy it.

If you are thinking about selling, you are a store right now and the shelves are kind of empty.  Maybe not completely empty, but definitely not full.  In January, those shelves will have more on them.

If prices go up in the next 3 months, many of those potential buyers may become lookers.  If you think there are lookers in this market now, wait until season.  Just because the roads become clogged doesn’t mean everyone here wants to buy.  Many look, and look for years.  If they don’t see SW Florida as a bargain, they may not buy.  If prices go up in the next 3 months, we may not look like a bargain.  And who wins if that happens?  The sellers who decided to sell when the shelves were bare and the buyers needed to purchase.

Nobody knows how the market will be next season.  We do know the market today, and there are opportunities.  The data agrees.  Please call Brett or Sande at 239-489-4042 to see how much we can sell your home for and how much you would net at closing.

If you’re looking at buying, speed is key in this market.  www.LeeCountyOnline.com is the fastest real estate search engine.  It has all the listings and is updated every few minutes, which is key when you’re competing against other buyers to score that dream home.  Always call and Ellis Team agent and we’ll help you locate and close on your dream home.  Finding it is one thing.  Actually buying it and closing it is another, and that’s where our agents shine.

We look forward to helping you buy or sell.  Let us know how we can help you.

Ellis Team Weekend Open Houses

Heritage Cove Open Saturday 1-3 PM

 

Kelly Greens Golf & Country Club Open House Saturday 1-3 PM

View All Reflection Lakes Fort Myers Homes For Sale

See Spotlight on Reflection Lakes

Now may be a good time to sell your Southwest Florida Home.  We have buyers who need housing after Hurricane Irma.