SW Florida real estate Archives - Page 2 of 2 - Fort Myers Real Estate and Homes For Sale

Thinking of Selling? Sellers have read that home prices are up and interest rates are low, so they’re curious if it would make sense to consider a move right now. Many have been trapped in their home for so long they forgot what it was like to have options.

They want to take advantage of low interest rates but many are not sure they have enough equity to make a move. The whole process can seem daunting.

For years the Ellis Team has played with several online valuation models to help curious homeowners out. We’re excellent at counseling sellers and going over options, but many don’t even want to waste our time until they get a sense that they can do this. The online valuation models were all over the place until now.

No online valuation will ever take the place of what we do; how could it? The computer has never been inside your home or the homes it’s using as a basis to compare yours to. It’s just a computer. We have found one that does a decent job though.

If you’re considering selling simply go to www.swfloridahomevalues.com In just a few easy steps it asks for your property address, brings up an aerial view of your home and asks you to verify if it has the home size, bedrooms, and bathrooms correct in the database, and voila’ it sends you a beautiful automated selling price analysis for your home complete with a map of comparable sales, a list of comparable sales along with their selling price, date sold, price per sq ft, and more. It also provides neighborhood ratings and will email you instant alerts on changes to your home’s value.

It’s free to use and very helpful. All we ask is that if you decide to sell now or in the future, you at least give us a shot and see what we can do for you when you’re interviewing agents.

We’re experts at guiding you through the home selling maze. We understand many pieces of the puzzle have to fall into place and many times we can offer suggestions to help you. We’ve helped thousands of homeowners through this process so we’ve gained some experience along the way that can really help you make better decisions.

If it’s just preliminary information you’re seeking, we’ve got tools like this website for that. If you need more detailed information or have questions about how the process would work for you, we’re always here to talk to. We’re not pushy salespeople; we sincerely like to help people. Whether you’re buying or selling today or perhaps years from now, the Ellis Team is here to help. To search the MLS visit www.Topagent.com and you can always call us at 239-489-4042

Good luck and Happy Buying/Selling!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

Brett Ellis Bio

Most people don’t realize that their Home Equity Line of Credit (HELOC) could be facing some stiff payment increases in the coming years. If you bought a home in the 2000’s chances are your lender discussed adding on an interest only line of credit to your first mortgage in case you needed money in the future.

Lines of Credit Payments About to Skyrocket

Home equity lines of credit origination chart by year — HELOC Origination Chart

Some people used the line of credit from the get-go to avoid paying PMI insurance. It was an attractive option as it was probably interest only and the payment was affordable. Many are as low as 3.25% Rates are still that low today but the rates can go up at anytime, but that’s not what has the banking industry worried.

The part that wasn’t fully explained to consumers is that the interest only portion lasts for the first 10 years. After that, the borrower must begin making principal and interest payments, which will add money to your monthly payment even if rates don’t rise. But here’s the kicker. The new payment is amortized over 15 years, not 30 years, so essentially you have to pay back the entire HELOC over 15 years in addition to your 1^st mortgage.

Let’s say you have a 1^st mortgage and a $200,000 interest only HELOC. At 3.25% the HELOC monthly payment is $541.67. With the new amortization that payment increases to $1,405.34 If it was based upon a 30yr amortization the payment would be $870.41, still a substantial increase. Unfortunately it’s not, so get ready to pay a lot more.

Now, let’s assume the interest jumps to 4.5%. These rates can adjust at anytime as the market changes, and most economists predict they will go up. At 4.5% amortized over 15 years that same payment jumps to $1,529.99

You can see from the chart when the HELOC originations started jumping. Many SW Florida homeowners are up against this reset now and many more will be hearing about this subject in the next few years. It is a shock when you’re not expecting, but homeowners who act now have a chance to do something about it.

You can start making the extra payments voluntarily now which will reduce the principal when your loan does reset. This also gets you used to the higher payments and allows you to budget properly.

For some this will not be feasible. If you have equity now and good credit you might look at refinancing both loans into one mortgage. It’s much harder to get a loan today than it was 10 years ago, but if you can that may be a great option. If you cannot refinance, you may want to look at selling now, especially if you have equity. It would be a shame to come up against the deadline and be forced into delinquency because you can’t afford the higher payments if you have equity.

If you are upside down on your mortgage, you can either start talking with your lender now or look at doing a short sale. Nobody wants to go into foreclosure. Many have resisted a short sale up until now, but a short sale is much better on your credit than a looming foreclosure would be.

We’re not here to tell you what you should do. That’s a personal decision and maybe one to be discussed with your attorney or accountant. We are here to educate you on what’s coming and tell you about your options.

If you think you may want or need to sell, please give us a call. We’re experts at looking at the situation and listening. We’ll get you top dollar for your home and help you move on. So many people have been locked into their homes waiting for the market to rise, and it has. Perhaps the market has risen enough for you to sell now. Perhaps it makes sense to down size, upgrade, and move to another location, etc. We can help. Give us a call at 239-489-4042 If you’d like to search the MLS first, go to www.Topagent.com and you can see what homes like yours are selling for. Of course there’s no substitute for meeting with us and us evaluating your home. We look forward to working with you to sell your home, or to buy one.
To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042 You can even search for waterfront property in Fort Myers, Cape C oral, or all of SW Florida Good luck and Happy House Hunting!!!

Each year we announce the official SW Florida real estate year end prices which are basically an average for the year of the median sales prices for residential homes in Lee County Florida. It isn’t the December year end sales figure as sales in any given month can be seasonal and can vary from month to month depending on what closes in any given month.

Official numbers haven’t been released yet so we calculated the weighted average median price each month and performed the calculation. I would expect our number to closely resemble the official number if/when it is released. Sometimes the Board goes back and revises numbers in the past and we didn’t do that. We also noticed that the monthly official sales total 12,060 sales while the January 2014 release shows there were 12,144 closed sales for the year, so perhaps they’re revising past numbers again.

In future years we’ll just track sales directly from MLS as we’re now on one system. Back in 2008 we described the year end chart as something like a shark’s fin. It still looks that way but at least we’re coming out of the downturn nicely. You can see we clearly have a ways to go before reaching the highs back in 2005, but 2013 sure looks a lot better than the low in 2009.

In fact, we’re 86.09% better than we were at the lows in 2009. Each week we provide data and graphs on the inventory levels, monthly price gains, market absorption, and much more, and only once per year do we get to break it down like this.

In a rising market it sure is a lot more fun to look at this graph. Back in 2007 and 2008 people were wondering when the market was going to bottom, and in 2009 we had our answer. We saw it on a monthly basis and it’s very easy to see looking at in on a yearly basis.

Many sellers are calling us and pleasantly surprised that they’re now able to sell their home due to the price increases. Unfortunately there are some sellers that refinanced or bought at the top of the market and didn’t put much money down and they’re still upside down and can’t sell yet. Each passing month adds more potential sellers who can afford to sell if they wish to.

Each year prices have gone up combined with their mortgage going down which has allowed more to become free from their home. So many felt trapped in their home while they were upside down, so they just waited for the market to respond.

If you’re a seller, the time might be right for you to sell now. Inventory is still low and we have buyers actively looking for the right home to come on the market. Interest rates are still low so moving to your next home is affordable now. It may not be as affordable in the future. Plus, the future home you hope to buy when your home sells may be going up in value too.

Keep in mind this is a market snapshot. Not all homes in all prices appreciate or depreciate at the same rate. It’s important to speak to a professional who can help you with your situation. Of course, if you’d just like to snoop around on the MLS you can at www.TopAgent.com. If you’re considering selling, please give us a call at 239-489-4042. We’re easy to talk to and we never pressure you. We’re here to present you with your options and let you choose what’s best for you.

Good luck and Happy House Selling!
If you’d like to search the market as either a buyer or seller, visit www.Topagent.com If you need extra help we’re always available to talk to you and help you make better decisions. Our phone number is 239-489-4042 Good luck and Happy House Hunting!

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042 You can even search for waterfront property in Fort Myers, Cape C oral, or all of SW Florida Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

Brett Ellis Bio

How can we predict pending sales will rise in the coming months? We need look no further than the last 4 years to see a seasonal trend that happens each year starting around January and culminating around March or April. It’s an annual pilgrimage to bring homes to the market in search of buyers, and it works. New pending sales set to rise.

If you study the new listings chart you’ll see a spike in new listings entering the market each January which coincides with a spike of new pending sales also starting in January. It ends with a rise of closed sales March through May of each year.

It’s a good thing too because without the new listings we wouldn’t have enough properties to satisfy the appetite of all our visitors each year. If you’re wondering whether they’re here just look at the roads, or call a hotel. We’ve heard many hotels had no vacancies this past week and our roads are full.

People are definitely here and we think many are going to purchase again this year. The past two seasons have been good as consumers have been more confident that prices had bottomed and it was safe to invest again in Florida.

New Pending Sales Set to Rise

We expect prices to rise again this season as demand is high and inventory is limited. Our weather has been fantastic and weather up North has been bad. A new crop of Baby Boomers will decide this is the year to purchase property in Florida, and so many fall in love with SW Florida. People tend to buy where they’ve been or where they’re familiar with, and this puts the Fort Myers, Cape Coral, Estero, Bonita Springs area in a favorable position.

The Ellis Team is currently working on bringing several new listings to market. Some are really fun to market but fortunately we don’t always get that chance as the market scoops it up before we can tell everyone about it. Literally new listings can been seen and shown in a matter of hours and contracts can follow within a day or so, and many listings are getting multiple offers.

If you’re a seller, now might be the time to consider making a move while demand is high. If you’re a buyer, remember, you’re not in competition with the seller. You’re in competition with all the other buyers out there trying to buy the property you want, so you must structure your offer correctly so you put your best foot forward.

Some buyers mistakenly think it’s all about price, and that is a component. However, if all 4 offers are over asking price, it comes down to which looks stronger on paper. Which buyer is best suited to perform? Which buyer is offering the strongest terms?

If you’re considering buying, call a Realtor who knows the market and can guide you through the process so you make a good offer according to local customs. If you’re a seller, you also want an experienced agent who can help you price your property correctly, and help you select the best offer. It does no good to select the wrong offer and be left holding the bag after season when many of the buyers have gone home only to find out your buyer can’t perform. Whether you’re a buyer or a seller, the Ellis Team can help you make good decisions in a fast paced market. Feel free to search the MLS at www.TopAgent.com or call us at 239-489-4042. Good luck and Happy House Hunting!

If you’d like to search the market as either a buyer or seller, visit www.Topagent.com If you need extra help we’re always available to talk to you and help you make better decisions. Our phone number is 239-489-4042 Good luck and Happy House Hunting!

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042 Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

Brett Ellis Bio

We’ve been waiting on inventory levels to rise so that sales can pick up and as is traditional for this time of year, the market has responded. Single family home inventory rose over 400 units from September. Last year inventory rose almost 300 units in October.

Listing Inventory on the Rise

Inventory levels peaked this January and then began to fall as we outsold inventory as it came to the market. Hopefully our inventory will continue to increase heading into season so we have enough to sell this season.

Median prices are up about 12% over last year. In recent years most of our big price gains have occurred February though May, so we’ll be watching to see this year how season affects prices. We expect to see higher prices this season which sets the bar for the rest of the year. In season we tend to have more cash sales which are less affected neither by appraisal issues nor from changes in interest rates.

The economy seems to be improving which could lead to more market strength; however there are some wildcards on the horizon that could temper market gains.

No one knows what affect ObamaCare will have on disposable income. If people end up saving money on the exchanges they’ll have more to spend on other things, which could help the economy and housing. However, if as is being reported insurance costs rise for a great number of people, this could have an adverse affect on the economy and housing. If more of people’s income goes to health insurance then they have less to spend on house payments or other things. If it adversely affects the economy, this slows down people’s disposable income as well.

If employers either drop coverage altogether after 2014, or cut back on full time employees, this could definitively adversely impact the real estate market. It would also affect the stock market, business, and the economy as well.

Interest rates are set to rise at some point as the government phases out buying treasuries to keep interest rates low in a down economy. The Fed’s have signaled the will end this buyback soon, and the question is simply a matter of when and how they will taper.

If the economy takes off perhaps it can weather these two wildcards. People think the real estate market is either set by Realtors or happens in a vacuum, but the reality is it is influenced by many market forces and Realtors have little to do with prices. Realtors simply help buyers and sellers interpret the market based upon facts and data, and ultimately buyers and sellers make decisions about what they buy and sell.

It’s kind of like walking into a store. If a product presents as a good value, buyers will purchase. If a product is inferior or over-priced, buyers will walk. Buyers today shop many stores and look things up on the Internet. A Realtor or seller can’t just set a price and expect the market to respond. It has to be based off of data and logic.

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042 Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

Brett Ellis Bio

We’ve noticed a trend developing this year with more home sales in the $500k-$1 Million price range in 2013. In fact, within the past month or so the Ellis Team has sold and closed 2 homes in this range that were previously on the market and didn’t sell before.

High End Market Heating Up in Fort Myers-Cape Coral-Estero Real Estate Markets

The first home was located in Carillon Woods and had been on the market previously with another agent. They had several offers but just couldn’t come to any agreements. We listed the home and raised the price a little and sold it within 20 days.

33 Timberland Cir Fort Myers, FL 33919 Market Heating Up in Fort Myers-Cape Coral-Estero Real Estate Markets — Carillon Woods Sold in 19 Days $565,000

The second home was located in Belle Meade and had also been listed with another agent.

The first home in Carillon Woods was listed at the correct price but just needed a little negotiation help. The second home may have been priced a little high in the beginning and needed help finding where the true market was for that home. The previous Realtor had lots of expensive brochures at the home for the buyer viewing the home but that marketing didn’t necessarily drive buyers to the home. Even if an agent spent a million dollars marketing the home it still wouldn’t sell if it was over-priced.

8510 Belle Meade Dr Fort Myers FL 33908 — Belle Meade Sold $635,000 Nov 8, 2013

In both events, the sellers needed guidance and market advice. Yes, our marketing brought buyers to the table. In the end, it was the advice and guidance we provided that closed the sale. Neither sale was a particularly easy deal. Both buyers were concerned about inspection items and negotiating the best deal they could. The expertise of the agents involved, for both buyer and seller made these two transactions successfully come together. These two deals are similar to sales across SW Florida in this price range.

Many people believe the value of a Realtor is the marketing. Others believe it’s pricing. Others believe it’s just handling paperwork. It’s all those things, but it’s a lot more. A good Realtor handles the emotions, the objections, and the road blocks that are put up as a transaction unfolds and knocks them down. A good Realtor advises their client on how to act, how to respond, and what to do when difficulties arise. Experience is the key! Sometimes what a client says isn’t what they mean. Sometimes what the other side says isn’t what they’re really asking for. An experienced agent provides the wisdom and can be the difference between listing a home and actually selling one.

Buyers in this price range shop and make sure they get a fair deal. In fact, they’ll take a bargain if they can find it like any other buyer, but they want to make sure they’re getting a good deal. Buyers in this range tend to be selective, and why not because they are investing a good amount of money on their home.

Sales in this price range are up 28.4% over last year. MLS shows 624 single family home sales YTD this year in Lee County versus 486 same time last year. We’ve definitely seen an increase in higher priced properties this year, and the past month is a perfect example.

If you’re a buyer, you can search for properties in MLS right on our website www.TopAgent.com If you’re a seller, it pays to consult a Realtor with experience who can properly guide you from A-Z, not stop at C or D. You don’t pocket the cash until you complete all steps. Many sellers think steps 1-3 are good enough and they find out later on they either didn’t get the offers they wanted, or they couldn’t get it closed. It’s usually best to find out your options upfront rather than find out later on. Call us at 239-489-4042 and we’ll be happy to discuss your situation.

If you’d like to search the MLS, visit our website at www.Topagent.com If you’re considering selling and would like the Ellis Team to show you what we think we can get for your home, go to www.SWFLHomevalues.com or call us at 239-489-4042 Good luck and Happy Selling!

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042 Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

Brett Ellis Bio

For the 3^rd month in a row median sales prices increased in SW Florida. Median sales prices are up 24.8% over last year so it’s safe to assume all properties in SW Florida are sky rocketing, right? Not so fast. Media prices county-wide are increasing, but that doesn’t mean every property is going up.

September 2013 Real Estate Sales Numbers Just Released for SW Florida

Average sales prices are coming down. Since April the average sales price is down about $60,000. So how can two sets of data tell two very different stories? The answer is, they’re not telling two stories.

Average sales price is influenced by high end sales. If there are several multi-million dollar sales it can skew the average up. When using the median price, it really doesn’t. Let’s say for example there are 10 sales of 5 million dollars+. That’s at least $50 million in sales in just those 5 sales. By using the average, that adds $50 million to the total number, but by using the median it just counts as 5 sales at the top. Remember, median sales are the number in which half the sales occur at or below a certain price and the other half are at or above that price. When we use average they all get thrown in together and divided by the total.

The average price is more seasonal because that’s when our high end buyers are visiting Florida and purchasing higher end homes. This is why you’ll always see the peak of the average market around March-May. They typically go to contract January through April and close March through May, sometimes even June.

Realtors like to use the median price because it’s more stable and less affected by a few sales. Median prices have been fairly constant to the upside. Even the median can have fluctuations if certain closings get delayed. A government shutdown for instance could delay certain types of loans which would disrupt closings. One year we had flood insurance coverage lapse and we couldn’t close until the program opened up again.

Speaking of government shutdown, the government is open since last time we wrote an article. Yeah!!!! Don’t hold your breath though as we might be right at it again in a few months. November is shaping up to be a big month for the Ellis Team. Let’s hope that’s indicative of the entire market. Buyers have been particularly active in recent months. October has been a good month too, but November is shaping up to be fantastic.

Inventory is on the upswing, which is good. We need more inventory to sell. We’ve even been going out to developers and builders looking over their inventory as sometimes we just don’t have much to sell in certain price points with certain features.

If you’re considering selling, now might be a good time to call us. 239-489-4042 We recently listed a home that was previously on the market but failed to sell with another Realtor. We raised the price and marketed it using our advanced marketing system and it sold in 19 days. If you price it correctly and market it where the buyers are, it should sell today. Call us while prices are rising and before interest rates creep up next year. Good luck and Happy Home Selling!

To search the MLS for properties go to www.TopAgent.com or give us a call at 239-489-4042 Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

Brett Ellis Bio

A few weeks ago we wrote about 5 things a buyer should know about Lee County Real Estate, so we thought we’d follow-up with a version strictly for sellers. 5 Things a Seller Should Know About Lee County Real Estate.

Prices are Falling. Don’t get too alarmed here as it’s not unusual for prices to fall this time of year. It’s more of a statistical anomaly. Prices are still up over last year’s numbers, but they are falling monthly. Next season will be the barometer. Some sellers mistakenly believe they can ask anything for their property and it will sell. This is not true. Its funny how the seller believes their property is worth so much more than everybody else’s property, but when they are the buyer they look at things differently.
We Must Sell Your Property 3 Times. First, we must sell it to other agents. If they believe the property is over-priced they won’t show it. Next, we must sell it to the buyer. The buyer is the one out looking at all available like kind properties. If they feel it’s over-priced relative to other similar listings, they’ll make an offer on something else. Lastly, we must sell it to the buyer’s bank. The bank orders an appraisal not for the buyer’s benefit but for their own. If the appraiser says we sold it for too much we’ve got a problem. If we fail at any of these 3 sales, we don’t have a sale.
Interest Rates are Rising. This takes purchasing power away from the buyer. Every 1% rise in rates eats away 9% purchasing power from the buyer. If there are a limited number of buyers for your home today, rising rates will chip away and steal some of those buyers from you.
Flood Insurance Rates are Going Up. Some say rates could double or triple on certain properties. If you don’t sell, this could affect your bottom line. If you do sell, it could affect the buyer’s bottom line, which could influence their offer. Your home doesn’t have to be waterfront to be affected.
Rising Values Brings More Competition to the Table. Yes, inventory is limited today, and it has helped propel home values. As values rise, expect more competition from other sellers whose value rose above water on their current mortgage and can now afford to sell, or from sellers who are just ready now and have waited for values to climb to a certain point. Builders are now entering the fray because home values have risen enough for them to be able to compete again.

This is actually a good time to sell right now. The odds of selling right now are as high as they’ve ever been, if your home is marketed and priced properly. We saw over-priced homes in the height of the Boom fail to sell, and we’re seeing it today. We are saying we have a good market. We’re also saying don’t get too greedy or you could be one of those sellers saying I wished I hadn’t over-priced my home back when the market was good. Real estate works in cycles, and we’ve heard this repeated too often.

If you’re considering selling and would like for us to sit down and meet with you, simply give us a call at 239-489-4042 or visit www.SWFLhomevalues.com
Feel free to search the MLS at TopAgent.com. Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

Brett Ellis Bio

Last week we reported that home prices were down the past few months but not to get too concerned as they were expected. This week we provide a graph that illustrate median home prices and average mean home prices so you can see what we’re talking about. What Price Ranges are Hot?

Each year our home prices increase in season because we have more affluent buyers here purchasing more higher end properties than we do other parts of the year, and this pulls the averages up and sets the tone for the year. When we have bad seasons we really have to watch the summer months to spot any meaningful trends. Last season was another good one, so we’ve had a few good ones in a row,

It’s not unusual for prices to retreat after the season, so we look at year over year prices out of season and we see prices are still up over last year by the same percentages as they were in season, so we’re fine.

Now let’s delve into which price ranges are hot. As you can see from the price range chart, the $400,000 $599,999 range is the hottest with a 82.5% gain. This is not only true for the July 2013 data but also many months prior, so we can definitely say the $400-600k range is doing well. Really all the price ranges except for maybe the $300,000-$399,999 range is doing particularly well. This could be for the same reasons the less than $100,000 range isn’t doing well. We have little to no inventory anymore at the lower price range. They’ve graduated up, so those same sales are occurring in the higher ranges. It’s entirely possible many of the $300k+ range homes have graduated into the $400k= range and thus more homes are selling in that range.

I tend to think some of that is possible, but more likely we’re seeing strength at the bottom of the market and the upper middle of the market as those that can afford $400-600k either have local businesses on the mend in SW Florida or they are out of town buyers buying second home and retirement homes.

We are also seeing some relocations coming into the market and buying property, although companies like Hertz are recognizing that fewer existing employees took the relocation offer and instead their recruiting and hiring more outside employees to take jobs here in SW Florida.

Hertz will hire some locally, however many are coming here and being recruited from other companies with certain specialty education and job history in the field. It doesn’t really change how many people Hertz brings in but it does change from where they bring them. Less of these employees coming to Hertz are actually from Hertz.

Last November we started seeing spikes in the average sale price in Lee County Florida and it wasn’t until February of 2013 before we saw significant price swings here in SW Florida, so we may have a few months more to go before we start seeing if a new price trend emerges for next year. Inventory is still tight, so with any economic luck we’ll be in for another good season, assuming we have enough inventory to sell this upcoming season. Feel free to search the MLS at TopAgent.com. Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

Brett Ellis Bio

Yes, we said it, and don’t be alarmed as we’ve said for months we wouldn’t be surprised to see prices pull back a bit due to seasonality. Median sale prices are still up 20.7% over last year. As you can see from the single family homes median price chart, most of our gains occur in season January through April. That’s because more of the expensive homes sell that time of year pulling the median price up. SW Florida Sale Prices Retreat.

We’re still receiving multiple offers on many properties and inventory is as low as ever. Last year there were 5,668 active homes on the market and this year there is only 4,924. Closed sales are up 6.8% over last year and they’d be much higher if we had more inventory to sell.

Cash sales accounted for 51.7% of all single family home MLS sales which is really helping with appraisals. In a rising market it’s sometimes difficult on appraisers because they’re using comparable sales from the past even though the market is rising now. Cash sales typically aren’t subject to appraisal, so as they close they provide fresh new sales data that is sometimes more indicative of the market.

In July 1,466 new listings came on the market. Some of these aren’t actually new listings as they could have been withdrawn or expired and re-listed. July also saw 1,149 listings go pending, so approximately 78.4% of the new listings went pending. In reality it wasn’t because some of the pendings would have been on properties listed before July, but it does show that the market is turning over at a high rate.

Average days on market are falling to 49 days now, down from 57 in June and 60 in May. This is a result of buyers having fewer choices when searching for homes. Buyers are really surprised when they find out there are only a few homes on the market that match their criteria.

If you’re considering selling now may be a good time to research your options. Inventory is critically low and we’ve been selling our listing inventory to the point we have few listings left. We’re selling them as fast as or faster than we can list them.

Just because it’s a seller’s market it isn’t a license to get crazy on pricing. Prices are going up however we don’t have runaway prices as the overall economy still limits how fast and how far prices will rise. If we had a great economy prices could be much higher, although we would see more sellers entering the market which would add supply.

Builders are building again which is helping pick up the slack as today’s market just can’t fill the demand. Buyers are often left scratching their heads wondering how they’re losing homes to other buyers.

If you’re a buyer and you want the house, don’t leave the door open for the seller to entertain other offers. If you’re offering below asking price and the home is priced fairly, expect that someone else will offer full price or more. More buyers are losing their first or second choice by leaving the door open.

Price isn’t the only way to make your offer look good to the seller. Offer friendly terms, larger escrow deposit, and position yourself from strength. Sellers not only look at price but how likely the buyer is to actually being able to perform. If your offer is light on down payment, has contingencies, or other outs the seller may question your ability compared to other buyers.

Ask your Realtor to make your offer look good to the seller. If you need help, feel free to call the Ellis Team. We’re here to help. 239-489-4042

Good luck and Happy House Hunting!!!

Feel free to view our Virtual Tours .

Visit our Google+ Business Page

Brett Ellis Bio

Fort Myers Real Estate and Homes For Sale

SW Florida Real Estate Market Updates & News

Tag Archives: SW Florida real estate

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New Pending Sales Set to Rise

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Listing Inventory on the Rise

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High End Market Heating Up in Fort Myers-Cape Coral-Estero Real Estate Markets

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September 2013 Real Estate Sales Numbers Just Released for SW Florida

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