Right Now: SWFL is a Seller’s Market

Posted on Jul 7, 2016

You may not know it, but locally, and nationally, it’s a seller’s market right now. So if you’re looking to sell your home, now is the time to list your property. According to the latest Fannie Mae’s Home Purchase Sentiment Index, 15 percent of Americans say now is a good time to sell a home, which is at an all-time survey high; whereas, 30 percent of Americans say now is a good time to purchase a home, which is 3 percent drop from previous months and an all-time survey low.

The reasoning behind these numbers may be because there are a limited number of homes for sale in markets, which allows sellers to have higher asking prices, since they have less competition. Doug Duncan, senior vice president and chief economist at Fannie Mae stated, “Continued tight housing supply has led to renewed strength in home appreciation, making selling a home a more attractive prospect this year in particular.”

In the Southwest Florida area, real estate demand is currently exceeding supply. However, there’s developments and building starting to happen everywhere due to the demands.  Here is a quick summary of what has been going on in the area: Cape Coral’s development is growing; Estero and Bonita Springs are growing and a lot more vacancy is popping up; prices for homes in Fort Myers have risen; Naples has a steady sellers’ market happening; and Marco Island has seen an increase in sales, as well.

Overall, sellers are driving the market right now and have the upper hand, especially in high demand areas with few vacancies. Buyers need to do their research and decide quickly if they don’t want a house to get away from them these days! Nationally, Americans bought homes in May at a quick rate, basically as soon as the homes were listed they were bought, which resulted in the strongest sale rates nationwide in close to a decade.

The supply of home inventory tells a lot about the current state of the real estate market. A six-month supply is level for buyers and sellers, under 5.5 months is a seller’s markers while over 6.5 months is a buyer’s market. In 2015, Southwest Florida averaged a 4.5-month supply of homes, which is clearly a seller’s market.

Timing is crucial in the buying and selling of your home. As a realtor in the SWFL market, I keep up-to-date on all market trends and news and work with clients to decide what’s best for them depending on the state of the market. If you’re looking for homes in the SWFL area, I can help you with your search and any other questions you may have on the SWFL market or lifestyle. To reach me, click here or call 239-214-1039.