Reflection Lakes Archives - Fort Myers Real Estate and Homes For Sale

We have seen several home builders halt new construction sales for several reasons. The two major reason are costs and quality control.

Costs are rising rapidly. For instance, lumber costs have skyrocketed recently. I found an article online that said the lumber price spike has added about $16,000 to the typical home nationwide. Lumber is just one component in a home. Home builders are literally outselling what they can build in SW Florida, and they must be careful.

If you outsell what you can build, it adds to the build times. As you add to the build time, there is more chance for increased costs. In a hot market you would hate to contract for a home and lose money on it by the time you get it built. Even if they do not lose money, they want to maximize profit.

Homebuilders Selling Too Fast

One homebuilder said they were selling a home every 50 minutes. We know of several builders locally that have limited what their sales agents can sell. These limits can change daily. Overselling is bad for two reasons. You do not want to set the expectation it will take 6-9 months and deliver the home in 18 months. Customers will not like that. Secondly, they do not know what costs 18 months from now will be. Costs are going up, so they need to raise the home prices to cover those costs.

When shopping for a new home it pays to work with a Realtor that knows who can build and where the inventory is. Occasionally new home sales fall out and the buyer cannot close. If you work with an experienced Realtor with connections, you may find out about these homes first. If you’re late, you’re last.

Resale Market Hot

The resale market is still a place to keep an eye on too. New resales enter the market daily, but not enough to satisfy demand. Speed is the name of the game when it comes to securing a new or resale home. Make sure you are pre-approved for a mortgage. If it takes you a day or two to get pre-approved, you have already lost. Do that first before you go home shopping.

Remember, you are not negotiating against the home seller. Your competition is all the other buyers shopping to get the same home you are looking at. Structuring your offer to win is the key. This is where an experienced agent can help. What seems like good terms to you may not be the best offer to the seller. An experienced agent knows how to make your offer look stronger. Price is just one factor, and you can only bid so high. There are plenty of other factors along with price that can make or break your offer.

Sellers Pay Attention

Sellers, it is time to pay attention! There has never been a better time to sell your home. I just put my own home on the market. I am taking my own advice. There is more demand than there is supply. Buyers are forced to offer full price or more in many cases to win a home.

As builders raise their prices it will help pull resale home prices up with it. We have seen home builders increase their prices over $100,000 in some neighborhoods in the past few months.

Interest rates are low. Demand is high. If you are thinking of selling, call Brett or Sande Ellis 239-310-6500. For a free instant value of your home check out www.SWFLhomevalues.com. Not only will you get an instant price, our system will also email you each month your home’s value change in value. That is a handy tool in this market.

If you are buying, go to www.LeeCountyOnline.com It is updated in real-time which means you will have the best data. Remember, speed wins in this market.

Good luck, and Always Call the Ellis Team at Keller Williams Realty with your real estate needs!

You’re Not Going to Believe This

New Listing in Reflection Lakes

13855 Bald Cypress Cir

Video Tour

It is no surprise that real estate transaction dollar volume dropped in May. May closings were a result of March and April pending sales which were impacted by covid-19 and stay at home orders in Florida. Going forward, new pending sales have been strong, and top agents are having an exceptionally good year.

Dollar volume is the number of transactions multiplied by the average sales price. That number dropped from $569.1 million last year to $326.0 million this year. That is significant.

One of the things holding down sales is the limited inventory. The other is travel has been limited during this period from other states. That is not to say the motivated didn’t find a way to get here and purchase, but it did limit many. Properties at the lower to mid end have been doing well. Because of this, it has pulled the median price down .7% and the average price down 6.2%. I would not say prices are falling though. Right now, it is more of the mix of properties that are selling that is causing this.

We have seen this pattern before. When real estate transaction dollar volume drops, it is not long after that agents start looking for the exit door. These agents do not head directly for the door, they take a detour. First, they are attracted to low cost brokerages with higher splits and fees based per transaction versus monthly. It is an attempt to salvage their fledgling real estate career, and it does not work. They were struggling before the crisis, and the real estate transaction dollar volume drop exacerbates it.

The detour is simply a speed bump to slow down the inevitable. The exit door is approaching. Sellers should be leery of listing with an agent who does not have listing transaction experience and has not had recent sales. One question you might ask is, how long you have been with your current company? Another would be how have your sales been in the last two months?

If you are considering selling, we have a list of questions you should ask the Realtor you are interviewing before you sign any agreement. Another tell tale sign is when they agree to cut their commission. This tells you two things. Number one, they need a deal badly, and since profit isn’t a predominant factor, survival is, they may not be around by the end of the transaction. Secondly, if they cannot negotiate their own transaction, how in the world can you trust them to negotiate on your behalf? Lastly, if they say they can do it for less, you must wonder if they’re spending money marketing your home, or just relying on the price and MLS to sell it. If they don’t do anything for you, why pay them anything?

The whole point of using a Realtor is because they put more money in your pocket at closing than selling By Owner does, and that is a fact. Realtors spend money, and each has their own value proposition. If their value proposition is dropping, it means their value to you as a seller is dropping too.

Before you shortchange yourself and hire the least expensive agent you can find, call us, and explore the difference. If netting more in your pocket at closing is more important than the low fee you pay, we need to talk. Most people believe the less cost you pay the more money should flow to your pocket, and that makes sense. The only problem is it is not necessarily true.

Brett and Sande will answer your questions and show you how we are able to get more money for our sellers. In times like we are in today, experience matters. Put the experience of Brett and Sande Ellis to work for you. 239-489-40402 Ext 4 or email us Brett@topagent.com or Sande@topagent.com

We’re excited to talk to you! Good luck and Happy Selling!

See last week’s article “Hurricane Damage Roof Claim Settlement Deadline Approaches”

Ellis Team Open House

Open House Sunday 1-4 PM

14120 Reflection Lakes Dr

New Listing in Reflection Lakes — Open House Sunday 1-4 PM

Real estate agents across SW Florida have been complaining that sales have been sluggish, however the numbers show that 2018 Lee County Florida home sales shaping up to be decent year. Both April and May numbers have topped previous years, and January, February, and March are right in there. If things keep progressing, we’ll have a chance to top 2015 sales levels.

What is fueling the increase in home sales? Two things come to mind right off the bat. Higher inventory and price reductions. Inventory 7.8% this year to 5,787 listings compared to 5,368 last year. This opens up more choices for buyers.

We’re seeing as many price reductions as new listings in a typical 7-day period. In the past 7 days we saw 440 price reductions compared to 323 new listings and 376 pending sales. This tells us sellers have recognized the need to adjust their price and are making the adjustments. When this happens, sales occur.

Official numbers released this week show median price and sales price increasing in May. You might ask, how is it possible to have increasing prices while sellers are decreasing their asking prices? Median price is defined as the price where half the sales occur over that price and half occur under. If most of the upper end sellers overprice their home, there are fewer sales up there and it forces the median price down, because that’s what’s selling. Lower priced sellers were more in-tune with the market. As the mid and upper ranges accepted that change needed to occur, more sales started happening. As this occurs, it pulls the average and median price upward.

Many will read the headlines and infer that prices are rising when in fact prices have not been rising. It’s the fall in prices that created the sales. It is the reluctance of mid to upper sellers to adjust sooner that stalled the sales. There were only so many mid to lower listings to go around.

We expect to see good sales numbers the balance of 2018 as the market adjusts to the shift. The market always adjusts. It’s only a matter of how long it takes to do so. It’s kind of like pulling off a band-aid. You can pull it slowly or rip it off. Either way it comes off, it’s just a matter of how long you want the pain to last.

Buyers can rejoice now because there are some pretty good deals out there. For instance, we’ve got a 5-bedroom, 3 bath pool home on the lake in Reflection Lakes for just $459,000. Last year that same home would have sold for $525,000. We’ve got a 4-bedroom 3 bath home in Belle Lago for $465,000. It was on the market with another broker last year for well over $500,000. Imagine getting a 4-bedroom home in Paseo for $500,000. We’ve got that too. We even have a 4 bedroom home in Reflection Lakes for $375,000.

In fact, if you want to see a list of Hot Buys, go to www.LeeCountyOnline.com and click on the Featured Listing Section. If you’re interested in how a neighborhood is doing, check out the Market Reports section.

Sellers who are curious as to their home’s value will appreciate the property valuation tool. It’s free, and provides a detailed report on your home within seconds.

If you’re thinking of buying or selling, we should probably talk. We’ve got a way for you to save thousands when getting a mortgage. We have options for you to save thousands too when selling. If you’re thinking of selling, ask for Sande or Brett Ellis 239-489-4042 Ext 4. If you’re buying, we have a team of buyer agents ready to help you find your dream home and save money on the loan too. Always Call the Ellis team! We’re here to help.

Ellis Team Weekend Open Houses

Open House Saturday 1-3 PM

17970 Maddelena Cir Belle Lago Open House

Open House Sunday 11AM – 1PM

5970 Trailwinds Dr Unit 121

Like clockwork Lee County summer real estate sales are heating up. So why aren’t Lee County home sellers jumping for joy? Many home sellers are happy, because their home was on the market all season and now it’s selling. Others are happy because their home just sold while their neighbor’s home sits on the market.

This past season we saw many sellers priced at one point while the buyer’s perception of value was at another. In many cases, the seller’s perception exceeded the buyer’s perception by 10% or more. Sellers didn’t want to accept this reality, so homes sat on the market. You’ll always have some sellers that refuse to accept today’s market prices, but when you have many, it causes the market to take note and listen.

The market always speaks to us. It’s up to us if we’re ready to listen. We’re humans, and we don’t always want to accept change. For those that accept change and react quicker, the opportunity is the greatest.

Right now, home sales are brisk $300,000 and below. This makes sense because that’s where the bulk of the buyers are. That’s what more people can afford. We just pulled up the 7-day market watch from MLS, and we notice there more pending sales (379) than new listings (365). You’ll notice too there were more price reductions (385) than either. These price reductions are leading to more pending sales as sellers get their home down to where the buyers are.

Selling a home is kind of like fishing. If you place your bait 20 ft above where the fish are, you get nothing. Lowering the bait 10 ft above where the fish are still yields nothing. Fish tend to swim in schools. You’ve got to place the bait where the fish are, not where you want them to be. Pricing a home is the same.

If you price your home above where the buyers are, they don’t even look at it. Typically, you should expect an offer with every 4-5 showings. If you’re not getting offers, your home is probably still overpriced. Sellers say, “We just reduced our price $10,000” so that can’t be it. It can. If you were $30,000 overpriced, that $10,000 reduction still places you 20 ft above the fish. Until you get down where the fish are, you’ll attract few showings and little to no offers.

Of the 379 new pending sales, the median price was $249,000. The average price was $335,540. This confirms the $300,000 range and below as being the sought-after part of the market. If you have a home $400,000 or more on the market right now, you’re probably still fishing for the correct asking price. You may be wondering why buyers just are not accepting your price. Your neighbor’s home may be sitting on the market too. Occasionally one will sell, and you’ll be wondering what they did to attract that buyer.

It takes aggressive marketing. Aggressive marketing alone won’t work. Together with your agent, you’ll need to adjust that bait until you find where the fish are. When you do, it will sell. The SW Florida real estate market isn’t suffering from a lack of buyers. The buyers are not aligned with some sellers’ asking prices. When the seller gets down to where the buyers are, the buyers are biting. This past week or so the Ellis Team has placed 7 properties under contract. Some agents believe the summer is the slow time, but that’s a bad assumption. We have buyers in all price ranges. We just closed a property over $1 Million.

The agents out there hustling are selling homes. It’s a great time to sell, so long as you’re willing to price your home at the market. Isn’t that always the case though? Together with your agent you should ask yourself, “Am I willing to price my home at a price that will cause it to sell?” If the answer is no, then why are you putting it on the market?

If you’d like to talk to Sande or Brett Ellis about selling your home, call us at 239-489-4042 Ext 4. Next week we hope to share some exciting news that may make your home stand out and sell faster. Find out what your home is worth online.

Search the MLS like a Pro! Get real-time updates, price changes, new listings, and All the MLS listings.

Don’t forget our Neighborhood Market Reports

As real estate agents I think we tend to forget that people really don’t know how to sell their home. What seems basic to a veteran agent is not basic to all, and even many newer agents don’t know all the best tips. We decided to cover 8 seller mistakes when putting home on the market.

Don’t be present for showings. If you absolutely must be home for showings, don’t say a word. Take a walk, drive around the block, or anywhere you can to avoid conversation with the buyers. Sellers believe they know their home better than anyone; therefore, they can sell it better than anyone. Be aware of the $1,000 rule. Practically every word you speak to the buyers costs you $1,000. I’d say try it, but it’ll cost you.
Don’t photograph everything. There is no rule you must provide a photo of everything. Leave a little to the imagination. Make them want to get inside and see everything. Most bathrooms don’t need to be photographed, unless they are spectacular, stand out, and are a selling feature.
Set correct listing price and negotiate firm. You’ll get a better sales price if you set the correct list price. Overpricing drives buyers away. You’re not going to fool a buyer today, so you might as well price correctly upfront. Buyers typically don’t want to insult a seller, so they just move on to other better values. Or worse yet, they never view inside of your home because it’s not on their radar.
Select the best agent to market your home, not the least expensive. Selecting the least expensive can cost you thousands. It’s not what an agent charges that matters, it’s what ends up in your pocket at closing. All Realtors are not the same. Some agents sell homes faster and for more money. Enough to cover the difference in rate, and then some.
Make your home accessible. We live in the online age. People expect fast access, both online and in person. Some buyers are buying today and won’t come back tomorrow just to see your home. By the time your home is available and picked up, they bought something else. It just repeats with the next buyer.
Check with your condo or HOA. There are many required disclosures and documents you must pass on to buyer at contract. Failure to do so can cost you a sale. Get these documents upfront. It’s a pain, but you’re going to have to do it anyway, so don’t lose a buyer and get them now.
Disclose defects. Better yet, repair problems so next buyer doesn’t have to deal with it. Most buyers want a problem free home. They want to move in and not have to repair a bunch of things. Their time and budget is stretched enough, and having to repair other peoples’ existing issues kind of takes the fun out of home shopping. If you don’t want to do the repair, chances are you next buyer may not either.
Market your home everywhere! Newspaper, online, social media, etc. Make sure your home is target marketed to home buyers looking for what you have. Throwing a sign out there and posting on an online site won’t cut it. Everyone does that. You want to stand out.

Wish we had more room. If you’re thinking of selling, always call the Ellis Team. We’ll go over our entire list and expose your home to more people. Call Sande or Brett Ellis 239-489-4042 Ext 4 To search the MLS like a pro, visit www.LeeCountyOnline.com

Don’t forget to vote us Best Real Estate Team in SW Florida in News Press Reader Poll. www.Bestswfl.com

Ellis Team Weekend Open Houses

Open House Sunday 1-3 PM

Reflection Lakes 5 Bed 3 Bath Pool Home on Lake

Large Reflection Lakes Pool home priced to sell and ready to go

13994 Reflection Lakes Dr

Open House Sunday 1-3 PM

Bella Lago 4 Bed 3 Bath Pool Home

3 Car Garage, kirkland garage door service installed the door, Granite Counters, and more

19790 Maddelana

Open House Sunday 1-4 PM

Cape Coral Direct Access Waterfront Pool Home

Direct Access Cape Coral Waterfront Pool Home

1933 SE 36th St

In February we reported that the housing supply in Southwest Florida stood at 5.48 months. We are happy to report the Southwest Florida housing supply declines since February, down to 5.28 months. This occurred for two reasons.

Active inventory fell from 5,705 homes for sale in February down to 5,552 in late April. Closed sales in last 365 days back in February were 12,487. Today that number rose to 12,612. Both statistics helped reduce the months’ supply of inventory in SW Florida.

Sometimes sales are low because of rising prices, and sometimes they’re low simply because there isn’t enough inventory. Inventory has grown in the last few years a bit. Closed sales fell 2.7% in March from previous year. Closed sales in February were up 10.7%, and its possible closed sales in April are up too which affects that number. We won’t have official closed sales numbers for April until late May.

In almost all price ranges housing supply fell except for the $200-$250k price range, which actually grew from 3.72 months’ supply to 3.85 months’ supply.

These numbers tell us our market is balanced and healthy. Most experts agree that a balanced market is around 5.5 months supply. At 5.28 months we’re right there.

Of course, markets vary by neighborhood amenities, location, price range, and more. The chart shows you how each price range is faring right now. Obviously, it you have a $1 Million plus home, it will take longer to sell on average than lower priced homes. There just aren’t as many buyers as there are sellers. The Ellis Team just sold a $1.1 Million condo in Gulf Harbour in 122 days. It takes aggressive marketing and proper pricing to make that happen. Currently there are 6 active listings in this building and no pending sales.

We’ve had a great season so far. Our sales have doubled over last year even though the Board of Realtors membership has only increased 4.3%. I’ve spoken with a few other top agents who are also having a banner year. This tells us that experienced agents who spend money advertising and have been through up, down, and sideways markets are getting it done. Experienced agents have the knowledge to navigate their sellers though any kind of market.

Listing your home with a family friend, neighbor, or relative can cost you thousands on your sale, and might cost you a relationship as well. We don’t have the burden of trying to get the number you want or need. We can objectively investigate what the market is paying for your home. Then we target buyers online and through our networks to find that buyer. The days of sticking a sign out front or placing it in MLS and hoping someone will sell it are gone. To get Top Dollar you must go out and find the buyer.

If you’re a buyer, you want to know how prices are performing in a community, how fiscally solid the homeowners association is, and other factors that may be influencing the market. Working with a skilled, full-time, knowledgeable Realtor is key. You won’t realize how much it costs you to hire an inexperienced agent until you run into issues, and then it will be too late.

We’re keeping our eyes on interest rates in the coming weeks. If they rise it will put pressure on buyers to make a move this summer. They’ve already risen, and we believe there is room to rise much more over the next few years. Waiting to buy or sell will cost buyers and homeowners with higher rates and will put pressure on affordability.

We encourage you to check out www.LeeCountyOnline.com where you can search for all the homes on MLS. Or, you can call us at 239-489-4042. Ask for Sande or Brett Ellis if you’re thinking of selling.

Good luck and Happy House Hunting!

Ellis Team Weekend Open Houses

Whiskey Creek Open Saturday 1-3 PM

1455 Claret Ct

Reflection Lakes Open House Sunday 1-3 PM

13994 Reflection Lakes Dr

South Pointe South Open Sunday 1-3 PM

9721 Deerfoot Dr

Florida International real estate sales rise 21% of total dollar volume and 15% of total sales in 2017. Both numbers were up versus 2016 numbers. This tells us that foreign buyers are here purchasing, and because the total volume is higher, they are purchasing higher than average priced homes.

So where are these Lee County foreign buyers coming from? According to the Florida Realtors profile of international real estate activity, Lee County saw the largest amount coming from Canada, followed by Germany and United Kingdom.

Florida International Real Estate Sales Rise

Just this past week the Ellis Team placed a property under contract with a Canadian buyer, and we just completed a transaction with a German owner. Over the course of time, these countries fairly well describe who buys in Lee County from overseas, but there are fluctuations.

Two factors that influence foreign buyers are the changes in currency valuations, and the home price growth from the foreign country.

The Canadian dollar hasn’t moved much against the US dollar, so you might wonder why the increased interest. Canadian home prices have been sky-high. They have equity. Some say they’ve risen so high the bubble might burst as there is no rational basis for why their prices have grown so high. But then again, there never is in Canada. They have their own economic forces. It’s like gravity is different up there.

Canada was number 4 in the world for real price growth behind the Philippines, Hong Kong, and New Zealand. This confidence and equity has spurred opportunities for Florida as Canadians love visiting our sunshine and beaches.

72% of foreign buyers pay cash. But Canadians only finance 14% of the time. United Kingdom buyers finance 23% of the time.

Ellis Team markets to Foreign Buyers

The Ellis Team markets to foreign buyers as well as US buyers. In a market like Florida you have to market to reach the entire universe of buyers. Especially given the fact that 21% of Florida’s sales volume comes from foreign buyers.

While this report covers all of 2017, there can be shifts. We study our website traffic over the last year and compare to the last month and week. We see some recent changes. This past week Canada still led the way, followed by Germany and Sweden. United Kingdom is at #9 for the year and not even in our top 10 for the last week. Brazil slipped to #9 in the past week. They’ve been in the #6 spot for the past year.

Changes in currency, political environments, and home prices abroad can affect our market here quickly. We can monitor on a week to week or even day to day basis.

The bottom line is, if you’re only marketing to local buyers you’re missing out on a large portion of the market. In addition to 21% of the volume from international buyers we sell many homes to US citizens from other states.

Over the past year Illinois lead the way in property searches on LeeCountyOnline.com followed by New York and Michigan. It’s no wonder we’re working with so many buyers from IL right now. The Ellis team is working with buyers from all 10 of these states. They are searching for property in Southwest Florida and we are helping them purchase it.

Thinking of Selling?

If you’re thinking about selling your SW Florida property, it pays to work with a Realtor that markets across the US and internationally. Have them show you how many buyers they’re generating and from where. If they can’t show you, they either aren’t marketing there or don’t focus on it.

The Ellis Team will be glad to sit down with you and see how we can help you get top dollar for your home. Call 239-489-4042 and ask for Sande or Brett. Or feel free to search our SW Florida MLS Search Site The rest of the world does. You might as well too.

Ellis Team Weekend Open House

Open Sat 1-3 PM

Daniel’s Park

Ellis Team Featured Homes of the Week

Reflection Lakes New Listing

Gulf Harbour Condo

Paramount at the Shores

4 Bed 5 Bath Condo overlooking River, marina, and golf course

Can you believe it’s 2017 and we still receive phone calls from people who say “I want to buy a foreclosure in Southwest Florida?” It’s true. Short sales too.

Who wouldn’t want a bargain, especially when prices have risen so much from the bottom of the market back in the housing crisis? People also watch those TV shows and see how others flip houses for unbelievable profit with little to no work. Other TV shows illustrate how buyers can buy a property, put some sweat equity into it, and flip for amazing profits.

Southwest Florida isn’t that market. In September there were exactly 2 short sales and 13 foreclosure sales in Lee County. As we know Hurricane Irma slowed down sales, so we went back to August and found there were 8 short sales and 41 foreclosure sales. Short sales and foreclosures combined came to about 4% of the total sales in Lee County in August, and about 2% in September. There just are not many short sale and foreclosure listings out there.

Want to Buy a Foreclosure in Southwest Florida

We get it, everybody wants a deal. However, the thing people need to know is when a bank agrees to take less to allow a short sale, they still do an appraisal. They may consider taking less if the owner is a default risk and the property’s value is truly below market value. What they will not do is give the property away just so a new buyer can keep the equity. If a bank is going to take a loss, they want to minimize the loss.

When a bank sells a foreclosure, they typically want as much money as the market will allow for the property in its present condition. The banks often even spent money to fix up homes to increase their value.

There are good values in Lee County, you just need to know how to find them. Wasting time searching for 2% of the market will leave buyers frustrated. It all depends on your definition of a good value. Homes priced at or near fair market value are a good value. Homes priced well over are not and will probably not sell unless the seller makes changes.

There are two ways to find value. First is pick a website that has all the listings and is updated instantly. Our website www.LeeCountyOnline.com has all the listings and it’s updated every minute. So when a Realtor inputs a new listing, or makes a price change, our database will know about it and display the new information.

In a race to beat out other buyers to the best listings, speed wins. Having perfect knowledge of the market back in 2007 will not help you buy a house today. And having day old MLS data from yesterday will not help you either.

Secondly, you need an agent on your side that understands the market. Agents with experience know how hurricanes, interest rates, new schools, company headquarters, new roads, hospitals, etc. affect the market. Numbers are great, but having an expert helping you can make all the difference.

The Ellis Team has been around for 30+ years in Southwest Florida. We’ve done thousands of transactions, and some people think we’ve seen everything. We haven’t, as we see new things all the time that still amaze us. What hasn’t changed is people. People still want the same things for their family today. They still use the same negotiating tactics. They may have different tools, but the tactics are the same.

We can help you navigate the maze of real estate. From selecting the property, to negotiating, to inspections, and closing, we help coordinate it for you. You don’t have to worry as we handle the process. If not the Ellis Team, make sure you’re working with an experienced team who will be there for you. It’s all fun and games until somebody gets poked in the eye, then the name calling begins. We’ll help you avoid all that. Always Call the Ellis Team at Keller Williams Realty 239-489-4042.

Ellis Team Weekend Open Houses

Gulf Harbour

360 Virtual Tour Gulf Harbour Condo

Reflection Lakes

2 Condos in South Fort Myers

Hurricane Irma came and passed, and we survived. Thank God it wasn’t as bad as it was predicted. It’s been irritating and people are suffering, but we’re thankful for all we have and preservation of life. So, let’s look at what we learned and talk about Southwest Florida real estate after hurricane Irma.

Many people didn’t realize flood insurance is affordable. I spoke with some who thought it would be several thousand dollars per year and because their mortgage company didn’t require it, they were safe. We learned that people in Houston thought the same thing. Flooding in parts of Lehigh are horrific. This flooding was not due to storm surge but rather rainfall. Other areas like Island Park, Old Burnt store Rd, and several other communities experienced flooding like never before. If flood insurance is affordable, go get it whether the mortgage company requires it or not.

Southwest Florida Real Estate After Hurricane Irma Older Pool Cage — Older Pool Cage

Much of the damage came from trees. Large beautiful trees are a hazard in storms. I don’t know what the solution is. Perhaps cutting and trimming trees would help keep some of the weight down far from the trunk and save some of these trees from hitting homes and blocking streets? Trees caused down power lines and were probably the number one reason power was out for so long for so many.

Southwest Florida Real Estate After Hurricane Irma Newer Pool Cage — Newer Pool Cage in Reflection Lakes

Make sure your subdivision clears its drains regularly. This helps alleviate street flooding on private roads and can make the difference whether your street is passable after storm or not. People in Cypress Cay in Gateway among others were stranded for days. I’m sure there were other reasons, but anything that helps drainage is good.

Gas lines were long. Whether you’re running generators or just trying to get to work having some extra gas around ahead of storm is a good thing.

Living close to restaurants and super markets is a good thing after a storm. While many were slow to open, it was a huge relief when they did. If you can walk to either, gas isn’t an issue. If you can’t, at least you won’t burn much gas. Cash is king. A few restaurants were cash only because they didn’t have internet. With banks and ATM’s closed, having cash ahead of storm is good.

Newer homes fared better. We saw some older homes lose shingles. Presumably this could be due to newer building codes, although we did see some homes missing tiles on the newer homes. I saw some pool cages down built to older codes and some untouched built to the newer codes. Of course, wind direction could affect these too.

The bottom line is SW Florida was lucky. We are grateful. Property damage was not as bad as expected and there was limited loss of life in Florida. Southwest Florida real estate after Hurricane Irma will be just fine, if not better. We will have a few weeks of rebuilding and repair but overall, we did well.

We have buyers. If you’re thinking of selling, let us know. Hurricane damage and flooding may wipe out some inventory for a while so we may be able to plug a buyer into your property soon.

If you’d like to search for your piece of paradise, check out www.LeeCountyOnline.com or call us at 239-489-4042 Power is not on at our office yet as of day we wrote this article, however we are taking calls remotely when we can.

Additional Resources:

We found a neat NOAA website that allows you to track damage to your Fort Myers property. Click on the Hurricane Irma Imagery and zoom in to the area. NOAA is updating this with new flights and sensors so new maps will be posted regularly.

Lee County Schools will not reopen until Sept 25th.

Hurricane Preparation Tips- 3 Yr old video while we were still with RE/MAX. Tips still good though

Fort Myers Beach Sunset 1 Month Before Irma

Let’s start with what we know and work backwards. Homes priced $200,00 or less are flying off the shelves with multiple offers. Homes up to $250,000 are as well in some neighborhoods, but not all. This assumes the home is in good condition and priced correctly. So, you might wonder why we’re asking the question, are changes brewing in Southwest Florida real estate market?

Buyers are still buying; however, we’re noticing they’re price sensitive now. Prices have gone up so much perhaps it’s testing the limits of what buyers can or will pay. Sellers are counter-offering offers and buyers aren’t just accepting that. They are negotiating back and forth until both are happy. Some buyers are walking from counter-offers. We’ve seen this over the years and it appears it’s no longer a seller’s market across the board.

The numbers from June seem to bear that out as well. The median time to contract jumped 7 days in June from May’s numbers, and 9 days from last year. It’s taking longer to get contracts on houses. It’ll be interesting to see July’s numbers in a few weeks.

Median time to sale also jumped to 117 days. That’s a 11.4% increase from last year. New listings are up 5.8% and new pendings were down 1.6% from last year. Could these be leading indicators for sales in months to come?

So, what’s the takeaway here? Sellers need to take a good hard look at their price and make sure they’re competitive. If your home has been on the market awhile, it may be time to re-evaluate where you stand. New listings could have come on the market and become instantly more attractive than your home, or other sellers may have reduced their price. Both events can affect you. Sometimes as little as $2,000 in some sub-markets can be the difference between selling and sitting.

We are in a price sensitive market, primarily because prices have risen and stretched home buyers thin. They simply can’t purchase as much home as they could have a year ago. We warned buyers this would happen. And we’re warning sellers not to get too greedy now.

Prices are good. Buyers are buying. We don’t have a runaway market where the seller gets to dictate all the terms. Buyers and sellers are on even ground right now, and price matters. Sellers, you’re not in competition with the buyer. You’re in competition with all the other sellers out there competing for your buyer.

Buyers, same thing. You’re not in competition with the seller. You’re in competition with all the other buyers out there for the best properties. The best valued homes always sell fast. You don’t want to be late to the table and eating scraps when you could have had the best. Be prepared. Get your financing in order so you can jump when that property hits the market.

To take advantage of opportunities in this market we’d suggest sitting down with us and going over your objectives. As a buyer, we can show you the best homes and eliminate the rest. Wasting time on the junk takes away time looking at the good stuff. That can be the difference between success and failure. Let an Ellis Team professional work with you and save you time. We have some other tips for you as well that we’ll save for when we meet.

Sellers should have the same sit-down with us. We’ll educate you on the market, look at your competition, and show you how we market better than anybody. This can be the difference between selling and sitting on the market.

Feel free to search homes at www.LeeCountyOnline.com Our database comes directly from the MLS and is always up to date, unlike some of these other sites with bad or outdated data.

You can always call us at 239-489-4042 We’d love to help you buy or sell your next home in paradise!

Ellis Team Weekend Open Houses

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