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September 2024
Bonita Springs Estero Florida
Real Estate Market Report
Would you believe that month after month, all summer long, the real estate market has continued to sell. It's been somewhat quiet, but mostly because seasonal folks went away. They think it's really quiet because they are not here and what I will tell you is that incrementally, the real estate market has been shrinking every single month in Naples, Bonita Springs, Estero and Fort Myers, Florida. So what that means to consumers is don't be fooled thinking that the real estate market is slow and there will be inventory for you.
There are a couple of factors at play - one of them being that while folks finally went away this summer for a seasonal real estate market, for the first time since covid, they did come back earlier. We saw car haulers here in early August. Folks are flying into town, picking up their cars, starting to get their SWFL homes in order, and then going back north to close up whatever residence they have there. So what that means is the folks that are actually purchasing real estate and getting ready to come back this winter are going to be ahead of those who are waiting to return for the winter to buy real estate. The people in the summer and the people in the early fall, will have advantages of less competition, maybe a little bit more choice and then also not that pressure that other people are trying to buy the same real estate.
As soon as the election season is over, we'll probably see the real estate market really kick off. Buyers don't have confidence in a presidential election year, and what will happen, regardless of who the winner or loser is of the presidential election, buyers will at least have certainty to move forward. Now they're threatening that they're not going to purchase real estate regardless of who is going to be in the White House. However, we all know it's going to be minus four in Minnesota in February, and real estate market will continue to march on.
Now what we are seeing in the real estate market right now is fewer cash transactions. We're down there in the 50, low 50 percentile of cash transactions. The reason for that is there is less pressure, and there are buyers who were aced out of the market before because they were financing buyers. When there's multiple offers, home sellers often take those cash transactions so they have certainty that the property's actually going to close. Those buyers who may have missed their opportunity last year are back in the market. They are financing conventionally.
Last year, during the month of August, we had about 33% conventional mortgages. This year, we had 40%. Folks are not only financing conventional but they are asking the sellers for concessions, and sometimes that is assistance with down payment or prepaids. The majority of our sales are under $600,000 50% of our sales are under $600,000 entry level, being in that $300,000 to $400,000 range. So know that if you are a buyer, the closer you are to that $300,000 range, the faster the real estate sells.
Things are picking up in general. People are back in town. We're seeing the seasonal residents come back. So we will not only just have competition with the real estate, but we will have more people in the restaurants on the streets. And to that end, we are in the process of building out our calendar of downtown events in Bonita Springs. You know, we're an upside down land here. We garden in the winter, and we also have our festivals and fairs in the winter. So right now, the events for downtown Riverside Park, trick or treating, all of those things are in progress of being planned. So all winter long, the art shows will be available and all the wonderful things that you see happen downtown. While you were away, lots of things changed there, also. So be sure, if you are downtown, to stop by the Rooftop at Riverside food truck park, it is really a great venue to stop and have a bite to eat. As well, stop by the McSwain home - Bonita springs Historical Society and see all the changes that happen there over the summer. There's always going to be something happening downtown, whether it's the concerts in the park or the festivals. We're hoping to get that schedule up on the internet and also into your mailboxes soon.
Be sure to save the date for November 26 if you are one of our customers or clients, a home seller, or you're in contract to be a buyer with one of our buyer's agents, we do have a fall event that we plan every year. This one will be at the Historical Society, at the historic McSwain home and gardens. Last year we had it there. Hopefully we're adding some things onto it, including a fun poker run. Everybody gets a Thanksgiving pie to take home and some other fun things. So we are in the planning stages. It's always the Tuesday before Thanksgiving, so be sure to save that on your calendar. So when the invites go out, you'll be able to RSVP. Last, if you are considering buying or selling real estate within the next year, it's never too early to start. We really try to help people learn a lot and strategize so that they can take the next best steps with confidence. A lot has happened over the last year, not just with the real estate market, but the industry itself and how it's managed, especially buyer's agency, and how to handle both being a buyer and being a seller with the new rules. So if you'd like a primer to learn how to best handle that and how to strategize whether you are buying or selling, be sure to click the link to schedule a strategy session. A lot of times, we can not only set you up with some great practices for how to move forward in this environment, but also set you up with some market reports so you can keep track of the value of your home in real estate in southwest Florida, or if you are a buyer, to keep your finger on the pulse so you know what's going on. We frequently get people who are saying, Oh, we're just looking, or we're just browsing, or I'm not really serious. Nobody is serious. But if you have your fingers on the pulse of the market, and you do see when a great value comes through, then you know it's an actionable item. And there's no better way than having a proper search and market report set up. Let us know how we can help, and be sure to take a look through the newsletter and let us know if there's anything in there of interest, or any of our upcoming listings or current listings that you would like to see.
And one more thing, I don't talk about it often, but I did write this book. It's titled, It Started With a Helmet. It is a true story about a retired FDNY firefighter who moved to Naples, Florida, found an antique New York City fire helmet and returned it to its rightful firehouse in New York City the day before 911. It is a true story. It's brief. It won't consume a lot of curriculum. We now give it free to schools, teachers, homeschoolers and educators who would like to include it in their curriculum. So if you know a teacher or somebody in education who would like to consider including this book or to have it presented to somebody to read, to see if it's suitable, give me a call. I would be pleased to send the book out. You can read about it here: It Started With a Helmet
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