Market Update
Posted by Phaidra | 2 year(s) ago | 220 Views | Sanibel and Captiva Market Update
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Pricing CRS
According to the CRS magazine
“Realtor Frazier from California says when a properly priced house comes onto the market, it excites prospective buyers and has something of a halo effect, as they imagine their idyllic lives in the home. But when a home is priced too high, it has the opposite effect. “They look for every possible flaw, real or imaginary” he says. Buyers are deflated when they like a home but it is overpriced”.
In today’s market, price is everything. Despite the overall downturn in the market, homes are still selling, and people are moving. But with high inventory levels in many markets across the country, buyers have a lot to choose from, and sellers need to get their attention. Setting an attractive price goes a long way toward getting those potential buyers in the door.
Case Studies
Beachview update Eagle Run sold recently and here are some reasons:
· Was $1,095,000 and was lowered to $994,000
· 75% of the listings in Beachview are over $1 million
· 50% of the sales are lower than one million dollars
Market watch update
Median price info for Sanibel
RESIDENTIAL CONDOS
07 $790,000 $670,000
08 $700,000 $612,500
Down 13% down 9%
Median price for South Ft Myers 33907,33908, 33919
RES IDENTIAL CONDOS
Down 18.1% down 20.7
From 2001 to 2006 Lee county constructed more homes than there were people to absorb. Currently there is the opposite effect taking place. We are not building enough and inventory levels are dropping. This usually indicated the beginning of a stabilizing market.
1019 Periwinkle Way