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SW FL Home Prices up 20%

April 19, 2023/by dave swanson

Selling your home in a post-pandemic world

Call with All Real Estate Questions Phone: (239) 822-5763/Text Stephanie Wilfong Bestfortmyersrealestate.com Contact John for Home Mortgages Senior Mortgage Loan Officer John Castilone P: (239) 900-5209 E: jcastilone@bayeq.com Selling your home in a post-pandemic world Higher home prices combined with ballooning mortgage rates have made home selling a greater challenge in the post-pandemic […]

March 16, 2023/by dave swanson

March 16, 2023/

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SW FL Home Prices up 20%

April 19, 2023/by dave swanson

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Selling your home in a post-pandemic world

March 16, 2023/by dave swanson

March 16, 2023/

Full Sized Blog Element (Big Preview Pic)

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SW FL Home Prices up 20%

The average selling price for the 12 months leading up to March 31, 2023, was $801,702, up 20% from the previous 12-month period when the average selling price was $670,142. In the 12 months leading up to March 31, 2023, closed sales decreased by 30% from the previous year, dropping from 36,886 to 25,837. Meanwhile, in March, 2,644 sales were recorded, marking a 20% decline compared to March of 2022. Nevertheless, closed sales in March were consistent with pre-pandemic levels.

As of March 31, 2023, there were 7,322 properties listed for sale, a 193% increase from one year prior and an 8% increase from the previous month. New listings for the 12-month period ending March 31, 2023, decreased by 3% from the preceding 12 months, from 36,089 to 35,112. However, new listings for March saw a 4% increase from the same period in 2022, but fell 7% short of pre-pandemic levels. The supply of properties available as of March 31, 2023, was 3.40 months, a 319% increase from March 2022, when supply was at .81 months, and up from February’s 3.07 months of supply.

The average selling price for the 12 months leading up to March 31, 2023, was $801,702, up 20% from the previous 12-month period when the average selling price was $670,142.

Year-to-date figures show that closed sales in Southwest Florida are slightly up compared to pre-pandemic trends, although they have decreased from the peak of the market. Monthly sales have been variable compared to pre-pandemic levels, with January down 2%, February up 5%, and March unchanged. However, the pace of sales for each of these months was better than the second half of 2022, when monthly sales were 8% to 19% below pre-pandemic levels. New listings have been slow to enter the market for 12 of the past 15 months, with March’s new listings showing a 4% decline from the previous year and a 7% decline from pre-pandemic levels. These declines are modest compared to the last five months of 2022 when monthly new listings were between 14% and 49% below pre-pandemic levels. Overall, new listings and closed sales are currently trending closer to normal than in the second half of 2022, which is a positive trend. Inventory is slowly increasing, offering buyers more options but not yet indicating an oversupply. It’s important to remember that market conditions vary by location, so buyers and sellers should consult their Realtor® to assess their local market.

April 19, 2023/by dave swanson

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Selling your home in a post-pandemic world

Call with All Real Estate Questions
Phone: (239) 822-5763/Text Stephanie Wilfong
Bestfortmyersrealestate.com
Contact John for Home Mortgages
Senior Mortgage Loan Officer
John Castilone
P: (239) 900-5209 E: jcastilone@bayeq.com

Selling your home in a post-pandemic world

Higher home prices combined with ballooning mortgage rates have made home selling a greater challenge in the post-pandemic era.

As always, capturing buyers’ interest is the first step to landing a sale. With housing so uncertain right now, adding a layer of predictability can be a valuable advantage.

Sometimes, it may be as easy as offering and highlighting included appliances. If not, there are other ways to catch a buyer’s eye.

In a high-mortgage environment, one might offer an interest rate buy down. Though typically negotiated between the buyer and the buyer’s lender, there’s no rule against the seller ponying up the dough to lower the interest rate, making future mortgage payments more manageable.

The “rate buy down” can also come in the form of a specific amount of money credited at closing. That way, the buyer can choose to use the cash toward points on their mortgage, or they can cover their closing costs.

Not only do mortgage rate buy downs directly address a pain point most buyers are facing, they also usually make less of an impact than significantly slashing the price.

A seller might also offer to pay for a big-ticket item. The average age of homes in America is 40 years. Therefore, there is probably a major detail – the hot water heater, the roof, or HVAC – due for replacement. Buyers love new systems and appliances. Either do it before the sale or offer to cover the cost from sale proceeds.

Consider a home warranty, as well. Homes with a warranty sell significantly faster and for more money. And sellers with existing home warranties can transfer the contract to the buyer!

Those with VA loans may be unaware they can be assumed, or taken on, by buyers. The new borrower will not need to meet any military service requirements – but will need to prove their financial qualifications to the lender.

Some sellers use “micro” price drops to trigger interest. But be cautious. Pricing a home too high can make it harder to sell. Many serious buyers get turned off by inflated prices and may not come back when the price gets slashed.

Pick a real estate agent with a proven sales record, great marketing strategies and outstanding references or reviews. Setting the right price is crucial to selling a home promptly.

During the pandemic, demand for larger homes with outdoor spaces and home offices surged and remain very desirable. Highlighting these features attracts buyers to maximize the selling price.

March 16, 2023/by dave swanson