Bonita Springs Estero Sales & Absorption Rates
The last few days have been a hectic, wake up at dark o'clock kind of schedule. I was up early this morning to attend an economic seminar at the Naples Board of Realtors in Naples, Florida. The economist that was speaking shared what I already knew about the standing inventory and current absorption rates for real estate in Southwest Florida. Out of curiosity, I did my calculations the night before the economist's meeting for the Bonita Springs real estate market. Typically, I wait until mid month to prepare my monthly Bonita Springs market report because it takes a few weeks for all the data to get put in the MLS system. At any rate, here's the good, bad and ugly of it all as it sits on April 8, 2008. The data is from the Sunshine MLS which is, of course, deemed accurate but not guaranteed.
The following units of sale for each of the categories listed are as follows:
The current absorption rate for the Bonita Springs - Estero standing inventory is:
If you're a listing agent or a seller with real estate on the market in the Bonita Springs area, do me and the rest of the area a favor - price it right or get it off of the market. The City of Bonita Springs full of serious home buyers and sellers, appraisers, lenders, real estate agents and consumers who are sick and tired of wading through the pile of overpriced listings to get to the properties that are priced fairly.
Either get in the market or get out, the negligent practice of over pricing your real estate or leaving overpriced real estate on the market is only making things worse.
Here's what you need to do to properly list and sell your property and cause the least amount of repercussion to the market.
- Get a proper CMA with comparable sales no older than three months.
- You must figure out the actual monthly holding costs for your home. You can use this worksheet to calculate your holding costs.
- It is *imperative* to have your agent figure the absorption rate for your property - Multiply months on market by the monthly holding costs to figure out if you can afford the home that long. This is what an absorption rate is.
- Adjust the price accordingly - which may be even lower than the CMA. You're either going to bleed now or bleed later.
- Take your property off the market if you can not price it effectively or get it in the condition to compete with its competition.