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May 2014

 

TOM & SUE DEMOGENES...

"YOUR INFORMED REAL ESTATE COUPLE"

 

 

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 MAY 2014 MARKET UPDATE

 

It Will Be A Longer Than Average Real Estate Season

All indications are that real estate season will be extended in SW Florida. Usually, after Easter our real estate activity drops off precipitously. This year it will be going strong into May, and in my opinion possibly into June or later.

The primary reason for more late Spring/early Summer real estate sales is how many northerners are finally "above water" in home equity. They can now sell their homes without coming to the closing table with cash, and can move to the warmer climes of SW Florida. The exodus is further fueled by the brutal winter endured by northerners, and to a lesser extent, by improved stock market profits.

We hear from many northern clients who have their homes on the market, or under contract, that they will be coming here to buy a home/condo right after closing on their existing homes.  

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Cape Coral 2nd Best Mid-Sized City For Home Buyers

Movoto Real Estate recently compiled a list of the top ten mid-sized cities (population: 126,000 - 211,000) in the U.S. where market conditions are best right now for buyers. The Criteria for the survey:

Total Homes for Sale Per Capita (Cape is #1 in U.S.)

* Median Days on Market

* Median Income to Median Price Ratio - Affordability

* Crime Rate (Cape has very low crime rate)

* School Quality (Cape #11 in U.S. in schooling)

* Unemployment Rate

Tom: The number one city in the country was Clarksville, TN. If weather, water, and state taxes were factored in, I'm certain Cape Coral would have been #1...by a landslide 

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Poll: Americans Prefer Real Estate to Stocks, Gold

According to Gallup Poll, Americans believe real estate is the "best" long-term investment, followed by gold, stocks, mutual funds, savings accounts/CD's and bonds. In 2011, Americans surveyed said the most popular long-term investment was gold. That marked a time when gold was at its highest price and real estate and stock values were lower than today.

Americans with higher incomes are most likely to consider real estate and stocks the best investments. Higher income Americans are most likely to own their own homes (87%), followed by middle-income earners (66%) and lower-income earners (36%). "With housing prices improving across the country, Americans are regaining faith that real estate is the best choice for long-term investments", according to Gallup.

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The Pitfalls of Selling a Home with Pets

Home sellers with pets must take extra precautions to avoid turning off potential buyers. Odors or pet encounters can offend buyers – for some, they're deal-breakers. Agents recommend that pets be removed during showings. Pets that remain in the home should be caged, and the cages should not be left in unexpected places, like the bathtub; instead, they should be placed against the back wall in whatever room the seller chooses, so the buyers can look around.

Even buyers who like pets can find them distracting, especially if they spend more time petting or avoiding Rover than looking at the home. When removing a pet from a home for showings, also take the accessories – the litter boxes, beds, bowls, toys, photos and especially odors.

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Fun Facts of The Month

Passenger Totals Break Record in March at Southwest International Airport: During March, 1,147,059 passengers traveled through our airport, the highest single month for passenger traffic in the 31-year history, culminating in a record-breaking first quarter at RSW. RSW is one of the 50 busiest airports in the nation. Tom: Undoubtedly, the horrible winter up north played a big role in the record number of passengers.

Local Home Inventory Continues to Drop: Cape Coral now has just 5 months of home inventory, compared to 7 months last month, and 9 months at the start of the year. Tom: At the present sales pace we may get into the somewhat undesirable inventory range of 3 to 4 months, which can cause bidding wars and unsustainable price increases, which could induce another real estate bubble.

Analysts Still Bank on 7% Home Appreciation: Despite a weak 1st quarter in U.S. existing-home and new-home sales, analysts from Wall Street, Morgan Stanley and Barclays are keeping their projection for home price increases at 7%. Barclays analysts are most upbeat about home-price appreciation in four "sand states":  Arizona (8.2%), California (9.4%), Florida (8.3%) and Nevada (11%). Tom: Cape Coral/Ft Myers have already exceeded these state appreciation projections, with no indication of a let-up.

Home Flipping Down to 3.7% of All Sales: RealtyTrac's Q 1 2014 Home Flipping Report finds that 3.7% of all U.S. single family home sales were flips - purchase and resale in less than six months. The previous quarter saw 4.1% flips, and in the first quarter of 2013 6.5% were flips. Tom: locally there are less flips as well. Most of the major "flippers" are now buying land and/or building new homes as investments. Sue, Kim and I are doing both.

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Client Question of the Month

Client: "You mention high or peak real estate season. If I buy a home in SW Florida in off-season, will I get a better deal?"

Kim: Good Question. The short answer is no, and here's why:

  • The good news is that you will be competing against less buyers - the bad news is there will be less homes/condos to choose from
  • As noted in this Report's opening article, season will last longer this year than in past years, consequently there will be a shorter off-season
  • With inventory drying up and more buyers coming down when their homes sell up north, we expect prices to at least hold steady, if not continue to rise during the Spring/Summer
  • Even during a typical off-season, real estate prices hold steady or rise slightly - they don't decrease

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New Blogs

 

  • Granite Countertops, Stainless Steel Appliances Still Popular With Homeowners
  • Mortgage Rates Through the Years (Decades)...very interesting
  • High Demand for U.S. Real Estate in 10 Countries
  • Zillow: Buying a Home Beats Renting After 2 Years

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Mothers hold their children’s hands for a short while, but their hearts forever.

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April 2014

Topics: Low New Construction Inventory  - Cape Coral, One Of The Fastest Growig Cities  - Property Values Continue To Rise 

March 2014

Topics: Local Home Prices Highest in 6 years-  Gulf Access homes up 24%-  Bad Weather Hinders Construction in the North

February 2014

Topics:  4th of Year RE Recovery - No Housing Bubble! - Cape Celebrate's Comeback

January 2014

Topics: Lot Prices Increasing -  2014  Projectons - Construction Labor Shortage

December 2013

Topics: FL Unemployment Down Again- 25% Raise in Home Prices- Cape Coral 5th Best Mid-size City

November 2013

Topics: Flood Insurance Info -  Out of Area Realtor Help - New Home Construction

 

Timing the Real Estate Market 
(Advice On When To Buy Or Sell)

 
 

Copyright 2017 Multiple Listing Service of Greater Fort Myers and the Beach, Inc.; All rights reserved. The data relating to real estate for sale on this web site is the copyrighted and proprietary database of the Multiple Listing Service of Greater Fort Myers and the Beach, Inc. The properties displayed may not be all of the properties in the MLS\' database, or all of the properties listed with Brokers participating in the cooperative data exchange program. Properties listed by Brokers other than are marked with BR logo and include the name of the listing Brokers. Information provided is thought to be reliable but is not guaranteed to be accurate; buyers are advised to verify facts before making the decision to purchase a property. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. Information provided is for consumer\'s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This site will be monitored for \'scraping\' and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-07-24.

© 2017, The data relating to real estate for sale on this Website come in part from the Broker Reciprocity Program (BR Program) of M.L.S. of Naples, Inc. Properties listed with brokerage firms other than are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the Listing Brokers. The properties displayed may not be all the properties available through the BR Program. BR data on this website is provided by on behalf of Tom Demogenes. The source of this real property information is the copyrighted and proprietary database compilation of the M.L.S. of Naples, Inc. Copyright 2006 M.L.S. of Naples, Inc. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. Data last updated 2017-07-24 20:38:46.

© 2017 Bonita-Estero MLS All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program. Real estate listings held by brokerage firms other than are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-07-24.

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Tom & Sue Demogenes

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 Copyright 2014 Multiple Listing Service of Greater Fort Myers and the Beach, Inc.; All rights reserved. The data relating to real estate for sale on this web site is the copyrighted and proprietary database of the Multiple Listing Service of Greater Fort Myers and the Beach, Inc. The properties displayed may not be all of the properties in the MLS' database, or all of the properties listed with Brokers participating in the cooperative data exchange program. Properties listed by Brokers other than are marked with BR logo and include the name of the listing Brokers. Information provided is thought to be reliable but is not guaranteed to be accurate; buyers are advised to verify facts before making the decision to purchase a property. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. Information provided is for consumer\'s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This site will be monitored for \'scraping\' and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.