Hot Off The Press: Exciting SW Florida Real Estate Market Update For April 2024!
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- Опубликовано: 13 окт 2024
- Luxury real estate broker associate Frank Ehrhardt with John R. Wood Properties Christie’s International shares his latest insights on the SW Florida real estate market.
As always a concise and comprehensive update Frank.
Fantastic news!
NICE
Frank, please correct me if I am wrong. The stats regarding numbers of days to sell a house as well as how much a house sells for in regards to list price are worthless. They are worthless because when a house doesn't sell, is pulled off the market, then is relisted again and then sells... the stats don't reflect the first time a house is sold. What I am saying is.. a house is listed for say $200k, doesn't sell for 90 days and is pulled off the market. It is then relisted for $180k and sells for $180k in 10 days. The stats that real estate agents report on this transaction would be that it sold for 100% of listed price and sold in 10 days, rather than reality. In reality, this house sold for 90% of what it was listed for and took 100 days to sell.
A home in our mls has to be off market for at least 30 days to reset the days on market counters. If a listing is ok for 90 days, then relisted the next day, the original listing days would remain with the listing. If the seller waited for 30 days, then the counters would reset to zero.
@@frankehrhardtrealestatebro2941 thanks for the clarification, Frank. That would be an interesting stat to know how many properties are listed, pulled for a month or two or more then relisted. It would be particularly interesting to compare how many times that is happening now compared to prior years.
Since you posted this video a few days ago, Frank, the real estate landscape has changed dramatically. First, we had the dismal March inflation report. Here we are in what is usually the best selling season of the year, and it appears the Feds most likely won't lower interest rates anytime soon. They may even have to raise interest rates. In addition, this is a major psychological blow to buyers, and we know how significantly perception factors into residential real estate.
In response to the inflation report, the stock market has tanked the past few days sucking potential down payment money out of people. I believe we are headed to the bottom and unfortunately, the bottom is a long way off. I see a recession and double digit inflation on the horizon, triggered by all the reckless government spending.
Frank, how much has this inflation report changed your views compared to this video you recorded a few days ago? Will sellers finally wake up to reality and start dropping their prices so their listings can sell? Or will inventory levels continue to skyrocket to all-time highs?