Tag Archives: SWFL

Southwest Florida Median Home Prices Rose 2% Past Year

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Official sales numbers are out, and Southwest Florida housing median home prices rose 2% past year.  March 2018 median home price came in at $260,000, up from $255,000 last year.  All year we’ve been saying home prices have been flat since about June, so this was a nice rise albeit a moderate rise.  Average home prices were up 4.1% to $375,895, up from $361,082 last year.

Southwest Florida Median Home Prices Rose 2% Past Year

The number of home sales were down 2.7% in March versus last year.  So, what is the takeaway from these numbers?  Statistically we have a balanced market neither favoring the buyer or the seller.  Of course, certain price ranges and neighborhoods can vary.  These are what we call sub-markets.

All real estate is local.  It doesn’t matter if you’re in Pittsburgh PA, Peoria IL, or, Cleveland OH.  What’s true in one market can be different in another.  What’s true in one market can be different in a sub-market of that same market.  Therefore, it’s important to work with a seasoned Realtor with experience in the market you’re looking.  While I believe the Ellis Team are some of the best agents around, we wouldn’t be in another town like Pensacola or Jacksonville.  Sure, we’re licensed Florida agents and can serve you anywhere in Florida, but is that wise?

By the same token, national websites cannot help you like a good local one can.  www.LeeCountyOnline.com is the best local SW Florida real estate website for several reasons.  It has all the listings, and it’s updated instantly.  Other large national websites don’t have all the listings, and many of the listings they do have offer incomplete or inaccurate data.  We’ve had calls on our own listing and the condo or HOA fee is completely wrong on the national sites.  It’s correct on our website.

We’ve had calls on a property that wasn’t on the market from one of the national sites.  Turns out the property sold three times since the listing they found.  We have no idea how they could have a listing from a decade ago on their site.  You’d think they’d at least get the last listing, not three before it.

Selecting the wrong agent to work with you can be a costly mistake.  Sometimes people choose to work with a friend or relative to purchase a home.  When you find out you bought the wrong home, or paid too much for it, it can be frustrating.  Or worse, when you lose the home over an inspection issue that could have been handled with a little experience and know-how.  There’s no substitute for hard work, and experience.

Choosing the right lender is important too.  Some lenders have high fees, while others are notorious for rigid underwriting requirements and not getting loans closed.  Experienced Realtors know which lenders perform what they say, on time, and where the best rates are.  Did you know most lenders have extra requirements they place on buyers?  They’re called overlays.  We work with lenders that offer little or no overlays, so the buyer can be approved almost instantly.  Buyers hate all the documentation and hoops banks make you jump through just to get a loan.

Insurance is another big issue.  A large homeowner’s or flood premium increases your monthly payment.  This can alter how much home you can afford.  Remember, you’re approved for a total payment amount.  Why let insurance eat away at your purchasing power?  We know a few good insurance agents we keep in our pocket.  It helps our buyers beat out other buyers to the best properties.

Between having the most accurate and timely information, getting the loan the easy way, and best prices on insurance, we turn the home buying process into fun!  This way you can concentrate on shopping for a home which is the fun part.  We’ll handle all the other details, so you can get your loan, save money, and enjoy that great house you just found.  And you’ll be smiling because you got it and the other buyers didn’t.  Always call the Ellis Team at Keller Williams Realty 239-489-4042

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Inventory by Price Range

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In the past few months we’ve been on several listing appointments and sellers usually ask how their price range stacks up against the market. Current listings by price range really only tells half the story, so this article will attempt to cover the other half.

Inventory by Price Range

Real estate listing Inventory Fort Myers Cape Coral

As you can tell by the published graph, the $100,000-$149,999 currently has the most listings followed by the $400,000-$599,999 range.  By looking solely at the graph one might think there is a backlog of homes on the market in the $100-150k range.  This just simply isn’t true.

Would it surprise you to learn that in that same $100-149,999 range there were 2,670 single family home sales in Lee County last year?  That works out to a 3.61 month supply of homes on the market.  Conversely, the $400k-$599,999 range had 869 sales last year.  This works out to an 11.72 month supply of homes on the market.  Even though the $100k range has the most homes on the market, it is a much healthier market because there are more than enough buyers in that range to absorb the inventory.

Inventory by Price Range

We created a custom graph using the exact same price points to illustrate how each price range is doing.  In essence, the lower the price range, the more range of buyers there are for a home and the most demand.  The market is best able to absorb the existing inventory from the lowest price range on up to the highest.

If you’re a seller with a million dollar plus home, you have about a 3 year supply of homes on the market that is competition for your home.  This is assuming no other homes come on the market.  If your home is in the $400,000-$600,000 price range, you have about a 1 year supply of homes on the market as competition.

It’s easy to see by the graph how your home rates by price range.  This is important knowledge.  If you would like to sell a home in 4 months time or less all you have to do is look at what price range you’re in and see what the competition is.  If you’re in the $600,000+ range which has a 15.96 month supply of homes on the market and you wish to sell in 4 months or less, it pays to be realistic and price your home more aggressively against the competition.

Many home sellers mistakenly believe they can set the price and buyers have to pay it.  It’s true, the seller does set the price, but the market determines the value.  Buyers are not only shopping your home but many others like yours in your price range.

If you have a home to sell it pays to know how much you should sell it for.  We compare your home against like kind comparables that have closed recently.  We also show you how your home stacks up against other current homes for sale.  You never want to under price your home because if you do you just give away your equity to the buyer.  You also don’t want to overprice your home either because if you do you’ll help sell your competition and insure your home stays on the market longer, and history proves that homes that linger on the market sell for less than homes that were priced correctly upfront.

If you have a house to sell, call us at 239-489-4042.  We’ll guide you through the home selling process and cut through all the clutter.  Good luck and happy home 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     Good luck and Happy House Hunting!!!

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