Sanibel Real Estate Blog: Rising Interest Rates

November 29th, 2016

 Sanibel real estate buyers, listen up: long-term U.S. mortgage rates continued to surge last week after the recent election.

Mortgage giant Freddie Mac said Wednesday that the average rate on a 30-year fixed rate loan shot up to 4.03 percent, the highest since July 2015 and up from 3.94 percent a week earlier. The rate on 15-year home loans climbed to 3.25 percent, up from 3.14 percent last week and highest since January.

BUY now before they go higher. We at the Andrews team can help. Check out all new listings on our website at www.chuckandrews.com

Sanibel Real Estate Blog: Some Sanibel/Captiva Stats

November 17th, 2016

Just updated stats on Sanibel real estate and we would like to share the results. As of Nov. 14, 2016: They have been 185 closed home sales and 142 closed condo sales. There are 22 pending home sales and 17 pending condo sales- most likely they will close before the end of year. That will put us right in line with 2015 which ended up with 236 home sales and 175 condo sales.

The median price at this point (and this is Sanibel only- not Captiva) is up 7.86% over last year at $ 755,000. For condos at $584,325, the increase of 1.45% wasn’t as much but we still are hanging in there.

What does this all mean: we have returned to a “normal” market and should remain stable through 2017.

As always we are happy to help with all of your Sanibel real estate questions. Check out our website at www.chuckandrews.com or give us a call to discuss anytime .

Sanibel Real Estate Blog: A ” Rational” Market

November 2nd, 2016

I am going to reference a News-Press article in this blog, because as an agent on the street living with the “stats” everyday, I can say it’s true! The News-Press reported in the business section that 2015 was the peak recovery year (agreed!), 2016 was the beginning of the market correction (agreed!), price growth will remain slow and prices will retreat in  oversupplied segments (agreed!- check your segment, how many  listings are just like yours?) and lastly sellers should be less aggressive as “season” will not improve price position.

The Andrews team is here to help, whether it be Sanibel real estate market segment or something in town– either way call us for your Sanibel real estate needs or check out the website at www.chuckandrews.com

Sanibel Real Estate Blog: Florida is Nearly Normal.

October 27th, 2016

Just reprinted from the Florida Realtor Association:

Fla. real estate market rapidly returning to ‘normal’

WASHINGTON – Oct. 26, 2016 – According to Freddie Mac, the nation’s housing market is almost back to normal or, in Freddie’s terms, “on the outer edge of its historic benchmark range of housing activity.”

The study also found that Florida and many of its metro areas are improving quickly. The state came in second to Nevada as “most improved,” and four metro areas made the top five for most improved month-to-month: Las Vegas, Palm Bay, Tampa, Orlando and Sarasota.

In Freddie Mac’s list of metro areas most improved year-to-year, four Florida cities made the list: Orlando ranked first at No. 1, followed by Tampa, Chattanooga, Palm Bay and Lakeland.

Freddie gauges local and state markets through its Multi-Indicator Market Index (MiMi).

The national MiMi value stands at 85.7, indicating a housing market that’s on the outer edge of its historic benchmark range of housing activity. Nationwide, the country saw a 1.05 percent improvement from July to August, and a three-month improvement of 1.22 percent.

On a year-over-year basis, the national MiMi value improved 5.44 percent. Since its all-time low in October 2010, the national MiMi has rebounded 43 percent, though it’s still off its high of 121.7.

“The housing market is showing strength across the country, and the South continues to show some the biggest improvements, especially in Florida,” says Freddie Mac Deputy Chief Economist Len Kiefer. “MiMi’s purchase applications indicator is up more than 30 percent in Florida compared to last year.”

So maybe it is time to check out that Sanibel Real estate! Check out our website at www.chuckandrews.com, or give Chuck a call to discuss the market anytime

 

Sanibel Real Estate Blog: Florida Real Estate Stats for September

October 21st, 2016

Reprinted from the Florida Real Estate Board info: Florida’s housing market had more new listings, higher median prices and fewer all-cash closed sales in September, according to the latest housing data released by Florida Realtors®.

Tight inventory continues to impact the state’s housing market, noted Florida Realtors Chief Economist Brad O’Connor. Closed sales of single-family homes statewide totaled 22,704 last month, slightly down (0.5 percent) from September 2015. Meanwhile, in the townhouse-condo market, statewide closed sales totaled 8,818 last month, down 3.9 percent year-to-year.

“Florida’s economy continues to grow, resulting in improving jobs and incomes for workers across the state,” says 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “In turn, that is generating interest from many would-be buyers who are ready to enter the housing market. However, the latest data shows that a continued lack of inventory – especially in the mid-$200,000-and-under range – is affecting those potential homebuyers, leaving them with limited choices and higher prices as a result.”

Home sellers continued to get more of their original asking price at the closing table in September: Sellers of existing single-family homes received 96.2 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.8 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $222,500, up 11.3 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. Thestatewide median price for townhouse-condo properties in September was $160,000, up 6.7 percent over the year-ago figure.

In September, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 58th month in a row, Veissi notes. The median is the midpoint: half the homes sold for more, half for less.

According to the National Association of Realtors, the national median sales price for existing single-family homes in August 2016 was $242,200, up 5.3 percent from the previous year the national median existing condo price was $225,100.In California, the statewide median sales price for single-family existing homes in August was $526,580; in Massachusetts, it was $375,000; in Maryland, it was $278,578; and in New York, it was $257,291.

Closed sales data reflected fewer short sales and cash-only sales in September: Short sales for single-family homes declined 33.8 percent year-to-year, while short sales for townhouse-condo properties dropped 27.2 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Even though the number of Florida single-family home sales in September was essentially the same as last year, the composition of this year’s group was quite different – and in a good way,” says Florida Realtors Chief Economist Brad O’Connor. “Distressed sales made up only 10 percent of single family home sales this September, compared to over 19 percent in September 2015. And only 28 percent of sales were all-cash deals this time around, compared to 34 percent last year.

“If our housing markets are going to return to some semblance of what many might term ‘normalcy,’ it’s vital that both of these trends continue.”

Similar to previous months, inventory was at a 4.2-months’ supply in September for single-family homes and at a 5.8-months’ supply for townhouse-condo properties.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.46 percent in September 2016, which was lower than the 3.89 percent average recorded during the same month a year earlier.

IF you are ready to purchase or sell some Sanibel real estate, check out our website at www.chuckandrews.com or give Chuck Andrews a call to discuss the market anytime! Looking for Fort Myers real estate and beyond, give Kimberley a call at 239-935-9235

Sanibel Real Estate Blog: NEW LISTINGS!!

October 14th, 2016

Wow, three new listings in a week!  We are ready for season as we start reloading with some really nice listings. Something for everyone from a totally affordable golf course condo under $200,000 to Gulf front homes at $2,995,000. Check them out at www.chuckandrews.com and give us a call anytime you need info on Sanibel real estateView a. We will keep you posted as the new listings arrive!

Sanibel Real Estate Blog: FLORIDA is #4

September 30th, 2016

The nonpartisan Tax Foundation released its 13th annual State Business Tax Climate Index, which measures how well-structured each state’s tax code is by analyzing more than 100 variables in five tax categories: corporate, individual income, sales, property and unemployment insurance.

Wyoming once again took first place with the most competitive tax code in the country, while New Jersey maintained its long-standing position at the bottom of the pack.

Overall, Florida ranked fourth. Only three other states were deemed to have a more business-friendly tax code. This year’s most competitive states include:

1. Wyoming
2. South Dakota
3. Alaska
4. Florida
5. Nevada
6. Montana
7. New Hampshire
8. Indiana
9. Utah
10. Oregon

This year’s least competitive states include:

41. Louisiana
42. Maryland
43. Connecticut
44. Rhode Island
45. Ohio
46. Minnesota
47. Vermont and D.C.
48. California
49. New York
50. New Jersey

Time to bring your business to Southwest Florida and if you need help with Sanibel real estate while contemplating a move, check out www.chuckandrews.com for the last Sanibel real estate listings.

Sanibel Real Estate Blog: Median Price up a Bit

September 23rd, 2016

August stats for Lee County have just been released and the median price for a single family home is currently $225,000, up 11% from last August. There was also a huge jump in sales in the over one  mill category of 80% with 27 homes sold in that range this past month. Closed sales for August were also up in single family sales by9.3% but down in condo sales by 4.1.

Active listings have risen as well, so we may see a tightening on the prices. 41% more condos for sale this August and 16% more single family homes.

Get the up to date scoop on all Sanibel real estate listings by calling Chuck Andrews, Re/Max of the Islands (239-849-3396)  or check out our website at www.chuckandrews.com.

Sanibel Real Estate Blog: Pending Sales Rise

September 1st, 2016

Pending home sales expanded in most of the country in July and reached their second highest reading in over a decade, according to the National Association of Realtors® (NAR). Only the Midwest saw a dip in contract activity last month.

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 1.3 percent to 111.3 in July from a downwardly revised 109.9 in June. It’s now 1.4 percent higher than a year ago in July 2015 (109.8). The index is now at its second highest reading this year after April (115.0).

Lawrence Yun, NAR chief economist, says a sizable jump in the West lifted pending home sales higher in July.

“Amidst tight inventory conditions that have lingered the entire summer, contract activity last month was able to pick up at least modestly in a majority of areas,” Yun says. “More home shoppers having success is good news for the housing market heading into the fall, but buyers still have few choices and little time before deciding to make an offer on a home available for sale. There’s little doubt there’d be more sales activity right now if there were more affordable listings on the market.”

Yun says the “index in the West last month was the highest in over three years largely because of stronger labor market conditions. If homebuilding increases in the region to tame price growth and alleviate the ongoing affordability concerns, the healthy rate of job gains should support more sales.”

Recent residential construction data shows that the size and costs of new homes has moved downward over the past year. According to Yun, this is an early indication that homebuilders are beginning to shift away from building larger, more expensive homes for the upper end of the market to focusing more on properties geared for buyers in the middle and lower price tiers.

“Realtors in several high-cost areas have been saying for quite a while that there is robust demand for single-family starter homes and townhomes at an affordable price point for young buyers,” says Yun. “The homeownership rate won’t move up from its over 50-year low without a meaningful boost from first-time buyers, whose participation has yet to noticeably increase so far this year despite mortgage rates near all-time lows.”

NAR forecasts existing-home sales this year to be around 5.38 million, a 2.8 percent increase from 2015 and the highest annual pace since 2006 (6.48 million). After accelerating to 6.8 percent a year ago, national median existing-home price growth is forecast to slightly moderate to around 4 percent.

IF you want to see your Sanibel real estate on the “pending” home sales list- give us a call to discuss your neighborhood and home or check out the current listings at www.chuckandrews.com.

Sanibel Real Estate Blog: New-home sales climb

August 24th, 2016

The AP has just reported that Americans stepped up their purchases of new homes in July to the fastest pace in nearly nine years. Thank you to low mortgage rates!

New-home sales jumped 12.4 % last month- the best jump since October 2007. The demand has eclipsed the pace of construction, just 4.3 months of supply is on the market nationwide, down from 5.2 months  last year at this time.

If you are looking for a new home in the Fort Myers or Sanibel area, we can provide all of the info  that you need. If you are interested Sanibel real estate resales(not much new on Sanibel!) , check out our website at www.chuckandrews.com or give Chuck a call anytime at 239-849-3396 with Sanibel real estate help. Kimberley has the info on new home sales in Ft. Myers, so if brand new floats your boat, give her a call anytime at 239-935-9235.