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
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