August Real Estate Update
The real estate market continues to smash pricing records in Southwest Florida. The properties in highest demand are pool homes, homes with water access, and homes in new communities. These three categories of homes are fetching the highest dollar, and the most competition with home shoppers.
New HOA & Deed Restricted Communities are popping up all over the coast, with more planned soon! From Punta Gorda, to Venice Florida we have single family homes, and condos/townhomes in permitting now. These locations have great amenities and are all inclusive lawn care. Some ready with in 12-14 months while the new condos are looking at about 24 months for completion.
New construction is also booming outside of these communities. Its tough to walk into a model home, and purchase. Most builders locally (Especially national brands) are on offers only lists. Meaning they release a number of floor plans and lot locations, and they start accepting bids. Highest and best bid by terms and price wins!
Buyers now have to get creative with their offers, to look more attractive to the seller. Choosing an agent who is experienced in this market is crucial. Your typical "sweet letter to the home owner" isn't cutting it anymore. However, it's not always the price, its the terms too! Terms of the contract can always be negotiated. The most common I've seen recently is the appraisal waiver. Which says as buyer, you will pay the contracted price of the home, regardless of what the lender's appraisal values the property. That means making up that price gap in cash. Another popular term is free seller lease back, allowing the seller to stay in the home rent free, for up to x amount of days after closing. This allows them some time to find a new property, since inventory is so low!
The home buyer's search is changing too! While print ads look nice, stats show they just aren't getting the job done anymore. Nearly half of home shoppers are finding their homes online. I have sold at least 10 homes, completely virtual. I actually started
Having an agent with a great online presence helps get ahead in this fast pace market! From finding your dream home the moment it becomes available. To listing your home and having it reach the largest audience possible. I feature my listings on the top home search sites, on social media and syndicate it to over 400+ other sites. Homes that receive the top 10% of page views sell an average 30 days faster!