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

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!

 

Join us for Open House in Reflection Lakes Saturday July 23 1-4 PM

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Reflection Lakes Gated Community South Fort Myers
Reflection Lakes 4 Bedroom Pool Home on Lake

 

 

 

 

 

 

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